Download or read book Does Inflation grease the Wheels of the Labor Market written by David Edward Card and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: If nominal wages are downward rigid, moderate levels of inflation may improve labor market efficiency by facilitating real wage cuts. In this paper we attempt to test the hypothesis that downward real wage changes occur more readily in higher-inflation environments. Using individual wage change data from two sources, we find that about 6-10 percent of workers experience nominally rigid wages in a 10- percent inflation environment. This proportion rises to over 15 percent at a 5 percent inflation rate. We use the assumption of symmetry to generate counterfactual distributions of real wage changes in the absence of rigidities. These counterfactual distributions suggest that a 1 percent increase in the inflation rate reduces the fraction of workers with downward-rigid wages by about 0.8 percent, and allows real wages to fall about 0.06 percent faster. A market- level analysis of the effects of nominal rigidities, based on wage growth and unemployment at the state level, is less conclusive. We find only a weak statistical relationship between the rate of inflation and the pace of relative wage adjustments across local labor markets.
Download or read book The Costs and Benefits of Price Stability written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Download or read book Reducing Inflation written by Christina D. Romer and published by University of Chicago Press. This book was released on 2007-12-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.
Download or read book The Wage Curve written by David G. Blanchflower and published by MIT Press. This book was released on 1994 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wage Curve casts doubt on some of the most important ideas in macroeconomics, labor economics, and regional economics. According to macroeconomic orthodoxy, there is a relationship between unemployment and the rate of change of wages. According to orthodoxy in labor economics and regional economics an area's wage is positively related to the amount of joblessness in the area. The Wage Curve suggests that both these beliefs are incorrect. Blanchflower and Oswald argue that the stable relationship is a downward-sloping convex curve linking local unemployment and the level of pay. Their study, one of the most intensive in the history of social science, is based on random samples that provide computerized information on nearly four million people from sixteen countries. Throughout, the authors systematically present evidence and possible explanations for their empirical law of economics.
Download or read book Current Wage Developments written by United States. Bureau of Labor Statistics and published by . This book was released on 1978 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do Emotions Help or Hurt Decisionmaking written by Kathleen D. Vohs and published by Russell Sage Foundation. This book was released on 2007-11-26 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philosophers have long tussled over whether moral judgments are the products of logical reasoning or simply emotional reactions. From Jane Austen's Sense and Sensibility to the debates of modern psychologists, the question of whether feeling or sober rationality is the better guide to decision making has been a source of controversy. In Do Emotions Help or Hurt Decision Making? Kathleen Vohs, Roy Baumeister, and George Loewenstein lead a group of prominent psychologists and economists in exploring the empirical evidence on how emotions shape judgments and choices. Researchers on emotion and cognition have staked out many extreme positions: viewing emotions as either the driving force behind cognition or its side effect, either an impediment to sound judgment or a guide to wise decisions. The contributors to Do Emotions Help or Hurt Decision Making? provide a richer perspective, exploring the circumstances that shape whether emotions play a harmful or helpful role in decisions. Roy Baumeister, C. Nathan DeWall, and Liqing Zhang show that while an individual's current emotional state can lead to hasty decisions and self-destructive behavior, anticipating future emotional outcomes can be a helpful guide to making sensible decisions. Eduardo Andrade and Joel Cohen find that a positive mood can negatively affect people's willingness to act altruistically. Happy people, when made aware of risks associated with altruistic acts, become wary of jeopardizing their own well-being. Benoît Monin, David Pizarro, and Jennifer Beer find that whether emotion or reason matters more in moral evaluation depends on the specific issue in question. Individual characteristics often mediate the effect of emotions on decisions. Catherine Rawn, Nicole Mead, Peter Kerkhof, and Kathleen Vohs find that whether an individual makes a decision based on emotion depends both on the type of decision in question and the individual's level of self-esteem. And Quinn Kennedy and Mara Mather show that the elderly are better able to regulate their emotions, having learned from experience to anticipate the emotional consequences of their behavior. Do Emotions Help or Hurt Decision Making? represents a significant advance toward a comprehensive theory of emotions and cognition that accounts for the nuances of the mental processes involved. This landmark book will be a stimulus to scholarly debates as well as an informative guide to everyday decisions.
Download or read book OECD Economic Outlook Volume 2002 Issue 2 written by OECD and published by OECD Publishing. This book was released on 2002-12-24 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twice a year, the OECD Economic Outlook analyses the major trends that will mark the next two years. This issue's special features cover the deterioration of budgetary positions in most countries, labour force participation of older workers, product market competition reforms, and inflation.
Download or read book The New Financial Order written by Robert J. Shiller and published by Princeton University Press. This book was released on 2009-02-09 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.
Download or read book Istanbul as a Global Financial Center written by Melike Bildirci and published by Cambridge Scholars Publishing. This book was released on 2017-08-21 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together analyses of a wide range of economic and financial subjects, including any issue related to these broader concepts, such as development, banking crises, energy, and Islamic finance, among others. It offers a clear discussion of the current period of economic transition and the future prospects of developing countries in terms of financial and economic perspectives. It will serve to raise awareness of the important opportunities and risks inherent in the global financial system, and makes a valuable contribution to wider economic debates by identifying the priorities and policy prescriptions that will help countries to realise their potential. The book will particularly appeal to academicians and students, as well as, researchers and professionals in the fields of economics, finance, and business. It may also serve as a secondary textbook for courses about Eurasian countries in economics and finance departments of higher learning institutions.
Download or read book Modern Labor Economics written by Ronald G. Ehrenberg and published by Routledge. This book was released on 2016-04-20 with total page 956 pages. Available in PDF, EPUB and Kindle. Book excerpt: For one-semester courses in labor economics at the undergraduate and graduate levels, this book provides an overview of labor market behavior that emphasizes how theory drives public policy. Modern Labor Economics: Theory and Public Policy, Twelfth Edition gives students a thorough overview of the modern theory of labor market behavior, and reveals how this theory is used to analyze public policy. Designed for students who may not have extensive backgrounds in economics, the text balances theoretical coverage with examples of practical applications that allow students to see concepts in action. Experienced educators for nearly four decades, co-authors Ronald Ehrenberg and Robert Smith believe that showing students the social implications of the concepts discussed in the course will enhance their motivation to learn. As such, the text presents numerous examples of policy decisions that have been affected by the ever-shifting labor market. This text provides a better teaching and learning experience for you and your students. It will help you to: Demonstrate concepts through relevant, contemporary examples: Concepts are brought to life through analysis of hot-button issues such as immigration and return on investment in education. Address the Great Recession of 2008: Coverage of the current economic climate helps students place course material in a relevant context. Help students understand scientific methodology: The text introduces basic methodological techniques and problems, which are essential to understanding the field. Provide tools for review and further study: A series of helpful in-text features highlights important concepts and helps students review what they have learned.
Download or read book Monetary Policy Frameworks in a Global Context written by Lavan Mahadeva and published by Routledge. This book was released on 2012-11-12 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal
Download or read book Deflation written by Mr.Taimur Baig and published by International Monetary Fund. This book was released on 2003-06-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulnerability, which they apply to the 35 largest industrial and emerging market economies. Finally, the paper offers several policy options for protecting against deflation and for coping with it should it strike.
Download or read book NBER Macroeconomics Annual 1996 written by Ben S. Bernanke and published by MIT Press. This book was released on 1997-02 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the eleventh volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend, and apply frontier work in macroeconomics, and to encourage and stimulate work by macroeconomists on current policy issues. These contributions offer a good sample of the current issues and exciting research directions in macroeconomics. Contents Credit, Business Investment, and Output Fluctuations in Japan, Nobuhiro Kiyotaki and Kenneth D. West * Causes and Consequences of Imperfections in the Consumer Price Index, Matthew D. Shapiro and David Wilcox * A Scorecard for Indexed Government Debt, John Y. Campbell and Robert J. Shiller * Technology Improvements and Productivity Slowdowns: Another Crazy Explanation, Andreas Hornstein and Per Krusell * Are Currency Crises Self-Fulfilling?, Paul Krugman * Inequity and Growth, Roland Benabou
Download or read book Thinking Outside the Box written by Keith G. Banting and published by McGill-Queen's Press - MQUP. This book was released on 2015-11-30 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on the work presented in Styran and Taylor’s This Great National Object, which told the story of the first three Welland canals built in the nineteenth century, This Colossal Project chronicles an impressive milestone in the history of Canadian technological achievement and nation building.
Download or read book Advances in Economics and Econometrics Theory and Applications written by Econometric Society. World Congress and published by Cambridge University Press. This book was released on 1997-02-20 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: These books comprise papers examining the latest developments in economic theory, applied economics and econometrics presented at the Seventh World Congress of the Econometric Society in Tokyo in August 1995. The topics were carefully selected to represent the most active fields in the discipline over the past five years. Written by the leading authorities in their fields, eac h paper provides a unique survey of the current state of knowledge in economics. Designed to make the material accessible to a general audience of economists, these volumes should be helpul to anyone with a good undergraduate training in economics who wishes to follow new ideas and tendencies in the subject.
Download or read book Nonlinear Labor Market Dynamics written by Michael Neugart and published by Springer Science & Business Media. This book was released on 2000-05-06 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nonlinear Labor Market Dynamics discusses adjustment processes in labor markets. Contrary to linear-stochastic approaches this book is based on a non-linear deterministic framework. It is shown that even textbook-like-models of the labor market can generate long lasting adjustment processes, local instabilities, and chaotic movements, once nonlinear relationships and widely accepted adjustment rules are introduced. Thus, labor market dynamics may have an endogenous component that is governed by a nonlinear deterministic core. Of course, all results are tied to the particular models discussed in this book. Nevertheless, these models imply that by incorporating nonlinear relationships, one may arrive at an explanation of labor market behavior where linear stochastic approaches fell. Time series studies for German labor market data support this point of view.
Download or read book Back to Full Employment written by Robert Pollin and published by MIT Press. This book was released on 2012 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist Robert Pollin argues that the United States needs to try to implement full employment and how it can help the economy.
