Download or read book A Critical Essay on Modern Macroeconomic Theory written by Frank Hahn and published by MIT Press. This book was released on 1997 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement with that trend. It demonstrates notonly how the new classical view got macroeconomics wrong, but also howto go about doing macroeconomics the right way.
Download or read book Money Expectations and Business Cycles written by Robert J. Barro and published by New York : Academic Press. This book was released on 1981 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money Macroeconomics and Economic Policy written by William C. Brainard and published by MIT Press. This book was released on 1991 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: These original contributions celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.
Download or read book Essays in Business and Macroeconomics written by Cody Frederick Kallen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: My research has broadly focused on firm heterogeneity and its macroeconomic implications. Firm heterogeneity can generate important macroeconomic effects and interact with policies in ways that cannot be achieved by models of representative firms. This theme characterizes the research in this dissertation. In the first chapter, I show that profit shifting increases investment in both high-tax and low-tax countries by reducing the distortive effects of corporate income taxes. This interaction increases business cycle correlations between high-tax and low-tax countries and decreases them between high-tax and other high-tax countries. I find direct supportive evidence for the interaction between profit shifting and investment, and I provide causal evidence supporting the business cycle effects using an event study. In equilibrium, eliminating profit shifting would increase U.S. corporate tax revenue but decrease it in tax havens and the rest of the world; the investment response to this would decrease investment in the U.S. and in tax havens. The second chapter explores how multinational production, profit shifting and offshoring change optimal corporate tax designs, which consist of the tax rate, the treatment of the normal return on capital, and the tax system for multinationals. The model produces four "beggar-thy-neighbor" policy externalities. Profit shifting and offshoring lead to lower tax rates relative to socially optimal, while redistribution from foreign shareholders and partially internalized gains from cross-border activities lead to higher tax rates. Tax competition may not reduce corporate tax rates, as governments can respond by switching between tax systems. Because of these policy externalities, tax competition could increase or decrease welfare. In theory, markets clear in equilibrium; in practice, they don't. Goods-producing firms can stock out of goods to sell, leaving some customers empty-handed. These mismatches between supply and demand became particularly salient during the Covid pandemic. In this chapter, I develop a model of demand and supply mismatches based on imperfect forecasting of idiosyncratic demand shocks. Shortages create unpriced welfare losses for consumers, and inefficient overproduction and overpricing by firms. The estimated model matches external data on stockout rates historically and during the pandemic, it and explains why consumer sentiment remained depressed in 2021.
Download or read book Macroeconomics in the Small and the Large written by Axel Leijonhufvud and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents. Economic Record This book honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents. Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.
Download or read book Macroeconomic Analysis written by David Currie and published by Routledge. This book was released on 2015-09-16 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing together the proceedings of the 1979 and 1980 annual conferences of the Association of University Teachers of Economics the papers in this volume discuss: the effect of social security on private saving; an analysis of aggregate consumer behaviour; the philosophy and objectives of econometrics and other topics in macroeconomic and econometric analysis.
Download or read book Essays on Macroeconomic Policy and Growth in India written by Shankar Acharya and published by . This book was released on 2008-02 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays deals with various aspects of economic reforms undertaken in India since the early 1990s with special emphasis on economic growth. The essays underscore the remarkably swift turnaround in the Indian economy from crisis condition in 1991 to good health by 1995. In thispaperback edition, a new preface addresses issues of India's phenomenal economic growth in the last few years.The early chapters deal with macroeconomic policies and performance, external sector challenges and their management and tax reforms in India, and the economic consequences of these reforms. A significant discussion is on the political and institutional factors that were at work to initiate andsustain these reforms. The final chapters highlight six major areas for government action: fiscal consolidation; improving state finances to support social development; infrastructure reforms; industrial policy reforms, management of water resources; and improvement in law and governance.
Download or read book Macroeconomics Undergraduate Essays and Revision Notes written by Bahrum Lamehdasht and published by Lulu.com. This book was released on 2013-03-06 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains essays and revision notes for Macroeconomics at the undergraduate level. This book includes the following topics: - Keynes vs. the Classics; - Keynes vs. Say's Law; - Keynes and the Neoclassical Synthesis; - IS-LM; - Keynes and Disequilibrium Economics; - Monetarism; - New Classical Economics; - Real Business Cycle Theory; - Kalecki's Trade Cycle; - Minsky's Financial Instability Hypothesis; - Harrod-Domar vs. Solow; - The Solow Model; - Endogenous Growth Theory; - Cambridge Capital Controversy; - The Mundell-Fleming Model; - Dornbusch's Overshooting Exchange Rate Model
Download or read book Economic Impact or Contribution written by Murat Arik and published by Lexington Books. This book was released on 2015-12-17 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Impact or Contribution contributes to the applied regional economic literature by providing a framework for handling a diverse set of projects and providing detailed case studies of fieldwork regarding the health care industry, higher education institutions, the nonprofit sector, infrastructure investment, and a major musical entertainment event. Economic Impact or Contribution accomplishes three major tasks by answering the following questions: What are the differences between the economic concepts used in economic versus fiscal assessment studies? How can we structure an economic and business issue or challenge? How can we create a research product that helps the project’s sponsors solve their problem? This bookhas emerged as an answer to many research-related questions in dealing with regional business and economic issues and challenges.
Download or read book Essays in Macroeconomics written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There is growing acknowledgement that changes in expectations are an important cause of the business cycle. Business cycles are characterized by positive co-movements between consumption, investment, output and hours, yet changes in expectations cannot generate such positive co-movements in the most standard neo-classical business cycle model. If one is willing to entertain a richer production technology, it is possible to obtain the kind of fluctuations typical of business cycles that are caused by expectation revisions. This thesis analyzes systematically such a production technology, characterized by a nonlinear transformation curve between consumption and investment at the aggregate level, and evaluate some of its macroeconomic implications. This thesis comprises three essays. The first essay empirically investigates if the proposed change in the production technology improves the capacity of neo-classical business cycle models to account for the behavior of the aggregate labor market. It finds that the proposed change is a partial improvement over standard models. The second essay shows that while a nonlinear transformation curve helps in obtaining an economic expansion following good news about future productivity gains, it can do so only if the intertemporal elasticity of substitution in consumption is high. To obtain an expansion in the more general case, one has to allow for a sufficiently high degree of complementarity between capital and labor in production. The third essays estimates a version of the model to analyze its business cycle properties. In the model, the nonlinear transformation curve arises because some resources need to be spent to distribute goods to their final use. There, it is found that the estimated model reproduces well the dynamics of output and investment but produces too much consumption volatility. Moreover, it suggests that news about future productivity changes are a more important source of economic fluctuation than actual chan.
Download or read book Essays in Economic Dynamics written by R.M. Goodwin and published by Springer. This book was released on 1982-07-15 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Model Essays for IB A Level Economics written by Kelvin Hong and published by Edventures Pte Limited. This book was released on 2020-05-21 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: By leading economics tutor in Singapore, Mr. Kelvin Hong, Model Essays for IB and A Level Economics is a first for IB (SL & HL) students. Containing top-notch model answers to common IB economics essay questions, students will be armed with powerful knowledge and economic analysis to tackle many Macroeconomic essay questions.
Download or read book Analyzing Modern Business Cycles Essays Honoring written by Philip A Klein and published by Routledge. This book was released on 2017-10-03 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 1990.
Download or read book Essays in Macroeconomics written by Frederic J. Lambert and published by . This book was released on 2007 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Macroeconomics written by Marcello Miccoli and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays that investigate aspects of the behavior of employment over the business cycle. I argue that employment, rather than other concepts of labor input, is the important margin of adjustment of labor input over the business cycle. This observation necessitates the use of explicit models of employment to address issues related to the behavior of labor input over the business cycle. I use the tools developed in the literature on "equilibrium unemployment'' -- namely the inclusion of a search and matching friction in the labor market -- and integrate them into the framework of Real Business Cycle models. The latter typically ignores the explicit analysis of employment and excludes involuntary unemployment. The integrated model is therefore suitable to analyze the behavior of employment. I use the integrated model to address the issue of synchronization of the business cycle. In the first essay I investigate the synchronization of changes in employment across sectors in the US economy. In the second essay I argue that from a modeling perspective, generating cross-sector employment correlation is closely related to generating high variability of aggregate unemployment. In the third essay I address the synchronization of business cycles across developed economies.
Download or read book Financial Conditions and Macroeconomic Performance written by Steven M. Fazzari and published by Routledge. This book was released on 2015-06-05 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
Download or read book Complexity Endogenous Money and Macroeconomic Theory written by Mark Setterfield and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
