Download or read book Essays on public macroeconomic policy written by Jose Mauricio Prado and published by . This book was released on 2007 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Public Policy Analysis Using Macroeconomic Models written by Akihiro Nomura and published by . This book was released on 2018 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Policies in Heterogeneous Agent Models written by Alaïs Martin-Baillon and published by . This book was released on 2021 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now recognized that the heterogeneity of economic agents plays a crucial role in understanding the fluctuations of an economy. The different chapters of my thesis serve the same question: How does heterogeneity changes the way economic policies should be conducted? Today, heterogeneous-agent macroeconomics is developing in several directions, each shedding different light on the problems we face as economists. My thesis is at the confluence of the different facets of this field. The first chapter of my thesis, participates in the heterogeneous agent macroeconomics that derives analytical solutions in reduced-heterogeneity models. I study how governments should increase or decrease taxes on firms over the business cycle. I show that taking into account firms heterogeneity greatly changes tax policy recommendations. The second chapter of my thesis is part of quantitative heterogeneous agent macroeconomics. We study whether monetary policy should use its ability to redistribute wealth among heterogenous households to achieve its objectives. The third chapter of my thesis participates in field that uses micro data to understand macroeconomics and to design public policies. I estimate firms' propensities to invest to better understand how economic policies can vary firms' investment by varying their income.

Download or read book Microeconomics Macroeconomics and Economic Policy written by P. Arestis and published by Springer. This book was released on 2011-07-26 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomics, Macroeconomics and Economic Policy are at the core of research and study in economics. The essays in this volume have been specifically commissioned and brought together to celebrate the work of Malcolm Sawyer, who has made substantial contributions in these areas.

Download or read book Essays on Public Policy and Financial Economics from a Macroeconomics Perspective written by Dung Nguyen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: This dissertation consists of three essays. The first two essays (i.e., Chapter 2 and Chapter 3) examine the effects of raising the retirement age on the life cycle behaviors of individuals and its implication on the social security budget. The third essay (i.e., Chapter 4) is an empirical study, which tests the hypothesis of investors' overreactions when trading neglected stocks. The first essay examines the impact of raising the retirement age on the saving and working behaviors of older individuals, and the associated impact on the social security budget. Its results indicate that the reform would result in a 50% reduction in the social security budget deficit. In terms of behavioral responses, we find that: (1) individuals respond to the reform by saving more progressively during the period prior to retirement (i.e., from their early 40s to age 62), while supplying more working hours during the retirement period (i.e., ages 62 and older). The intensity of the saving and working hour responses critically depend on the assumption of the efficiency indexes of the elderly- the lower (higher) the efficiency index, the more intense the saving (working hours) response; (2) there is an upward shift in the working hour profile of individuals as a result of raising the retirement age. Once again, the distance of the shift increases with values of the elderly efficiency index; (3) we find a decrease in the participation rate of elderly individuals age 62-80 in versions where the estimated efficiency index of the elderly is relatively low. The second essay focuses on examining the life-cycle behavior responses of individuals with different skill levels to the raising of the retirement age reform. We find that individuals with different educational attainment respond differently to the reform. Specifically, individuals with lower-than-average education respond to the policy change with a significant upward shift in the working hour profile, a higher participation rate, and an aggressive retirement saving motive. On the other hand, individuals with higher-than-average education mainly deal with the policy change by a higher saving rate and/or a lower rate of decumulating their assets in the retirement period. More importantly, the participation rate in the retirement period among these individuals is actually lower than before the policy change. Secondly, our findings suggest that disadvantaged individuals (e.g., those with a low education level) are the ones who are heavily affected by the policy reform in terms of a bigger consumption reduction, a more intense labor supply response, and a higher contribution to the social security budget. Finally, we find a small increase in the average labor productivity associated with the policy change. However, by educational attainment, we find evidence which suggests a decrease in labor productivity among individuals with below-average educational attainment (i.e., those with a high school degree or lesser), and an increase in labor productivity among those with above-average educational attainment (i.e., those with a college degree or higher). The third essay is an empirical study, which tests the hypothesis of investors' overreaction when trading stocks with limited information, such as neglected stocks. Specifically, we design a fundamental scoring method (called NSCORE) and apply it to the neglected stock universe. We also apply this method to the most-watched stock universe (called WSCORE). Our results show that the annualized returns of a monthly-rebalancing investment strategy which buys the top 100 NSCORE and sells the bottom 100 NSCORE is 26.31% for the period from the beginning of 1985 to the end of 2009. By contrast, when applying the same screening method to the most-watched stocks universe during the same time period, the annualized returns of the same investment strategy dropped to about half. This evidence clearly demonstrates the effectiveness of using financial statement data to identify winners and losers among neglected stocks as a result of investors' overreaction. We also find that the returns difference between top and bottom neglected stocks tends to persist for a long time. Specifically, the return difference between the top 100 NSCORE and the bottom 100 NSCORE can last up to 36 months (3 years). On the other hand, the returns difference among most watched-stocks tends to generally disappear after 12 months (1 year). Our comprehensive sensitivity tests confirm that our findings are not subject to well-known anomalies such as the size, book-to-market, and illiquidity effects.

Download or read book Essays on Macroeconomics written by Michael Francis McMahon and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomics written by Roberto Alejandro Neut and published by . This book was released on 2003 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I cover three relevant topics in macroeconomics: the effects of trade liberalization, the effect of institutions and the determinants of credibility on macroeconomic policies. The first essay revisits the empirical work on the effects of trade liberalization and analyzes how it affects growth through two distinct channels: through better access to intermediate supplies and through tougher foreign competition. In particular, both effects are significant: while the first boosts growth the second one hinders it. Moreover, the effect of the first channel outweighs the effect of the second one. The second essay is an empirical analysis showing that weaker institutions increase transaction costs, particularly the costs incurred by a firm when dealing with suppliers of intermediate goods. In particular, It is showed that industries with a more complex intermediate structure suffer a relatively larger loss of productivity in countries with poorer institutions. The third essay revisits the theoretical determinants of governments' credibility in regard to outstanding debt. Governments default not because they want to, but because they cannot avoid it. Under this and other assumptions, some standard results need no longer hold. For instance, appointing a conservative policymaker or denominating public debt in foreign currency may reduce credibility.

Download or read book Public Policy for the 21st Century written by Neil Fraser and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public policy for the 21st century is a collection of essays in memory of Henry Neuburger, an economist whose career spanned half a dozen government departments, and who was for much of the 1980s an adviser to the leadership of the Labour Party. His original contributions to economic policy analysis across the field of public policy are the starting point of the essays, whose contributors between them cover the same broad span of economic policy. The essays look forward to the new century and together form an introduction to key issues in contemporary policy making. Policy issues covered include macroeconomic policy, the impact of the National Minimum Wage, the distributional effect of tax and benefit policies since the 1997 change of government, the debates around an 'urban renaissance', and the impact of European integration on policy making. Contributors also examine and explain debates around different approaches to economic analysis, and show how analysis can be carried beyond the conventional confines of the money economy and of the household as a 'black box'. The book concludes with a discussion of Henry Neuburger's career, looking in particular at the role of economic advisers within policy making. This is a timely book on economic policy making and commitment to making that policy work. It is important reading for students and academics concerned with public, economic and social policy, and government economists.

Download or read book Public Finance and Stabilization Policy written by Richard Abel Musgrave and published by . This book was released on 1974 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Growth Unemployment Distribution and Government written by V. Borooah and published by Springer. This book was released on 1996-08-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to set out in a comprehensive, but succinct manner, the key points surrounding four economic issues that generate, today, much discussion and debate. These are the issues of growth, unemployment, distribution and government. It is aimed at an audience that is sufficiently interested in economic issues to read a book that sets out these issues clearly, comprehensively and above all, seriously. This has implications for both the style and the content of the book. Clarity requires that the arguments be presented coherently, without resort to jargon. Comprehensiveness requires a wide perspective embracing theoretical, empirical and policy matters. Lastly, seriousness requires that the most up-to-date thinking on economic matters is presented in digestible form, but without violence to the integrity of the original arguments. Achieving this trinity of objectives has been the primary aim of this book.

Download or read book Essays on Macroeconomics and Risk Premium written by Dejanir Henrique Silva and published by . This book was released on 2016 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three essays on how macroeconomic policy can be an important determinant of risk premium and how variations in risk premium may affect macroeconomic policy. Unconventional monetary policy represents a main example of how the transmission of macroeconomic policy is mediated by movements in risk premium. In the first essay, I examine how unconventional monetary policy affects asset prices by reallocating risk in the economy. I consider an environment with heterogeneity in risk tolerance and limited asset market participation. Risk-tolerant investors take leveraged positions, exposing the economy to balance sheet recessions. Limited asset market participation implies the balance sheet of the central bank is non-neutral. Unconventional monetary policy reduces the risk premium and endogenous volatility. During balance sheet recessions, asset purchases boost investment and growth. In contrast, during normal times, the expectation of future interventions reduces growth. Leveraged institutions respond to the policy by reducing risk-taking relatively more than risk-averse investors. As risk concentration falls, the probability of negative tail-events is reduced, enhancing financial stability. An important determinant of entrepreneurial activity in developing countries is the amount of risk the entrepreneur must bear. The second essay, joint with Robert M. Townsend, analyzes the risk-taking behavior of entrepreneurs. Using data from a survey conducted in villages in Thailand, we document substantial heterogeneity in entrepreneurial activity. The fraction of net worth invested by entrepreneurs in risky activities decreases over the life cycle. Consumption-to-wealth ratio is U-shaped, being high for young and old entrepreneurs. We propose a model that captures both the life cycle patterns and limited idiosyncratic insurance observed in the Thai data. An expansion in idiosyncratic insurance will reduce the idiosyncratic risk premium, increasing the proportion of wealth invested in risky activities and aggregate output. However, as the return on the project falls, entrepreneurs accumulate less wealth, reducing their welfare in the long-run. The third essay studies the optimal response of fiscal policy to a risk premium shock when a country is in a currency union. In the context of an open economy New Keynesian model, I show that the government should not deviate from the optimal provision of public goods at an attempt to stabilize the economy. A consumption tax is used to lean against the wind and reduce the real interest rate in the presence of a positive risk premium shock. A VAT tax allows the government to independently influence the terms of trade. Optimal fiscal policy has the property of being revenue-generating. Therefore, there is not necessarily a trade off between stabilization policy and fiscal consolidation.

Download or read book Essays in Macroeconomic Policy written by Fabian Eser and published by . This book was released on 2009 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Policy and Its Impact on the Small Open Economy written by Jae-Hun Shim and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomic Policy written by Fabian Eser and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Policy written by Seong Hyeon Whang and published by . This book was released on 1990 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Theory and Economic Policy written by K. Vela Velupillai and published by Routledge. This book was released on 2004-04-22 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jean-Paul Fitoussi needs no introduction as one of the world's foremost Macroeconomists of his generation. This celebration of his work includes contributions from Nobel Prize - winning economists Robert W. Clower and Robert Solow as well as Olivier Blanchard and leading economic theorist, Edmond Malinvaud.

Download or read book Essays in Persuasion written by John Maynard Keynes and published by DigiCat. This book was released on 2022-08-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: DigiCat Publishing presents to you this special edition of "Essays in Persuasion" by John Maynard Keynes. DigiCat Publishing considers every written word to be a legacy of humankind. Every DigiCat book has been carefully reproduced for republishing in a new modern format. The books are available in print, as well as ebooks. DigiCat hopes you will treat this work with the acknowledgment and passion it deserves as a classic of world literature.