Download or read book Monetary fiscal Analysis and General Equilibrium written by Assar Lindbeck and published by . This book was released on 1967 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Why is There Money written by Ross M. Starr and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.

Download or read book Monetary fiscal analysis and general equilibrium written by Assar Lindbeck and published by . This book was released on 1967 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary fiscal analysis general equilibrium written by Assar Lindbäck and published by . This book was released on 1967 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A General Equilibrium Model for Tax Policy Evaluation written by Charles L. Ballard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reports the authors' research on one of the most sophisticated general equilibrium models designed for tax policy analysis. Significantly disaggregated and incorporating the complete array of federal, state, and local taxes, the model represents the U.S. economy and tax system in a large computer package. The authors consider modifications of the tax system, including those being raised in current policy debates, such as consumption-based taxes and integration of the corporate and personal income tax systems. A counterfactual economy associated with each of these alternatives is generated, and the possible outcomes are compared.

Download or read book A General Equilibrium Approach to the Analysis of Monetary and Fiscal Policies written by Andrew Feltenstein and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a general equilibrium model of an open economy and develop a computational technique for deriving a market-clearing solution to the model. The model allows for disaggregated commodities, taxes, and tariffs. It includes a government that is an active participant in the economy as a producer of public goods. The main innovation of the paper is to incorporate financial assets. Current general equilibrium models that do permit the inclusion of non-neutral financial assets are unable to cope with large numbers of commodities and differentiated taxes.

Download or read book The Economic Theory of Fiscal Policy written by Bent Hansen and published by Routledge. This book was released on 2014-04-04 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores whether fiscal policies can secure full employment without inflation, one of the key questions in economics after Keynes. Part 1, General Theory of Public Finance and Fiscal Policy, discusses Ends and Means in economic policy. The results of this ends-means analysis are applied to fiscal policy. Part 2, Microeconomics, deals with the impact of fiscal measures on the behaviour of the individual household, firm and other organization, concentrating on the effects on consumption and saving. Part 3, Macroeconomics, considers how the problem of keeping the price-level constant and the labour market in equilibrium at full employment may be solved by means of fiscal and monetary measures. Problems connected with the volume of investments and the balance of payments are considered simultaneously.

Download or read book Policy and Spillover Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2014-10-30 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.

Download or read book Monetary and Fiscal Policy through a DSGE Lens written by Harold L. Cole and published by Oxford University Press. This book was released on 2020-02-24 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Monetary and Fiscal Policy Through a DSGE Lens, Harold L. Cole develops and extends versions of a classic quantitative model of economic growth to take on a wide range of topics in monetary and fiscal policy. Bridging the gap between current undergraduate and graduate texts in the field, this comprehensive book covers the basic elements of advanced macroeconomics and equips readers to understand the debate on key policy questions. By using the simple DSGE, or dynamic stochastic general equilibrium, framework to build a series of quantitative models, the book combines a gradual introduction to advanced analytic methods with computer programming and quantitative policy analysis. In a clear discussion of the sophisticated interaction between theory and data, Cole explains how to gauge how well a model captures key elements in the data and how to reverse engineer a model to data. The book covers costs of inflation, optimal monetary policy, the impact of labor and capital taxes, and optimal fiscal policy. It systematically discusses technical material including the new Keynesian liquidity shock models, standard analytic methods, such as Lagrangian methods, and computational methods using Matlab and Python. With a strong computational emphasis, the volume teaches how to program up and solve systems of non-linear equations and develop models to study the macroeconomy. Knowing how to deeply understand and analyze models and develop computational code to evaluate the implications of those models is essential for students of macroeconomics. This book connects the standard undergraduate material to the elaborate models of advanced graduate courses with systematic and logical coverage of the basics of advanced modern macroeconomics.

Download or read book Dynamic Macroeconomic Analysis written by Sumru Altug and published by Cambridge University Press. This book was released on 2003-11-20 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: A survey of key issues relevant for the analysis of modern dynamic economies.

Download or read book Policy Risk and Spillover Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2017-04-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies, to facilitate multilaterally consistent macrofinancial policy, risk and spillover analysis. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. These macrofinancial linkages encompass bank and capital market based financial intermediation, with financial accelerator mechanisms linked to the values of the housing and physical capital stocks. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary, fiscal and macroprudential transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.

Download or read book A General Equilibrium Model with Informal Financial Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-02-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a general equilibrium framework for short-run macroeconomic analysis in a developing country context where controls on interest rates and foreign exchange restrictions lead to the emergence of informal financial markets. The complexity of the model precludes an analytical treatment. A simulation approach, based on parameters derived from estimates in the existing literature, is used to assess the properties of the model, which differ in important ways from those of standard open-economy models.

Download or read book General Equilibrium Analyses of Economic Policy written by Marc A. C. Hafstead and published by Stanford University. This book was released on 2010 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on the consequences of labor market policies, environmental cap-and-trade policies, and monetary policy. These three types of economic policies are admittedly very distinct, but they are tied together by the type of analysis I employ to study these policies. For each, I develop a specific general equilibrium model aimed at highlighting the policy in question and use cutting-edge computational methods to numerically solve the model across an array of potential policies. In the first chapter, The Distributional Effects of Labor Adjustment Cost Policies, I introduce a general equilibrium model with heterogeneous plants and labor adjustment costs to explore both the aggregate and distributional effects of labor adjustment costs. I use the model to analyze the effects of policies that would repeal all or half of state-mandated firing costs in European countries. The model predicts that a full repeal of state-mandated firing costs in the average European country would increase aggregate labor productivity by 0.7%-6.2% while increasing the rate of job turnover by 65%-420%. In the second chapter, Emissions Allowance Allocation in Cap-and-Trade Policies, I present a version of "Impacts of Alternative Emissions Allowance Allocation Methods Under a Federal Cap-and-Trade Program", co-written with Lawrence H. Goulder and Michael Dworsky, published in the Journal of Environmental Economics and Management, Volume 60, Issue 3, November 2010, pages 161-181. To examine the implications of alternative allowance allocation designs for industry profits and GDP under a federal cap-and-trade program to reduce greenhouse gas emissions, we employ a general equilibrium model of the U.S. economy with a unique treatment of capital dynamics that permits close attention to profit impacts. Effects on profits depend critically on the relative reliance on auctioning or free allocation of allowances. Freely allocating fewer than 15\% of the emissions allowances generally suffices to prevent profit losses in the most vulnerable U.S. industries. Freely allocating all of the allowances substantially overcompensates these industries. When emissions allowances are auctioned and the proceeds are employed to finance cuts in income tax rates, GDP costs are about 33 percent lower than when all the allowances are freely allocated. The results are robust to policies differing in stringency, the availability of offsets, and the opportunities for intertemporal trading of allowances. In the final chapter, I present \textit{Interbank Lending and Monetary Policy in a DSGE Model}, which was written with Josephine Smith. We build a DSGE model with heterogeneous banks and interbank lending to explore how monetary policy should respond to shocks in the interbank lending market. To do this, we build upon the Bernanke, Gertler, and Gilchrist \citeyear{bgg1999} model of the financial accelerator by introducing a monopolistically competitive banking sector. The model is the first of its kind to include a monopolistically competitive banking sector, heterogeneous banks, and an interbank lending market. We find that the heterogeneous monopolistically competitive banking sector mitigates macroeconomic variance in the model relative to a perfectly competitive banking sector. Multiple banks that imperfectly compete with each other can help absorb shocks better than a single representative bank and mitigate the financial accelerator effect. We also find that financial supply side shocks, as measured by shocks to the productivity of bank loan production, have a much greater effect on the real economy than the demand-side financial shocks. In addition, we find that shocks to the ex-ante most productive banks have a larger effect on the real economy than shocks to the ex-ante least productive banks because the banks with high productivity (ex-ante) have a larger share of the financial market. Analyzing the effect of shocks to interbank lending rates (relative to the central bank policy rate), we find large macroeconomic effects of such policies. Finally, we find that a monetary policy interest rate rule that incorporates the financial sector can actually dampen the effects of traditional non-financial shocks such as productivity, government spending, and monetary policy shocks and leads to a significant decrease in business-cycle volatility.

Download or read book Macrofinancial Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2015-10-28 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary, fiscal and macroprudential transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.

Download or read book Policy Analysis and Forecasting in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2013-12-19 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.

Download or read book Macroeconomic Theory written by Michael Wickens and published by Princeton University Press. This book was released on 2012-03-12 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive graduate textbook on modern macroeconomics Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference This book has been adopted as a textbook at the following universities: American University Bentley College Brandeis University Brigham Young University California Lutheran University California State University - Sacramento Cardiff University Carleton University Colorado College Fordham University London Metropolitan University New York University Northeastern University Ohio University - Main Campus San Diego State University St. Cloud State University State University Of New York - Amherst Campus State University Of New York - Buffalo North Campus Temple University - Main Texas Tech University University of Alberta University Of Notre Dame University Of Ottawa University Of Pittsburgh University Of South Florida - Tampa University Of Tennessee University Of Texas At Dallas University Of Washington University of Western Ontario Wesleyan University Western Nevada Community College

Download or read book Capital and Credit written by Michio Morishima and published by Cambridge University Press. This book was released on 1994-03-25 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.