Download or read book Resurrecting the Role of the Product Market Wedge in Recessions written by Mark Bils and published by . This book was released on 2014 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employment and hours appear far more cyclical than dictated by the behavior of productivity and consumption. This puzzle has been labeled "the labor wedge" - a cyclical wedge between the marginal product of labor and the marginal rate of substitution of consumption for leisure. The wedge can be broken into a product market wedge (price markup) and a labor market wedge (wage markup). Based on the wages of employees, the literature has attributed the wedge almost entirely to labor market distortions. Because employee wages may be smoothed versions of the true cyclical price of labor, we instead examine the self-employed, intermediate inputs, and work-in-process inventories. Looking at the past quarter century in the U.S., we find that price markup movements are at least as important as wage markup movements - including in the Great Recession and its aftermath. Thus sticky prices and other forms of countercyclical markups deserve a central place in business cycle research, alongside sticky wages and matching frictions.
Download or read book Appendix Resurrecting the Role of the Product Market Wedge in Recessions written by Mark Bils and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomic Fluctuations and Policies written by Edouard Challe and published by MIT Press. This book was released on 2023-09-19 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: The basic tools for analyzing macroeconomic fluctuations and policies, applied to concrete issues and presented within an integrated New Keynesian framework. This textbook presents the basic tools for analyzing macroeconomic fluctuations and policies and applies them to contemporary issues. It employs a unified New Keynesian framework for understanding business cycles, major crises, and macroeconomic policies, introducing students to the approach most often used in academic macroeconomic analysis and by central banks and international institutions. The book addresses such topics as how recessions and crises spread; what instruments central banks and governments have to stimulate activity when private demand is weak; and what “unconventional” macroeconomic policies might work when conventional monetary policy loses its effectiveness (as has happened in many countries in the aftermath of the Great Recession.). The text introduces the foundations of modern business cycle theory through the notions of aggregate demand and aggregate supply, and then applies the theory to the study of regular business-cycle fluctuations in output, inflation, and employment. It considers conventional monetary and fiscal policies aimed at stabilizing the business cycle, and examines unconventional macroeconomic policies, including forward guidance and quantitative easing, in situations of “liquidity trap”—deep crises in which conventional policies are either ineffective or have very different effects than in normal time. This book is the first to use the New Keynesian framework at the advanced undergraduate level, connecting undergraduate learning not only with the more advanced tools taught at the graduate level but also with the large body of policy-oriented research in academic journals. End-of-chapter problems help students master the materials presented.
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 2016-11-12 with total page 2744 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world’s leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved
Download or read book Capitalist Dictatorship written by Milan Zafirovski and published by BRILL. This book was released on 2021-04-26 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milan Zafirovski identifies and investigates the resurgence of capitalist dictatorship in contemporary society, especially after 2016. This book introduces the concept of capitalist dictatorship to the academic audience for the first time.
Download or read book Minsky s Moment written by Piero Ferri and published by Edward Elgar Publishing. This book was released on 2019 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
Download or read book The Economics of Self Employment and Entrepreneurship written by Simon C. Parker and published by Cambridge University Press. This book was released on 2004-02-19 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: As self-employment and entrepreneurship become increasingly important in our modern economies, Simon C. Parker provides a timely, definitive and comprehensive overview of the field. In this book he brings together and assesses the large and disparate literature on these subjects and provides an up-to-date overview of new research findings. Key issues addressed include: the impact of ability, risk, personal characteristics and the macroeconomy on entrepreneurship; issues involved in raising finance for entrepreneurial ventures, with an emphasis on the market failures that can arise as a consequence of asymmetric information; the job creation performance of the self-employed; the growth, innovation and exit behaviour of new ventures and small firms; and the appropriate role for governments interested in promoting self-employment and entrepreneurship. This book will serve as an essential reference guide to researchers, students and teachers of entrepreneurship in economics, business and management and other related disciplines.
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
Download or read book The Precariat written by Guy Standing and published by Bloomsbury Publishing. This book was released on 2021-07-15 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the new Precariat – the rapidly growing number of people facing lives of insecurity, on zero hours contracts, moving in and out of jobs that give little meaning to their lives. The delivery driver who brings your packages, the uber driver who gets you to work, the security guard at the mall, the carer looking after our elderly...these are The Precariat. Guy Standing investigates this new and growing group, finding a frustrated and angry new underclass who are often ignored by politicians and economists. The rise of zero hours contracts, encouraged by fat cat corporations as risk-free employment, and by silicon valley as a way of outsourcing costs and responsibility, has been exacerbated by the COVID pandemic. At the same time, in its experience of lockdown, the western world is realizing the true value of these nurses, carers and key workers. The answer? The return of income security and meaningful work - the principles 20th century capitalism was built on. By making the fears and desires of the Precariat central to economic thinking, Standing shows how concepts like Basic Income are not just desirable but inevitable, and plots the way to a better future.
Download or read book Rewriting the Rules of the American Economy An Agenda for Growth and Shared Prosperity written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2015-11-02 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: It’s time to rewrite the rules—to curb the runaway flow of wealth to the top one percent, to restore security and opportunity for the middle class, and to foster stronger growth rooted in broadly shared prosperity. Inequality is a choice. The United States bills itself as the land of opportunity, a place where anyone can achieve success and a better life through hard work and determination. But the facts tell a different story—the U.S. today lags behind most other developed nations in measures of inequality and economic mobility. For decades, wages have stagnated for the majority of workers while economic gains have disproportionately gone to the top one percent. Education, housing, and health care—essential ingredients for individual success—are growing ever more expensive. Deeply rooted structural discrimination continues to hold down women and people of color, and more than one-fifth of all American children now live in poverty. These trends are on track to become even worse in the future. Some economists claim that today’s bleak conditions are inevitable consequences of market outcomes, globalization, and technological progress. If we want greater equality, they argue, we have to sacrifice growth. This is simply not true. American inequality is the result of misguided structural rules that actually constrict economic growth. We have stripped away worker protections and family support systems, created a tax system that rewards short-term gains over long-term investment, offered a de facto public safety net to too-big-to-fail financial institutions, and chosen monetary and fiscal policies that promote wealth over full employment.
Download or read book Finishing Global Farm Trade Reform written by Kym Anderson and published by University of Adelaide Press. This book was released on 2020-08-20 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reviews policy developments in recent years and, in the light of that, explores ways in which further consensus might be reached among WTO members to reduce farm trade distortions – and thereby also progress the multilateral trade reform agenda. Particular attention is given to ways that would boost well-being in developing countries, especially for those food-insecure households still suffering from poverty and hunger.
Download or read book The Unmaking of Arab Socialism written by Ali Kadri and published by Anthem Press. This book was released on 2016-10-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conditions of malnutrition, conflict, or a combination of both characterize many Arab countries, but this was not always so. As in much of the developing world, the immediate post-independence period represented an age of hope and relative prosperity. But imperialism did not sleep while these countries developed, and it soon intervened to destroy these post-independence achievements. The two principal defeats and losses of territory to Israel in 1967 and 1973, as well as the others that followed, left in their wake more than the destruction of assets and the loss of human lives: the Arab World lost its ideology of resistance. The Unmaking of Arab Socialism is an attempt to understand the reasons for Arab world's developmental descent from the pinnacle of Arab socialism to its present desolate conditions through an examination of the post-colonial histories of Egypt, Syria, and Iraq.
Download or read book The Power of Economic Ideas written by Alex Millmow and published by ANU E Press. This book was released on 2010-05-01 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics, Keynes once wrote, can be a 'very dangerous science'. Sometimes, though, it can be moulded to further the common good though it might need a leap in mental outlook, a whole new zeitgeist to be able do do. This book is about a transformation in Australian economists' thought and ideas during the interwar period. It focuses upon the interplay between economic ideas, players and policy sometimes in the public arena. In a decade marked by depression, recovery and international political turbulence Australian economists moved from a classical orthodox economic position to that of a cautious Keynesianism by 1939. We look at how a small collective of economists tried to influence policy-making in the nineteen-thirties. Economists felt obliged to seek changes to the parameters as economic conditions altered but, more importantly, as their insights about economic management changed. There are three related themes that underscore this book. Firstly, the professionalisation of Australian economics took a gigantic leap in this period, aided in part, by the adverse circumstances confronting the economy but also by the aspirations economists held for their discipline. A second theme relates to the rather unflattering reputation foisted upon interwar economists after 1945. That transition underlies a third theme of this book, namely, how Australian economists were emboldened by Keynes's General Theory to confidently push for greater management of economic activity. By 1939 Australian economists conceptualized from a new theoretic framework and from one which they advanced comment and policy advice. This book therefore will rehabilitate the works of Australian interwar economists, arguing that they not only had an enviable international reputation but also facilitated the acceptance of Keynes¿s General Theory among policymakers before most of their counterparts elsewhere.
Download or read book Monetary Alternatives written by James A. Dorn and published by Cato Institute. This book was released on 2017-03-21 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: What monetary system best serves society? The current system of pure government fiat monies, managed by discretionary central banks, is inefficient and unstable. Monetary Alternatives explores fundamental and controversial ideas that move our monetary system and economy beyond repeated crises to sustainable stability and prosperity. The contributors to this volume energetically question the status quo and provide compelling arguments for moving to a monetary system based on freedom and the rule of law.
Download or read book Globalisation and Governance in the Pacific Islands written by Stewart Firth and published by ANU E Press. This book was released on 2006-12-01 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Pacific Islands are feeling the effects of globalisation. Free trade in sugar and garments is threatening two of Fiji's key industries. At the same time other opportunities are emerging. Labour migration is growing in importance, and Pacific governments are calling for more access to Australia's labour market. Fiji has joined Samoa, Tonga, Tuvalu and Kiribati as a remittance economy, with thousands of its citizens working overseas. Meantime, Papua New Guinea and Solomon Islands grapple with an older kind of globalisation in which overseas companies exploit mineral and forest resources. The Pacific Islands confront unique problems of governance in this era of globalisation. The modern, democratic state often fits awkwardly with traditional ways of doing politics in that part of the world. Just as often, politicians in the Pacific exploit tradition or invent it to serve modern political purposes. The contributors to this volume examine Pacific globalisation and governance from a wide range of perspectives. They come from Papua New Guinea, Solomon Islands, Hawai'i, the Federated States of Micronesia, Samoa, Fiji, New Zealand and Jamaica as well as Australia."--Publisher's description.
