Download or read book The Natural rate Hypothesis the Rational expectations Hypothesis and the Remarkable Survival of Non market clearing Assumptions written by Herschel Ivan Grossman and published by . This book was released on 1982 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-market-clearing models continue to dominate analysis of macroeconomic fluctuations and discussions of macroeconomic policy. This situation is remarkable because non-market-clearing assumptions seem to be inconsistent with the essential presumption of neoclassical economic analysis that market outcomes exhaust opportunities for mutually advantageous exchange. Non-market-clearing models apparently have survived because they have evolved to incorporate both the natural-rate hypothesis and the rational-expectations hypothesis and because the alternative "equilibrium" approach has failed empirically. This paper expands on these ideas and briefly discusses some of the problems that we face in attempting to evaluate empirically the recent vintage of non-market-clearing models. The main difficulties seem to involve accounting for shifts in the natural levels of real aggregates and specifying the timing of the past anticipations that determine the effects of current monetary policy

Download or read book Transforming Modern Macroeconomics written by Roger E. Backhouse and published by Cambridge University Press. This book was released on 2013 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households.

Download or read book New Palgrave Series In Economics Money written by John Eatwell and published by W. W. Norton & Company. This book was released on 1989 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: "First published in the New Palgrave: a dictionary of economics ... in four volumes, 1987"--T.p. verso. Includes bibliographical references.

Download or read book Managing the American Economy from Roosevelt to Reagan written by Nicolas Spulber and published by Indiana University Press. This book was released on 1989 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes and evaluates the views of theorists and practitioners directly involved with four major economic events in American history.

Download or read book Monetary Economics in the 1980 s written by Forrest Capie and published by Springer. This book was released on 2016-01-19 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the first eight lectures delivered in honour of Henry Thornton the economist, at City University, London. Seven of the lectures are by monetary economists and one is by a Governer of the Bank of England. Exchange rates, macroeconomics, and interest rates are discussed.

Download or read book Money written by Rudolf Richter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central idea of this book is the concept of a currency order. Monetary theory is developed as a theory of currency orders. The book expands the neoclassical theory of currency orders. This new way of looking at the problems permits a general view of the subject matter of monetary theory and policy which so far does not exist. The concept of transaction costs is used throughout. The book deals not only with the theories of the demand for and the supply of money, the banking firm, and the purchasing power of money. It also presents a theoretically based discussion of the great topics of monetary policy of our time: fixed vs. flexible exchange rates, gold vs. paper, rules vs. authority for the central banks, governmental currency monopoly vs. competition of private currencies, regulation vs. deregulation of commercial banks. The book is suitable as a text for students with a knowledge of money and banking and intermediate microeconomics. It offers a consistent and well-written presentation of the subject matter, as well as an extensive list of further readings.

Download or read book Money written by John Eatwell and published by Springer. This book was released on 1989-03-01 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on money.

Download or read book Keynes and the Modern World written by George David Norman Worswick and published by CUP Archive. This book was released on 1983-12-22 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the proceedings of the major conference held to celebrate the centenary of the birth of John Maynard Keynes at King's College, Cambridge. It brings together major international figures in economics and looks at Keynesian economics and the relevance of Keyne's ideas today. In addition to the main speakers and discussants, summaries of the discussions on each paper and memoirs of Maynard Keynes from Sir Austin Robinson, Richard Braithwaite and James Meade are also included.

Download or read book Macroeconomics After a Decade of Rational Expectations written by Bennett T. McCallum and published by . This book was released on 1982 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main section of this paper discusses competing theories of aggregate supply that are currently being utilized in macroeconomic models with rational expectations. The distinction between flexible-price equilibrium models and models with nominal contracts is emphasized and three models of the latter type are described and contrasted, it is argued that rejection of flexible-price equilibrium theories, as the evidence seems to warrant,does not require abandonment of the equilibrium approach. Also included are remarks on the present status of the rational expectations version of the natural-rate hypothesis. The second section of the paper briefly discusses a few issues concerning the equilibrium approach and aggregate demand, with attention devoted to the overlapping-generations framework. The third section considers a recent attempt, involving the use of "vector autoregression"models, to denigrate the importance of the Lucas critique of traditional policy-evaluation procedures.

Download or read book Dynamic Factor Demands Under Rational Expectations written by Robert S. Pindyck and published by . This book was released on 1982 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a dynamic model of the industrial demands for structures, equipment, and blue- and white-collar labor. Our approach is consistent with producers holding rational expectations and optimizing dynamically in the presence of adjustment costs, yet it permits generality of functional form regarding the technology. We represent the technology by atranslog input requirement function that specifies the amount of blue-collar labor (a flexible factor) the firm must hire to produce a level of output given its quantities of three quasi-fixed factors that are subject to adjustment costs: non-production (white-collar) workers, equipment, and structures.A complete description of the production structure is obtained by simultaneously estimating the input requirement function and three stochastic Euler equations.We apply an instrumental variable technique to estimate these equations using aggregate data for U.S. manufacturing. We find that as a fraction of total expenditures, adjustment costs are small in total hut large on the margin,and that they differ considerably across quasi-fixed factors. We also present short- and long-run elasticities of factor demands.

Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1984 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Theory of Excess Burden and Optimal Taxation written by Alan J. Auerbach and published by . This book was released on 1982 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to present the chronological development ofthe concept of excess burden and the related study of optimal tax theory. A main objective of this exercise is to uncover the interrelationships among various apparently distinct results, so as to bring out the basic structure of the entire problem.The paper includes a discussion of various measures of excess burden,focusing on issues of approximation, informational requirements, aggregation over individuals, and the effects of technology. Included in the presentation of optimal tax theory is a section on tax reform, as well as an application of the theory to the case where uncertainty is present.

Download or read book Variability in Employment Prices and Money written by Karl Brunner and published by . This book was released on 1983 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asian Journal of Economics and Social Studies written by and published by . This book was released on 1986 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Theory written by Stephen McCafferty and published by HarperCollins Publishers. This book was released on 1990 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Journal of Monetary Economics written by and published by . This book was released on 1988 with total page 1040 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Public Health Policy written by Fred Goldman and published by . This book was released on 1982 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to assess the impact of the Community Health Center (CHC) on health levels in the U.S. Using infant mortality as the underlying health indicator, a time series of large counties as the data set, and multivariate regression techniques, we investigate the extent to which the presence of a program in a county affects future mortality. We find that CHCs have negative and statistically significant impacts on white and black infant mortality rates.The centers have larger effects on black infant mortality than on white infant mortality. The reduction in the black infant mortality rate between 1970 and 1978 due to the CHC system amounts to one death per thousand live births or approximately 12 percent of the observed decline.This result is particularly striking in light of the well-known higher infant mortality rate of blacks. A reduction in the excess mortality rate of black babies has been dentfied as a goal of public health policy for a number of years. Our results suggest that community health centers have the potential to make a substantial contribution to the achievement of this goal.