Download or read book Three Essays on Non linear Effects in Dynamic Macroeconomic Models written by Sara Alizadeh Miyandoab and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Solution and Estimation of Dynamic Macroeconomic Models written by Anthony Alan Smith and published by . This book was released on 1990 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Adaptive Learning in Macroeconomic Models written by and published by . This book was released on 2015 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Dynamic Macroeconomic Theory written by Nannette Hechler and published by . This book was released on 1995 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Nonlinear Macroeconomic Dynamics written by Luigi Bocola and published by . This book was released on 2014 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Dynamic Macroeconomics written by Yuki Ikeda and published by . This book was released on 2012 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 is intended to analyze the welfare effects of changes in cross-sectional wage dispersion in a Mirrleesian framework. We first develop a static Mirrlees' optimal nonlinear income tax model to study how increased wage inequality affects the expected lifetime utility and consumption and leisure inequality. The model reveals that the impact of a change crucially depends on the initial degree of wage dispersion. We then compare the benchmark economy with two extreme cases: an economy with full insurance and autarky, and discuss how the welfare effects of rising wage dispersion differ with respect to different types of market structures. Finally we present a calibrated dynamic version of the model to examine whether the characteristics we find in the static model are also observed in the dynamic framework, and compute the welfare effects using the observed rise in wage inequality in the United States. According to our model, the rise in the wage dispersion over the last 30 years had a positive impact on the social welfare.
Download or read book Three Essays on the Macroeconomic Effects of Financial Structure written by William Osterberg and published by . This book was released on 1986 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Estimation of Dynamic Macroeconomic Models written by Luca Neri and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamic Modeling Empirical Macroeconomics and Finance written by Lucas Bernard and published by Springer. This book was released on 2016-10-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.
Download or read book Essays on the Solution Estimation and Analysis of Dynamic Nonlinear Economic Models written by Xiongwen Rui and published by . This book was released on 1995 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Time Series Macroeconomics written by Pedro H. Albuquerque and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two chapters of this thesis propose new time-series methods and apply them to macroeconomic problems, while the third chapter evaluates the predictions of a dynamic general equilibrium model. The first chapter develops a practical log-linear aggregation procedure, which is applied to the heterogeneous growth problem in the U.S. The second chapter presents a simple nonparametric long-run correlation estimator with optimal lag-selection and alignment criteria, and uses it to measure interconnections between American and Latin-American stock returns. The third chapter uses a dynamic general equilibrium model to analyze the effects of bank account debits taxation. Time-series techniques are employed to empirically evaluate the model predictions. In the first chapter, a practical aggregation method for heterogeneous log-linear functions is presented. Inequality measures are employed in the construction of an exact representation of the aggregate behavior of an economy formed by heterogeneous log-linear agents. The exact aggregate representation is relatively simple and intuitive. It can be used thereafter in applied issues and in teaching, easing the solving and understanding of aggregation problems. Three macroeconomic applications are discussed: the aggregation of the Lucas supply function, the time-inconsistent behavior of an egalitarian social planner facing heterogeneous discount rates, and the case of a simple heterogeneous growth model. The latter application, which leads to a decomposition of growth rates of the mean into means of growth rates plus inequality changes, is explored empirically. Aggregate CPS data is used to show that, when inequality changes are taken in consideration, the slowdown that followed the first oil shock appears to be worse than usually thought. Additionally, the “new economy” growth resurgence seems less impressive when compared to the growth performance of the period that preceded the first oil shock. In the second chapter, a simple consistent nonparametric estimator of the long-run correlation between two variables is proposed, based on the estimation of the bivariate k-lag difference correlation. It is shown that the estimator is asymptotically equivalent to the Bartlett kernel spectral estimator of the complex coherency at frequency zero. The asymptotic distribution is derived, with a test for the absence of long-run correlation. Optimal lag-selection and alignment criteria are presented. Monte Carlo experiments show that the asymptotic approximations are satisfactory, sometimes even for small samples. They also reveal that the lag-selection and alignment criteria are effective. Long-run correlations between American and Latin-American stock returns are considered. The estimates increase substantially in the second half of the nineties. The results could indicate the presence of a correlation component common to Latin-American markets, which was important in the second half of the period but not in the first. The significant development of investment funds specialized in Latin-American markets and the much-improved foreign access after capital account liberalization in the region may be among the explanations for these patterns. The third chapter uses a dynamic general equilibrium model to study the economic effects of bank account debits (BAD) taxation. Australia and various Latin-American countries have levied or levy BAD taxes. Theoretical aspects such as tax cascading, financial disintermediation, market illiquidity, impacts on dividend and interest rates, tax revenue, government deficit, and effective rates on final transactions are considered. The Brazilian BAD tax (CPMF) experience is evaluated. The empirical analysis shows that revenue productivity appears to be very sensitive to the tax rate, engendering a Laffer curve. It is also shown that there may be impacts on real interest rates. Part of the BAD tax revenue can be lost due to increased interest payments on government debt. Furthermore, the deadweight losses seem to be significant if compared to revenues. Theory and evidence indicate that the BAD acronym is perhaps more than a witticism.
Download or read book Essays in Macroeconomics and Nonlinear Dynamics written by Matthias Christian Rottner and published by . This book was released on 2021 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates topics in macroeconomics with nonlinear dynamics as their inherent feature. It aims to further the understanding of the connection between the financial sector and economic fluctuations, challenges of monetary policy in a low interest rate environment and how to mitigate the macroeconomic consequences of a pandemic. The first chapter investigates the connection between the shadow banking sector and the vulnerability of the economy to a financial crisis. Motivated by the build-up of shadow bank leverage prior to the Great Recession, I develop a nonlinear macroeconomic model that features excessive leverage accumulation and show how this can cause a run. Introducing risk-shifting incentives to account for fluctuations in shadow bank leverage, I use the model to illustrate that extensive leverage makes the shadow banking system runnable, thereby raising the vulnerability of the economy to future financial crises. The model is taken to U.S. data with the objective of estimating the probability of a run in the years preceding the financial crisis of 2007-2008. The second chapter, joint with Francesco Bianchi and Leonardo Melosi, is motivated by the observation that the Federal Reserve Bank has been systematically undershooting its 2% inflation target in the past twenty years. This deflationary bias is a predictable consequence of the current symmetric monetary policy strategy that fails to recognize the risk of encountering the zero-lower-bound. An asymmetric rule according to which the central bank responds less aggressively to above-target inflation corrects the bias, improves welfare, and reduces the risk of deflationary spirals. The third chapter, joint with Matthieu Darracq Paries and Christoffer Kok, analyses the risk that an intended monetary policy accommodation might actually have contractionary effects in a low interest rate environment. We demonstrate that the risk of hitting the rate at which the effect reverses depends on the capitalization of the banking sector by using a nonlinear macroeconomic model. The framework suggests that the reversal interest rate is around −1% p.a. in the Euro Area. We show that the possibility of the reversal interest rate creates a novel motive for macroprudential policy. The fourth chapter, joint with Leonardo Melosi, studies contact tracing in a new macro-epidemiological model with asymptomatic spreaders. Contact tracing is a testing strategy that aims to reconstruct the infection chain of newly symptomatic agents. We show that contact tracing may be insufficient to stem the spread of infections because agents fail to internalize that their decisions increase the number of traceable contacts to be tested in the future. We provide theoretical underpinnings to the risk of becoming infected in macro-epidemiological models.
Download or read book Three Essays in Nonlinear Macroeconometrics written by Máximo Cosme Camacho Alonso and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Macroeconomics and Asymmetric Information written by Giorgio Di Giorgio and published by . This book was released on 1996 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Nonlinear Nonstationary Econometrics and Applied Macroeconomics written by Youngsoo Bae and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Dynamic Macroeconomics written by Gary Thaddeus Baierl and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Three essays are presented which focus on dynamic aspects of macroeconomic equilibrium. In the first, conditions are derived which characterize the stability of the steady state in a neoclassical growth model. The conditions depend on the speed of depreciation of the economy's capital stock. It is found that as the rate of depreciation increases, instability and cycles are more likely.
Download or read book Three Essays on the Long run Behavior of Macroeconomic Variables written by Sung-In Jun and published by . This book was released on 1989 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
