Download or read book Three Essays on Macroeconomic Policies in the Open Economy written by Joaquim Eloi Cirne de Toledo and published by . This book was released on 1985 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Macroeconomic Policy and Endogenous Growth written by Sailesh Kumar Jha and published by . This book was released on 1997 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Macroeconomics written by Songook Park 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 A Critical Essay on Modern Macroeconomic Theory written by Frank Hahn and published by MIT Press. This book was released on 1997 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement with that trend. It demonstrates notonly how the new classical view got macroeconomics wrong, but also howto go about doing macroeconomics the right way.
Download or read book Three Essays in Macroeconomics written by Bobbie Lee Horn and published by . This book was released on 1986 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Macroeconomics written by Ruey Yau and published by . This book was released on 1996 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Macroeconomic History written by J. W. Mason and published by . This book was released on 2014 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following Minsky, an economy can be understood as a set of units linked to each other by flows of money payments and by the commitments to future payments reflected on balance sheets. This dissertation offers three accounts of the historical evolution of the US economy, conceived of a network of balance sheets, over the course of 20th and early 21st century. The first essay looks at changes in the pattern of payment flows between nonfinancial corporations and financial markets associated with the ``shareholder revolution" of the 1980s. It argues that the shift in payouts to shareholders from a quasi-fixed stream of dividends to a claim on every dollar actually or potentially available to the firm, has had important effects on the behavior of aggregate investment; in particular, it has weakened the link between corporate investment, on the one hand, and earnings and credit conditions, on the other. The second essay looks at household debt. It argues that that the evolution of household debt-income ratios must be understood as a monetary phenomenon and not merely the reflection of developments in ``real" expenditure and income. Decomposing the changes in household debt since 1929 using an appropriate accounting framework shows that changes in household behavior account for only a small part of the trajectory of household leverage over the past 80 years. The third essay applies this same broad perspective to the historical evolution of interest rate spreads. It argues that from a Keynesian perspective that regards interest as fundamentally the price of liquidity, there is no conceptual basis for picking out the difference in yield between money and a short-term government bond as``the" interest rate; there are many other pairs of asset yields the difference between which is determined on the same principles, and may have equal macroeconomic significance. This perspective helps make sense of the increasing gap between the policy rate and the interest rates facing most private borrowers.
Download or read book Three Essays in Macroeconomics written by Suvayan De and published by . This book was released on 2008 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Applied Macroeconomic Theory written by Abraham Lee Wickelgren and published by . This book was released on 1999 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Macroeconomics written by Matthew Alan Talbert and published by . This book was released on 2011 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapters one and two of the dissertation investigate the effects of political disagreement on macroeconomic outcomes. I introduce a model of governments with heterogeneous preferences over the composition of consumption between private and public goods alternating in power. Unable to commit to future policies, the party in power has incentive not only to shape consumption according to their preferences but also to manipulate the future state faced by successive governments to influence the decisions of future policy makers. Alternating governments give rise to political business cycles; fluctuations in economy-wide variables due to the political system. Political business cycles help explain the divergence in outcomes of economic variables across countries with different levels of political disagreement and political stability. The first chapter adapts a real business cycle model to include political shocks in addition to the productivity shocks. This is motivated by a key puzzle in the business cycle literature: for emerging economies the volatility of consumption is higher than the volatility of output, a feature of the data that is not explained by standard theory. The goal of this chapter is not only to replicate the data but to understand how consumption responds to political shocks differently than shocks to productivity. This model is also able to recreate endogenously the high level of volatility in government expenditure observed in the data. The model can explain up to 29% of the variation in the relative volatility of consumption across countries. Chapter two focuses on a similar model in the presence of debt instead of capital to develop a positive theory for fiscal policy (debt, expenditure, and deficits) over the business cycle to compare to historical observation. I find that political shocks are important to understand observed U.S. data moments. Chapter three investigates the welfare effects of tax-deferred retirement accounts (similar to Traditional IRAs in the US). I find that such accounts increase aggregate welfare as well as increasing economy-wide inequality. I find from an aggregate welfare perspective the optimal contribution limit for IRAs is to not have a contribution limit.
Download or read book Three Essays in Macroeconomics written by Hee-Seok Park and published by . This book was released on 2004 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Macroeconomic and International Finance Issues written by Unja Chae and published by . This book was released on 2005 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Open Economy Macroeconomics written by Zaki Eusufzai and published by . This book was released on 1993 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Macroeconomics written by Chacko George and published by . This book was released on 2014 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on topics in macroeconomics. In the first chapter, I construct a macroeconomic model with a heterogeneous banking sector and an interbank lending market. Banks differ in their ability to transform deposits from households into loans to firms. Bank size differences emerge endogenously in the model, and in steady state, the induced bank size distribution matches two stylized facts in the data: bigger banks borrow more on the interbank lending market than smaller banks, and bigger banks are more leveraged than smaller banks. I use the model to evaluate the impact of increasing concentration in US banking on the severity of potential downturns. I find that if the banking sector in 2007 was only as concentrated as it was in 1992, GDP during the Great Recession would have declined by 40% less it did, and would have recovered twice as fast. In the second chapter, my co-author and I investigate the impact of firm capacity constraints on aggregate production and productivity when the economy is driven by aggregate and idiosyncratic demand shocks. We are motivated by three observed regularities in US GDP: business cycles are asymmetric, in that large absolute changes in output are more likely to be negative than positive; capacity and capital utilization are procyclical, and increase the procyclicality of measured productivity; the dispersion of firm productivity increases in recessions. We devise a model of demand shocks and endogenous capacity constraints that is qualitatively consistent with these observations. We then calibrate the model to aggregate utilization data using standard Bayesian techniques. Quantitatively, we find that the calibrated model also exhibits significant asymmetry in output, on the order of the regularities observed in GDP. The third chapter explores the role of distance in equilibrium selection. I consider a model economy with multiple steady state equilibria where a high productivity and a low productivity technology are available for use in production. The high productivity technology requires a fixed set up cost for production. Sectors are linked by localized production complementarities. I consider selection under a learning rule in which agents imitate their most successful neighbor. As distance between neighbors decreases, the possible profits from industrialization increase, and the likelihood that the learning rule process converges to a steady state matching the H equilibrium increases. The result suggests that, in the presence of localized technology spillovers, there may be important gains to economic growth from infrastructure development.
Download or read book Three Essays in Macroeconomics written by Barbara Ellen McKiernan and published by . This book was released on 1994 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three essays in macroeconomic theory written by William C. Whitesell and published by . This book was released on 1987 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
