Download or read book Market Imperfections and Macroeconomic Dynamics written by Jean-Olivier Hairault and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market Imperfections and Macroeconomic Dynamics is based upon a collection of papers originally presented at the 5th Theory and Methods in Macroeconomics (T2M) meeting in Paris, France, 2002. The contributions in this volume focus on a central theme: the aggregate dynamic consequences of market imperfections. Such effects are of great interest to researchers in macroeconomics as these imperfections play a primary role in the persistence of aggregate output, the characteristics of the business cycles and the interactions of agents over time. Incorporating up-to-date techniques and methods, these contributions exemplify the remarkable progress made by macroeconomists in tackling these issues. The primary market for Market Imperfections and Macroeconomic Dynamics is academic researchers in economics and graduate students specializing in macroeconomics. Divisions of economic studies in public administration and in financial organizations will also find this book beneficial.
Download or read book Capital market Imperfections and the Macroeconomic Dynamics of Small Indebted Economies written by Pierre-Richard Agénor and published by . This book was released on 1997 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Emergent Macroeconomics written by Domenico Gatti and published by Springer Science & Business Media. This book was released on 2008-12-05 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Download or read book Weird Ties written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent empirical research on longitudinal micro data sets has revealed a picture of business cycles and growth dynamics that is very far from the homogeneous one postulated in models based on the RAH. In this work, we make a preliminary step in bridging this empirical evidence with theoretical explanations. We propose an agent-based model with heterogeneous firms, which interact in an economy characterized by financial-market imperfections and costly adoption of new technologies. Monte-Carlo simulations show that the model is able jointly to replicate a wide range of stylised facts characterizing both macroeconomic time-series (e.g. output and investment) and firms' microeconomic dynamics (e.g. size, growth, and productivity). -- Financial Market Imperfections ; Business Fluctuations ; Economic Growth ; Firm Size ; Firm Growth ; Productivity Growth ; Agent-Based Models
Download or read book Economics Complex Windows written by Massimo Salzano and published by Springer Science & Business Media. This book was released on 2006-01-17 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: “In some ways, the e?ect of achieving understanding is to reverse completely our initial attitude of mind. For everyone starts (as we have said) by being perplexed by some fact or other: for instance... the fact that the diagonal of a square is incommensurable with the side. Anyone who has not yet seen why the side and the diagonal have no common unit regards this as quite extra- dinary. But one ends up in the opposite frame of mind... for nothing would so much ?abbergast a mathematician as if the diagonal and side of a square were to become commensurable”. [Aristotele] This is the ?rst volume of a new series entitled “New Economic Windows”. Each volume in the series will, we hope, provide pointers towards a better understanding of the nature of economic phenomena and help to “reverse our initial state of mind” as economists. As H. Simon observed, Economics must be considered a “hard”, (in the sense of di?cult rather than precise), science. As he cogently argued, the problems dealt with are so complex they “cannot simply be reduced to analytically solvable models or decomposed into sepa- 1 rate sub processes”. In this he was following on from Einstein who, many years earlier, when asked why he had not turned his attention to economics said that he found it too di?cult a subject to handle scienti?cally.
Download or read book The New Macroeconomics written by Huw David Dixon and published by Cambridge University Press. This book was released on 1995-10-19 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.
Download or read book The Economics of Imperfect Markets written by Giorgio Calcagnini and published by Springer Science & Business Media. This book was released on 2009-10-22 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of eleven papers concerned with the effects of market imperfections on the decision-making of economic agents and on economic policies that try to correct the inefficient market outcomes due to those imperfections. As a consequence, real and financial imperfections are related : economic decisions are simultaneously affected by imperfections present both in real and financial markets. Notwithstanding the obvious fact that market interdependence is not novel, scholar interests are typically concentrated on the specific relationship among economic decisions originating from particular imperfections. This explains why, in the case of perfect financial markets, we can speak of "the" us.
Download or read book Emergent Macroeconomics written by Domenico Gatti and published by Springer. This book was released on 2008-04-14 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Download or read book Market Imperfections Macroeconomic Conditions and Capital Structure Dynamics written by Moonsoo Kang and published by . This book was released on 2018 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article investigates how “systematic” adjustment costs proxied by market imperfections, and macroeconomic conditions affect capital structure dynamics in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries and, particularly, over time. Consistent with adjustment costs impeding firms from rebalancing their capital structures, worse market imperfections are associated with slower speeds of adjustment (SOA) and larger leverage deviations. Intertemporally, capital structure adjustment is procyclical, with SOA increasing by 0.9 percentage point for a one-percentage-point increase in GDP growth rate. The procyclicality is attributable to good macroeconomic conditions mitigating market imperfections through channels of 1) facilitating free-ride restructuring and 2) uncertainty alleviation. Our investigation features a bootstrapping-based estimation method that addresses the mechanical mean reversion of leverage ratio.
Download or read book Macroeconomic Dynamics in a Model of Goods Labor and Credit Market Frictions written by Nicolas Petrosky-Nadeau and published by . This book was released on 2014 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that goods-market frictions drastically change the dynamics of the labor market, bridging the gap with the data both in terms of persistence and volatility. In a DSGE model with three imperfect markets - goods, labor and credit - we find that credit- and goods-market imperfections are substitutable in raising volatility. Goods-market frictions are however unique in generating persistence. The two key mechanisms generating autocorrelation in growth rates and the hump-shaped pattern in the response to productivity shocks are related to the goods market: i) countercyclical dynamics of goods market tightness and prices, which alter future profit flows and raise persistence and ii) procyclical search effort in the goods market, by either consumers, firms or both, raises both amplification and persistence. Expanding our knowledge of goods market frictions is thus needed for a full account of labor market dynamics.
Download or read book The macroeconomics of imperfect competition and nonclearing markets written by J.P. Bénassy and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Incomplete Markets Heterogeneity and Macroeconomic Dynamics written by Bruce J. Preston and published by . This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper solves a real business cycle model with heterogeneous agents and uninsurable income risk using perturbation methods. A second order accurate characterization of agent's optimal decision rules is given, which renders the implications of aggregation for macroeconomic dynamics transparent. The role of cross-sectional holdings of capital in determining equilibrium dynamics can be directly assessed. Analysis discloses that an individual's optimal saving decisions are almost linear in their own capital stock giving rise to permanent income consumption behavior. This provides an explanation for the approximate aggregation properties of this model documented by Krusell and Smith (1998): the distribution of capital does not affect aggregate dynamics. While the variance-covariance properties of endogenous variables are almost entirely determined by first order dynamics, the second order dynamics, which capture properties of the wealth distribution, are nonetheless important for an individual's mean consumption and saving decisions and therefore the mean equilibrium capital stock. Policy evaluation exercises therefore need to take account of these higher order terms.
Download or read book Disequilibrium Growth and Labor Market Dynamics written by Carl Chiarella and published by Springer Science & Business Media. This book was released on 2000-03-16 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a review which presents both a basic science and clinical perspective on neuroprotective approaches to acute and chronic neurodegenerative conditions. Experts from both fields review current areas of neuroprotection. The book describes basic science discovery in stroke research and the application of such research within the pharmaceutical industry leading to the development of neuroprotective drugs.
Download or read book Market Imperfections Macroeconomic Conditions and Capital Structure Adjustments written by Wei Wang and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how capital structure dynamics depend on “systematic” adjustment costs proxied by market imperfections and macroeconomic conditions in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries as well as over time. Consistent with adjustment costs impeding firms from rebalancing their capital structures, worse market imperfections are associated with slower speeds of adjustment (SOA) and larger leverage deviations. Intertemporally, capital structure adjustment is procyclical, with SOA increasing by 0.9 percentage point for every one-percentage-point increase in GDP growth. The procyclicality is attributable to good macroeconomic conditions mitigating market imperfections through channels of 1) facilitating free-ride restructuring, and 2) uncertainty alleviation. Our investigation features a bootstrapping-based estimation method that addresses the mechanical mean reversion of leverage ratio.
Download or read book Essays on Heterogeneity and Macroeconomic Dynamics written by Giacomo Caracciolo and published by . This book was released on 2019 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Limited asset market participation is a well-known stylized fact and a widespread phenomenoneven in developed economies. While existing models have already examinedthe effects of social security and its reforms on welfare and inequality, little attentionhas been devoted to the role of public pensions in the context of limited asset marketparticipation. I develop a quantitative overlapping generations general equilibriummodel where heterogenous agents face a financial friction limiting access to capital markets.I examine how, in presence of the market imperfection, a public pay-as-you-gosystem affects consumption and wealth inequality and compare the results with a standardmodel that does not account for limited asset market participation. In a secondexercise, I study the implications, in terms of inequality, of an increase in the retirementage in response to a population ageing shock. I find that limited asset participation isimportant for the analysis of the impact of social security on overall inequality and oninequality within age groups.
Download or read book Macroeconomics of Distribution and Growth written by Giuseppe Bertola and published by . This book was released on 1998 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
