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Author : Geert Bekaert
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Aggregate Demand and Aggregate Supply Effects of COVID-19 written by Geert Bekaert and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fitzgerald Witika
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Deciphering Economic Effects of COVID-19 written by Fitzgerald Witika and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The novel coronavirus disease (COVID-19) has led to tremendous positive and negative effects in various economies across different countries worldwide. Nonetheless, despite the difference in economic structures of countries, the major effects of COVID-19 on economies are similar but tend to vary in magnitude depending on the level of development and climatic conditions in different countries. In this respect, this chapter is aimed at providing a critical approach to understand the nature of the positive and negative effects of COVID-19 on economies using the aggregate supply and aggregate demand (AS-AD) model in contemporary economics. The basis for this approach is to decipher the economic effects of COVID-19 on economies worldwide with reference to the theoretical literature in economics on the operationalization of market forces illustratable with the AS-AD model. Be that as it may, comprehensive discussions regarding the economic effects of COVID-19 on economies will also encompass contemporary findings in empirical studies on COVID-19. As such, the chapter will demonstrate how contemporary theories pertaining to the AS-AD model can be applicable in explaining the economic effects of COVID-19.
Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Author : Michal Brzoza-Brzezina
Publisher : International Monetary Fund
ISBN 13 : 1616356308
Total Pages : 42 pages
Book Rating : 4.6/5 (163 download)
Download or read book Monetary Policy and COVID-19 written by Michal Brzoza-Brzezina and published by International Monetary Fund. This book was released on 2021-11-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically reduce the welfare cost of the disease. Then we investigate the role that monetary policy, in its capacity to manage aggregate demand, should play during the epidemic. According to our results, treating the observed output contraction as a standard recession leads to overly expansionary policy. Finally, we check how central banks should resolve the trade-off between stabilizing the economy and containing the epidemic. If no administrative restrictions are in place, the second motive prevails and, despite the deep recession, optimal monetary policy is in fact contractionary. Conversely, if sufficient containment measures are introduced, central bank interventions should be expansionary and help stabilize economic activity.
Author : Veronica Guerrieri
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (115 download)
Download or read book Macroeconomic Implications of COVID-19 written by Veronica Guerrieri and published by . This book was released on 2020 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a theory of Keynesian supply shocks: supply shocks that trigger changes in aggregate demand larger than the shocks themselves. We argue that the economic shocks associated to the COVID-19 epidemic--shutdowns, layoffs, and firm exits--may have this feature. In one-sector economies supply shocks are never Keynesian. We show that this is a general result that extend to economies with incomplete markets and liquidity constrained consumers. In economies with multiple sectors Keynesian supply shocks are possible, under some conditions. A 50% shock that hits all sectors is not the same as a 100% shock that hits half the economy. Incomplete markets make the conditions for Keynesian supply shocks more likely to be met. Firm exit and job destruction can amplify the initial effect, aggravating the recession. We discuss the effects of various policies. Standard fiscal stimulus can be less effective than usual because the fact that some sectors are shut down mutes the Keynesian multiplier feedback. Monetary policy, as long as it is unimpeded by the zero lower bound, can have magnified effects, by preventing firm exits. Turning to optimal policy, closing down contact-intensive sectors and providing full insurance payments to affected workers can achieve the first-best allocation, despite the lower per-dollar potency of fiscal policy.
Author : Jorge Hidalgo
Publisher : Elsevier Health Sciences
ISBN 13 : 0323828612
Total Pages : 252 pages
Book Rating : 4.3/5 (238 download)
Download or read book COVID-19 Pandemic - E-Book written by Jorge Hidalgo and published by Elsevier Health Sciences. This book was released on 2021-05-29 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a broad, global view of all aspects related to preparation for and management of SARS-CoV2, COVID-19 Pandemic: Lessons from the Frontline explores and challenges the basis of knowledge, the transmission of information, and the preparation and epidemiology tactics of healthcare systems worldwide. This timely and provocative volume presents real-world viewpoints from leaders in different areas of health management, who address questions such as: What will we do differently if another pandemic comes? Have we learned from our mistakes? Can we do better? This practical, wide-ranging approach also covers the problem of contrasting sources, health system preparedness, effective preparation of and protection offered to individual healthcare professionals, and the human tragedy surrounding the pandemic. Offers a global perspective on how the COVID-19 pandemic was handled, things that went wrong, and things that could be done differently in the future. Covers multiple aspects of the pandemic, including disaster preparedness; perspectives from patients, families, and healthcare providers; inequity of medical resources; risk exposure on the frontline; government decision making; lockdowns; the role of politics; the burden of COVID-19 in various countries worldwide; and future directions. Reflects on the role of professional societies and NGOs in advising governments and supranational organizations. Features a diverse list of contributors, including health decision makers and frontline healthcare personnel.
Author : Mr. Philip Barrett
Publisher : International Monetary Fund
ISBN 13 : 1513587900
Total Pages : 23 pages
Book Rating : 4.5/5 (135 download)
Download or read book After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage written by Mr. Philip Barrett and published by International Monetary Fund. This book was released on 2021-07-30 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.
Author : Cem Çakmaklı
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)
Download or read book COVID-19 and Emerging Markets written by Cem Çakmaklı and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt
Author : Mr. Ales Bulir
Publisher : International Monetary Fund
ISBN 13 : 1513571974
Total Pages : 30 pages
Book Rating : 4.5/5 (135 download)
Download or read book Using Macroeconomic Frameworks to Analyze the Impact of COVID-19 written by Mr. Ales Bulir and published by International Monetary Fund. This book was released on 2021-04 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note and manual (TNM) addresses the following issues: • Evaluating the full implications from the policies adopted to mitigate the impact of the COVID-19 pandemic on the economy requires a well-developed macroeconomic framework. This note illustrates how such frameworks were used to analyze Colombia and Cambodia's shock impact at the beginning of the pandemic. • The use of macroeconomic frameworks is not to infer general policy conclusions from abstract models or empirical analysis but to help policymakers think through and articulate coherent forecasts, scenarios, and policy responses. • The two country cases illustrate how to construct a baseline scenario consistent with a COVID-19 shock within structural macroeconomic models. The scenario is built gradually to incorporate the available information, the pandemic's full effects, and the policy responses. • The results demonstrate the value of combining close attention to the data, near-term forecasting, and model-based analyses to support coherent policies.
Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : Timothy J. Kehoe
Publisher : U of Minnesota Press
ISBN 13 : 1452965846
Total Pages : 643 pages
Book Rating : 4.4/5 (529 download)
Download or read book A Monetary and Fiscal History of Latin America, 1960–2017 written by Timothy J. Kehoe and published by U of Minnesota Press. This book was released on 2022-01-11 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.
Author : Tardzenyuy Achileus
Publisher : GRIN Verlag
ISBN 13 : 3346925234
Total Pages : 27 pages
Book Rating : 4.3/5 (469 download)
Download or read book The Early Effects of the COVID-19 Pandemic on International Trade and the World Economy written by Tardzenyuy Achileus and published by GRIN Verlag. This book was released on 2023-08-21 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2021 in the subject Economics - International Economic Relations, , language: English, abstract: This text discusses the impacts of the COVID-19 pandemic on international trade and the world economy, focussing both on importing and exporting countries. First, the paper gives an overview of the general global impact of the pandemic, before discussing the economic effects on international trade. It then addresses an increase in trade costs and a decrease in productivity, as well as the impact travel restrictions had on the economy. The next part focusses on importing and exporting countries and lists the effects the pandemic and its restrictions had on both groups, respectively. In the final part, the paper elaborates on other ways in which COVID-19 has had an impact on the world economy, such as the loss of jobs because of business closures, therefore increased poverty and, as a consequence thereof, reduced purchasing power in the population. The coronavirus causes coronavirus disease 2019 (COVID-19). The World Health Organization (WHO) recognized the pandemic on 11 March 2020. According to the WHO website, as of 16 May 2020, more than 300,000 deaths from COVID-19 have been reported worldwide. To slow the spread of the coronavirus, many countries have imposed some form of restriction on people and businesses. Several countries have declared citywide or nationwide lockdowns. Also, many countries have imposed an entry ban on foreigners. Such restrictions have seriously harmed the world economy. For example, China’s economy shrank by 6.8% in the first quarter of 2020. This decrease is the first contraction since 1992, when China began releasing its GDP data. According to the World Economic Outlook, April 2020 by the International Monetary Fund (IMF), the global economy is projected to sharply contract by –3% in 2020.
Author :
Publisher :
ISBN 13 :
Total Pages : 1046 pages
Book Rating : 4.2/5 (111 download)
Download or read book OECD Economic Outlook written by and published by . This book was released on 1974 with total page 1046 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Adesoji O. Farayibi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book The Economic Consequences of the Covid-19 Pandemic in Nigeria written by Adesoji O. Farayibi and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Covid-19 pandemic has generated shocks that have caused economic fluctuations globally, calling for an understanding of the behaviour of macroeconomic variables. This study presents an early review of the macroeconomic impact of the Covid-19 pandemic in Nigeria. The aggregate supply and aggregate demand (AS-AD) model provides the theoretical motivation for the study. From the findings, while the number of infected cases reflects significant correlations with economic activity from the perspective of a trend analysis, the estimates from dynamic ordinary least squares (DOLS) show that nexuses between the number of confirmed cases and attendant macroeconomic outcomes are largely insignificant with the expected signs. The study has therefore shown that the Covid-19 pandemic has insignificant negative impacts on basic macroeconomic variables in Nigeria such as inflation, employment, exchange rate, GDP growth, among others. In other words, time is required before the established correlations withstand empirical scrutiny in terms of causality. As the government has engaged the Economic Sustainable Plan (ESP, 2020), which is a post-Covid-19 recovery plan, it is hoped that the attendant policies would be properly implemented so as to provide the critical mass to repositioning the country's economy on the path towards inclusive and sustained economic development.
Author : Florin Ovidiu Bilbiie
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (122 download)
Download or read book Aggregate-Demand Amplification of Supply Disruptions written by Florin Ovidiu Bilbiie and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The response of entry and exit to adverse supply shocks, such as COVID-19, is amplified by nominal rigidities. This leads to further amplification in the response of aggregate demand. Firms' inability to adjust their prices induces further changes in profitability that engender additional entry-exit dynamics. These changes in net entry, in turn, amplify the initial response to the shock by generating additional curvature in the relationship between the shock and aggregate demand. Even in our baseline model with efficient equilibrium entry, this entry-exit multiplier triggers a substantial magnification of the welfare losses due to a negative shock through these second-order effects. Nominal rigidities may also induce a first-order effect when entry is no longer efficient. Our model highlights how the addition of endogenous entry to a benchmark New Keynesian model radically changes the consequences of nominal rigidities. We focus on the amplification of aggregate demand to supply shocks, but also highlight other key divergences that can potentially resolve some empirical discrepancies associated with the workhorse New-Keynesian model.
Author : Pragyan Deb
Publisher :
ISBN 13 : 9781513550251
Total Pages : 44 pages
Book Rating : 4.5/5 (52 download)
Download or read book The Economic Effects of COVID-19 Containment Measures written by Pragyan Deb and published by . This book was released on 2020-08-07 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity--equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stay-at-home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.
Author : Sumit Agarwal
Publisher : World Scientific
ISBN 13 : 9811229392
Total Pages : 193 pages
Book Rating : 4.8/5 (112 download)
Download or read book Impact Of Covid-19 On Asian Economies And Policy Responses written by Sumit Agarwal and published by World Scientific. This book was released on 2020-12-23 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: On March 12th 2020, World Health Organization (WHO) declared the spreading of the new virus, 2019-nCoV, a pandemic. In Asia, the virus, more commonly referred to as COVID-19, has been spreading since the end of December. To contain the public health threat, almost all countries enforced a variety of measures, including lockdowns, to minimize face-to-face human interactions between the infected and the susceptible.While these vigilant measures save lives, they also generate a substantial negative economic shock that immediately halts demand and significantly disrupts supply, global production value chain and trade. The consequences are dire — considerable decline in output, massive surge in unemployment, countless bankruptcy cases, and unrelentless worries over financial stability. The result, a worldwide economic setback, is more severe than that experienced during the Great Financial Crisis of 2008-2009.Asia's experiences with COVID-19 precede that in the West. This fortuitous timing allows Asia to share its learnings drawn from experiences to benefit the world.The Asian Bureau of Finance and Economic Research's (ABFER) community has gathered a collection of insights to inform the public. Besides providing access to research on the pandemic conducted in Asia, these commentaries offer comprehensive information on the effects of the pandemic, the effectiveness of measures employed to contain it and the subsequent economic impacts from such implementation. With granular analyses of government policies and their associated economic rescue packages, these commentaries elucidate the hard trade-offs between public health protection and economic security. Finally, the commentaries address the broader impact of the pandemic on international trade, global value chains and society.
