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Essays On Business Cycles And Endogenous Growth
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Book Synopsis Essays on Business Cycles and Endogenous Growth by : Dmitry Brizhatyuk
Download or read book Essays on Business Cycles and Endogenous Growth written by Dmitry Brizhatyuk and published by . This book was released on 2020 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the nexus between asset and credit market cycles, short-run fluctuations, and growth. What factors contribute to slow and incomplete recoveries from major crises? Why are some economies more prone to such dynamics than others and what lessons does it offer for policymakers? These are among the questions that I explore in my research. In the first chapter, I document that persistent fluctuations in trend growth -- medium frequency cycles -- tend to be more volatile and negatively skewed in emerging as opposed to developed small open economies. I argue that this evidence can be understood as stemming from the non-linear interaction between credit cycles, occasionally binding collateral constraints, and innovation-driven endogenous growth. Negative shocks are highly detrimental to productivity growth in vulnerable economies that are prone to sudden stops, but this is not the case in economies with deep financial markets where agents are more often able to optimally borrow to offset temporary negative income shocks. The second chapter studies the long-term effects of housing market boom-and-bust cycles. I first examine the relationship between the dynamics of the housing market, household debt, and economic activity in a historical panel of 50 countries. I show that housing market crashes robustly predict slower future output growth, most of which is explained by slower total factor productivity growth. Notably, the magnitude of this relation is increasing in the measure of preexisting household debt. To interpret these stylized facts, I construct a two-agent (borrower-saver) dynamic general equilibrium model with an occasionally binding collateral constraint tied to housing equity. Productivity grows endogenously in the model through forward-looking innovation investment. When the preexisting level of debt is sufficiently high, negative housing demand shocks cause the collateral constraint to bind and trigger deleveraging. The endogenous slowdown in TFP growth emerges as one of the adjustment margins during this process, prolonging the real effects of a crisis. The initial shock is amplified by a negative feedback loop between deleveraging, borrowers' housing wealth, and growth. I use the calibrated model to identify implications for the policy response during episodes of household deleveraging. Measures that reduce the debt burden of borrowers are effective in alleviating the short-run and persistent effects of deleveraging. In terms of monetary policy, the endogenous response of productivity growth warrants a greater focus on short-run output stabilization as opposed to inflation stabilization. Finally, in the third chapter (joint with Fabio Ghironi) we study the macroeconomic consequences of trade policy uncertainty emphasizing its negative effects on productivity growth. To that end, we build a small open economy model with nominal rigidity, innovation-driven endogenous growth, and time-varying volatility of domestic import tariffs. Several conclusions emerge: import tariff uncertainty shocks act as aggregate supply shocks; they cause a temporary improvement of the current account along with the real exchange rate appreciation in the medium run. In addition, an increase in import tariff uncertainty causes a sharp decline in the introduction of new intermediate products, which is detrimental to productivity growth and prolongs the effect of the shock. The size of these persistent effects -- relative to short-term effects -- is much larger for tariff uncertainty shock than for tariff level shocks. We show that endogenous risk premia in equity and bond markets is the key channel transmitting the shock to the broader economy and study role monetary policy in shaping it.
Book Synopsis Essays on Imperfect Competition Endogenous Growth and Endogenous Business Cycles by : Pengfei Wang
Download or read book Essays on Imperfect Competition Endogenous Growth and Endogenous Business Cycles written by Pengfei Wang and published by . This book was released on 2007 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Dynamics, Trade and Growth by : A.P. Thirlwall
Download or read book Economic Dynamics, Trade and Growth written by A.P. Thirlwall and published by Springer. This book was released on 2015-12-31 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sir Roy Harrod was one of the foremost economists of the twentieth century who made pioneering contributions in several branches of economics including: trade cycle theory; growth theory; trade theory; monetary economics; imperfect competition theory, and methodology. This volume arises out of a conference to celebrate the sixtieth anniversary of the publication of his book The Trade Cycle in 1936. After an introductory essay by Walter Eltis, a student of Harrod, this volume contains important essays on the interpretation of Harrod's work in the field of economic dynamics by Danial Besomi and Maurizio Pugno, and in the field of trade and growth by Tony Thirlwall, John McCombie and Luca Bendictis. Finally, Warren Young, in the process of writing Harrod's biography, uses correspondence between Harrod and Haberler to elucidate Harrod's views on trade theory, international monetary reform and inflation.
Book Synopsis Growth and Economic Development by : P. Arestis
Download or read book Growth and Economic Development written by P. Arestis and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . this volume is a very good and important addition to economic growth and development. On the basis of authority, the selection is well-balanced. . . This book should be a mandatory textbook for graduate students in development economics, and essential reading for all policy-makers. Voxi Heinrich Amavilah, Progress in Development Studies This valuable and engaging new book bears eloquent testimony to A.P. Thirlwall s substantial contribution to economics over the last 40 years. The volume does not attempt to provide a comprehensive review of such a prolific figure, but rather demonstrates the considerable influence that his work on economic theory has had on his contemporaries, and the profession as a whole. From his early pioneering research in regional and labour economics to his more recent exploration of growth and development economics, leading experts in the field bear witness to the significant role he has played in the evolution of the discipline. In addressing some of the most pivotal aspects of his career, the contributors cover a range of topics including Thirlwall s Law , the application of Keynesian macroeconomic approaches, the General Theory within open economies, the connection between short-run cycles and long-run growth, endogenous growth theory, the Stability and Growth Pact, as well as broader development issues and problems. In championing Thirlwall s challenging work, this volume provides a lively and comprehensive account of some of the most important areas of economics today. This book will prove an essential read for academics and policy makers alike who are interested in trade, growth and development economics.
Book Synopsis Essays on Endogenous Growth, Economic Openness and Labor Allocation by : Young Joon Kim
Download or read book Essays on Endogenous Growth, Economic Openness and Labor Allocation written by Young Joon Kim and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters. Chapter 1 introduces an endogenous growth model, and Chapter 2 and 3 provides empirical evidence in support of the growth model. Chapter 1 presents a simple endogenous growth model. It is based on Romer (1990), but extends the original model by incorporating individual workers skill heterogeneity. Based on the heterogeneity, the model has a labor allocation mechanism between skilled and less-skilled sectors. This labor allocation determines the long-run growth rate of the economy. The model shows how the distribution of human capital affects on the labor allocation, and hence on the economic growth and income distribution. The model can be extended to an open economy. With the heterogeneity, the extended model explains distributional effect as well as growth effect of the economic openness. Chapter 2 provides empirical evidence in support of the model presented in the chapter 1. The human capital measures from the model show better performance in explaining the role of human capital on a country's income per worker. The proposed human capital measures also perform better in growth regressions. When the three specifications based on three different models (Solow, Nelson and Phelps and Romer) are implemented using a panel of 45 countries, the human capital measures based on the Romer-type endogenous growth model provide the most significant relation between human capital and economic growth. Chapter 3 provides empirical evidence in support of the extension part of the model presented in the chapter 1. According to the model, economic openness can affect labor allocation through two channels; knowledge spillover and specialization. First, the openness promotes knowledge spillovers and hence increases the productivity of workers in skilled sectors. This makes the economy employs more workers in skilled sector. Second, the openness causes global specialization which leads more employment in skilled sector for advanced countries, but at the same time less employment in skilled sector for less-advanced countries. The empirical results obtained using cross country panel data support these two effects of knowledge spillover and specialization.
Book Synopsis Coordination and Growth by : Gerard H. Kuper
Download or read book Coordination and Growth written by Gerard H. Kuper and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coordination and Growth: Essays in Honour of Simon K. Kuipers, addresses a rich variety of coordination issues in macroeconomics. It contains detailed studies in economic policy, monetary economics, and growth theory and uses various methodologies to address the coordination issue: from a pure theoretical to an empirical econometric approach. It is stressed that modern macroeconomics should focus on coordination issues. Imperfections of various kinds are likely to lead to coordination failures, which can lead to large welfare losses. Macroeconomists should address the causes and implications of imperfections and failures. In this book attempts are made to increase our knowledge in this field. The book is a tribute to one of the leading Dutch macroeconomists, Simon K. Kuipers. Simon Kuipers shows a major interest in the theory of capital (following e.g. Harrod), growth theory (following Solow), monetary theory (following Tobin), and disequilibrium theory (following Malinvaud and Benassy). The lines of thought have in common that they use frictions to explain the functioning of a market economy. The nature of the frictions varies from pure quantity rationing, like in the Malinvaud analysis, to imperfect substitution of various capital goods (like in the vintage models or assets (in the general monetary equilibrium models proposed by Tobin). Kuipers is not only interested in pure theoretical contributions, he also stimulates econometric work in line with the Dutch tradition initiated by Tinbergen. His applied work relates to policy analysis and policy prescriptions in many fields, ranging from monetary economics to distortions in the labour market. Kuipers can be classified as a true Keynesian, although he admires neoclassical theory for its rigour and compactness. Better still, he is an eclectic economist with an open eye for the different schools of thought in macroeconomics.
Book Synopsis Essays on Growth, Stabilization, and the Business Cycle by : Daehaeng Kim
Download or read book Essays on Growth, Stabilization, and the Business Cycle written by Daehaeng Kim and published by . This book was released on 2005 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Political Economy, Growth, and Business Cycles by : Alex Cukierman
Download or read book Political Economy, Growth, and Business Cycles written by Alex Cukierman and published by MIT Press. This book was released on 1992 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: These original contributions by some of today's leading macroeconomists and political economists explore a broad spectrum of social, political, and technological variables that encourage or impede economic growth. What political and economic factors stimulate growth and make an economy expand? These original contributions by some of today's leading macroeconomists and political economists explore a broad spectrum of social, political, and technological variables that encourage or impede economic growth. Topics range from economic reform and price flexibility to the economic effects of political coups and include both theoretical analysis and empirical results.During the past decade, economists have seen important new developments linking growth and business cycles to government policy. These contributions provide a clear understanding of these processes and their effect in shaping economic policy. They look at the welfare side of economics and offer strong economic models to explain the connection between social policies and economic growth. For example, John Londregan and Keith Poole address the economic effects of political coups, Torsten Persson and Guido Tabellini explore the question of whether inequality is harmful for growth, and Stephen Parente and Edward Prescott look at the role of technology adoption in stimulating growth.The essays cover a wide range of approaches. Several focus on the interaction between growth and the choice of policy, where policy reacts to economic and distributional considerations through a majority rule process. Others take the policy as given and focus on the empirical estimation of the speed of convergence of rates of growth across states and regions and the importance of externalities and knowledge spillovers for rates of growth. Essays about the business cycle fall into two broad categories. One, arising from the new political economy tradition, examines the effects of elections and price decontrols on the business cycle. The other explores the implications of optimal economic policies in a representative agent framework for the cyclical behavior of the economy.
Book Synopsis Three Essays on Endogenous Growth and the Environment by : Elamin H. Elbasha
Download or read book Three Essays on Endogenous Growth and the Environment written by Elamin H. Elbasha and published by . This book was released on 1996 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Growth, Distribution, and Effective Demand by : George Argyrous
Download or read book Growth, Distribution, and Effective Demand written by George Argyrous and published by M.E. Sharpe. This book was released on 2004 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents original essays on a variety of topics in theoretical and applied economics. The book honours the work of Edward J. Nell and develops interconnected themes that run through the modern Post-Keynesian tradition.
Book Synopsis Essays on Money and Business Cycles by : Timothy William Cogley
Download or read book Essays on Money and Business Cycles written by Timothy William Cogley and published by . This book was released on 1988 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Growth and Business Cycles by : Sérgio T. Rebelo
Download or read book Essays on Growth and Business Cycles written by Sérgio T. Rebelo and published by . This book was released on 1988 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Beliefs and Business Cycles by : Kenneth James Matheny
Download or read book Essays on Beliefs and Business Cycles written by Kenneth James Matheny and published by . This book was released on 1992 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
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.
Book Synopsis Essays on Economic Growth and Business Cycle Dynamics by : Ulrich Stolzenburg
Download or read book Essays on Economic Growth and Business Cycle Dynamics written by Ulrich Stolzenburg and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomics: Undergraduate Essays and Revision Notes by : Bahrum Lamehdasht
Download or read book Macroeconomics: Undergraduate Essays and Revision Notes written by Bahrum Lamehdasht and published by Lulu.com. This book was released on 2013-03-06 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains essays and revision notes for Macroeconomics at the undergraduate level. This book includes the following topics: - Keynes vs. the Classics; - Keynes vs. Say's Law; - Keynes and the Neoclassical Synthesis; - IS-LM; - Keynes and Disequilibrium Economics; - Monetarism; - New Classical Economics; - Real Business Cycle Theory; - Kalecki's Trade Cycle; - Minsky's Financial Instability Hypothesis; - Harrod-Domar vs. Solow; - The Solow Model; - Endogenous Growth Theory; - Cambridge Capital Controversy; - The Mundell-Fleming Model; - Dornbusch's Overshooting Exchange Rate Model
Book Synopsis Complexity, Endogenous Money and Macroeconomic Theory by : Mark Setterfield
Download or read book Complexity, Endogenous Money and Macroeconomic Theory written by Mark Setterfield and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
