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Author : Thomas Hauner
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Essays on Inequality and Macroeconomic Stability written by Thomas Hauner and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mehdi El Herradi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (126 download)
Download or read book Essays on Credit Dynamics, Monetary Policy and Income Inequality written by Mehdi El Herradi and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This doctoral thesis contributes to the empirical analysis of the distributional effects of monetary policies and the macroeconomic implications of rising inequality. The monetary policy measures implemented in the advanced economies following the 2008 financial crisis have raised several concerns regarding their potential side effects on the income and wealth distributions. In addition, the context of growing inequality since the 1980s raises questions about its consequences on credit dynamics and macroeconomic stability. The first and second chapters of this thesis examine the distributional implications of monetary policy and inflation on top incomes from a historical perspective. The third and fourth chapters focus on understanding the impact of rising inequality on credit expansions and household debt, both at the macro level and from a granular perspective.
Author : Ananya Ghosh Dastidar
Publisher : Routledge India
ISBN 13 : 9781138689213
Total Pages : 464 pages
Book Rating : 4.6/5 (892 download)
Download or read book Economic Theory and Policy Amidst Global Discontent written by Ananya Ghosh Dastidar and published by Routledge India. This book was released on 2018-02-12 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled. Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis. This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.
Author : Julian Weisbrod
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (128 download)
Download or read book Growth, Poverty and Inequality Dynamics written by Julian Weisbrod and published by . This book was released on 2018 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Second World War the world has seen an economic growth spurt unprecedented in history. Economic growth is a necessary but not sufficient condition for improving human development, or in other words, economic growth is an important pre-requisite for the ultimate goal of human well-being. The four empirical essays of this book add to the general debate concerning dynamics of growth, poverty and inequality over the past 40 years from four different dimensions. The first chapter analyses the dynamics of the cross-country per capita income distribution and the existence of convergence clubs. The second chapter focuses on the dynamic development of the global income distribution and resulting implications for global income convergence, poverty reduction, pro-poor growth and the evolution of global inequality within and between countries. The third chapter investigates the deterministic relationship between ethnic fractionalisation and growth in a macro cross-country regression framework. Finally, the fourth chapter adds to the understanding of micro determinants of growth and poverty in the context of Indonesia.
Author : Guzmán González-Torres Fernández
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (91 download)
Download or read book Essays on the Macroeconomic Effects of Inequality written by Guzmán González-Torres Fernández and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the aggregate allocational effects of different forms of economic inequality. Its three chapters study how an uneven distribution of production factors and financial resources, coupled with different forms of bureaucratic hurdles to the development of business ideas, financial constraints, or credit shocks, can affect the distribution and productivity of firms, the composition of the demand for goods and services, or the creation of valuable worker-firm matches in an economy. Even though it becomes clear throughout the dissertation that eliminating as many frictions in the firm-creation process, putting in place different redistribution policies, and alleviating financial frictions in an economy all have great effects on the aggregate economy that were not completely understood in previous theories, the welfare effects of such policies remain a subject for study in future work.
Author : Ludwig Wilhelm Straub
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.:/5 (15 download)
Download or read book Essays on Inequality, Interest Rates and Macroeconomic Policies written by Ludwig Wilhelm Straub and published by . This book was released on 2018 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters on inequality, interest rates and macroeconomic policies. The first chapter explores the macroeconomic consequences of the recent rise in permanent income inequality. First, I show that in many common macroeconomic models consumption is a linear function of permanent (labor) income. This implies that macroeconomic aggregates are neutral with respect to shifts in the distribution of permanent income. Motivated by this neutrality result, I develop novel approaches to test for linearity in U.S. household panel data. The estimates suggest an elasticity of 0.7, soundly rejecting linearity. I quantify the effects of this deviation from neutrality using a novel non-homothetic precautionary-savings model. In the model, the rise in U.S. permanent labor income inequality since the 1970s caused: (a) a decline in real interest rates of around 1%; (b) an increase in the wealth-to-GDP ratio of around 30%; (c) wealth inequality to rise almost as rapidly as it did in the data. The second chapter, joint with Sebastián Fanelli, develops a theory of foreign exchange interventions in a small open economy with limited capital mobility between home and foreign bond markets. Due to limited capital mobility, the central bank can implement nonzero bond spreads by managing its portfolio. Crucially, spreads are inherently costly as they allow foreign intermediaries to make carry-trade profits. Optimal interventions balance these costs with terms of trade benefits. We show that they lean against the wind of global capital flows to avoid excessive currency appreciation. Due to the convexity of the costs, interventions should be small and spread out, relying on credible promises (forward guidance) of future interventions. By contrast, excessive smoothing of the exchange rate path may create large spreads, inviting costly speculation. Finally, in a multi-country extension of our model, we find that the decentralized equilibrium features too much reserve accumulation and too low world interest rates, highlighting the importance of policy coordination. The third chapter, joint with Iván Werning, reconsiders the well-known Chamley-Judd result, according to which capital should not be taxed in the long run. For the main model in Judd (1985), we prove that the long run tax on capital is positive and significant, whenever the intertemporal elasticity of substitution is below one. The main model in Chamley (1986) imposes an upper bound on capital taxes. We provide conditions under which these constraints bind forever, implying positive long run taxes. When this is not the case, the long-run tax may be zero. However, if preferences are recursive and discounting is locally non-constant (e.g., not additively separable over time), a zero long-run capital tax limit must be accompanied by zero private wealth (zero tax base) or by zero labor taxes (first best). Finally, we explain why the equivalence of a positive capital tax with ever increasing consumption taxes does not provide a firm rationale against capital taxation.
Author : Daniel E. Ortega
Publisher :
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.:/5 (523 download)
Download or read book Essays on Inequality and Macroeconomics written by Daniel E. Ortega and published by . This book was released on 2002 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Radhicka Kapoor
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (86 download)
Download or read book Essays on the Macroeconomics of Poverty Reduction written by Radhicka Kapoor and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Poverty remains one of the most pressing issues of our time. Understanding the impact of macroeconomic policy on poverty through growth and distribution of income is of considerable interest and this is what I examine in this dissertation. In Chapter 1, 'The Arithmetic of the Poverty-Growth- Inequality Triangle-Evidence from States of India', I use an arithmetic approach to examine how growth and income distribution matter simultaneously to poverty reduction by separating changes in poverty into a growth and distribution component. The results indicate that the poor benefit more from increasing aggregate growth than reducing inequality. In fact, bulk of the poverty reduction is concentrated in a period which witnessed the steepest increase in inequality since the effect of growth on poverty was large enough to overturn the effect of adverse distributional changes. Also, there is a great deal of heterogeneity in the poverty reduction performances of states, in particular the growth elasticity of poverty. I examine this heterogeneity in Chapter 2, 'The Empirics of the Poverty-Growth-Inequality Triangle: Does High Initial Poverty Matter?- Evidence from Rural India'. The more equal the initial income distribution and the higher the initial level of development, the greater is the growth elasticity of poverty. This empirical analysis also examines the impact of initial poverty on the pace of poverty reduction via its impact on economic growth and growth elasticity of poverty. Initial poverty has no adverse impact on growth; however it may lower the growth elasticity of poverty slightly. Furthermore, I find evidence of poverty convergence. In Chapter 3, 'Fiscal Policy and Macroeconomic Stabilility: Automatic Stabilizers Work, Always and Everywhere', I examine what can be done to protect the poor from macroeconomic shocks and volatility. Developed countries have in place in-built Counter cyclical automatic stabilizers to protect the poor from macroeconomic shocks and volatility and there is a vast literature on their effectiveness in reducing output volatility. Their effectiveness in developing countries has not been empirically validated. Using a sample of 49 countries, we estimate the impact of automatic stabilizers on output volatility and find that they strongly contribute to output stability regardless of the type of economy.
Author : Eunseong Ma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essay on Inequality, Business Cycles, and Macroeconomic Policy written by Eunseong Ma and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonathan D. Ostry
Publisher : Columbia University Press
ISBN 13 : 0231527616
Total Pages : 182 pages
Book Rating : 4.2/5 (315 download)
Download or read book Confronting Inequality written by Jonathan D. Ostry and published by Columbia University Press. This book was released on 2019-01-08 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality has drastically increased in many countries around the globe over the past three decades. The widening gap between the very rich and everyone else is often portrayed as an unexpected outcome or as the tradeoff we must accept to achieve economic growth. In this book, three International Monetary Fund economists show that this increase in inequality has in fact been a political choice—and explain what policies we should choose instead to achieve a more inclusive economy. Jonathan D. Ostry, Prakash Loungani, and Andrew Berg demonstrate that the extent of inequality depends on the policies governments choose—such as whether to let capital move unhindered across national boundaries, how much austerity to impose, and how much to deregulate markets. While these policies do often confer growth benefits, they have also been responsible for much of the increase in inequality. The book also shows that inequality leads to weaker economic performance and proposes alternative policies capable of delivering more inclusive growth. In addition to improving access to health care and quality education, they call for redistribution from the rich to the poor and present evidence showing that redistribution does not hurt growth. Accessible to scholars across disciplines as well as to students and policy makers, Confronting Inequality is a rigorous and empirically rich book that is crucial for a time when many fear a new Gilded Age.
Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1513547437
Total Pages : 39 pages
Book Rating : 4.5/5 (135 download)
Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-06-15 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Author : Laurence Malafry
Publisher :
ISBN 13 : 9789177975243
Total Pages : pages
Book Rating : 4.9/5 (752 download)
Download or read book Inequality and Macroeconomic Policy written by Laurence Malafry and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jonathan David Ostry
Publisher : International Monetary Fund
ISBN 13 : 1484397657
Total Pages : 30 pages
Book Rating : 4.4/5 (843 download)
Download or read book Redistribution, Inequality, and Growth written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2014-02-17 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed, there is a strong case for considering inequality and an inability to sustain economic growth as two sides of the same coin. Central to the Fund’s mandate is providing advice that will enable members’ economies to grow on a sustained basis. But the Fund has rightly been cautious about recommending the use of redistributive policies given that such policies may themselves undercut economic efficiency and the prospects for sustained growth (the so-called “leaky bucket” hypothesis written about by the famous Yale economist Arthur Okun in the 1970s). This SDN follows up the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut economic growth (except in extreme cases). One should be careful not to assume therefore—as Okun and others have—that there is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a conclusion.
Author : Universitat de València. Departament d'Anàlisi Econòmica
Publisher :
ISBN 13 :
Total Pages : 115 pages
Book Rating : 4.:/5 (919 download)
Download or read book Three essays on inequality and economic growth written by Universitat de València. Departament d'Anàlisi Econòmica and published by . This book was released on 2002 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles Goodhart
Publisher : Springer Nature
ISBN 13 : 3030426572
Total Pages : 260 pages
Book Rating : 4.0/5 (34 download)
Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
Author : Martin Maniera
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (12 download)
Download or read book Essays in Demographic and Macroeconomic Trends written by Martin Maniera and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This cumulative PhD thesis consists of three empirical essays about demographic and macroeconomic trends. They all investigate questions which are currently intensely debated in politics, economics and media. The first essay analyses how migration within the Euro area and across its borders affects the stability of the currency union. In line with the Optimal Currency Area theory I find that migration within the Euro area reduces macroeconomic imbalances between its member states, that is, differences in terms of GDP per capita growth, current account, unemployment rate and central government borrowing. Thus, internal migration increases the stability of the currency union. Yet, migration across its borders reduces stability as the imbalances in central government borrowing increase. The second essay focuses on the effect of the age distribution on inflation. In many industrial and developing countries the population share of the young cohort is declining while the share of elderly is increasing. Both cohorts increase inflation as they increase aggregate demand relative to aggregate supply. In contrast, a larger share of working age people increase aggregate supply relative to aggregate demand, thus exercising a downward pressure on price levels. Central banks have to take the powerful demographic trends into consideration as they will increase inflation in the long run in countries which find themselves in the late stage of the demographic transition. The third essay investigates the boundaries of inequality. With higher per capita GDP, income in the most equal countries tends to become less equally distributed. In contrast, income in the most unequal countries becomes more equally distributed. This narrowing corridor can be observed for income before and after redistribution via taxes and social transfers. Four factors are driving the corridor: real GDP per capita growth, schooling, economic complexity and the interaction betwee.
Author : Ann Harrison
Publisher : University of Chicago Press
ISBN 13 : 0226318001
Total Pages : 674 pages
Book Rating : 4.2/5 (263 download)
Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
