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Author : Luigi Guiso
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (133 download)
Download or read book Essays on Macroeconomic Stability and Stabilization Policy written by Luigi Guiso and published by . This book was released on 1986 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ruhui Liu
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.:/5 (845 download)
Download or read book Essays on Macroeconomic Stabilization Policy in Small Open Economies written by Ruhui Liu and published by . This book was released on 2010 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rohan Kekre
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (995 download)
Download or read book Essays on Macroeconomic Stabilization written by Rohan Kekre and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by policy debates emerging from the U.S. Great Recession and Eurozone crisis, I study the stabilization role of monetary, fiscal, and macroprudential policies in response to short-run fluctuations. In the first essay on "Unemployment Insurance in Macroeconomic Stabilization", I characterize the role of unemployment insurance (UI) generosity as a particular instrument of fiscal policy, and use my framework to quantitatively evaluate the employment and welfare effects of UI extensions in the U.S. over 2008-13. In the second essay on "Labor Market Frictions in a Monetary Union", I study stabilization trade-offs and optimal monetary policy in a monetary union where labor markets are frictional and heterogeneous across member states, with implications for the sustainability of the Euro and policy of the ECB. In the third essay on "Firm vs. Bank Leverage over the Business Cycle", I develop a general equilibrium model explaining the contrasting cyclical behavior of non-financial corporate and bank leverage in U.S. data, and study its implications for macroprudential regulation in banking. Methodologically, these essays share a focus on building theoretical models of closed and open economies to address policy-relevant questions in macroeconomics, drawing on additional ideas from related fields such as public economics and finance.
Author : Hassan Bougrine
Publisher : Edward Elgar Publishing
ISBN 13 : 1786439573
Total Pages : 360 pages
Book Rating : 4.7/5 (864 download)
Download or read book Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics written by Hassan Bougrine and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Author : Anders Bergvall
Publisher :
ISBN 13 : 9789187268724
Total Pages : 122 pages
Book Rating : 4.2/5 (687 download)
Download or read book Essays on Exchange Rates and Macroeconomic Stability written by Anders Bergvall and published by . This book was released on 2002 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eli Ginzberg
Publisher : Routledge
ISBN 13 : 1351481029
Total Pages : 263 pages
Book Rating : 4.3/5 (514 download)
Download or read book The Illusion of Economic Stability written by Eli Ginzberg and published by Routledge. This book was released on 2017-07-12 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: In one of the foremost critiques of the widespread view that in market-based economics the fluctuations of the marketplace are essentially self-regulating, Eli Ginzberg argues the reverse. He asserts that government regulation or intervention to provide stability in the capitalist marketplace is a necessity. In this classic statement of macroeconomic theory, Ginzberg argues that self-directed stable economies, devoid of an appreciation of social and psychological factors, are essentially illusory. The ability of strong blocs--corporate, labor, and agricultural--to control the market in the hope of bettering their economic position places great difficulties in the path of securing a stable economy. For Ginzberg, economic fluctuations in the decade preceding the Great Depression can largely be explained by the interaction of technological, psychological, and monetary factors. Without these factors being subjected to some sort of control, economic stability must remain an illusion. The current period of a significant fall-off in earnings, profits, and full employment also followed a decade of unparalleled monetary growth. The concerns Ginzberg raised are relevant once again. It may turn out that the "neoliberalism" of the present has something to say in response to the free market/free society premises currently in vogue. In a brilliant introductory essay, Nobel Laureate Robert M. Solow offers an impressive report card on The Illusion of Economic Stability: "The prose is tighter and more aphoristic than late Ginzberg, and the tone is more detached, even sardonic." He concludes by admitting that a volatile stock market is one more reason why automatic economic stability seems as illusory today as it did when the book first appeared.
Author : Ufuk Devrim Demirel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)
Download or read book Essays on Macroeconomic Policies and Stabilization written by Ufuk Devrim Demirel and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Franco Modigliani
Publisher : Cambridge University Press
ISBN 13 : 0521267900
Total Pages : 294 pages
Book Rating : 4.5/5 (212 download)
Download or read book The Debate Over Stabilization Policy written by Franco Modigliani and published by Cambridge University Press. This book was released on 1986-09-18 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 1986 book examines some of the main issues that have characterized macroeconomics: the debate between 'monetarists' and 'Keynesians'; the response to demand shocks and supply shocks, by which the monetary authorities control aggregrate nominal income and the use and relevance of the money supply as a target; and the consumption function and the determinants of wealth. It shows that Keynesian stabilization policies succeeded in reducing instability due to demand shocks dramatically, but that no aggregrate demand policy can stabilize both price and employment simultaneously after a supply shock. However, by assigning an overall 'social cost' to (excess) unemployment and (initially) unexpected inflation, an optimism path can be derived. In looking at the consumption function and determinants of wealth the empirical evidence is shown to be most consistent with the life-cycle hypothesis. A concluding section is devoted to the impact on private and national society of the 'social security revolution'.
Author : Paolo Arturo Pesenti
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.:/5 (753 download)
Download or read book Essays in Macroeconomic Policy for Stabilization and Growth written by Paolo Arturo Pesenti and published by . This book was released on 1991 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pablo Garcia Sanchez
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (15 download)
Download or read book Essays on Macroeconomics and Financial Stability written by Pablo Garcia Sanchez and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 crisis and the ensuing Great Recession shook the consensus on how to run economic policy. They reminded us that financial imbalances could significantly derail economic activity. In addition, they showed that existing policy tools did not guarantee macro-financial stability; thereby leading to a rethink of monetary policy and financial regulation. Such a reevaluation has prompted a call for macroprudential tools, i.e., those tools intended for limiting systemic risk and ensuring the resilience of the financial sector. Besides, it has raised new questions about monetary policy and its effects on the risk taking behavior of economic agents - the so-called risk taking channel. A decade from the beginning of the crisis, the contours of a new policy framework for economic and financial stability are still very unclear. Knowledge on which regulatory instruments and how to employ them to curb the buildup of imbalances is limited. Neither is much known about the costs of those instruments.Regulatory intervention constraints some behaviors and distorts the allocation of resources. Consequently, the risk of imposing insidious costs on economic growth must not be underestimated. Likewise, very little is known about the relationship between monetary policy and the perception and pricing of risk by market participants. Nonetheless, it is natural to think that the monetary policy stance may affect the risk taking behavior of economic units, by influencing the attitudes towards risk and the assessment of risks. If so, failure by monetary authorities to consider this phenomenon could exacerbate boom bust patterns. The aim of this thesis is to explore the path towards macroeconomic and financial stability. I have basedmy work on the modern dynamic macroeconomic methods and techniques. Specifically, the first essay develops a canonical real business cycle model to assess the macroeconomic consequences of bank capital requirements, arguably the most used prudential tool. The second essay zooms in on the banking sector, and proposes a structural dynamic model with a large number of heterogeneous banks. The model is employed to study the effectiveness of interbank exposure limits. Having analyzed regulatory intervention, the last essay uses time series econometrics to shed some light on the risk taking channel of monetary policy. It is my firm belief that macroeconomics models for financial stability analysis should consider nonlinear patterns such as state dependence, asymmetries and amplification effects. Under unusual conditions like financial booms or credit crunches, economic agents behave differently than during normal times. In other words, the inner workings of the macroeconomy become essentially nonlinear under abnormal circumstances. Therefore, local behavior around the long run equilibrium of the economy is unlikely to contain relevant information about what may happen in exceptional events. In consequence, I study macroeconomic policy exclusively through the lens of nonlinear frameworks and techniques. Regarding the main results, this thesis makes a strong case in favor of macroprudential regulation. I provide clear evidence suggesting that regulatory intervention can be a powerful tool to strengthen financial resilience, reduce economic volatility and smooth business cycles. In addition, this thesis shows that accommodative monetary policy can produce overconfidence among market participants; thereby increasing risk taking and contributing to the buildup of imbalances. In other words, it provides empirical evidence for the existence of a risk taking channel of monetary policy.
Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)
Download or read book The Struggle Towards Macroeconomic Stability written by Assaf Razin and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay offers an economic-history perspective of the long struggle towards macroeconomic stability. The paper is a broad analytical overview of major exogenous shocks and shifts in macroeconomic policy and institutions in Israel since the 1977-1985 great inflation through the global financial crisis and the effects of those shifts on long term growth, inflation, the business cycle, the Phillips curve and related economic developments. The paper will discuss three main issues. The first one on the inflation crisis focuses on the 1985 stabilization and on its impact on subsequent reform of monetary institutions. The second discusses the impact of globalization on growth, inflation and the Phillips curve. The third contains a discussion of the reasons for the relatively good performance of Israel during the 2008 global crisis, including foreign exchange market intervention. Henceforth we highlight: (1) the role of macro-populism in generating hyperinflation; (2) the role of seigniorage revenue in generating the hyperinflation; (3) distributive effects of inflation stabilization, which are political driving forces behind the need for across-the-broad-coalition for a successful stabilization policy; (4) the effects of globalization on the Philips Curve and thereby on domestic inflation-- means of transforming an inflation regime to a one with price stability; (5) the role of financial prudence regulatory institutions, which serve to explain the Israeli macroeconomic robustness in the face of the 2008 external depression-deflation global forces; and, (6) Israel's government-deficit and money-creation experience, which help evaluate recent theory--the Modern Monetary Theory (MMT).
Author : Shadi Nezar El Ramli
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on Monetary Policy and Macroeconomics Stability written by Shadi Nezar El Ramli and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three chapters of the thesis are centered around monetary policy and macroeconomic stability. In the first chapter, a DSGE model is simulated and estimated to evaluate the macroeconomic effect of credit-demand shocks versus credit- supply shocks. The model features two financial shocks originating on the credit-demand side and one shock originating on the credit-supply side. Model simulations show that credit-demand shocks could generate significant macroeconomic fluctuations, up to three times the impact of credit-supply shocks. Bayesian estimation of the parameters of the shocks and variance decomposition show that credit-demand shocks caused 17\% of the fluctuation in output. The second paper investigates the role of monetary policy in the rise of household debt in the periods leading to the Great Recession. A Factor-Augmented Vector Autoregression (FAVAR) model is estimated in multiple periods. Tests of stability of the estimated coefficients suggest the existence of a structural break, which is interpreted as a change in the transmission mechanism in periods of low versus high household debt. Monetary policy shocks during both periods are identified by Cholesky decomposition. The paper shows that during the period of higher household debt, the volatility of monetary policy shocks was lower and the impulse responses of output and household debt to monetary policy shocks were stronger. Estimates of monetary policy reaction functions in the two periods suggest the stronger response of output and household debt in the second period might have been due to a combination of a stronger transmission mechanism and a weaker monetary policy reaction. The final chapter of the thesis investigates whether monetary policy surprises affect home equity excess returns, and whether the effect transmits through expected future interest rates, expected future dividends, or expected future excess returns. Home equity excess returns are decomposed into three components using a forecasting VAR model. The three decomposed components are then used to estimate a VAR model where monetary policy shocks are identified by Cholesky decomposition. Analysis of the generated impulse responses shows that, unlike its effect on stock equity returns, the effect of monetary policy surprises on home returns transmits through interest rate and future dividends channels more than through the risk premium channel.
Author : Dejanir Henrique Silva
Publisher :
ISBN 13 :
Total Pages : 191 pages
Book Rating : 4.:/5 (958 download)
Download or read book Essays on Macroeconomics and Risk Premium written by Dejanir Henrique Silva and published by . This book was released on 2016 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three essays on how macroeconomic policy can be an important determinant of risk premium and how variations in risk premium may affect macroeconomic policy. Unconventional monetary policy represents a main example of how the transmission of macroeconomic policy is mediated by movements in risk premium. In the first essay, I examine how unconventional monetary policy affects asset prices by reallocating risk in the economy. I consider an environment with heterogeneity in risk tolerance and limited asset market participation. Risk-tolerant investors take leveraged positions, exposing the economy to balance sheet recessions. Limited asset market participation implies the balance sheet of the central bank is non-neutral. Unconventional monetary policy reduces the risk premium and endogenous volatility. During balance sheet recessions, asset purchases boost investment and growth. In contrast, during normal times, the expectation of future interventions reduces growth. Leveraged institutions respond to the policy by reducing risk-taking relatively more than risk-averse investors. As risk concentration falls, the probability of negative tail-events is reduced, enhancing financial stability. An important determinant of entrepreneurial activity in developing countries is the amount of risk the entrepreneur must bear. The second essay, joint with Robert M. Townsend, analyzes the risk-taking behavior of entrepreneurs. Using data from a survey conducted in villages in Thailand, we document substantial heterogeneity in entrepreneurial activity. The fraction of net worth invested by entrepreneurs in risky activities decreases over the life cycle. Consumption-to-wealth ratio is U-shaped, being high for young and old entrepreneurs. We propose a model that captures both the life cycle patterns and limited idiosyncratic insurance observed in the Thai data. An expansion in idiosyncratic insurance will reduce the idiosyncratic risk premium, increasing the proportion of wealth invested in risky activities and aggregate output. However, as the return on the project falls, entrepreneurs accumulate less wealth, reducing their welfare in the long-run. The third essay studies the optimal response of fiscal policy to a risk premium shock when a country is in a currency union. In the context of an open economy New Keynesian model, I show that the government should not deviate from the optimal provision of public goods at an attempt to stabilize the economy. A consumption tax is used to lean against the wind and reduce the real interest rate in the presence of a positive risk premium shock. A VAT tax allows the government to independently influence the terms of trade. Optimal fiscal policy has the property of being revenue-generating. Therefore, there is not necessarily a trade off between stabilization policy and fiscal consolidation.
Author : Axel Leijonhufvud
Publisher : Edward Elgar Publishing
ISBN 13 : 9781852789671
Total Pages : 0 pages
Book Rating : 4.7/5 (896 download)
Download or read book Macroeconomic Instability and Coordination written by Axel Leijonhufvud and published by Edward Elgar Publishing. This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprints 19 essays by Leijonhufvid (economics, U. of California- Los Angeles and monetary economics, U. of Trento, Italy) that contribute to macroeconomic theory by examining extremes of economic instability: great depressions, high inflation, and the transition from socialism to a market economy. In several he brings a neo-institutionalist perspective to the problems of coordination in economic systems. They cover Keynesianism, monetarism, and rational expectations; monetary regimes and inflation; markets, firms, and the division of labor; problems of socialist transformation; and reflections on ideology and history. Most of the original publications were in the 1980s and early 1990s. Annotation copyrighted by Book News Inc., Portland, OR
Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (19 download)
Download or read book Israel's Struggle Towards Macroeconomic Stability written by Assaf Razin and published by . This book was released on 2019 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay offers an economic-history perspective of the long struggle towards macroeconomic stability. The paper is a broad analytical overview of major exogenous shocks and shifts in macroeconomic policy and institutions in Israel since the 1977-1985 great inflation through the global financial crisis and the effects of those shifts on long term growth, inflation, the business cycle, the Phillips curve and related economic developments. The paper will discuss three main issues. The first one on the inflation crisis focuses on the 1985 stabilization and on its impact on subsequent reform of monetary institutions. The second discusses the impact of globalization on growth, inflation and the Phillips curve. The third contains a discussion of the reasons for the relatively good performance of Israel during the crisis, including foreign exchange market intervention.
Author : Stephen J. Turnovsky
Publisher :
ISBN 13 :
Total Pages : 390 pages
Book Rating : 4.:/5 (76 download)
Download or read book Macroeconomic Analysis and Stabilization Policies written by Stephen J. Turnovsky and published by . This book was released on 1977 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
