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Essays On Macroeconomics With Heterogeneous Regions
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Book Synopsis Essays on Macroeconomics with Heterogeneous Regions by : Chang Liu
Download or read book Essays on Macroeconomics with Heterogeneous Regions written by Chang Liu and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies macroeconomics with regional heterogeneity in three general dimensions. First, it documents some novel empirical patterns of regional heterogeneity (in Chapter 1, 2, 3). Second, these empirical facts are used to identify key economic forces underlying theoretical models (in Chapter 1 and 3). Third, aggregate implications of regional heterogeneity are also studied (in Chapter 1). In the first chapter of this dissertation, I highlight time-varying regional risk and federal fiscal transfer policy as two competing forces driving regional risk sharing over the business cycle and in turn quantify their impacts on aggregate fluctuations. I find that during an economic downturn, increased regional risk worsens risk sharing and amplifies the impact of aggregate productivity shocks. However, state-contingent federal government transfers provide additional risk sharing and help stabilize the aggregate economy, by providing insurance to the regions that need it the most. In the second chapter (joint with Noah Williams), we first estimate a quarterly dataset for state-level aggregates by building a novel empirical framework that allows for mixed-frequency raw data with measurement errors. We then apply this dataset to study the monetary policy effects at the state levels. We find that states behave remarkably homogeneous with each other in their responses of output and price to an unanticipated monetary policy shock. In the third chapter (joint with Noah Williams), we use the state-level quarterly dataset to analyze the impact of unexpected changes in federal personal and corporate income taxes. We find substantial heterogeneity in the impact of federal fiscal policy across states, with more than half having no significant response to the tax cuts. In addition, less capital-intensive states have larger responses to corporate tax cuts. Although puzzling in standard models, a model with corporate and non-corporate sectors is consistent with this evidence. Overall, our results suggest the importance of variation and reallocation across states in evaluating federal policy.
Book Synopsis Essays on Macroeconomics with Heterogeneous Agents by : Kyooho Kwon
Download or read book Essays on Macroeconomics with Heterogeneous Agents written by Kyooho Kwon and published by . This book was released on 2013 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Chapter 1 develops a heterogeneous-agent general equilibrium model that incorporates both intensive and extensive margins of labor supply. A nonconvexity in the mapping between time devoted to work and labor services distinguishes between extensive and intensive margins. We consider calibrated versions of this model that differ in the value of a key preference parameter for labor supply and the extent of heterogeneity. The model is able to capture the key features of the empirical hours worked distribution, including how individuals transit within this distribution. We then study how the various specifications influence labor supply responses to temporary shocks and permanent tax changes, with a particular focus on the intensive and extensive margin elasticities in response to these changes. We find important interactions between heterogeneity and the extent of curvature in preferences. Chapter 2 builds a model of family labor supply in which individuals choose between full-time work, part-time work, and nonemployment. The model is calibrated to replicate the movements of both male and female workers among these states. The willingness to substitute hours over time (the so-called intertemporal elasticity of labor supply) is critical for many economic analysis. A common strategy for uncovering the value of this willingness is to carry out structural estimation on micro panel data. One general issue in this estimation exercises using micro data is that misspecification of the constraints that individuals face is likely to influence inference about preference parameters. In the model economy, although the individual labor supply problem is a discrete choice problem, individuals are able to adjust hours along the intensive margin by moving between part-time and fulltime work. Intuitively, adjustment along the intensive margin potentially allows one to estimate the true value of the underlying curvature parameter describing the utility from leisure. We explore the extent to which standard labor supply methods can achieve this in our setting. Although these methods deliver precise estimates that are significantly different from zero, the estimates are effectively unrelated to the true underlying values. These methods also deliver elasticity estimates for women, even when the underlying preference parameters are the same for men and women. Chapter 3 investigates the optimal progressive tax code in an incomplete-market economy in which households are linked intergenerationally by altruism and earning ability. The model economy is calibrated to that of the US with the progressive tax code suggested by Gouviea and Strauss (1994). First, I compute the equilibrium with the optimal progressive tax code. Second, I investigate the extent to which the size of government welfare programs affects the optimal progressivity of the income tax code. I find that the optimal tax code for an economy populated with altruistic households is approximately equivalent to a proportional tax of 23.1% with a fixed deduction of approximately $17,000 in 1990 US dollars. For an economy populated with non-altruistic households, however, these numbers are 18.8% and $12,000 respectively. This result implies that inequality is more severe in an economy with intergenerational links so that the policy maker requires a more progressive tax system to provide insurance. Additionally, I find that when the size of the government welfare program is chosen carefully, the additional insurance benefits from the progressive income tax code disappear"--Pages iv-v.
Book Synopsis Three Essays in Macroeconomics with Heterogeneous Agents by : Ying Tung Chan
Download or read book Three Essays in Macroeconomics with Heterogeneous Agents written by Ying Tung Chan and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This thesis extends the macroeconomic theory with heterogeneous agents by taking account of heterogeneous households' interaction among themselves, in the form of comparing their consumptions or incomes, and by allowing heterogeneous firms to interact in a strategic fashion. In Chapter 2, I study how behavioral hypotheses such as the concern for status (relative consumption) and inequality aversion can lead to useful predictions about the evolution of wealth distribution and asset accumulation. Households are heterogeneous in terms of initial endowments and idiosyncratic shocks to their labor productivity. I propose a generalized concept of consumption externalities which include as special cases the concern for relative consumption, and preferences that display inequality aversion. In Chapter 3, I focus on interactions among heterogeneous firms in an oligopolistic framework. I assume that that the products offered by these firms are not perfect substitutes. More important, the degree of substitutability may vary across products within the industry. I offer a general formulation of industry structure such that monopoly, oligopoly, and monopolistic competition can be obtained as special cases. In Chapter 4, we study how preferences that display ambiguity aversion play a role in the job search process and affects the equilibrium rates of unemployment and vacancy. Ambiguity refers to the lack of information about probability distributions. The traditional job search model assumes that there are random matches between job seekers and firms (or vacancies), and the random draws have objective probability distributions that are known to both sides of the markets. We modify this model and assume that economic agents are uncertain about the underlying probability distributions. This chapter contributes to our understanding of how ambiguity aversion affects the unemployment rate and aggregate productivity." --
Book Synopsis Essays on Macroeconomics with Heterogeneous Agents by : Min Fang (Economist)
Download or read book Essays on Macroeconomics with Heterogeneous Agents written by Min Fang (Economist) and published by . This book was released on 2021 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of essays addressing the macroeconomic outcomes of heterogeneous agent general equilibrium models with micro-level frictions. Each chapter employs both empirical and quantitative macroeconomic methods. The first chapter studies the impact of elevated volatility on the effectiveness of monetary policy on aggregate investment under firm-level capital adjustment costs. I argue that monetary policy is less effective at stimulating investment during periods of elevated volatility in firm-level TFP than during normal times. Empirically, I document that high volatility weakens investment responses to monetary stimulus. I then develop a heterogeneous firm New Keynesian model with lumpy investment to interpret these findings. In the model, non-convex capital adjustment costs create a sizable extensive margin of investment which is more sensitive to changes in both interest rate and volatility than the intensive margin. When volatility is high, firms tend to stay inactive at the extensive margin, so monetary stimulus motivates less investment at the extensive margin. I find that the quantitative implications of the model are primarily shaped by the specifications of the capital adjustment costs. Unlike much of the prior literature, I use the dynamic moments of investment to identify this key model element. Based on this parameterization, high volatility reduces the effectiveness of monetary stimulus for investment by 30%. This reduction is about half of what I find in the data. Therefore, the effect of monetary policy depends on both the lumpy nature of firm-level investment and fluctuations in volatility. The second chapter studies the role of migration and housing constraints in determining income inequality within and across Chinese cities. Combining microdata and a spatial equilibrium model, we quantify the impact of the massive spatial reallocation of workers and the rapid growth of housing costs on the national income distribution. We first show several stylized facts detailing the strong positive correlation between migration inflows, housing costs, and imputed income inequality among Chinese cities. We then build a spatial equilibrium model featuring workers with heterogeneous skills, housing constraints, and heterogeneous returns from housing ownership to explain these facts. Our quantitative results indicate that the reductions in migration costs and the disproportionate growth in productivity across cities and skills result in the observed massive migration flows. Combining with the tight land supply policy in big cities, the expansion of the housing demand causes the rapid growth of housing costs, and enlarges the inequality between local housing owners and migrants. The counterfactual analysis shows that if we redistribute land supply increment by migrant flow and increase land supply toward cities with more migrants, we could lower the within-city income inequality by 14% and the national income inequality by 18%. Meanwhile, we can simultaneously encourage more migration into higher productivity cities"--Pages vii-viii.
Book Synopsis Essays in Macroeconomics and Heterogeneity by : Christian Rörig
Download or read book Essays in Macroeconomics and Heterogeneity written by Christian Rörig and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Macroeconomics with Heterogeneous Agents and International Macro-finance by : Uroš Herman
Download or read book Essays on Macroeconomics with Heterogeneous Agents and International Macro-finance written by Uroš Herman and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Macroeconomics with Heterogeneous Agents by : Nikita R. Céspedes Reynaga
Download or read book Essays in Macroeconomics with Heterogeneous Agents written by Nikita R. Céspedes Reynaga and published by . This book was released on 2011 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This thesis is a collection of essays on development economics from a macro-quantitative perspective. These issues are studied in subsequent chapters. In Chapter 1, I study migration from a quantitative perspective. Developing countries have experienced an outstanding outflow of skilled workers (brain drain) over the last several decades. Additionally, migrants tend to be tied to their country of birth, since they send large amounts of remittances to their relatives. Furthermore, migration is not permanent, since a considerable number of workers return to their country of birth after a migration spell. In this paper I develop a model that is consistent with these facts. I use this model to address some important issues in the migration literature from a theoretical perspective. I study the general equilibrium effects of migration, its long-term effects, its welfare effects, and evaluate whether the joint effect of return migration and remittances is strong enough to offset the effects of the brain drain (effects of skilled migration). In a final step, I evaluate the effectiveness of policy interventions that attempt to offset the effects of the brain drain. In Chapter 2, I study the economic effects of an anti-poverty conditional cash transfers (CCT) policy by using a stylized dynamic general equilibrium model. I look at the program's impact on output, human capital, poverty and income inequality. I also study its welfare implications and its effects on the intergenerational transmission of poverty. The quantitative analysis reveals that a long-term implementation of this anti-poverty program helps to reduce the intergenerationa transmission of poverty. In aggregate terms the welfare gain is small but varies across agents; the winners are those who are in the lower tail of the income distribution and the losers are those located in the upper tail. Finally, this program increases the human capital of households and, through this channel, induces a consistent reduction of both poverty and income inequality"--Page v-vi.
Book Synopsis Essays on Macroeconomics with Heterogeneity and Inequality by : Zhigang Ge
Download or read book Essays on Macroeconomics with Heterogeneity and Inequality written by Zhigang Ge and published by . This book was released on 2020 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract Chapter 1. Heterogeneous Entrepreneurial Ability and Wealth Inequality Models with entrepreneurship can reproduce high wealth concentration at the top. The key assumption is the borrowing constraint, that is, households are unable to borrow enough assets to start a business or invest optimally in the business. However, some empirical evidences show that borrowing constraint does not matter for the majority of households in the US. This paper seeks to generate high wealth concentration at the top without assuming borrowing constraint. The baseline model that introduces heterogeneity in entrepreneurial ability is able to match the wealth distribution while the model assuming same entrepreneurial ability fails. Besides wealth distribution, the baseline model generates other moments that are consistent with the data. Chapter 2. Taxing Top Earners: The Role of Entrepreneurs This paper studies the optimal top marginal income tax rate in a quantitative framework with entrepreneurial choice, financing constraints, and realistic earnings and wealth distributions. I find that the revenue-maximizing top tax rate is approximately 41 percent -- close to the recent levels in the US. In contrast, when calibrated with only workers to match realistic earnings and wealth distributions, the model predicts a revenue-maximizing top tax rate of 81 percent -- close to the established view. There are two channels through which the baseline model has a lower revenue-maximizing top tax rate. First, the wealth distribution channel: increasing the top tax rate decreases wealth accumulation and leads to a less skewed wealth distribution in the long run (there are more top entrepreneurs with low wealth and less top entrepreneurs with high wealth). With financing constraints, there is a similar change in the business earnings distribution, implying a fall in the average business earnings at the top. Second, the general equilibrium effect on labor earnings of workers: in the model with entrepreneurs, increasing the top tax rate reduces the capital stock much more than labor supply, which decreases the capital-labor ratio and thus the equilibrium wage rate in the model economy. Finally, I find that the welfare-maximizing top marginal income tax rate is close to the revenue-maximizing one. Chapter 3. Household Heterogeneity and Consumption Amplification Macroeconomic models with household heterogeneity in wealth can generate larger consumption response to aggregate shocks compared to a representative-agent economy. In other words, there is consumption amplification associated with wealth heterogeneity. However, I find that in a Krusell-Smith type real business cycle (RBC) model, this amplification effect is only significant at the onset of a recession and gradually dies out as the recession proceeds. The finding is of interest because part of the motivation for the widely adoption of models with wealth heterogeneity is their different and empirically plausible implications for consumption dynamics compared with representative-agent models. I then introduce household heterogeneity in housing and find that the model with housing has more persistent amplification effect on consumption during the recession.
Book Synopsis Empirical Essays in Macroeconomics Heterogeneous Firms, Workers, and Industries by : Gabriel Züllig
Download or read book Empirical Essays in Macroeconomics Heterogeneous Firms, Workers, and Industries written by Gabriel Züllig and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three self-contained chapters in the area of Macroeconomics. The common thread throughout the studies is the role of heterogeneous and interconnected firms in the economy. The first two chapters use granular data on firms from Denmark to study the adjustment to shocks: In chapter 1, I identify credit constrained firms during the Great Recession and explore the adjustment margin along many dimensions, in particular their workers' wages. The results I find are in line with large swings in employment after financial shocks, and the following low wage growth. In chapter 2, I study how firms adjust prices to changes in cost. For the final analysis, the last chapter assesses whether the presence of interlinkages between firms at the sector level can be used to improve a policymaker's forecast of the aggregate economy.
Book Synopsis Essays on Macroeconomics and Household Heterogeneity by : Isaac Gross
Download or read book Essays on Macroeconomics and Household Heterogeneity written by Isaac Gross and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Identification in Macroeconomics by : Andres Pablo Sarto
Download or read book Essays on Identification in Macroeconomics written by Andres Pablo Sarto and published by . This book was released on 2019 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies new methods to estimate the effects of interventions at the macroeconomic level using regional variation. Chapter 1 studies the relationship between elasticities at the regional level and elasticities at the macroeconomic level. To this end, I analyze regional versions of canonical macroeconomic models, along with different policies of interest, such as aggregate government spending. At the regional level, I show that there are two relevant elasticities for policy analyses, the micro-local elasticities and the micro-global elasticities. The former measure how a region reacts to a regional policy, the latter measure how a region reacts to an aggregate policy. I then show that the macro elasticity of interest is a function of the micro-global elasticities exclusively. Finally, I show that if we fix a policy and an outcome variable, the mapping from the micro-global elasticities to the macro elasticity is the same across models. Chapter 2 proposes a new approach (Regional Structural VAR (RSVAR)) to estimate macroeconomic elasticities using regional data that avoids the problem of model-specific estimates. I first define a class of models, which includes the most widely used models for policy analysis, that gives equilibrium regional equations that contain the micro-local and micro-global elasticities. I then specify different sets of identification assumptions, along with estimators of the macroeconomic elasticities, and show that the estimators proposed are consistent. The crucial assumption underlying all of these results is that regions are heterogeneous in the sense that they react differently to the same shocks. Chapter 3 provides a new identification strategy to estimate the fiscal multiplier in the US. Using state-level data for the period 1971-2008, I apply a RSVAR approach to recover the national fiscal multiplier. The instrument employed at the state level is the official declarations of natural disasters by the federal government. My results suggest a very precisely estimated fiscal multiplier of around 1, depending on the specification used. Thus, it is not possible to rule out the possibility that government spending crowds out/in private spending. However, the range of the estimates obtained (0.7 - 1.2) suggests that either effect should be small.
Book Synopsis Issues in Macroeconomics by : Chedtha Intaravitak
Download or read book Issues in Macroeconomics written by Chedtha Intaravitak and published by . This book was released on 2010 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: One active area of recent research in macroeconomics is the business cycle dynamics of the economy when agents are heterogenous and markets are incomplete. The literature has shown that standard results of the representative agents/complete market paradigm could profoundly change when we adopt a heterogenous-agents framework and agents cannot fully insure against risks. This volume is an attempt to contribute to this research program from both quantitative and computational perspectives. In particular, I provide a quantitative analysis of some welfare issues, explore the role of monetary policy in the long run, and examine the robustness of a main idea proposed in the literature. Computationally, the currently-used numerical algorithm has been modified to accommodate these extensive applications resulting in a faster routine that can be applied in much richer setups. The first chapter analyses the welfare consequences of eliminating the economic crisis in an economy with substantial agent heterogeneity. The model is calibrated to match the U.S. wealth distribution, employment features, and the size of the investment drop during the U.S. Great Depression. I find a small gain from eliminating the depression-style economic crisis. There are, however, large differences across different groups: very poor and unemployed consumers gain a lot, while richer and employed individuals gain less and sometimes lose from eliminating the economic crisis. The second chapter examines the validity of Sidrauski's (1967) money superneutrality result in this class of models. I show that the superneutrality result no longer holds in this case. Tobin's (1965) effect and heterogeneity in inflation tax account for the non-superneutrality of money. However, the effects of higher money growth rate on real variables are rather small. The change in money growth rate mostly gets reflected in an increase in the aggregate price level. The third chapter explores the robustness of the "approximate aggregation" insight proposed by Krusell and Smith (1998) in a much richer setting. The conclusion shows that approximate aggregation no longer holds. In an economy featuring a crisis state and two assets; capital and money, we can no longer adequately describe macroeconomic aggregates using only the first moment of the wealth distribution.
Book Synopsis Essays on Regional Macroeconomics by : Todd Elton Clark
Download or read book Essays on Regional Macroeconomics written by Todd Elton Clark and published by . This book was released on 1992 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Alternative Approaches in Macroeconomics by : Philip Arestis
Download or read book Alternative Approaches in Macroeconomics written by Philip Arestis and published by Springer. This book was released on 2018-02-07 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book honours Professor John McCombie’s retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.
Book Synopsis Essays in Macroeconomics by : Yuriy Gorodnichenko
Download or read book Essays in Macroeconomics written by Yuriy Gorodnichenko and published by . This book was released on 2007 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Computational Economics: Heterogeneous Agent Modeling by : Cars Hommes
Download or read book Computational Economics: Heterogeneous Agent Modeling written by Cars Hommes and published by Elsevier. This book was released on 2018-06-27 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. Helps readers fully understand the dynamic properties of realistically rendered economic systems Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions Provides broad assessments that can lead researchers to recognize new synergies and opportunities
Book Synopsis Essays on Macroeconomics in the Dominican Republic and Developing Countries by : Peter A. Prazmowski
Download or read book Essays on Macroeconomics in the Dominican Republic and Developing Countries written by Peter A. Prazmowski and published by . This book was released on 2004 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
