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Author : Mark Joseph Bils
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (135 download)
Download or read book Essays on the Cyclical Behavior of Cost and Price written by Mark Joseph Bils and published by . This book was released on 1985 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.3/5 (243 download)
Download or read book The Cyclical Behavior of Prices and Costs written by Julio Rotemberg and published by . This book was released on 1999 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.:/5 (397 download)
Download or read book The Cyclical Behavior of Price and Costs written by Julio Rotemberg and published by . This book was released on 1998 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost is an increasing function of output. Diminishing returns, costs of increasing employment as well as the increasing marginal disutility of working when hours worked and effort rise all contribute to make this function steep. Without changes in this function relating marginal cost to output, aggregate output can vary if and only if the markup of price to marginal cost (the inverse of real marginal cost for typical firms) varies. We first study whether, empirically, real marginal cost does rise in cyclical expansions. Average real labor cost is not very pro-cyclical but, for several reasons, marginal labor cost is more procyclical than average labor cost. These include the presence of overhead labor and adjustment costs as well as differences between the marginal and average wage. These corrections results in procyclical measures of real marginal cost. Measures of marginal costs based on materials costs and inventories also appear procyclical. We show that these procyclical movements in marginal cost may, depending on how costs are modeled, account for a substantial fraction of cyclical output movements. Finally, we survey models of variable markups. These include both models of sticky prices (in which markups vary because firms cannot all costlessly charge the markup they desire) and models in which firms' desired markup varies over time. This set of models allows a rich set of variables to affect output even if these variables do not shift the marginal cost schedule.
Author : John P. Judd
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Cyclical Behavior of Prices written by John P. Judd and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Milton Friedman
Publisher : Transaction Publishers
ISBN 13 : 1412838096
Total Pages : 310 pages
Book Rating : 4.4/5 (128 download)
Download or read book The Optimum Quantity Of Money written by Milton Friedman and published by Transaction Publishers. This book was released on 2005-01-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This classic set of essays by Nobel Laureate and leading monetary theorist Milton Friedman presents a coherent view of the role of money, focusing on specific topics related to the empirical analysis of monetary phenomena and policy. The early chapters cover factors determining the real quantity of money held in a community and the welfare implications of policies that affect the quantity held. The following chapters formally restate why quantity analysis has become central to the science of economics. Friedman's presidential address to the American Economic Association, included here, provides a general summary of his views on the role of monetary policy, with an emphasis on its limitations and its possibilities. This theoretical framework is used in examining a number of empirical problems: the demand for money, the explanation of price changes in wartime periods, and the role of money in business cycles. These essays summarize some of the most important results of Friedman's extensive research over the course of his lifetime. The chapters on policy that follow survey the positions of earlier economists and deal with the importance of lags and the implications of destabilizing speculation in foreign markets. Taken as a whole, The Optimum Quantity of Money provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis. This work is essential reading for economists and graduate students in the field. The volume will be no less important for practicing business and banking personnel as well. The new statement by Michael Bordo, a student of Friedman's and an expert in the field, provides a sense of where the field now stands in the economy and academy. Milton Friedman is a senior fellow at the Hoover Institution of Stanford University. Before that, he was Distinguished Service Professor of Economics at the University of Chicago. He has also taught at Columbia University, the University of Wisconsin, the University of Minnesota, and Cambridge University. Among his many books are Essays in Positive Economics, A Program for Monetary Stability, Capitalism and Freedom, and A Monetary History of the United States. Michael D. Bordo is professor of economics at Rutgers, The State University of New Jersey, and author, with Lars Jonung, of, among other works, Demand for Money.
Author : Geoffrey Hoyt Moore
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (327 download)
Download or read book The Cyclical Behavior of Prices written by Geoffrey Hoyt Moore and published by . This book was released on 1971 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christopher J. Nekarda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (851 download)
Download or read book The Cyclical Behavior of the Price-Cost Markup written by Christopher J. Nekarda and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A countercyclical markup of price over marginal cost is the key transmission mechanism for demand shocks in textbook New Keynesian (NK) models. This paper re-examines the foundation of those models. We study the cyclicality of markups in the private economy as well as in detailed manufacturing industries. First, we show that frameworks for measuring markups that have produced the strongest evidence for countercyclicality produce the opposite result when we substitute new methods and data. Second, because the NK model's predictions differ by the nature of the shock, we present evidence on the cyclicality of the markup conditional on various types of shocks. Consistent with the NK model, we find that markups are procyclical conditional on a technology shock. However, we find that they are either procyclical or acyclical conditional on demand shocks. Thus, the textbook NK explanation for the effects of government spending or monetary policy is not supported by the behavior of the markup.
Author : Geoffrey Colin Harcourt
Publisher : Oxford University Press, USA
ISBN 13 : 0195390768
Total Pages : 637 pages
Book Rating : 4.1/5 (953 download)
Download or read book The Oxford Handbook of Post-Keynesian Economics, Volume 1 written by Geoffrey Colin Harcourt and published by Oxford University Press, USA. This book was released on 2013-07 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes cover the principal areas to which Post-Keynesian economists have made distinctive contributions. The contents include the significant criticism by Post-Keynesians of mainstream economics, but the emphasis is on positive Post-Keynesian analysis of the economic problems of the modern world and of policies with which to tackle them.
Author : Philip A Klein
Publisher : Routledge
ISBN 13 : 1351695568
Total Pages : 440 pages
Book Rating : 4.3/5 (516 download)
Download or read book Analyzing Modern Business Cycles: Essays Honoring written by Philip A Klein and published by Routledge. This book was released on 2017-10-03 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 1990.
Author : Mark Bils
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Cyclical Pricing of Durable Goods written by Mark Bils and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine price markups in monopolisticly-competitive markets that experience fluctuations in demand because the economy experiences cyclical fluctuations in productivity. Markups depend positively on the average income of purchasers in the market. For a nondurable good average income of purchasers is procyclical; so the markup is procyclical. For a durable good. however. the average income of purchasers is likely to decrease in booms because low income consumers of the good concentrate their purchases in boom periods; so the markup is likely countercyclical. This is particularly true for growing markets. I find markups make the aggregate economy fluctuate more in response to productivity if goods are sufficiently durable.
Author : Lefteris Tsoulfidis
Publisher : Springer Science & Business Media
ISBN 13 : 3540926933
Total Pages : 389 pages
Book Rating : 4.5/5 (49 download)
Download or read book Competing Schools of Economic Thought written by Lefteris Tsoulfidis and published by Springer Science & Business Media. This book was released on 2010-06-29 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. 1 Introduction This book was born out of our reaction to the way in which the usual texts cover the subject of the history of economic thought. In most of these texts, there is a tendency to emphasize the similarities and differences between all the important economists and form a repository of encyclopedic knowledge where one can study the seemingly important economic ideas. In this book, we argue that it is much more fruitful to focus on the essential ideas of each and every school of economic thought and relate them to present-day problems, than to engage into a sterile discussion of the ideas and the lives of the great economists of the past. Thus, although this book deals with the history of economic thought, it does not necessarily follow a historic (in the sense of the order of presentation) approach, but rather a logical one, that is to say it deals with the social conditions associated with the emergence of a school of economic thought, its evolution, and its contemporary in?uence. One cannot write a book on the history of economic thought without writing separate chapters on the major economists of the past, that is, Adam Smith, David Ricardo, Karl Marx, and J. M. Keynes. Of course these economists formed schools of economic thought, that is, the classical and the Keynesian.
Author : Lloyd Appleton Metzler
Publisher : Harvard University Press
ISBN 13 : 9780674137752
Total Pages : 622 pages
Book Rating : 4.1/5 (377 download)
Download or read book Collected Papers written by Lloyd Appleton Metzler and published by Harvard University Press. This book was released on 1973 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt: The appearance of this volume in the Harvard Economic Studies merits a word of explanation. Metzler's doctoral thesis, "Interregional Income Generation," was accepted by Harvard University in 1942 and awarded the Wells Prize for the year 1944-45. Thus the prize essay now appears in print, vastly enriched by the company of Metzler's later papers, all of which have been lighly edited for consistency. The opening chapter of Metzler's thesis investigated the comparative statics and stability properties of a two-country world with Keynesian internal conditions. The second chapter of Metzler's thesis approached the classic "transfer problem" in the context of a Keynesian two-country model. The extensive final chapter of Metzler's thesis, which had not been published, dealt with financial equilibrium in the context of international capital transfers, augmenting the Keynesian income-equilibrium conditions that underlie the basic analysis of the foreign-trade multiplier with the requirement of equilibrium in the market for securities. Metzler's later work in international economics touched upon a number of topics. One of these was the joint influence of tariffs on the terms of trade and distribution of income, explored in two papers published in 1949. Metzler's contributions have also done much to advance the theory of monetary adjustments in the international economy.
Author : N. Gregory Mankiw
Publisher : MIT Press
ISBN 13 : 9780262631334
Total Pages : 448 pages
Book Rating : 4.6/5 (313 download)
Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen
Author :
Publisher :
ISBN 13 :
Total Pages : 968 pages
Book Rating : 4.3/5 (512 download)
Download or read book Yale Economic Essays written by and published by . This book was released on 1961 with total page 968 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains all doctoral dissertations at Yale in economics.
Author : G. C. Harcourt
Publisher : Oxford University Press
ISBN 13 : 0199359296
Total Pages : 637 pages
Book Rating : 4.1/5 (993 download)
Download or read book The Oxford Handbook of Post-Keynesian Economics, Volume 1 written by G. C. Harcourt and published by Oxford University Press. This book was released on 2013-08-16 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two volume Handbook contains chapters on the main areas to which Post-Keynesians have made sustained and important contributions. These include theories of accumulation, distribution, pricing, money and finance, international trade and capital flows, the environment, methodological issues, criticism of mainstream economics and Post-Keynesian policies. The Introduction outlines what is in the two volumes, in the process placing Post-Keynesian procedures and contributions in appropriate contexts.
Author : Mark J. Lasky
Publisher : Routledge
ISBN 13 : 1317502523
Total Pages : 190 pages
Book Rating : 4.3/5 (175 download)
Download or read book Three Essays on Productivity (RLE: Business Cycles) written by Mark J. Lasky and published by Routledge. This book was released on 2015-03-27 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.
Author : Ben S. Bernanke
Publisher : Princeton University Press
ISBN 13 : 0691259666
Total Pages : 352 pages
Book Rating : 4.6/5 (912 download)
Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.
