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Expansionary Fiscal Contractions And Equilibrium Indeterminacy
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Book Synopsis Expansionary Fiscal Contractions and Equilibrium Indeterminacy by : Bernd Lucke
Download or read book Expansionary Fiscal Contractions and Equilibrium Indeterminacy written by Bernd Lucke and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: At several occasions, the 1980's witnessed non-keynesian effects of fiscal contractions. Most notably, cuts in government spending in Ireland, Denmark and Germany are known to have coincided with increases in private consumption spending. Self-fulfilling expectations about the effects of stabilization policies may explain these and a diversity of opposing experiences. This paper formulates a real business cycle model with equilibrium indeterminacy, which allows for sunspot fluctuations as well as for systematic consumption effects of government policy in either direction. Cointegration tests and Euler equation estimates suggest that the model is approximately in accord with German data. Parameter estimates imply that the nonkeynesian experiences are not due to self-fulfilling expectations but to the productivity effects of government-provided infrastructure.
Book Synopsis Current Trends in Economics by : Ahmet Alkan
Download or read book Current Trends in Economics written by Ahmet Alkan and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1990, the Society for the Advancement of Economic Theory (SAET) was founded with the main purpose to advance our knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theory and any other field which is po tentially useful to economic theory. To achieve these goals, SAET sponsors the research journal Economic Theory published by Springer-Verlag and holds international conferences every other year. The first two conferences SAET took place in the island of Cephalonia, Greece, in the summers of of 1993 and 1995. In the summer of 1997, the conference was held in Antalya, Turkey. The twenty-nine papers in this volume are mostly by participants in the Antalya meeting of SAET and form a broad sample of the 150 papers pre sented there. Topics covered include cooperative and noncooperative games, social choice and welfare, bargaining, matchings, auctions, mechanism de sign, general equilibrium, general equilibrium with finance, industrial or ganization, macroeconomics, and experimental economics. We have chosen to present the papers according to the alphabetical order of first author names instead of grouping them by topic or theme. We have appended a complete listing of the sessions in the conference together with a list of program committee members and of sponsors at the end of the volume.
Book Synopsis Sovereign Risk and Belief-Driven Fluctuations in the Euro Area by : Giancarlo Corsetti
Download or read book Sovereign Risk and Belief-Driven Fluctuations in the Euro Area written by Giancarlo Corsetti and published by International Monetary Fund. This book was released on 2013-11-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Book Synopsis Fiscal Policy, Stabilization, and Growth by : Guillermo E. Perry
Download or read book Fiscal Policy, Stabilization, and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Book Synopsis Fiscal Policy and the Current Account by : International Monetary Fund
Download or read book Fiscal Policy and the Current Account written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2–0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is above potential.
Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Download or read book Business Periodicals Index written by and published by . This book was released on 1999 with total page 2202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Policies and Structural Reform by : OECD
Download or read book Macroeconomic Policies and Structural Reform written by OECD and published by OECD Publishing. This book was released on 1996-12-10 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Faced with increased unemployment, declining productivity and weak public finances, most OECD countries have adopted policies of fiscal consolidation and structural reform in goods, labour and financial markets. Price stability is now at hand, but ...
Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Book Synopsis Monetary Theory and Policy by : Carl E. Walsh
Download or read book Monetary Theory and Policy written by Carl E. Walsh and published by MIT Press. This book was released on 2003 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of recent theoretical and policy-related developments in monetary economics.
Book Synopsis Computational Methods for the Study of Dynamic Economies by : Ramon Marimon
Download or read book Computational Methods for the Study of Dynamic Economies written by Ramon Marimon and published by OUP Oxford. This book was released on 1999-03-04 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics increasingly uses stochastic dynamic general equilibrium models to understand theoretical and policy issues. Unless very strong assumptions are made, understanding the properties of particular models requires solving the model using a computer. This volume brings together leading contributors in the field who explain in detail how to implement the computational techniques needed to solve dynamic economics models. A broad spread of techniques are covered, and their application in a wide range of subjects discussed. The book provides the basics of a toolkit which researchers and graduate students can use to solve and analyse their own theoretical models.
Book Synopsis The Distribution of Wealth by : John Bates Clark
Download or read book The Distribution of Wealth written by John Bates Clark and published by . This book was released on 1899 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis General Equilibrium Models for Development Policy by : Kemal Dervis
Download or read book General Equilibrium Models for Development Policy written by Kemal Dervis and published by Cambridge University Press. This book was released on 1982-05-31 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money, Human Capital, and Business Cycles by : Kenneth J. Matheny
Download or read book Money, Human Capital, and Business Cycles written by Kenneth J. Matheny and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Martin Eichenbaum Publisher :University of Chicago Press Journals ISBN 13 :9780226577661 Total Pages :0 pages Book Rating :4.5/5 (776 download)
Book Synopsis NBER Macroeconomics Annual 2017 by : Martin Eichenbaum
Download or read book NBER Macroeconomics Annual 2017 written by Martin Eichenbaum and published by University of Chicago Press Journals. This book was released on 2018-05-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard’s keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.
