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Intertemporal Substitution In Consumption Revisited
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Book Synopsis Intertemporal Substitution in Consumption Revisited by : Zuliu Hu
Download or read book Intertemporal Substitution in Consumption Revisited written by Zuliu Hu and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall's (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.
Book Synopsis Intertemporal Substitution in Consumption by : Karsten N. Pedersen
Download or read book Intertemporal Substitution in Consumption written by Karsten N. Pedersen and published by . This book was released on 1991 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Chicago Plan Revisited by : Mr.Jaromir Benes
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Book Synopsis Scarcity and Growth Revisited by : R. David Professor Simpson
Download or read book Scarcity and Growth Revisited written by R. David Professor Simpson and published by Routledge. This book was released on 2012-05-23 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, a group of distinguished international scholars provides a fresh investigation of the most fundamental issues involved in our dependence on natural resources. In Scarcity and Growth (RFF, 1963) and Scarcity and Growth Reconsidered (RFF, 1979), researchers considered the long-term implications of resource scarcity for economic growth and human well-being. Scarcity and Growth Revisited examines these implications with 25 years of new learning and experience. It finds that concerns about resource scarcity have changed in essential ways. In contrast with the earlier preoccupation with the adequacy of fuel, mineral, and agricultural resources and the efficiency by which they are allocated, the greatest concern today is about the Earth‘s limited capacity to handle the environmental consequences of resource extraction and use. Opinion among scholars is divided on the ability of technological innovation to ameliorate this 'new scarcity.' However, even the book‘s more optimistic authors agree that the problems will not be successfully overcome without significant advances in the legal, financial, and other social institutions that protect the environment and support technical innovation. Scarcity and Growth Revisited incorporates expert perspectives from the physical and life sciences, as well as economics. It includes issues confronting the developing world as well as industrialized societies. The book begins with a review of the debate about scarcity and economic growth and a review of current assessments of natural resource availability and consumption. The twelve chapters that follow provide an accessible, lively, and authoritative update to an enduring-but changing-debate.
Book Synopsis Terms of Trade Shocks and the Current Account by : Mr.Paul Cashin
Download or read book Terms of Trade Shocks and the Current Account written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1998-12-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between terms of trade shocks, private saving, and the current account position. The relationship between these variables is theoretically ambiguous: an adverse transitory terms of trade shock can either induce a deterioration or an improvement in the current account, depending on whether the resulting income effects are greater or less than the resulting substitution effects. The substitution effects involve both intertemporally substituting consumption and intratemporally substituting consumption between importables and nontradables. The relative strength of these substitution effects is estimated using data for five OECD countries during 1970/95; both are found to exert large and significant effects on the current account balance.
Book Synopsis Estimating the Value of a Statistical Life by : Orley Ashenfelter
Download or read book Estimating the Value of a Statistical Life written by Orley Ashenfelter and published by . This book was released on 2004 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.
Book Synopsis Regional Integration Among Developing Countries, Revisited by : András Inotai
Download or read book Regional Integration Among Developing Countries, Revisited written by András Inotai and published by World Bank Publications. This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The formation of new, powerful economic and trading blocs and the transition to market economies in Central and perhaps Eastern Europe has fostered a trend toward new regionalism in the world economy - which the virtual failure of the GATT negotiations may speed up. To minimize economic losses and avoid marginalization, regional groups of developing countries must increasingly work out common positions and join one of the influential groups.
Book Synopsis Applied Intertemporal Optimization by : Klaus Wälde
Download or read book Applied Intertemporal Optimization written by Klaus Wälde and published by Klaus Wälde. This book was released on 2012 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Working Paper written by and published by . This book was released on 1993 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Keynes and The General Theory Revisited by : Axel Kicillof
Download or read book Keynes and The General Theory Revisited written by Axel Kicillof and published by Routledge. This book was released on 2017-07-31 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every time the economy goes through a period of crisis, Keynes’ name is called upon by economists and politicians from diverse backgrounds. However, 70 years after the publication of The General Theory of Employment, Interest and Money, specialists are still far—maybe everyday further—from reaching agreement about the genuine contents of Keynes’ most important work. This controversy has been marked by a paradoxical turn: it is above all the literature about Keynes which, in the last decades, has imposed the terms of the debate, while The General Theory lacks readers. Accused by both its detractors and admirers of being a confusing book that is inconsistent and even plagued with logical errors, the most important contribution of the most influential economist of the 20th century has been condemned to be forgotten or, at best, to live uncomfortably in the voices of those who have spoken on his behalf. This book is the result of rigorous critical research which reconstructs the spectrum of discussion surrounding Keynes’ main work. The book begins by describing the historical background and the state of the pre-Keynesian economic theory, subsequently immersing the reader in a concise but detailed—as well as innovative— interpretation of the original text. The revision of some of the main interpretative currents prepares the field for the book’s ultimate contribution: the identification of the fundamentals that sustain the analytical structure of The General Theory. At the same time, this exploration of the theoretical fundamentals of The General Theory makes this book an original intervention on the genesis and relevance of the divide between micro and macroeconomics—a division that has been fully accepted by contemporary macro theorists.
Book Synopsis Accounting for Global Dispersion of Current Accounts by : Yongsung Chang
Download or read book Accounting for Global Dispersion of Current Accounts written by Yongsung Chang and published by International Monetary Fund. This book was released on 2009-12-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We undertake a quantitative analysis of the dispersion of current accounts in an open economy version of incomplete insurance model, incorporating important market frictions in trade and financial flows. Calibrated with conventional parameter values, the stochastic stationary equilibrium of the model with limited borrowing can account for about two-thirds of the global dispersion of current accounts. The easing of financial frictions can explain nearly all changes in the current account dispersion in the past four decades whereas the easing of trade frictions has almost no impact on the current account dispersion.
Book Synopsis The New Palgrave Dictionary of Economics by :
Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Book Synopsis New Developments in Macroeconomics Research by : Lawrence Z. Pelzer
Download or read book New Developments in Macroeconomics Research written by Lawrence Z. Pelzer and published by Nova Publishers. This book was released on 2006 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is that part of economics that focuses on economic growth and economic fluctuations. In a world under the push and pull of globalisation, it becomes crucial for the Developed Countries as well as the Developing Countries. It is necessary for some countries and companies to find the best regions to invest in while it is necessary for others to grow and compete for investment at the same time. This new book brings together an impressive array of research valuable for providing important insight into the international financial currents rippling around the world.
Book Synopsis Strategic Asset Allocation by : John Y. Campbell
Download or read book Strategic Asset Allocation written by John Y. Campbell and published by OUP Oxford. This book was released on 2002-01-03 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.
Book Synopsis The Political Economy of the Abe Government and Abenomics Reforms by : Takeo Hoshi
Download or read book The Political Economy of the Abe Government and Abenomics Reforms written by Takeo Hoshi and published by Cambridge University Press. This book was released on 2021-02-25 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the politics and economics of the Abe government and evaluates major policies, such as Abenomics policy reforms.
Book Synopsis Monetary Policy in the Euro Area by : Otmar Issing
Download or read book Monetary Policy in the Euro Area written by Otmar Issing and published by Cambridge University Press. This book was released on 2001-07-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Book Synopsis Revisiting the Equity Risk Premium by : Laurence B. Siegel
Download or read book Revisiting the Equity Risk Premium written by Laurence B. Siegel and published by CFA Institute Research Foundation. This book was released on 2023-06-06 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, Martin Leibowitz organized an Equity Risk Premium (ERP) Forum for CFA Institute, in which the participants discussed issues related to the ERP and made estimates for the future. This forum was repeated by Leibowitz, Brett Hammond, and Laurence Siegel in 2011, setting a precedent for a decennial forum. Siegel organized and moderated the discussion in 2021, and the proceedings from that event make up the current book. The participants in 2021 were (in alphabetical order) Robert Arnott, Clifford Asness, Mary Ida Compton, Elroy Dimson, William Goetzmann, Roger Ibbotson, Antti Ilmanen, Martin Leibowitz, Rajnish Mehra, Thomas Philips, and Jeremy Siegel. Each participant made a presentation, which was then discussed by the whole group. Finally, a roundtable discussion involving all of the participants was moderated by Laurence Siegel. Ibbotson and Dimson discussed historical returns in different countries. Ibbotson focused on the United States, while Dimson took a global industrial-country view. The history goes back almost a century (Ibbotson) or more than a century (Dimson), providing a look at how returns have evolved over a wide variety of conditions. Ibbotson also presented his method for making probabilistic forecasts of returns. Dimson, who is British, showed that “American exceptionalism” is one way to understand the results. Asness looked at the effectiveness of Robert Shiller’s CAPE (cyclically adjusted price-earnings ratio) valuation measure for forecasting. Valuations rose over the period he studied, and a lively discussion was had about why this may have occurred. Arnott focused on the growth rate of dividends, which has been very slow in per-share terms, and argued (with much debate from the other participants) that buybacks are only a partial substitute for dividends. Leibowitz, also looking at valuation as the lodestone of return forecasts, set forth a “growth adjustment” that brought his forecast in line with those made by others. Compton, a consultant to pension plans, discussed the challenges of communicating lower expected returns to clients. She also emphasized that expected returns “don’t always come true,” they’re just someone’s best forecast. Ilmanen broke up the expected return into its component parts: dividends, real growth, inflation, and so forth. Doing this, he said, allows one to debate the estimates for each part and ascertain how accurate each of the estimates is. Philips started by presenting a method for forecasting bond returns. He then turned to equities, for which he compared forecasts with subsequent realizations using a variety of forecast methods. Mehra discussed a number of issues related to the existence of premiums (equity risk, value, small cap, and so forth) and concluded that, although some of these are unstable, the ERP is highly stable. Jeremy Siegel advocated a “back to basics” approach using dividend and earnings yields, dividend and earnings growth rates, payout ratios, and price-to-earnings ratios. He emphasized that earnings can be calculated in a number of different way, and said that accounting practices have become more conservative over the years. Goetzmann concluded the session by reporting that one company, a water mill in France, had almost 600 years of historical return data and that an asset pricing model could be tested using those data. According to this model, the stock price is the present value of expected future dividends and is supported by the evidence. In sum, because of high valuations and low interest rates, the participants expect lower total returns in the future than in the past. A forward-looking ERP of 4% to 5% was the consensus of the group.
