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Is Increased Price Flexibility Stabilizing
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Book Synopsis Is Increased Price Flexibility Stabilizing? Redux by : Saroj Bhattarai
Download or read book Is Increased Price Flexibility Stabilizing? Redux written by Saroj Bhattarai and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the implications of increased price flexibility on output volatility. In a simple DSGE model, we show analytically that more flexible prices always amplify output volatility for supply shocks and also amplify output volatility for demand shocks if monetary policy does not respond strongly to inflation. More flexible prices often reduce welfare, even under optimal monetary policy if full efficiency cannot be attained. We estimate a medium-scale DSGE model using post-WWII U.S. data. In a counterfactual experiment we find that if prices and wages are fully flexible, the standard deviation of annualized output growth more than doubles.
Book Synopsis Is Increased Price Flexibility Stabilizing? by : Saroj Bhattarai
Download or read book Is Increased Price Flexibility Stabilizing? written by Saroj Bhattarai and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the implications of increased price flexibility on output volatility. In a simple DSGE model, we show analytically that more flexible prices always amplify output volatility for supply shocks and also amplify output volatility for demand shocks if monetary policy does not respond strongly to inflation. More flexible prices often reduce welfare, even under optimal monetary policy if full efficiency cannot be attained. We estimate a medium-scale DSGE model using post-WWII U.S. data. In a counterfactual experiment we find that if prices and wages are fully flexible, the standard deviation of annualized output growth more than doubles.
Book Synopsis Is Increased Price Flexibility Stabilizing? by : J. Bradford De Long
Download or read book Is Increased Price Flexibility Stabilizing? written by J. Bradford De Long and published by . This book was released on 1985 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses Taylor's model of overlapping contracts to show that increased wage and price flexibility can easily be destabilizing. This result arises because of the Mundell effect. While lower prices increase output, the expectation of falling prices decreases output. Simulations based on realistic parameter values suggest that increases in price flexibility might bell increase the cyclical variability of output in the United States.
Book Synopsis Is Increased Price Flexibility Stabilizing? by : Gauti Eggertsson
Download or read book Is Increased Price Flexibility Stabilizing? written by Gauti Eggertsson and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Increased Price Flexibility Stabilizing? by : Evan F. Koenig
Download or read book Is Increased Price Flexibility Stabilizing? written by Evan F. Koenig and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt, Price Flexibility and Aggregate Stability by : John Caskey
Download or read book Debt, Price Flexibility and Aggregate Stability written by John Caskey and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In conventional macroeconomic thought, price flexibility stabilizes the economy. The more quickly prices fall (or inflation decreases) in a demand-induced recession, the faster output returns to its full-employment level. An alternative tradition, however, suggests that price flexibility can be destabilizing. If a recession reduces aspectations of Jitlzre prices, this can raise current real interest rates and dampen aggregate demand. In addition, as actual cument prices fall in a recession, real debt burdens rise which can reduce aggregate demand due to financial distress or the response of capital markets. This paper presents simulations from a dynamic macroeconomic model designed to examine the empirical effects of price flexibility. Our results show that, for credible specifications and parameter values, the destabilizing effects of greater price flexibility can be larger than the conventional stabilizing channels. Therefore, it is possible that greater price flexibility magnifies the severity of economic contractions initiated by negative demand shocks.
Book Synopsis Is Inceased Price Flexibility Stabilizing? by : James Bradford DeLong
Download or read book Is Inceased Price Flexibility Stabilizing? written by James Bradford DeLong and published by . This book was released on 1985 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Changing Cyclical Variability of Economic Activity in the United States by : J. Bradford De Long
Download or read book The Changing Cyclical Variability of Economic Activity in the United States written by J. Bradford De Long and published by . This book was released on 1984 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the changing cyclical variability of economic activity in the United States. It first shows that the decline in variability since World War II cannot be explained by changes in the composition of economic activity or by the avoidance of financial panics. We then show that increased automatic stabilization by the government, and the increased availability of private credit after World War II combined to stabilize consumption and reduce the variability of aggregate demand. The main argument of the paper holds that greater price rigidity in recent times may have contributed to economic stability by preventing destabilizing deflations and inflations. Empirical evidence is presented to support this proposition.
Book Synopsis Flexible Exchange Rates and Stabilization Policy by : J. Herin
Download or read book Flexible Exchange Rates and Stabilization Policy written by J. Herin and published by Springer. This book was released on 1977-06-17 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stabilizing Effects of Price Flexibility in Contract-based Models by : Steve Ambler
Download or read book The Stabilizing Effects of Price Flexibility in Contract-based Models written by Steve Ambler and published by . This book was released on 1987 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Macroeconomics Reader by : Brian Snowdon
Download or read book A Macroeconomics Reader written by Brian Snowdon and published by Routledge. This book was released on 1997-07-10 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Macroeconomics Reader brings together a collection of key readings in modern macroeconomics. Each article has been carefully chosen to provide the reader with accessible, non-technical, and reflective papers which critically assess important areas and current controversies within modern macroeconomics.The book is divided into six parts, each with
Book Synopsis Price Stabilization in the 1990s by : Kumiharu Shigehara
Download or read book Price Stabilization in the 1990s written by Kumiharu Shigehara and published by Springer. This book was released on 1993-06-18 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates various aspects of inflation - the recent history of inflation as well as potential sources of changes, the technical issues regarding the measurement of inflation, the indicators for future inflation, and the policy implications to achieve and maintain price stability.
Book Synopsis The Dynamics of Keynesian Monetary Growth by : Carl Chiarella
Download or read book The Dynamics of Keynesian Monetary Growth written by Carl Chiarella and published by Cambridge University Press. This book was released on 2000-08-03 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text shows for the first time that macrodynamics can be developed and investigated systematically.
Author :Etats-Unis. Department of the Treasury. Office of Economic Stabilization Publisher : ISBN 13 : Total Pages :740 pages Book Rating :4.3/5 (243 download)
Book Synopsis Historical Working Papers on the Economic Stabilization Program by : Etats-Unis. Department of the Treasury. Office of Economic Stabilization
Download or read book Historical Working Papers on the Economic Stabilization Program written by Etats-Unis. Department of the Treasury. Office of Economic Stabilization and published by . This book was released on 1974 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expectations written by Arie Arnon and published by Springer Nature. This book was released on 2020-03-20 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a unique historical perspective on expectations in economic theory, and applications of expectations models in economic history. Based on papers presented at the 2017 Thomas Guggenheim Conference, it brings together the work of economists, historians of economics, and economic historians on issues and events concerning expectations in economics and economic history. The contributions address: (i) the history of expectations models; (ii) growth, expectations and political economy; (iii) controversies regarding expectations methods and models; (iv) expectations in theory and reality; and (v) expectations in economic history. The book opens with a lecture by Thomas Guggenheim Prize winner Duncan Foley on the evolution of expectations in modern economic thought. The remaining content is divided into two parts, the first of which focuses on the utilization of expectations in the “ancient” and “meso” periods of high theory, i.e., from Smithian to Keynesian approaches. The papers cover topics such as “modern” applications of expectations in both “Tobinesque-Phillips” and “Harrodian-Solowian” contexts, and the debate between Friedmanite and Keynesian approaches to expectation formation. In turn, the last part presents essays on the role of economic expectations in connection with historical events and contexts, ranging from the early 20th century to World War II, and on the application of expectations theory to hyperinflation and stabilization, taking Israel as a case study.
Book Synopsis Business Cycles by : Victor Zarnowitz
Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 1992-06-15 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: Victor Zarnowitz has long been a leader in the study of business cycles, growth, inflation, and forecasting. These papers represent a carefully integrated and up-to-date study of business cycles, reexamining some of his earlier research as well as addressing recent developments in the literature and in history. In part one, Zarnowitz reviews with characteristic insight various theories of the business cycle, including Keynesian and monetary theories as well as more recent rational expectations and real business cycle theories. In doing so, he examines how the business cycle may have changed as the size of government, the exercise of fiscal and monetary policies, the openness of the economy to international forces, and the industrial structure have evolved over time. Emphasizing important research from the 1980s, Zarnowitz discusses in part two various measures of the trends and cycles in economic activity, including output, prices, inventories, investment in residential and nonresidential structures, equipment, and other economic variables. Here the author explores the duration and severity of U.S. business cycles over more than 150 years, and evaluates the ability of macro models to simulate past behavior of the economy. In part three the performance of leading, coincident, and lagging indicators is described and assessed and evidence is presented on the value of their composite measures. Finally, part four offers an analysis of the degree of success of large commercial forecasting firms and of many individual economists in predicting the course of inflation, real growth, unemployment, interest rates, and other key economic variables. Business Cycles is a timely study, certain tobecome a basic reference for professional forecasters and economists in government, academia, and the business community.
Author :United States. Department of the Treasury. Office of Economic Stabilization Publisher : ISBN 13 : Total Pages :744 pages Book Rating :4.3/5 ( download)
Book Synopsis Historical Working Papers on the Economic Stabilization Program, August 15, 1971, to April 30, 1974 by : United States. Department of the Treasury. Office of Economic Stabilization
Download or read book Historical Working Papers on the Economic Stabilization Program, August 15, 1971, to April 30, 1974 written by United States. Department of the Treasury. Office of Economic Stabilization and published by . This book was released on 1974 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt:
