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Author : Gabriel Perez-Quiros
Publisher :
ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays in Business Cycles and Finance written by Gabriel Perez-Quiros and published by . This book was released on 1996 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Bailey Jones
Publisher :
ISBN 13 :
Total Pages : 500 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on Business Cycles written by John Bailey Jones and published by . This book was released on 1998 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : 陳冠任
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (898 download)
Download or read book Three Essays on Real Business Cycles written by 陳冠任 and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ryo Jinnai
Publisher :
ISBN 13 : 9781109133264
Total Pages : 119 pages
Book Rating : 4.1/5 (332 download)
Download or read book Three Essays on Business Cycles written by Ryo Jinnai and published by . This book was released on 2009 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the third chapter, I conduct an empirical study of the so-called Japanese "lost decade," over a decade-long economic slump in the Japanese economy since early 1990s. I investigate the effect of Japanese monetary policy when short-term nominal interest rates were virtually zero. A structural break in the mid-90s was an issue in previous empirical work, but the sample period of this paper, from March 1999 to October 2006, is free from it. The main finding is that monetary policy acting through the reserve balance control during the period had real effects on the economy.
Author : Yi Wen
Publisher :
ISBN 13 :
Total Pages : 176 pages
Book Rating : 4.:/5 (372 download)
Download or read book Business Cycles in General Equilibrium written by Yi Wen and published by . This book was released on 1996 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Changok Choi
Publisher :
ISBN 13 :
Total Pages : 418 pages
Book Rating : 4.:/5 (281 download)
Download or read book Three Essays on the Business Cycle written by Changok Choi and published by . This book was released on 1992 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin Shubik
Publisher : MIT Press
ISBN 13 : 9780262693110
Total Pages : 472 pages
Book Rating : 4.6/5 (931 download)
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author : Shen Guo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)
Download or read book Three Essays on Expectation Driven Business Cycles written by Shen Guo and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies business cycles driven by agents' expectation of future technology changes. The first chapter explores the effects which nominal rigidities and monetary policies have on the generation of Pigou cycles. The optimal response of the central bank is analyzed under circumstances when agents receive a signal indicating the technology change in the future. To achieve these objectives, I introduce nominal rigidities and monetary policy into a standard two-sector model with non-durable and durable goods. The optimal reaction of the central bank is found by solving the Ramsey optimization problem. I find that nominal rigidities tend to amplify the responses to the expectation and monetary policies affect the expectation driven business cycles by affecting the real interest rate and user cost of durable goods. Another interesting result is that a simple policy rule reacting to the inflation rates in both non-durable and durable sector with appropriate weights can closely mimic the performance of the Ramsey policy. The second chapter estimates a sticky price two-sector model with home production and capital adjustment costs to assess the significance of the news shocks in generating aggregate fluctuations. The analysis suggests that news shocks account for about 34% of the fluctuations in the aggregate output, 25% of the fluctuations in consumption-sector output and 38% of the fluctuations in investment-sector output. The third chapter explores the booms and busts induced by news shocks in a model economy with financial market frictions. With the presence of financial market frictions, firms have to pay an external finance premium which depends inversely on their net values. This provides firms with an incentive to build up capital stocks now to lower the external finance premium in the future. When firms receive news indicating a future technology improvement, they anticipate the need for more capital and so more external finance in the future; they could lower their future external finance costs by building up their capital and net values now. By adding financial market frictions into an otherwise standard RBC model, the model in chapter 3 succeeds in generating a boom when a news shock hits the economy.
Author : Byong-Ju Lee
Publisher : Stanford University
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author : Fischer Black
Publisher : John Wiley & Sons
ISBN 13 : 0470499176
Total Pages : 224 pages
Book Rating : 4.4/5 (74 download)
Download or read book Business Cycles and Equilibrium written by Fischer Black and published by John Wiley & Sons. This book was released on 2009-11-02 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of Fischer Black and the Revolutionary Idea of Finance (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward. The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy Warns about the use and abuse of modeling Explains the risky business of risk in a straightforward and accessible style Contains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing" Includes commentary on Black's life and work at the time Business Cycles and Equilibrium was written as well as insight as to what Black would make of the current financial meltdown Engaging and informative, the Updated Edition of Business Cycles and Equilibrium will give you a better understanding of what is really going on during these uncertain and volatile financial times.
Author : Yuo-Jin Eugene Yun
Publisher :
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.:/5 (29 download)
Download or read book Information, Business Cycles and Currency Management written by Yuo-Jin Eugene Yun and published by . This book was released on 1989 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mustakiym Ayhan Kose
Publisher :
ISBN 13 :
Total Pages : 336 pages
Book Rating : 4.:/5 (384 download)
Download or read book Understanding Business Cycles in Open Economies written by Mustakiym Ayhan Kose and published by . This book was released on 1997 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip A. Klein
Publisher : Routledge
ISBN 13 : 131549227X
Total Pages : 253 pages
Book Rating : 4.3/5 (154 download)
Download or read book Analysing Modern Business Cycles: Essays Honoring Geoffrey H.Moore written by Philip A. Klein and published by Routledge. This book was released on 2019-07-25 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This "Festschrift" honours Geoffrey H. Moore's life-long contribution to the study of business cycles. After some analysts had concluded that business cycles were dead, renewed economic turbulence in the 1970s and 1980s brought new life to the subject. The study of business cycles now encompasses the global economic system, and this work aims to push back the frontiers of knowledge.
Author : Geoffrey Scott Lea
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (853 download)
Download or read book Booms, Bubbles, and Busts written by Geoffrey Scott Lea and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over seventy years after The Keynesian Revolution and the ascendancy of macroeconomics, a survey of the theoretical landscape shows answers in some areas and questions looming still in others. Within the span of the last decade, the fields of economic growth and development have undergone what might be called an institutional counter-revolution, where questions once shakily answered by aggregate production functions, optimal or "golden rule" savings rates, and convergence estimations are now being fruitfully addressed by institutional explanations. On the other hand, the modern business cycle landscape is mired in competing approaches, each grounded in a specific set of behavioral and institutional assumptions, which, taken together, produce equilibrium conditions at either full employment or some level of involuntary unemployment. These gains made in the fields of growth and development may in fact serve as a guide for the remaking of business cycle theory. Drawing on a Kohn's (2004) distinction between a :value paradigm" and an "exchange paradigm," this dissertation puts forward a rudimentary vision of an "emergent" macroeconomics in line with many of the insights developed by the older "coordinationist" approach of O'Driscoll (1977) and Leijonhufvud (1981), primarily with respect to discoordination business cycle theory and their explanation of macroeconomic fluctuation. This emergent macroeconomics rests firmly in the exchange paradigm, where macroeconomic theorizing is both methodologically and theoretically better grounded. The first essay traces the history of growth theory and development up to the recent institutional counter-revolution, making the case that the institutional approach fits better with an exchange paradigm than a value paradigm. After a brief, critical analysis of modern business cycle theory, it develops an emergent business cycle theory by resurrecting Say's law of markets as an institutionally-rich theory and one that comports better to the exchange paradigm. The second essay considers Austrian Business Cycle Theory in light the general theory outlined in the first chapter, particularly the application of the law of markets and an emphasis on the exchange paradigm over the value paradigm. By recasting the Austrian theory in this new theoretical landscape, certain aspects of theory are further emphasized, while others are left aside, resulting in a theory of institutional causes and consequences of the business cycle. The third chapter turns to the housing and financial crisis of 2008 as a testing ground for the ability of this emergent approach to business cycles to explain real-world macroeconomic phenomena.
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 : Salih N. Neftci
Publisher :
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.:/5 (253 download)
Download or read book Three Essays in Business Cycle Research written by Salih N. Neftci and published by . This book was released on 1977 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jose Ricardo Da Costa e Silva
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.:/5 (557 download)
Download or read book Essays on Finance and Business Cycles written by Jose Ricardo Da Costa e Silva and published by . This book was released on 2004 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
