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Essays On Price Rigidity In The Uk
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Book Synopsis Essays on Price Rigidity in the UK by : Kun Tian
Download or read book Essays on Price Rigidity in the UK written by Kun Tian and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study consists of three individual essays which all shed light on assessing the price rigidity by using price micro data in the UK. The relevant implications for macro models are also discussed in each essay respectively. The first essay gives a unified framework a la Dixon (2012) to gauge the price rigidity from three perspectives: frequency, hazard function and distribution across firms. On average, the monthly frequency of consumer price change is 19% between 1996 and 2007. Sales and substitutions will significantly affect the frequency of consumer price change. The frequency of consumer price change varies considerable across sectors. The fraction of price changes which are decreasing is about 40%. The hazard function is downward sloping with 12-month spike. The censoring and sampling issues in the estimation of hazard function are discussed thoroughly. The distribution across firms is derived from estimated hazard function, which is consistent with the frequency of price changes. Two benchmark sticky price models are calibrated and simulated. Furthermore, a multiple Calvo and multiple menu costs model are also simulated, based on the empirical finding in micro data. The simulation results suggest that introducing heterogeneity into sticky price models can improve models' fitness in respect to matching micro evidence. The second essay mainly focus on "the monthly frequency of price changes", which is a prominent feature of many studies of the CPI micro-data. In this essay, we see how much the frequency ties down the behavior of price-setters ("firms") in steady-state in terms of the average length of price-spells across firms. We are able to divide an upper and lower bound for the mean duration of price-spells averaged across firms. We use the UK CPI data at the aggregate and sectoral level and find that the actual mean is about twice the theoretical minimum consistent with the observed frequency. We estimate the distribution using the hazard function and find that although the estimated hazard differs significantly from the Calvo distribution, the means and medians are similar. However, despite the micro differences, we find that the artificial Calvo distributions generated using the sectoral frequencies result in very similar impulse responses to the estimated hazards when used in the Smets-Wouters (2003) model. The third essay examines the behavior of individual producer prices in the UK. A number of stylized facts about price setting behavior are uncovered. A time-varying Ss model is set up in a way that is consistent with the stylized facts obtained from the UK PPI data. A duration model (semiparametric survival analysis model) is built in line with the time-varying Ss model. This duration model is estimated by controlling for observed and unobserved heterogeneity across firms. The estimation results suggest that the increase in the inflation rate will significantly increase the hazard rate of price change. The other factors considered in the model will also affect the hazard rate of price change, while in different magnitude.
Book Synopsis Essays on Price Rigidity on the Internet by : Dongwon Lee
Download or read book Essays on Price Rigidity on the Internet written by Dongwon Lee and published by . This book was released on 2006 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Skidelsky's Keynes and Other Essays by : G. Harcourt
Download or read book On Skidelsky's Keynes and Other Essays written by G. Harcourt and published by Springer. This book was released on 2012-05-28 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: On Skidelsky's Keynes and Other Essays is a collection of essays, biographies, review articles and tributes, focusing on the lives and times of the Cambridge School of Economists, and the immense contribution that these thinkers, including the author, made to the discipline.
Book Synopsis Essays in International Finance by : Akito Matsumoto
Download or read book Essays in International Finance written by Akito Matsumoto and published by . This book was released on 2004 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Keynesian and Kaldorian Economics by : A. Thirlwall
Download or read book Essays on Keynesian and Kaldorian Economics written by A. Thirlwall and published by Springer. This book was released on 2015-02-26 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.
Book Synopsis Elgar Encyclopedia of Post-Keynesian Economics by : Louis-Philippe Rochon
Download or read book Elgar Encyclopedia of Post-Keynesian Economics written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2023-01-13 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020.
Book Synopsis Trade Unions and the Economy: 1870–2000 by : Derek H. Aldcroft
Download or read book Trade Unions and the Economy: 1870–2000 written by Derek H. Aldcroft and published by Taylor & Francis. This book was released on 2017-07-05 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: What do unions do and why do they do it? Do they seek to maximise profit for their members, or to obtain better working conditions that benefit society as a whole? Derek H. Aldcroft and Michael J. Oliver here provide one of the first sustained studies of the effects of union activities in terms of economic performance and the impact on the business world. From the rise of the British mass trade union movement in the 1870s to the present day, the book examines the main trends in union development and structure, and the core strategies unions have used to achieve their objectives: the use of strikes, work rules and restrictive practices; workers’ attitudes to innovation; the wage bargaining process. Important assessments are made of the influence of these strategies on investment, innovation, economic growth, and the cost of structure and competitiveness of the UK economy.
Book Synopsis Essays in Economics by : James Tobin
Download or read book Essays in Economics written by James Tobin and published by MIT Press. This book was released on 1987 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: These 28 essays, covering Tobin's work in macroeconomics from the early 1940s to 1970 are grouped into three parts - macroeconomic theory, economic growth, and money and finance.
Download or read book Yale Economic Essays written by and published by . This book was released on 1970 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reclaiming Pluralism in Economics by : Jerry Courvisanos
Download or read book Reclaiming Pluralism in Economics written by Jerry Courvisanos and published by Routledge. This book was released on 2016-03-31 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered ‘heterodox’. This book is in honour of John Edward King who has an impressive publication record in the area of economic theory with specific interest in how economic thought in the past shapes current economic theory and enforces certain paths of economic policy and economic development. This book is divided into five themes based on King’s interests. The first theme looks at the challenge in trying to reclaim pluralism in economics. The second faces head-on the direct collision of mainstream economics with history of economic thought and heterodox economics. The third addresses classical economic ideas, their central influence in the past and how they can still primarily guide modern pluralist economics. The fourth examines Post Keynesian and Kaleckian economics with a view to providing a more coherent and extensive branch of heterodox economics. The final theme critiques the policy of neoliberalism that has entrenched itself in capitalist economies which have led to financial, industrial, labour, and behavioural/consumerist crises. This text aims to provide a clear path for pluralism to serve the economics discipline as its standard bearer, and to no longer be merely a heterodox challenge to the mainstream. This book is of interest to those who study history of economic thought, political economy and heterodox economics.
Book Synopsis Three Essays in International Macroeconomics and Finance by : Enrique Martinez-Garcia
Download or read book Three Essays in International Macroeconomics and Finance written by Enrique Martinez-Garcia and published by . This book was released on 2007 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Money and Credit by : Lars Meuller
Download or read book Essays on Money and Credit written by Lars Meuller and published by . This book was released on 2000 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 1998 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Post-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki by : G. Harcourt
Download or read book Post-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki written by G. Harcourt and published by Springer. This book was released on 2016-04-29 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joseph Halevi, Geoff Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume I analyses the contributions of Keynes, Harrod and Kalecki.
Book Synopsis The British National Bibliography by : Arthur James Wells
Download or read book The British National Bibliography written by Arthur James Wells and published by . This book was released on 2002 with total page 1008 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reforming Britain's Economic and Financial Policy by : H. Treasury
Download or read book Reforming Britain's Economic and Financial Policy written by H. Treasury and published by Springer. This book was released on 2001-12-02 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high levels of growth and employment. This book provides a comprehensive account of these reforms, which constitute a new and innovative approach to policy making. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an unprecedented insight into UK Government economic policy, the book takes the reader through the intellectual foundations of policy reform and the translation of these to applied policy making. Reforming Britain's Economic and Financial Policy contains a foreword by the Chancellor, Gordon Brown.
Book Synopsis Index to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards by :
Download or read book Index to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards written by and published by . This book was released on 2006 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
