Review Of Estimates Of The Frisch Elasticity Of Labor Supply

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Bayesian Estimation of DSGE Models

Author : Edward P. Herbst
Publisher : Princeton University Press
ISBN 13 : 0691161089
Total Pages : 295 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Bayesian Estimation of DSGE Models by : Edward P. Herbst

Download or read book Bayesian Estimation of DSGE Models written by Edward P. Herbst and published by Princeton University Press. This book was released on 2015-12-29 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic stochastic general equilibrium (DSGE) models have become one of the workhorses of modern macroeconomics and are extensively used for academic research as well as forecasting and policy analysis at central banks. This book introduces readers to state-of-the-art computational techniques used in the Bayesian analysis of DSGE models. The book covers Markov chain Monte Carlo techniques for linearized DSGE models, novel sequential Monte Carlo methods that can be used for parameter inference, and the estimation of nonlinear DSGE models based on particle filter approximations of the likelihood function. The theoretical foundations of the algorithms are discussed in depth, and detailed empirical applications and numerical illustrations are provided. The book also gives invaluable advice on how to tailor these algorithms to specific applications and assess the accuracy and reliability of the computations. Bayesian Estimation of DSGE Models is essential reading for graduate students, academic researchers, and practitioners at policy institutions.

Household Leverage and the Recession

Author : Callum Jones
Publisher : International Monetary Fund
ISBN 13 : 1484374983
Total Pages : 51 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Household Leverage and the Recession by : Callum Jones

Download or read book Household Leverage and the Recession written by Callum Jones and published by International Monetary Fund. This book was released on 2018-08-30 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate and partially challenge the ‘household leverage’ view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes in debt. We estimate the model with Bayesian methods combining state and aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across states, but a small fraction of the aggregate employment decline in 2008-2010. Nevertheless, since household deleveraging was gradual, credit shocks greatly slowed the recovery.

Frontiers of Business Cycle Research

Author : Thomas F. Cooley
Publisher : Princeton University Press
ISBN 13 : 9780691043234
Total Pages : 452 pages
Book Rating : 4.0/5 (432 download)

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Book Synopsis Frontiers of Business Cycle Research by : Thomas F. Cooley

Download or read book Frontiers of Business Cycle Research written by Thomas F. Cooley and published by Princeton University Press. This book was released on 1995-02-26 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t

International Dimensions of Monetary Policy

Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Demography and the Economy

Author : John B. Shoven
Publisher : University of Chicago Press
ISBN 13 : 0226754758
Total Pages : 444 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Demography and the Economy by : John B. Shoven

Download or read book Demography and the Economy written by John B. Shoven and published by University of Chicago Press. This book was released on 2011-01-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed nations. Demographic studies help make sense of key aspects of the economy, offering insight into trends in fertility, mortality, immigration, and labor force participation, as well as age, gender, and race specific trends in health and disability. Demography and the Economy explores the connections between demography and economics, paying special attention to what demographic trends can reveal about the sustainability of traditional social security programs and the larger implications for economic growth. The volume brings together some of the leading scholars working at the border between the two disciplines, and it provides an eclectic overview of both fields. Contributors also offer deeper analysis of a variety of issues such as the impact of greater wealth on choices about marriage and childbearing and the effects of aging populations on housing prices, Social Security, and Medicare.

Dynamics of Wages

Author : A. N. Mathur
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dynamics of Wages by : A. N. Mathur

Download or read book Dynamics of Wages written by A. N. Mathur and published by . This book was released on 1986 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:

How Does Taxation Affect Hours Worked in EU New Member States?

Author : Agustin Velasquez
Publisher : International Monetary Fund
ISBN 13 : 1498321143
Total Pages : 35 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis How Does Taxation Affect Hours Worked in EU New Member States? by : Agustin Velasquez

Download or read book How Does Taxation Affect Hours Worked in EU New Member States? written by Agustin Velasquez and published by International Monetary Fund. This book was released on 2019-06-17 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hours worked vary widely across countries and over time. In this paper, we investigate the role played by taxation in explaining these differences for EU New Member States. By extending a standard growth model with novel data on consumption and labor taxes, we assess the evolution of trends in hours worked over the 1995-2017 period. We find that the inclusion of tax rates in the model significantly improves the tracking of hours. We also estimate the elasticity of hours (and its different margins) to quantify the deadweight loss introduced by consumption and labor taxes. We find that these taxes explain a large share of labor supply differences across EU New Member States and that the potential gains from policy actions are noteworthy.

Labor Markets and Business Cycles

Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Labor Markets and Business Cycles by : Robert Shimer

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

Forward-Looking Decision Making

Author : Robert E. Hall
Publisher : Princeton University Press
ISBN 13 : 1400835267
Total Pages : 152 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Forward-Looking Decision Making by : Robert E. Hall

Download or read book Forward-Looking Decision Making written by Robert E. Hall and published by Princeton University Press. This book was released on 2010-02-08 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Individuals and families make key decisions that impact many aspects of financial stability and determine the future of the economy. These decisions involve balancing current sacrifice against future benefits. People have to decide how much to invest in health care, exercise, their diet, and insurance. They must decide how much debt to take on, and how much to save. And they make choices about jobs that determine employment and unemployment levels. Forward-Looking Decision Making is about modeling this individual or family-based decision making using an optimizing dynamic programming model. Robert Hall first reviews ideas about dynamic programs and introduces new ideas about numerical solutions and the representation of solved models as Markov processes. He surveys recent research on the parameters of preferences--the intertemporal elasticity of substitution, the Frisch elasticity of labor supply, and the Frisch cross-elasticity. He then examines dynamic programming models applied to health spending, long-term care insurance, employment, entrepreneurial risk-taking, and consumer debt. Linking theory with data and applying them to real-world problems, Forward-Looking Decision Making uses dynamic optimization programming models to shed light on individual behaviors and their economic implications.

The Economics of Public Spending

Author : David Miles
Publisher : OUP Oxford
ISBN 13 : 9780191593284
Total Pages : 432 pages
Book Rating : 4.5/5 (932 download)

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Book Synopsis The Economics of Public Spending by : David Miles

Download or read book The Economics of Public Spending written by David Miles and published by OUP Oxford. This book was released on 2003-03-20 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Public Spending investigates the extent of government involvement in the economy, details its rational, and traces its historical record. The book unites articles previously published in Fiscal Studies, each one addressing a different area of expenditure and written by an economist specializing in that field. They describe both the data on public expenditure and the theory relevant to understanding the policy issues. A new introduction investigates the overall role of the public sector and discusses the general theory of public expenditure. In providing a detailed analysis of public expenditure, the book makes an important contribution to the economics literature. There are no other texts with this breadth of coverage or depth of analysis. Insights are provided into both the policy issues, cross-country comparisons of expenditure, and alternative approaches to economic analysis. The chapters apply the tools of orthodox public finance, public choice, modern public economics, and game theory to reach a range of policy proposals and conclusions. These demonstrate the range and potential of economic analysis when applied to these important issues.

Financial Literacy

Author : Olivia S. Mitchell
Publisher : Oxford University Press
ISBN 13 : 0199696810
Total Pages : 328 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Financial Literacy by : Olivia S. Mitchell

Download or read book Financial Literacy written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2011-10-27 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: As defined contribution pensions become prevalent, retirees are increasingly responsible for managing their own pension assets and thus their own financial literacy becomes crucial. Based on empirical evidence and new research, the book examines how financial literacy enhances retirement decision-making in ever more complex financial markets.

Monopsony in Motion

Author : Alan Manning
Publisher : Princeton University Press
ISBN 13 : 1400850673
Total Pages : 414 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monopsony in Motion by : Alan Manning

Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.

Advance Earned Income Tax Credit

Author : United States. Internal Revenue Service
Publisher :
ISBN 13 :
Total Pages : 2 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis Advance Earned Income Tax Credit by : United States. Internal Revenue Service

Download or read book Advance Earned Income Tax Credit written by United States. Internal Revenue Service and published by . This book was released on 1994 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Price Index Concepts and Measurement

Author : W. Erwin Diewert
Publisher : University of Chicago Press
ISBN 13 : 0226148572
Total Pages : 531 pages
Book Rating : 4.2/5 (261 download)

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Book Synopsis Price Index Concepts and Measurement by : W. Erwin Diewert

Download or read book Price Index Concepts and Measurement written by W. Erwin Diewert and published by University of Chicago Press. This book was released on 2010-02-15 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.

Intertemporal Substitution in Macroeconomics

Author : N. Gregory Mankiw
Publisher : Palala Press
ISBN 13 : 9781342045607
Total Pages : 74 pages
Book Rating : 4.0/5 (456 download)

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Book Synopsis Intertemporal Substitution in Macroeconomics by : N. Gregory Mankiw

Download or read book Intertemporal Substitution in Macroeconomics written by N. Gregory Mankiw and published by Palala Press. This book was released on 2015-09-09 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Household Labor Economics

Author : Pierre-André Chiappori
Publisher : Edward Elgar Publishing
ISBN 13 : 9781789903539
Total Pages : 896 pages
Book Rating : 4.9/5 (35 download)

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Book Synopsis Household Labor Economics by : Pierre-André Chiappori

Download or read book Household Labor Economics written by Pierre-André Chiappori and published by Edward Elgar Publishing. This book was released on 2021-01-28 with total page 896 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Research Collection surveys the main contribution to labor supply decisions within the family. It covers both theory, from the initial 'unitary' model that postulates that the family behaves as a single decision maker, to modern 'collective' approaches that concentrates on differences in preferences and power relationships and empirical applications. Including an original Introduction by the Editors, a special emphasis is placed on dynamic approaches, in particular issues related to intra-household commitment, and on policy implications.

Microeconomics in Context

Author : Neva Goodwin
Publisher : Routledge
ISBN 13 : 1317464788
Total Pages : 444 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Microeconomics in Context by : Neva Goodwin

Download or read book Microeconomics in Context written by Neva Goodwin and published by Routledge. This book was released on 2015-12-07 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic realities. The "in Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes. Key features include: --Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; --Presentation of policy issues in historical, institutional, social, political, and ethical context--an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; --A powerful graphical presentation of various measures of well-being in the United States, from income inequality and educational attainment to home prices; --Broad definition of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion; --New chapters on the economics of the environment, taxes and tax policy, common property and public goods, and welfare analysis; --Expanded coverage of high-interest topics such as behavioral economics, labor markets, and healthcare; --Full complement of instructor and student support materials online, including test banks and grading through Canvas.