The Optimality Of Nominal Contracts

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The World Scientific Handbook of Futures Markets

Author : Anastasios G. E. T. Al MALLIARIS
Publisher : World Scientific
ISBN 13 : 9814566926
Total Pages : 844 pages
Book Rating : 4.8/5 (145 download)

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Book Synopsis The World Scientific Handbook of Futures Markets by : Anastasios G. E. T. Al MALLIARIS

Download or read book The World Scientific Handbook of Futures Markets written by Anastasios G. E. T. Al MALLIARIS and published by World Scientific. This book was released on 2015-08-06 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics."--$cProvided by publisher.

The New Macroeconomics

Author : Huw David Dixon
Publisher : Cambridge University Press
ISBN 13 : 9780521479479
Total Pages : 408 pages
Book Rating : 4.4/5 (794 download)

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Book Synopsis The New Macroeconomics by : Huw David Dixon

Download or read book The New Macroeconomics written by Huw David Dixon and published by Cambridge University Press. This book was released on 1995-10-19 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.

Optimal Monetary Policy with Staggered Wage and Price Contracts

Author : Christopher J. Erceg
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Optimal Monetary Policy with Staggered Wage and Price Contracts by : Christopher J. Erceg

Download or read book Optimal Monetary Policy with Staggered Wage and Price Contracts written by Christopher J. Erceg and published by . This book was released on 1999 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output gap, price inflation, and wage inflation. Monetary policy cannot replicate the Pareto-optimal equilibrium that would occur under completely flexible wages and prices; that is, the model exhibits a tradeoff between stabilizing the output gap, price inflation, and wage inflation. The Pareto optimum is attainable only if either wages or prices are completely flexible. For reasonable calibrations of the model, we characterize the optimal policy rule. Furthermore, strict price inflation targeting is clearly suboptimal, whereas rules that also respond to either the output gap or wage inflation are nearly optimal.

Essays in Dynamic General Equilibrium Theory

Author : Alessandro Citanna
Publisher : Springer Science & Business Media
ISBN 13 : 3540271929
Total Pages : 278 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis Essays in Dynamic General Equilibrium Theory by : Alessandro Citanna

Download or read book Essays in Dynamic General Equilibrium Theory written by Alessandro Citanna and published by Springer Science & Business Media. This book was released on 2006-01-11 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.

Public Debt Indexation and Denomination

Author : Mr.Ilan Goldfajn
Publisher : International Monetary Fund
ISBN 13 : 1451922809
Total Pages : 29 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Public Debt Indexation and Denomination by : Mr.Ilan Goldfajn

Download or read book Public Debt Indexation and Denomination written by Mr.Ilan Goldfajn and published by International Monetary Fund. This book was released on 1998-02-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper models the optimal debt management strategy of the public sector when issuing nominal, price-level-indexed and foreign-denominated debt securities. The model predicts that the variance of inflation, the size of the public debt, the variance of the real exchange rate, and the correlation of inflation with public expenditures are the main determinants of public debt management. Using this framework, the paper analyzes the Brazilian experience with indexed debt in the last decade. In particular, it explains the large increase of indexed public debt in Brazil prior to the 1994 Real plan and, thereafter, the steady decline in its use.

Corporatism Or Competition?

Author : Coen Teulings
Publisher : Cambridge University Press
ISBN 13 : 0521590736
Total Pages : 364 pages
Book Rating : 4.5/5 (215 download)

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Book Synopsis Corporatism Or Competition? by : Coen Teulings

Download or read book Corporatism Or Competition? written by Coen Teulings and published by Cambridge University Press. This book was released on 1998-09-17 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors present important research showing that corporatist institutions generate smaller non-competitive wage differentials than a decentralized system. A theoretical explanation is developed based on the hold-up problem in investments, arguing that corporatist institutions solve the problem by specifying ex ante nominal contracts that remove the necessity of ex post bargaining over the surplus of an employment relationship. The authors also argue that such institutions allow sufficient flexibility to accommodate aggregate shocks, even more so than decentralized systems. Corporatism or Competition? is the first book to bring together the mass of research on comparative wage differences, wage movements and employment behaviour in different countries with different institutional frameworks, in an organized and coherent fashion.

Wage & Employment Patterns in Labor Contracts

Author : R. Cooper
Publisher : Routledge
ISBN 13 : 1136457526
Total Pages : 104 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Wage & Employment Patterns in Labor Contracts by : R. Cooper

Download or read book Wage & Employment Patterns in Labor Contracts written by R. Cooper and published by Routledge. This book was released on 2018-10-24 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

Good Jobs Wanted

Author : Inter-American Development Bank
Publisher : IDB
ISBN 13 : 9781931003506
Total Pages : 330 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis Good Jobs Wanted by : Inter-American Development Bank

Download or read book Good Jobs Wanted written by Inter-American Development Bank and published by IDB. This book was released on 2003 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation There is a widespread perception that the structural reforms implemented in Latin America in the 1990s have failed to spur employment growth. This perception is fueled by rising unemployment, slow wage growth, rising wage inequalities and a heightened sense of economic insecurity. This year's edition of Economic and Social Progress in Latin America investigates whether this disappointing outcome can be explained by an abnormal adjustment to rapid changes in goods and capital markets, increased female participation in the workplace, technological change, and secular changes in the sector composition of output. In particular, the book examines whether there are important demands for change that are being thwarted by inappropriate institutions and rigidities. The report documents unemployment and underemployment, employment creation and destruction, productivity growth, and the wage level and inequality. It includes a CD-ROM with data on labor markets in the region.

The Concept of Equilibrium in Different Economic Traditions

Author : Bert Tieben
Publisher : Edward Elgar Publishing
ISBN 13 : 1781953511
Total Pages : 689 pages
Book Rating : 4.7/5 (819 download)

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Book Synopsis The Concept of Equilibrium in Different Economic Traditions by : Bert Tieben

Download or read book The Concept of Equilibrium in Different Economic Traditions written by Bert Tieben and published by Edward Elgar Publishing. This book was released on 2012-07-01 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.

International Finance and Financial Crises

Author : Mr.Peter Isard
Publisher : International Monetary Fund
ISBN 13 : 9781557758347
Total Pages : 304 pages
Book Rating : 4.7/5 (583 download)

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Book Synopsis International Finance and Financial Crises by : Mr.Peter Isard

Download or read book International Finance and Financial Crises written by Mr.Peter Isard and published by International Monetary Fund. This book was released on 2000-01-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the proceedings of a conference held in honor of Robert P. Flood Jr. Contributors to the conference were invited to address many of the topics that Robert Flood has explored including regime switching, speculative attacks, bubbles, stock market voloatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. The results, contained in this volume, include five papers on topics in international finance.

Frontiers of Business Cycle Research

Author : Thomas F. Cooley
Publisher : Princeton University Press
ISBN 13 : 0691218056
Total Pages : 442 pages
Book Rating : 4.6/5 (912 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 2020-09-01 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately--and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods--with emphasis on the construction of equilibrium paths for simple artificial economies--leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory. This volume covers such issues as the aggregate labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies. The contributors are David Backus, V. V. Chari, Lawrence Christiano, Thomas F. Cooley, Jean-Pierre Danthine, John Donaldson, Jeremy Greenwood, Gary D. Hansen, Patrick Kehoe, Finn Kydland, Edward C. Prescott, Richard Rogerson, Julio Rotemberg, Geert Rouwenhorst, José-Víctor Ríos-Rull, Michael Woodford, and Randall Wright.

Evaluating Policy Regimes

Author : Ralph Bryant
Publisher : Brookings Institution Press
ISBN 13 : 9780815714910
Total Pages : 1028 pages
Book Rating : 4.7/5 (149 download)

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Book Synopsis Evaluating Policy Regimes by : Ralph Bryant

Download or read book Evaluating Policy Regimes written by Ralph Bryant and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 1028 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have long debated the theoretical merits—for an individual nation and for a multi-nation world economy—of alternative approaches to the conduct of economic policy. Yet theory alone cannot resolve the important issues at stake. Only after the robustness of policy regimes has been carefully examined with empirical evidence will policymakers and economists be able to reach more of a consensus. This pathbreaking volume takes major steps forward in meeting the need for a combination of theoretical and empirical evaluations of alternative policy regimes. Bringing together individuals and groups doing pioneering research on macroeconomic interaction, it explores what approach to monetary policy would lead to superior performance by individual national economies and the world economy as a whole. Many parts of the book use the analytical techniques of stochastic simulation, an evaluation procedure increasingly employed at the frontier of empirical economic analysis. The book provides a summary of the hey issues involved in evaluating policy regimes and clarifies the relationships among those issues. The authors examine the stabilization properties of alternative monetary-policy regimes and analyze how well various regime types perform in the face of unexpected shocks to national economies. Among their conclusions, they find that some simplified regimes for monetary policy are markedly less promising than others for achieving the stabilization objectives commonly sought by policymakers. Evaluating Policy Regimes is another major installment in a continuing world wide research project, sponsored by the Brookings Institution, to improve empirical knowledge about the interdependence of national economies.

Monetary Policy, Inflation, and the Business Cycle

Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Advanced Microeconomics for Contract, Institutional, and Organizational Economics

Author : W. Bentley MacLeod
Publisher : MIT Press
ISBN 13 : 026236946X
Total Pages : 417 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Advanced Microeconomics for Contract, Institutional, and Organizational Economics by : W. Bentley MacLeod

Download or read book Advanced Microeconomics for Contract, Institutional, and Organizational Economics written by W. Bentley MacLeod and published by MIT Press. This book was released on 2022-04-05 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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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.

Interpreting Keynes for the 21st Century

Author : P. Davidson
Publisher : Springer
ISBN 13 : 0230286550
Total Pages : 320 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis Interpreting Keynes for the 21st Century by : P. Davidson

Download or read book Interpreting Keynes for the 21st Century written by P. Davidson and published by Springer. This book was released on 2007-07-12 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 4th volume of Davidson's major contributions to the economics and policy debates of our times, this book contains articles, newspaper columns and papers that explain why Keynes's General Theory , as developed by Post Keynesian theorists, provides important policy implications for the economic problems of the 21st century global economy.

Theory of Macroeconomic Policy

Author : Christopher Tsoukis
Publisher : Oxford University Press
ISBN 13 : 0192559214
Total Pages : 512 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Theory of Macroeconomic Policy by : Christopher Tsoukis

Download or read book Theory of Macroeconomic Policy written by Christopher Tsoukis and published by Oxford University Press. This book was released on 2020-10-22 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.