Essays On Wage Bargaining In Dynamic Macroeconomics
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Author | : Oliver Claas |
Publisher | : Springer Nature |
Total Pages | : 161 |
Release | : 2019-11-20 |
Genre | : Business & Economics |
ISBN | : 3319978284 |
This book addresses collective bargaining in an intertemporal monetary macroeconomy of the aggregate supply–aggregate demand (AS–AD) type with overlapping generations of consumers and with a public sector. The results are presented in a unified framework with a commodity market that clears competitively. By analyzing the implications of three variants of collective bargaining – efficient bargaining in a uniform and a segmented labor market and “right-to-manage” wage bargaining – it identifies the quantity of money, price expectations, union power, and union size as the determinants of temporary equilibria. In the three scenarios, it characterizes and compares the temporary equilibria using both analytical and numerical techniques, with an emphasis on allocations, welfare, and efficiency. It also discusses the dynamic evolution under rational expectations and its steady states in nominal and real terms. Lastly, it demonstrates conditions for stability regarding a balanced monetary expansion of the economy.
Author | : Volker Böhm |
Publisher | : Springer |
Total Pages | : 437 |
Release | : 2017-10-30 |
Genre | : Business & Economics |
ISBN | : 3319601490 |
This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis. It investigates the implications of expectations and of stationary fiscal policies on allocations, on the quantity of money, and on the dynamic evolution of the economy with and without noise. The text contrasts and compares the two main competing approaches in macroeconomics within the same intertemporal model of a closed monetary economy: the one postulating full price flexibility to guarantee equilibrium in all markets at all times under perfect foresight or rational expectations, versus the so called disequilibrium approach where trading occurs at non- market-clearing prices and wages when these adjust sluggishly from period to period in response to market disequilibrium signals.
Author | : Bruno S. Frey |
Publisher | : Springer |
Total Pages | : 168 |
Release | : 2017-03-08 |
Genre | : Business & Economics |
ISBN | : 3319474588 |
Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Author | : Lance Taylor |
Publisher | : Cambridge University Press |
Total Pages | : 145 |
Release | : 2020-08-20 |
Genre | : Business & Economics |
ISBN | : 1108494633 |
An innovative approach to measuring inequality providing the first full integration of distributional and macro level data for the US.
Author | : George Alogoskoufis |
Publisher | : MIT Press |
Total Pages | : 801 |
Release | : 2019-12-17 |
Genre | : Business & Economics |
ISBN | : 0262043017 |
An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy. This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others. After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run economic growth and aggregate fluctuations, the book introduces the main elements of the intertemporal approach through a series of two-period competitive general equilibrium models—the simplest possible intertemporal models. This sets the stage for the remainder of the book, which presents models of economic growth, aggregate fluctuations, and monetary and fiscal policy. The text focuses on a full analysis of a limited number of key intertemporal models, which are stripped down to essentials so that students can focus on the dynamic properties of the models. Exercises encourage students to try their hands at solving versions of the dynamic models that define modern macroeconomics. Appendixes review the main mathematical techniques needed to analyze optimizing dynamic macroeconomic models. The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists.
Author | : Herbert Dawid |
Publisher | : Springer Nature |
Total Pages | : 244 |
Release | : 2020-12-22 |
Genre | : Business & Economics |
ISBN | : 3030529703 |
This book analyses decision-making in dynamic economic environments. By applying a wide range of methodological approaches, combining both analytical and computational methods, the contributors examine various aspects of optimal firm behaviour and relevant policy areas. Topics covered include optimal control, dynamic games, economic decision-making, and applications in finance and economics, as well as policy implications in areas such as pollution regulation. This book is dedicated to Christophe Deissenberg, a well-known and distinguished scholar of economic dynamics and computational economics. It appeals to academics in the areas of optimal control, dynamic games and computational economics as well as to decision-makers working in policy domains such as environmental policy.
Author | : Roy Harrod |
Publisher | : Springer |
Total Pages | : 201 |
Release | : 1973-06-18 |
Genre | : Business & Economics |
ISBN | : 1349016969 |
Author | : Frank Hahn |
Publisher | : MIT Press |
Total Pages | : 174 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780262581547 |
In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement with that trend. It demonstrates notonly how the new classical view got macroeconomics wrong, but also howto go about doing macroeconomics the right way.
Author | : DEBABRATA DATTA |
Publisher | : PHI Learning Pvt. Ltd. |
Total Pages | : 604 |
Release | : 2017-04-01 |
Genre | : Business & Economics |
ISBN | : 8120352416 |
Managerial Economics, also known as business economics or Applied Microeconomics, helps in dealing with business decisions and management units effectively. This book discusses the theories and applications of Managerial Economics with the help of its various quantitative techniques like operations research, mathematical programming, game theory for strategic decisions, and other computational methods. Divided into 8 sections and 24 chapters, the book shows how conveniently one can find a solution to the business problems, such as Risk analysis, Production analysis, Pricing, Budgeting, Sales promotion and so on with Managerial Economics tools. Section I analyses the economic behaviour of the consumers; Section II discusses producers’ behaviour and issues related to the production; Sections III, IV and V talk about markets and firms and their types. The concluding Sections VI, VII and VIII delve on the application part of Economics in human resource management, finance, marketing and strategy. The chapters are well-supported with the cases, figures and important facts. The book is equipped with pedagogical aids in the form of Summary, Glossary, Important Terms, Numerical Problems and Multiple Choice Questions. Intended for the postgraduate students of Management, the book will be equally beneficial for the practising Managers.
Author | : Engelbert J. Dockner |
Publisher | : Springer Science & Business Media |
Total Pages | : 434 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642576842 |
This book includes a collection of articles that present recent developments in the fields of optimization and dynamic game theory, economic dynamics, dynamic theory of the firm, and population dynamics and non standard applications of optimal control theory. The authors of the articles are well respected authorities in their fields and are known for their high quality research in the fields of optimization and economic dynamics.