Growth and Business Cycles with Equilibrium Indeterminacy

Growth and Business Cycles with Equilibrium Indeterminacy
Author: Kazuo Mino
Publisher: Springer
Total Pages: 240
Release: 2017-07-11
Genre: Business & Economics
ISBN: 4431556095

Over the past two decades, the issue of equilibrium indeterminacy has been one of the major research concerns in macroeconomic dynamics. Growth and Business Cycles with Equilibrium Indeterminacy discusses the main topics in this literature. Based on comprehensive surveys and the author’s original research, this book explores sunspot-driven fluctuations in real business cycle models, multiple equilibria in endogenous growth models, and the stabilization effects of fiscal and monetary policy rules. The book also considers equilibrium indeterminacy in open economy models.

Human Capital, Trade, and Public Policy in Rapidly Growing Economies

Human Capital, Trade, and Public Policy in Rapidly Growing Economies
Author: Michele Boldrin
Publisher: Edward Elgar Publishing
Total Pages: 328
Release: 2004-01-01
Genre: Business & Economics
ISBN: 9781782542001

Human Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement. In particular, the book focuses on the forces underlying long-lasting growth in East Asia's Newly Industrialized Countries (NICs). Drawing from the experiences of Hong Kong, South Korea, Singapore and Taiwan, it questions whether public policy can contribute to removing barriers towards accumulation of wealth, and if so, what development policy should be put in place to remedy the existing distortions or market failure problems.

Assessing Dsge Models with Capital Accumulation and Indeterminacy

Assessing Dsge Models with Capital Accumulation and Indeterminacy
Author: Mr.Vadim Khramov
Publisher: International Monetary Fund
Total Pages: 36
Release: 2012-03-01
Genre: Business & Economics
ISBN: 1475502354

The simulated results of this paper show that New Keynesian DSGE models with capital accumulation can generate substantial persistencies in the dynamics of the main economic variables, due to the stock nature of capital. Empirical estimates on U.S. data from 1960:I to 2008:I show the response of monetary policy to inflation was almost twice lower than traditionally considered, as capital accumulation creates an additional channel of influence through real interest rates in the production sector. Versions of the model with indeterminacy empirically outperform determinate versions. This paper allows for the reconsideration of previous findings and has significant monetary policy implications.

Economics of the Family

Economics of the Family
Author: Martin Browning
Publisher: Cambridge University Press
Total Pages: 511
Release: 2014-06-05
Genre: Business & Economics
ISBN: 0521791596

This book provides a comprehensive, modern, and self-contained account of the research in the growing area of family economics. It is intended for graduate students in economics and for researchers in other fields interested in the economic approach to the family.

The ECB’s Monetary Analysis Revisited

The ECB’s Monetary Analysis Revisited
Author: Helge Berger
Publisher: International Monetary Fund
Total Pages: 66
Release: 2008-07
Genre: Business & Economics
ISBN:

Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.