Unemployment In Open Economies
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| Author | : Martín Uribe |
| Publisher | : Princeton University Press |
| Total Pages | : 646 |
| Release | : 2017-04-04 |
| Genre | : Business & Economics |
| ISBN | : 0691158770 |
A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
| Author | : Pia Weiß |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 233 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642565697 |
Unemployment in Open Economies studies how domestic labour markets are influenced by a changing international environment. It combines the recently developed search and matching models with standard models of international trade. By this method, the reader gains new insights in the ongoing debate on how globalisation can affect unemployment. The author develops a collection of models showing that globalisation can be one reason for long-known and well-documented phenomenons on the labour market. She puts emphasis on country differences by studying the role of individual risk behavior and the wage setting on the unemployment level.
| Author | : Mr.Rabah Arezki |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2015-09-29 |
| Genre | : Business & Economics |
| ISBN | : 1513590766 |
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ? the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large panel of countries. Our empirical estimates are consistent with the predictions of the model. After an oil discovery, the current account and saving rate decline for the first 5 years and then rise sharply during the ensuing years. Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years. Employment rates fall slightly for a sustained period of time.
| Author | : Robert M. Solow |
| Publisher | : MIT Press |
| Total Pages | : 140 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : 9780262692229 |
Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
| Author | : Stephanie Schmitt-Grohé |
| Publisher | : Princeton University Press |
| Total Pages | : 483 |
| Release | : 2022-09-06 |
| Genre | : Business & Economics |
| ISBN | : 0691189544 |
An essential introduction to one of the most timely and important subjects in economics International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking. Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics Brings undergraduate and master’s instruction in line with modern economic research Follows a microfounded, optimizing, and dynamic general equilibrium approach Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises Uses real-world data to test the predictions of theoretical models Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models Accompanied by a website with lecture slides for every chapter
| Author | : Andreas Pollak |
| Publisher | : Mohr Siebeck |
| Total Pages | : 204 |
| Release | : 2007 |
| Genre | : Business & Economics |
| ISBN | : 9783161493041 |
Designing a good unemployment insurance scheme is a delicate matter. In a system with no or little insurance, households may be subject to a high income risk, whereas excessively generous unemployment insurance systems are known to lead to high unemployment rates and are costly both from a fiscal perspective and for society as a whole. Andreas Pollak investigates what an optimal unemployment insurance system would look like, i.e. a system that constitutes the best possible compromise between income security and incentives to work. Using theoretical economic models and complex numerical simulations, he studies the effects of benefit levels and payment durations on unemployment and welfare. As the models allow for considerable heterogeneity of households, including a history-dependent labor productivity, it is possible to analyze how certain policies affect individuals in a specific age, wealth or skill group. The most important aspect of an unemployment insurance system turns out to be the benefits paid to the long-term unemployed. If this parameter is chosen too high, a large number of households may get caught in a long spell of unemployment with little chance of finding work again. Based on the predictions in these models, the so-called "Hartz IV" labor market reform recently adopted in Germany should have highly favorable effects on the unemployment rates and welfare in the long run.
| Author | : Oregon. Office of the Secretary of State |
| Publisher | : |
| Total Pages | : 232 |
| Release | : 1895 |
| Genre | : Oregon |
| ISBN | : |
| Author | : J. L. Porket |
| Publisher | : Palgrave Macmillan |
| Total Pages | : 230 |
| Release | : 1995-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9780312124847 |
In this book Dr Porket argues that no modern economy can escape open unemployment as long as free labour and a free labour market exist. He argues, too, that in any modern economy there exists a tension between economic individualism and economic collectivism, but that market forces cannot forever be denied. While Part I examines open and hidden unemployment in capitalist market economies and socialist command economies prior to 1989, Part II concentrates on the issue of unemployment in post-communist economies between 1989 and the end of 1993. Finally, Part III summarizes, re-examines and expands on those selected dimensions of the issue of unemployment that are deemed currently to be relevant to both Western and post-communist economies. Although the book is primarily about unemployment, open as well as hidden, it is also concerned with economic systems and their transformation and, hence, about the role of the visible hand (the state) in the economy.
| Author | : Nicolas Petrosky-Nadeau |
| Publisher | : MIT Press |
| Total Pages | : 271 |
| Release | : 2017-11-10 |
| Genre | : Business & Economics |
| ISBN | : 0262036452 |
An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
| Author | : Robert M. Solow |
| Publisher | : MIT Press |
| Total Pages | : 262 |
| Release | : 1990 |
| Genre | : Business & Economics |
| ISBN | : 9780262041102 |
The essays in this book extend and elaborate on many of the important ideas Solow has either originated or developed in the past three decades.
