Macroeconomic Fluctuations and Policies

Macroeconomic Fluctuations and Policies
Author: Edouard Challe
Publisher: MIT Press
Total Pages: 361
Release: 2023-09-19
Genre: Business & Economics
ISBN: 0262549298

The basic tools for analyzing macroeconomic fluctuations and policies, applied to concrete issues and presented within an integrated New Keynesian framework. This textbook presents the basic tools for analyzing macroeconomic fluctuations and policies and applies them to contemporary issues. It employs a unified New Keynesian framework for understanding business cycles, major crises, and macroeconomic policies, introducing students to the approach most often used in academic macroeconomic analysis and by central banks and international institutions. The book addresses such topics as how recessions and crises spread; what instruments central banks and governments have to stimulate activity when private demand is weak; and what “unconventional” macroeconomic policies might work when conventional monetary policy loses its effectiveness (as has happened in many countries in the aftermath of the Great Recession.). The text introduces the foundations of modern business cycle theory through the notions of aggregate demand and aggregate supply, and then applies the theory to the study of regular business-cycle fluctuations in output, inflation, and employment. It considers conventional monetary and fiscal policies aimed at stabilizing the business cycle, and examines unconventional macroeconomic policies, including forward guidance and quantitative easing, in situations of “liquidity trap”—deep crises in which conventional policies are either ineffective or have very different effects than in normal time. This book is the first to use the New Keynesian framework at the advanced undergraduate level, connecting undergraduate learning not only with the more advanced tools taught at the graduate level but also with the large body of policy-oriented research in academic journals. End-of-chapter problems help students master the materials presented.

The Redistribution Recession

The Redistribution Recession
Author: Casey B. Mulligan
Publisher: Oxford University Press
Total Pages: 364
Release: 2012-11-29
Genre: Business & Economics
ISBN: 0199942218

"Major subsidies and regulations intended to help the poor and unemployed were changed in more than a dozen ways after 2007. Economist Casey B. Mulligan argues that many of these changes were reasonable reactions to economic events, with the intention of helping people endure the recession, but they also reduced incentives for people to work and businesses to hire. He measures the startling changes in implicit tax rates that resulted from a labyrinth of new and expanded 'social safety net' programs, and quantifies the effects of these changes on the labor market and the economy. He also reveals how borrowers can expect their earnings to affect the amount that lenders will forgive in debt renegotiation, and how this has acted as a massive implicit tax on earning. He explains how redistribution in the forms of subsidies, taxes and minimum-wage laws profoundly altered the path of the economy and made the recent recession one of the deepest and longest in decades. The Redistribution Recession is a controversial, clear-cut, and thoroughly researched analysis of the effects of various government policies on the labor market. It offers ground-breaking interpretations and precise explanations of the interplay between unemployment and financial markets."--Jacket.

Responsible Consumption and Production

Responsible Consumption and Production
Author: Walter Leal Filho
Publisher: Springer
Total Pages: 0
Release: 2020-03-04
Genre: Science
ISBN: 9783319957258

The problems related to the process of industrialisation such as biodiversity depletion, climate change and a worsening of health and living conditions, especially but not only in developing countries, intensify. Therefore, there is an increasing need to search for integrated solutions to make development more sustainable. The United Nations has acknowledged the problem and approved the “2030 Agenda for Sustainable Development”. On 1st January 2016, the 17 Sustainable Development Goals (SDGs) of the Agenda officially came into force. These goals cover the three dimensions of sustainable development: economic growth, social inclusion and environmental protection. The Encyclopedia of the UN Sustainable Development Goals comprehensively addresses the SDGs in an integrated way. It encompasses 17 volumes, each one devoted to one of the 17 SDGs. This volume addresses SDG 12, namely "Ensure sustainable consumption and production patterns" and contains the description of a range of terms, which allows a better understanding and fosters knowledge. Concretely, the defined targets are: Implement the 10-Year Framework of Programmes on Sustainable Consumption and Production Patterns, all countries taking action, with developed countries taking the lead, taking into account the development and capabilities of developing countries Achieve the sustainable management and efficient use of natural resources Halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including post-harvest losses Achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to minimize their adverse impacts on human health and the environment Substantially reduce waste generation through prevention, reduction, recycling and reuse Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle Promote public procurement practices that are sustainable, in accordance with national policies and priorities Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature Support developing countries to strengthen their scientific and technological capacity to move towards more sustainable patterns of consumption and production Develop and implement tools to monitor sustainable development impacts for sustainable tourism that creates jobs and promotes local culture and products Rationalize inefficient fossil-fuel subsidies that encourage wasteful consumption by removing market distortions, in accordance with national circumstances, including by restructuring taxation and phasing out those harmful subsidies, where they exist, to reflect their environmental impacts, taking fully into account the specific needs and conditions of developing countries and minimizing the possible adverse impacts on their development in a manner that protects the poor and the affected communities Editorial Board Medani P. Bhandari, Luciana Londero Brandli, Morgane M. C. Fritz, Ulla A. Saari, Leonardo L. Sta Romana

Financial Crises Explanations, Types, and Implications

Financial Crises Explanations, Types, and Implications
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
Total Pages: 66
Release: 2013-01-30
Genre: Business & Economics
ISBN: 1475561008

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Contemporary and Emerging Issues in Trade Theory and Policy

Contemporary and Emerging Issues in Trade Theory and Policy
Author: Hamid Beladi
Publisher: Emerald Group Publishing
Total Pages: 478
Release: 2008-06-02
Genre: Business & Economics
ISBN: 0444531904

Part of the "Frontiers in Economics & Globalization" series, this book deals with a range of trade and development issues in terms of the general equilibrium structure. It shows how neo-classical models of trade theory can be used to highlight many challenging global problems.

How Much Do Distortions Affect Growth?

How Much Do Distortions Affect Growth?
Author: William Russell Easterly
Publisher: World Bank Publications
Total Pages: 35
Release: 1993
Genre: Economic development
ISBN:

Contrary to the traditional view that distortions of relative prices have modest effects, Easterly finds that distortions can greatly affect growth and welfare.

Debt Bias and Other Distortions

Debt Bias and Other Distortions
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
Total Pages: 41
Release: 2009-12-06
Genre: Business & Economics
ISBN: 1498335926

Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.

Labor Market Distortions, Rural-Urban Inequality, and the Opening of the People's Republic of China Economy

Labor Market Distortions, Rural-Urban Inequality, and the Opening of the People's Republic of China Economy
Author: Thomas Hertel
Publisher: DIANE Publishing
Total Pages: 42
Release: 2008-05
Genre: Business & Economics
ISBN: 1437900607

Evaluates the impact of some key factor market reforms on rural-urban inequality & income distribution, using a household-disaggregated, recursive dynamic computable general equilibrium model of the People¿s Republic of China. It also explores how these factor market reforms interact with product market reforms currently under way as part of the country¿s World Trade Org. (WTO) accession process. The simulation results show that reforms in the rural land rental market & hukou system, as well as increasing off-farm labor mobility, would reduce the urban-rural income ratio dramatically. Furthermore, the combination of WTO accession & factor market reforms improves both efficiency & equality significantly. Charts, tables & graphs.