Essays On Business Cycles And Endogenous Growth
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Essays On Business Cycles And Endogenous Growth
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Author : Dmitry Brizhatyuk
language : en
Publisher:
Release Date : 2020
Essays On Business Cycles And Endogenous Growth written by Dmitry Brizhatyuk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation explores the nexus between asset and credit market cycles, short-run fluctuations, and growth. What factors contribute to slow and incomplete recoveries from major crises? Why are some economies more prone to such dynamics than others and what lessons does it offer for policymakers? These are among the questions that I explore in my research. In the first chapter, I document that persistent fluctuations in trend growth -- medium frequency cycles -- tend to be more volatile and negatively skewed in emerging as opposed to developed small open economies. I argue that this evidence can be understood as stemming from the non-linear interaction between credit cycles, occasionally binding collateral constraints, and innovation-driven endogenous growth. Negative shocks are highly detrimental to productivity growth in vulnerable economies that are prone to sudden stops, but this is not the case in economies with deep financial markets where agents are more often able to optimally borrow to offset temporary negative income shocks. The second chapter studies the long-term effects of housing market boom-and-bust cycles. I first examine the relationship between the dynamics of the housing market, household debt, and economic activity in a historical panel of 50 countries. I show that housing market crashes robustly predict slower future output growth, most of which is explained by slower total factor productivity growth. Notably, the magnitude of this relation is increasing in the measure of preexisting household debt. To interpret these stylized facts, I construct a two-agent (borrower-saver) dynamic general equilibrium model with an occasionally binding collateral constraint tied to housing equity. Productivity grows endogenously in the model through forward-looking innovation investment. When the preexisting level of debt is sufficiently high, negative housing demand shocks cause the collateral constraint to bind and trigger deleveraging. The endogenous slowdown in TFP growth emerges as one of the adjustment margins during this process, prolonging the real effects of a crisis. The initial shock is amplified by a negative feedback loop between deleveraging, borrowers' housing wealth, and growth. I use the calibrated model to identify implications for the policy response during episodes of household deleveraging. Measures that reduce the debt burden of borrowers are effective in alleviating the short-run and persistent effects of deleveraging. In terms of monetary policy, the endogenous response of productivity growth warrants a greater focus on short-run output stabilization as opposed to inflation stabilization. Finally, in the third chapter (joint with Fabio Ghironi) we study the macroeconomic consequences of trade policy uncertainty emphasizing its negative effects on productivity growth. To that end, we build a small open economy model with nominal rigidity, innovation-driven endogenous growth, and time-varying volatility of domestic import tariffs. Several conclusions emerge: import tariff uncertainty shocks act as aggregate supply shocks; they cause a temporary improvement of the current account along with the real exchange rate appreciation in the medium run. In addition, an increase in import tariff uncertainty causes a sharp decline in the introduction of new intermediate products, which is detrimental to productivity growth and prolongs the effect of the shock. The size of these persistent effects -- relative to short-term effects -- is much larger for tariff uncertainty shock than for tariff level shocks. We show that endogenous risk premia in equity and bond markets is the key channel transmitting the shock to the broader economy and study role monetary policy in shaping it.
Essays On Imperfect Competition Endogenous Growth And Endogenous Business Cycles
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Author : Pengfei Wang
language : en
Publisher:
Release Date : 2007
Essays On Imperfect Competition Endogenous Growth And Endogenous Business Cycles written by Pengfei Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Economic Dynamics Trade And Growth
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Author : A.P. Thirlwall
language : en
Publisher: Springer
Release Date : 2015-12-31
Economic Dynamics Trade And Growth written by A.P. Thirlwall and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-31 with Business & Economics categories.
Sir Roy Harrod was one of the foremost economists of the twentieth century who made pioneering contributions in several branches of economics including: trade cycle theory; growth theory; trade theory; monetary economics; imperfect competition theory, and methodology. This volume arises out of a conference to celebrate the sixtieth anniversary of the publication of his book The Trade Cycle in 1936. After an introductory essay by Walter Eltis, a student of Harrod, this volume contains important essays on the interpretation of Harrod's work in the field of economic dynamics by Danial Besomi and Maurizio Pugno, and in the field of trade and growth by Tony Thirlwall, John McCombie and Luca Bendictis. Finally, Warren Young, in the process of writing Harrod's biography, uses correspondence between Harrod and Haberler to elucidate Harrod's views on trade theory, international monetary reform and inflation.
Economic Change
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Author : Simon Smith Kuznets
language : en
Publisher: Greenwood
Release Date : 1983
Economic Change written by Simon Smith Kuznets and has been published by Greenwood this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
Coordination And Growth
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Author : Gerard H. Kuper
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Coordination And Growth written by Gerard H. Kuper and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Coordination and Growth: Essays in Honour of Simon K. Kuipers, addresses a rich variety of coordination issues in macroeconomics. It contains detailed studies in economic policy, monetary economics, and growth theory and uses various methodologies to address the coordination issue: from a pure theoretical to an empirical econometric approach. It is stressed that modern macroeconomics should focus on coordination issues. Imperfections of various kinds are likely to lead to coordination failures, which can lead to large welfare losses. Macroeconomists should address the causes and implications of imperfections and failures. In this book attempts are made to increase our knowledge in this field. The book is a tribute to one of the leading Dutch macroeconomists, Simon K. Kuipers. Simon Kuipers shows a major interest in the theory of capital (following e.g. Harrod), growth theory (following Solow), monetary theory (following Tobin), and disequilibrium theory (following Malinvaud and Benassy). The lines of thought have in common that they use frictions to explain the functioning of a market economy. The nature of the frictions varies from pure quantity rationing, like in the Malinvaud analysis, to imperfect substitution of various capital goods (like in the vintage models or assets (in the general monetary equilibrium models proposed by Tobin). Kuipers is not only interested in pure theoretical contributions, he also stimulates econometric work in line with the Dutch tradition initiated by Tinbergen. His applied work relates to policy analysis and policy prescriptions in many fields, ranging from monetary economics to distortions in the labour market. Kuipers can be classified as a true Keynesian, although he admires neoclassical theory for its rigour and compactness. Better still, he is an eclectic economist with an open eye for the different schools of thought in macroeconomics.
Analysing Modern Business Cycles Essays Honoring Geoffrey H Moore
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Author : Philip A. Klein
language : en
Publisher: Routledge
Release Date : 2019-07-25
Analysing Modern Business Cycles Essays Honoring Geoffrey H Moore written by Philip A. Klein and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-25 with Business & Economics categories.
This "Festschrift" honours Geoffrey H. Moore's life-long contribution to the study of business cycles. After some analysts had concluded that business cycles were dead, renewed economic turbulence in the 1970s and 1980s brought new life to the subject. The study of business cycles now encompasses the global economic system, and this work aims to push back the frontiers of knowledge.
Political Economy Growth And Business Cycles
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Author : Alex Cukierman
language : en
Publisher: MIT Press
Release Date : 1992
Political Economy Growth And Business Cycles written by Alex Cukierman and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
These original contributions by some of today's leading macroeconomists and political economists explore a broad spectrum of social, political, and technological variables that encourage or impede economic growth. What political and economic factors stimulate growth and make an economy expand? These original contributions by some of today's leading macroeconomists and political economists explore a broad spectrum of social, political, and technological variables that encourage or impede economic growth. Topics range from economic reform and price flexibility to the economic effects of political coups and include both theoretical analysis and empirical results.During the past decade, economists have seen important new developments linking growth and business cycles to government policy. These contributions provide a clear understanding of these processes and their effect in shaping economic policy. They look at the welfare side of economics and offer strong economic models to explain the connection between social policies and economic growth. For example, John Londregan and Keith Poole address the economic effects of political coups, Torsten Persson and Guido Tabellini explore the question of whether inequality is harmful for growth, and Stephen Parente and Edward Prescott look at the role of technology adoption in stimulating growth.The essays cover a wide range of approaches. Several focus on the interaction between growth and the choice of policy, where policy reacts to economic and distributional considerations through a majority rule process. Others take the policy as given and focus on the empirical estimation of the speed of convergence of rates of growth across states and regions and the importance of externalities and knowledge spillovers for rates of growth. Essays about the business cycle fall into two broad categories. One, arising from the new political economy tradition, examines the effects of elections and price decontrols on the business cycle. The other explores the implications of optimal economic policies in a representative agent framework for the cyclical behavior of the economy.
Macroeconomics Undergraduate Essays And Revision Notes
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Author : Bahrum Lamehdasht
language : en
Publisher: Lulu.com
Release Date :
Macroeconomics Undergraduate Essays And Revision Notes written by Bahrum Lamehdasht and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Essays On Growth Stabilization And The Business Cycle
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Author : Daehaeng Kim
language : en
Publisher:
Release Date : 2005
Essays On Growth Stabilization And The Business Cycle written by Daehaeng Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Essays On Money And Business Cycles
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Author : Timothy William Cogley
language : en
Publisher:
Release Date : 1988
Essays On Money And Business Cycles written by Timothy William Cogley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.