Macroeconomic Instability And Coordination
DOWNLOAD
Download Macroeconomic Instability And Coordination PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Macroeconomic Instability And Coordination book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Macroeconomic Instability And Coordination
DOWNLOAD
Author : Axel Leijonhufvud
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000
Macroeconomic Instability And Coordination written by Axel Leijonhufvud and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems. The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process?
Intertemporal Coordination Failure And Monetary Policy
DOWNLOAD
Author : Ronny Mazzocchi
language : en
Publisher:
Release Date : 2014
Intertemporal Coordination Failure And Monetary Policy written by Ronny Mazzocchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The turn of century long period of sustained growth with low and stable inflation let the economic profession and the public opinion to think that the right theoretical foundation for macroeconomic policy had been found. However the Great Crisis of 2008 indicates a spectacular failure of this framework in dealing with sources of macroeconomic instability and providing policy advise. Financial instability is the new challenge for monetary policy. Most of the recent research indicates that financial crises follow prolonged unwinding of investment-saving imbalances which are not contemplated by the standard theoretical framework. This paper draws a dynamic model where investment- saving imbalances are allowed to develop. It introduces different types of feedback interest-rate rules in order to provide some preliminary indications for the conduct of monetary policy.
Information And Coordination
DOWNLOAD
Author : Axel Leijonhufvud
language : en
Publisher: Oxford University Press, USA
Release Date : 1981
Information And Coordination written by Axel Leijonhufvud and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Macroeconomics categories.
International Coordination Of Economic Policies
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-06-29
International Coordination Of Economic Policies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-06-29 with Business & Economics categories.
This paper discusses the scope, methods, and effects of international coordination of economic policies. In analyzing the scope for and of coordination, the paper addresses the rationale for coordination, barriers to coordination, the range and specificivity of policies to be coordinated, and the frequency of coordination. In evaluating the methods of coordination, the emphasis is on the broad issues of rules versus discretion, single-indicator versus multi-Indicator systems, and hegemonic versus symmetric systems. Finally, using the MULTIMOD global macroeconomic model, some simulations are presented of several rule-based proposals for coordination.
Modeling Economic Instability
DOWNLOAD
Author : Michaël Assous
language : en
Publisher: Springer Nature
Release Date : 2022-01-31
Modeling Economic Instability written by Michaël Assous and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-31 with Business & Economics categories.
This book offers a fresh perspective on the early history of macroeconomics, by examining the macro-dynamic models developed from the late 1920s to the late 1940s, and their treatment of economic instability. It first explores the differences and similarities between the early mathematical business cycle models developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and others, which were presented at meetings of the Econometric Society and discussed in private correspondence. By doing so, it demonstrates the diversity of models representing economic phenomena and especially economic crises and instability. Jan Tinbergen emerged as one of the most original and pivotal economists of this period, before becoming a leader of the macro-econometric movement, a role for which he is better known. His emphasis on economic policy was later mirrored in the United States in Paul Samuelson’s early work on business cycles analysis, which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938 recession. The authors then show that the subsequent shift in Samuelson's approach, from the study of business cycle trajectories to the comparison of equilibrium points, provided a response to the econometricians' critique of early Keynesian models. In the early 1940s, Samuelson was able to link together the tools that had been developed by the econometricians and the economic content that was at the heart of the so-called Keynesian revolution. The problem then shifted from business cycle trajectories to the disequilibrium between economic aggregates, and the issues raised by the global stability of full employment equilibrium. This was addressed by Oskar Lange, who presented an analysis of market coordination failures, and Lawrence Klein, Samuelson's first PhD student, who pursued empirical work in this direction. The book highlights the various visions and approaches that were embedded in these macro-dynamic models, and that their originality is of interest to today's model builders as well as to students and anyone interested in how new economic ideas come to be developed.
Macroeconomic Policy Coordination In Emu
DOWNLOAD
Author : Theresa Petra Hauck
language : en
Publisher: GRIN Verlag
Release Date : 2016-09-14
Macroeconomic Policy Coordination In Emu written by Theresa Petra Hauck and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-14 with Business & Economics categories.
Bachelor Thesis from the year 2016 in the subject Economics - Macro-economics, general, grade: 1,0, University of Bamberg, language: English, abstract: The financial crisis and the subsequent European sovereign debt crisis have highlighted the high degree of interdependence among EMU member states. The crisis period made much more clear that a macroeconomic policy coordination framework is indispensable as there is great sensibility and high risk for contagion effects. The structure of EMU in its highest level of integration as of one monetary authority vis-à-vis many fiscal authorities brings about several specific aspects regarding coordination. In order to achieve and ensure economic stability in such a unique constellation there have been established several measures and frameworks with the Stability and Growth Pact as the centre point. Designed on the grounds of and motivated by the objective of stabilising the overall economy, the pact promotes fiscal discipline through limiting government deficits and debts in order to prevent adverse fiscal spillover effects and freeriding behaviour of national fiscal authorities which could risk price and overall macroeconomic stability of the common currency area. This however brings about limitations for governments to discretionarily react to national economic needs and conditions. This bachelor thesis addresses the resulting tension between a theoretical and fundamental need for macroeconomic policy coordination in a monetary union environment and the politico-economic reality. The main goals are: to examine the main arguments in favour and against the pact under the areas of content, objectives and enforcement design; to highlight the resulting trade-offs; and to link these to developments and reforms of the pact but also to different economic contexts, namely the time period before and the time period during and after the crisis. The main finding is that reforms regarding macroeconomic policy coordination which were introduced after the beginning of the crisis period do not represent a rearrangement of the SGP framework and rather address the same debate on economic trade-offs only with a changed set of conditions. The reforms regarding the pact can be described as developments refocusing on the core of the pact while still shifting it in the directions of some propositions along with criticism which had been expressed long before the crisis period.
Fiscal And Monetary Policy Coordination Macroeconomic Stability And Sovereign Risk
DOWNLOAD
Author : Dennis Bonam
language : en
Publisher:
Release Date : 2014
Fiscal And Monetary Policy Coordination Macroeconomic Stability And Sovereign Risk written by Dennis Bonam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In standard macroeconomic models, debt sustainability and price level determinacy are achieved when fiscal policy avoids explosive debt and monetary policy controls inflation, irrespective of the relative strengths of each policy stance. We examine how these policy requirements for equilibrium stability and determinacy change in the presence of sovereign risk. An increase in sovereign risk reduces lender's willingness to hold government debt and raises consumption and inflation. Therefore, inflation and debt dynamics are determined jointly. To ensure stable macroeconomic conditions, both the fiscal and monetary stance must shift to offset debt sustainability concerns. We find that the adoption of a deficit target helps alleviate such concerns and raises the scope for macroeconomic stability.
International Macroeconomic Policy Coordination
DOWNLOAD
Author : Group of Thirty
language : en
Publisher:
Release Date : 1988
International Macroeconomic Policy Coordination written by Group of Thirty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Economic policy categories.
Could Sovereign Wealth Funds Benefit International Macroeconomic Stability
DOWNLOAD
Author : Dominic Faber
language : en
Publisher:
Release Date : 2008
Could Sovereign Wealth Funds Benefit International Macroeconomic Stability written by Dominic Faber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Stabilzing Expectations Under Monetary And Fiscal Policy Coordination
DOWNLOAD
Author : Stefano Eusepi
language : en
Publisher:
Release Date : 2008
Stabilzing Expectations Under Monetary And Fiscal Policy Coordination written by Stefano Eusepi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper analyzes the constraints imposed on monetary and fiscal policy design by expectations formation. Households and firms learn about the policy regime using historical data. Regime uncertainty substantially narrows, relative to a rational expectations analysis of the model, the menu of policies consistent with expectations stabilization. There is greater need for policy coordination: the specific choice of monetary policy limits the set of fiscal policies consistent with macroeconomic stability --- and simple Taylor-type rules frequently lead to expectations-driven instability. In contrast, non-Ricardian fiscal policies combined with an interest rate peg promote stability. Resolving uncertainty about the prevailing monetary policy regime improves stabilization policy, enlarging the menu of policy options consistent with stability. However, there are limits to the benefits of communicating the monetary policy regime: the more heavily indebted the economy, the greater is the likelihood of expectations-driven instability. More generally, regardless of agents' knowledge of the policy regime, even when expectations are anchored in the long term, short-term dynamics display greater volatility than under rational expectations.