Market Imperfections And Macroeconomic Dynamics
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Market Imperfections And Macroeconomic Dynamics
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Author : Jean-Olivier Hairault
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
Market Imperfections And Macroeconomic Dynamics written by Jean-Olivier Hairault 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 2013-03-14 with Business & Economics categories.
Market Imperfections and Macroeconomic Dynamics is based upon a collection of papers originally presented at the 5th Theory and Methods in Macroeconomics (T2M) meeting in Paris, France, 2002. The contributions in this volume focus on a central theme: the aggregate dynamic consequences of market imperfections. Such effects are of great interest to researchers in macroeconomics as these imperfections play a primary role in the persistence of aggregate output, the characteristics of the business cycles and the interactions of agents over time. Incorporating up-to-date techniques and methods, these contributions exemplify the remarkable progress made by macroeconomists in tackling these issues. The primary market for Market Imperfections and Macroeconomic Dynamics is academic researchers in economics and graduate students specializing in macroeconomics. Divisions of economic studies in public administration and in financial organizations will also find this book beneficial.
Financial Market Imperfections And Corporate Decisions
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Author : Emilio Colombo
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-01-27
Financial Market Imperfections And Corporate Decisions written by Emilio Colombo 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 2006-01-27 with Business & Economics categories.
We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.
The Macroeconomics Of Imperfect Competition And Nonclearing Markets
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Author : Jean-Pascal Benassy
language : en
Publisher: MIT Press
Release Date : 2005-01-14
The Macroeconomics Of Imperfect Competition And Nonclearing Markets written by Jean-Pascal Benassy and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-14 with Business & Economics categories.
In this book, Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition, Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.
License To Sell The Effect Of Business Registration Reform On Entrepreneurial Activity In Mexico
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Author : Miriam Bruhn
language : en
Publisher: World Bank Publications
Release Date :
License To Sell The Effect Of Business Registration Reform On Entrepreneurial Activity In Mexico written by Miriam Bruhn and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Economic Growth And Macroeconomic Dynamics
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Author : Steve Dowrick
language : en
Publisher:
Release Date : 2006-06-11
Economic Growth And Macroeconomic Dynamics written by Steve Dowrick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-11 with Business & Economics categories.
The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behaviour of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy.
Income Distribution In Macroeconomic Models
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Author : Giuseppe Bertola
language : en
Publisher: Princeton University Press
Release Date : 2014-09-28
Income Distribution In Macroeconomic Models written by Giuseppe Bertola and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-28 with Business & Economics categories.
This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Dynamic Macroeconomics With Imperfect Competition
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Author : Leo Kaas
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Dynamic Macroeconomics With Imperfect Competition written by Leo Kaas 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.
This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.
Financial Structure And Economic Growth
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Author : Aslı Demirgüç-Kunt
language : en
Publisher: MIT Press
Release Date : 2001
Financial Structure And Economic Growth written by Aslı Demirgüç-Kunt and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
CD-ROM contains: World Bank data.
Capital Market Imperfections And The Macroeconomic Dynamics Of Small Indebted Economies
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Author : Pierre-Richard Agénor
language : en
Publisher:
Release Date : 1997
Capital Market Imperfections And The Macroeconomic Dynamics Of Small Indebted Economies written by Pierre-Richard Agénor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Capital market categories.
Methods Of Macroeconomic Dynamics
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Author : Stephen J. Turnovsky
language : en
Publisher: MIT Press
Release Date : 2000
Methods Of Macroeconomic Dynamics written by Stephen J. Turnovsky and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.