Slow Recoveries And Unemployment Traps
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Slow Recoveries And Unemployment Traps
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Author : Sushant Acharya
language : en
Publisher:
Release Date : 2018
Slow Recoveries And Unemployment Traps written by Sushant Acharya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Hysteresis (Economics) categories.
We analyze monetary policy in a model where temporary shocks can permanently scar the economy's productive capacity. Unemployed workers' skill losses generate multiple steady-state unemployment rates. When monetary policy is constrained by the zero bound, large shocks reduce hiring to a point where the economy recovers slowly at best -- at worst, it falls into a permanent unemployment trap. Since monetary policy is powerless to escape such traps ex-post, it must avoid them ex-ante. The model quantitatively accounts for the slow U.S. recovery following the Great Recession, and suggests that lack of swift monetary accommodation helps explain the European periphery's stagnation.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra 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 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Macroeconomic Measurement Versus Macroeconomic Theory
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Author : Merijn Knibbe
language : en
Publisher: Routledge
Release Date : 2019-12-06
Macroeconomic Measurement Versus Macroeconomic Theory written by Merijn Knibbe and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-06 with Business & Economics categories.
Ideally, scientific theory and scientific measurement should develop in tandem, but in recent years this has not been the case in economics. There used to be a time when leading economists, or their students, established or led statistical offices and took care that the measurements were consistent with the theory (and vice versa). Not anymore. Macroeconomic theorists and macroeconomic statisticians do not even speak the same language any longer. They do use the same words, such as ‘consumption’, ‘investments’ or ‘unemployment’ but the meanings can often be different. This book maps the differences between macroeconomic theory and measurement and explores them in some detail while also tracking their intellectual, historical and, in some cases, ideological origins. It also explores the possible policy implications. In doing so, the book draws on two separate strands of literature which are seldom used in unison: macro-statistical manuals and theoretical macro-papers. By doing so, the book contributes to the effort to bridge the gap between them without compromising on the idea that a meaningful science of economics should, in the end, be based upon individual people and households and their social and cultural embedding instead of a ‘representative consumer’, or Robinson Crusoe figure. This work is essential reading for students, economists, statisticians, and professionals.
Endogenous Growth Downward Wage Rigidities And Optimal Inflation
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Author : Mirko Abbritti
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-06
Endogenous Growth Downward Wage Rigidities And Optimal Inflation written by Mirko Abbritti 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 2021-08-06 with Business & Economics categories.
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.
Macroeconomics
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Author : Wendy Carlin
language : en
Publisher:
Release Date : 2006
Macroeconomics written by Wendy Carlin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
This volume provides a unified framework for the analysis of short- and medium-run macroeconomics. It develops a core New Keynesian macro model based on imperfect competition and nominal rigidities and shows how this compares with alternatives.
Bulletin
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Author :
language : en
Publisher:
Release Date : 1998
Bulletin written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Economic policy categories.
The Inequality Trap
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Author : William Watson
language : en
Publisher: University of Toronto Press
Release Date : 2015-01-01
The Inequality Trap written by William Watson and has been published by University of Toronto Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-01 with Business & Economics categories.
Argues that focusing on inequality is an error because much inequality is "good," the reward for thrift, industry, and invention, and also a trap because it leads us to fixate on the top end of the income distribution rather than on those at the bottom who need help most. Asserts that responding to growing inequality by fighting capitalism rather than poverty may lead to both more poverty and less equality.
Unemployment Dynamics In The United States And West Germany
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Author : Markus Gangl
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Unemployment Dynamics In The United States And West Germany written by Markus Gangl 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.
In writing this book, I increasingly became aware of the extent to which much of the finest social science research has been devoted to the issue of unemployment. Unemployment rightly is a key issue in the social sciences for search of social and political answers to the economic, social and psychological distress caused by un certainty and macroeconomic change. I was glad to find my own worries shared by eminent and respected scholars: George Akerlof once confessed to pursue the study of unemployment ultimately because of his father's distress from fear of un employment, and Wout Ultee started research on unemployment from the consid eration that parents' talk about unemployment risks should not come to dominate marriage parties or other family occasions. The problem of unemployment is thus hardly confmed to actual loss of income, but one where economic insecurity be gins to undermine the very fabric of society. In consequence, to combat unem ployment should indeed be a foremost issue in societies striving for freedom and justice for their citizenry, yet to succeed obviously requires an understanding of the underlying economic realities. If this study could contribute to this endeavor, all the time spent in writing would seem well spent indeed. Against the significant body of existing social science research on unemploy ment, it seems appropriate to be clear about the scope and limitations of the cur rent study, however.
Capital And The Debt Trap
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Author : Claudia Sanchez Bajo
language : en
Publisher: Springer
Release Date : 2011-08-30
Capital And The Debt Trap written by Claudia Sanchez Bajo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-30 with Business & Economics categories.
The financial crisis is destroying wealth but is also a remarkable opportunity to uncover the ways by which debt can be used to regulate the economic system. This book uses four case studies of cooperatives to give an in-depth analysis on how they have braved the crisis and continued to generate wealth.
Mediating The Transition
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Author : Tito Boeri
language : en
Publisher:
Release Date : 1998
Mediating The Transition written by Tito Boeri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Labor categories.
Over the past five to ten years Central and East European (CEE) countries have undergone a radical transformation of their economies from state socialism to various forms of market capitalism. During this time employment ratios plummeted from dubious 'full employment' to levels equal or lower than in countries of comparable economic development. This transformation of labor markets has left in its wake a high and persistent rate of unemployment, implying that individuals still seek work despite a dramatic deterioration of their employment chances. At the same time, low participation is putting an unbearable social security burden on the active population as systemic dependency ratios have risen and are currently significantly above those of the OECD countries. Entry into Europe, with the associated adoption of standards for social security provisions, will further increase the fiscal burden on the active population unless the ratio of employment to population, and the tax base for social policies, is increased. This book looks at the nature of unemployment in the CEE countries. It then analyses the determinants of labor supply and demand to predict where market equilibrium should be in these economies. The authors conclude by looking at the role of policy, arriving at a set of proposals for enhancing labor supply in the region. These include: better integration between unemployment benefits and social assistance; the maintenance and development of active labor market programs, increased spending on general secondary education; and investment into the infrastructure of transportation. This comprehensive account of labor market issues facing the CEE countries will be of interest to everyone concerned with the economics of transition and economic policies in the region. The contributors are Tito Boeri, Universita Bocconi, Milan, and CEPR; Michael Burda, Humboldt-Universitat zu Berlin and CEPR; and Janos Kollo, Institute of Economics, Hungarian Academy of Sciences, Budapest. The editors are Lorand Ambrus-Lakatos, Central European University, Budapest, and CEPR and Mark E Schaffer, Heriot-Watt University.