The Common Development Of Institutional Change As Measured By Income Velocity
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The Common Development Of Institutional Change As Measured By Income Velocity
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 1993
The Common Development Of Institutional Change As Measured By Income Velocity written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Money supply categories.
The Common Development Of Istitutional Change As Measured By Income Velocity A Century Of Evidence From Industrialized Countries
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 1993
The Common Development Of Istitutional Change As Measured By Income Velocity A Century Of Evidence From Industrialized Countries written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Demand For Money
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Author : Lars Jonung
language : en
Publisher: Routledge
Release Date : 2018-02-06
Demand For Money written by Lars Jonung and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-06 with Business & Economics categories.
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.
Nber Reporter
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Author : National Bureau of Economic Research
language : en
Publisher:
Release Date : 1993
Nber Reporter written by National Bureau of Economic Research and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Economics categories.
The Demand For Money In New Zealand In An Era Of Institutional Change
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Author : Pierre L. Siklos
language : en
Publisher:
Release Date : 1995
The Demand For Money In New Zealand In An Era Of Institutional Change written by Pierre L. Siklos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Demand for money categories.
Reassessing The Social Returns To Equipment Investment
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Author : Alan J. Auerbach
language : en
Publisher:
Release Date : 1993
Reassessing The Social Returns To Equipment Investment written by Alan J. Auerbach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Capital investments categories.
The recent literature on the sources of economic growth has challenged the traditional growth accounting of the Solow model, which assigned a relatively limited role to capital deepening. As part of this literature, De Long and Summers have argued in two papers that the link between equipment investment and economic growth across countries is stronger than can be generated by the Solow model. Accordingly, they conclude that such investment yields important external benefits. However, their analysis suffers from two shortcomings. First, De Long and Summers have not conducted any formal statistical tests of the Solow model. Second, even their informal rejection of the model fails to survive reasonable tests of robustness. We formally test the predictions of the Solow model using De Long and Summers' data. Our results cast doubt on the existence of externalities to equipment investment. In particular, we find that the empirical link between investment and growth in the OECD countries is fully consistent with the Solow model. Moreover, for De Long and Summers' full sample, the evidence of excess returns to equipment investment is tenuous.
Aggregate Income Risks And Hedging Mechanisms
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Author : Robert J. Shiller
language : en
Publisher:
Release Date : 1993
Aggregate Income Risks And Hedging Mechanisms written by Robert J. Shiller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Hedging (Finance) categories.
Trade Liberalization In Disinflation
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Author : Dani Rodrik
language : en
Publisher:
Release Date : 1993
Trade Liberalization In Disinflation written by Dani Rodrik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Deflation (Finance) categories.
There exists near-consensus among professional economists on the desirability of achieving macroeconomic stabilization prior to the removal of microeconomic distortions. Yet this advice was completely disregarded in some of the most important cases of reform during the last decade--Bolivia and Mexico since 1985, Poland since 1990, Argentina since 1991, for example. In these and many other cases, radical trade liberalization measures were put in place, or existing programs speeded up, in conjunction with macroeconomic stabilization packages. In this paper I revisit this issue by focusing on recent liberalizations in Latin America. I argue that the theoretical case for the existence of a policy dilemma in exchange-rate management when trade liberalization is implemented simultaneously with stabilization policies is weaker than is usually presupposed. A commitment to a pegged exchange rate can, if credible, actually solve rather than intensify the potential conflict between trade liberalization and exchange-rate stability. However, the credibility of disinflation may be endangered by early liberalization.
Favoritism In Organizations
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Author : Canice Prendergast
language : en
Publisher:
Release Date : 1993
Favoritism In Organizations written by Canice Prendergast and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Discrimination in employment categories.
Performance evaluations for workers are typically subjective impressions held by supervisors rather than easily quantifiable measures of output. We argue that perhaps the most important aspect this is that it gives supervisors the opportunity to exercise their personal preference towards their employees in a way that is detrimental for performance. both for incentive reasons and through misallocation of workers to jobs. We illustrate that firms will respond to this problem in a number of ways. First, they will make compensation less sensitive to performance, even when workers are risk neutral. Furthermore, firms will typically use bureaucratic procedures for allocating rewards, even though these are known to be ex post inefficient. In addition, firms may tie wages to jobs as a means of credibly rewarding the best performers. These organizational changes are used because directly monitoring supervisors' decisions is fraught with problems, among them the creation of 'yes men, ' so that the indirect mechanisms described above are likely to be optimal responses to favoritism.
Unemployment Benefits Labor Market Transitions And Spurious Flows
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Author : James M. Poterba
language : en
Publisher:
Release Date : 1993
Unemployment Benefits Labor Market Transitions And Spurious Flows written by James M. Poterba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Error analysis (Mathematics) categories.
This paper develops an algorithm for analyzing discrete events, such as labor market transitions, when some of these transitions are spurious because of measurement errors. Our algorithm extends the standard multinomial logit model, although our basic approach could be used with other stochastic models as well. We apply this algorithm to study the effect of unemployment insurance (UI) on transitions from unemployment to employment and out of the labor force. Our results suggest that VI lengthens unemployment spells by reducing both transition rates, and show that correcting for measurement error strengthens the apparent effect of VI on spell durations.