Three Essays On General Macroeconomics
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Three Essays On General Macroeconomics
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Author : Shuaiyi Liu
language : en
Publisher:
Release Date : 2020
Three Essays On General Macroeconomics written by Shuaiyi Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Electronic books categories.
The thesis is made up of three chapters that work on three distinct topics in macroeconomics. The first chapter is a theoretical work on monetary policy, in which a coherent and intuitive large-scale Dynamic Stochastic General Equilibrium (DSGE) model matching with particulars of the Chinese economy is established to understand how and why Reserve Requirement Ratio (RRR) works within Chinese monetary policy regime. The second chapter reveals the relationship between phenomenon of inequality and secular stagnation with a three-period Overlapping Generations (OLG) model built within a heterogeneous agent framework. It also points out workable ways of conducting macroprudential policy given the aforesaid two phenomena. The third chapter both theoretically and empirically examines effectiveness of the currency board system in Hong Kong using an advanced macroeconomic modeling toolbox as well as a workhorse model used by a mass of central banks that is further modified to be in line with reality of the Hong Kong economy.
Three Essays In Open Economy And International Macroeconomics
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Author :
language : en
Publisher:
Release Date : 2009
Three Essays In Open Economy And International Macroeconomics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This dissertation comprises three essays in open economy and international macroeconomics. The first essay investigates the propagation mechanism of real exchange rate shocks to key real sectors that constitute U.S. foreign trade. The analysis is carried out by decomposing the U.S. trade balance into agriculture, manufacturing and services and evaluating how these sectors respond through the monetary policy channel to a shock in the real exchange rate. A VAR model is constructed using quarterly data of the U.S. foreign trade from 1976Q2 to 2005Q1. The results show that a shock to the real exchange rate has a greater impact on manufacturing and services net trade relative to agriculture. Moreover, the results also indicate, at the sectoral level, that exports are more sensitive to the real exchange rate shocks than are imports. These results are important to researchers using dynamic stochastic general equilibrium (DSGE) models of small open economies because they show transmission features of real exchange rate and monetary policy disturbances to key sectoral components of exports, imports and the trade balance. The second essay employs a dynamic stochastic general equilibrium framework to an open economy setting in order to investigate the mechanism through which the key sectors of agriculture, manufacturing and services are affected by shocks in the real exchange rates. The essay investigates exchange rate movements as deviations from purchasing power parity, disregarding the changes in the prices of non-tradable goods relative to tradable goods among countries. The results suggest that exchange rate movements are a function of structural parameters that constitute the three sectors of agriculture, manufacturing and services such as labor shares and the elasticity of substitution between domestic and foreign goods. The third essay examines the key forces driving innovation among entrepreneurs of ICT (information and communications technology) firms within Bangalore, India0́9s leading software city. The essay employs the multinomial logistic technique on qualitative variables related to education, social strata, experience, and diaspora of Indian software entrepreneurs to show empirically their relevance in explaining Schumpeterian innovation in the Indian software industry. This study not only looks at the impact of years of schooling on innovation, but also the types of education received by an entrepreneur, such as technical or commercial type of education, whether the last degree was received from India or from abroad and whether the entrepreneur attended the Indian Institute of Technology. The empirical results indicate that, the level of education, in terms of number of years of schooling and types of education received by an Indian software entrepreneur are statistically significant in explaining innovation in the Indian software industry. The results also show that, more years of experience in the software industry by an entrepreneur, increases the probability that they become innovators and reduces the likelihood of imitation. Moreover, the likelihood of adaptation is invariant to years of experience in the industry. We also investigate whether exposure to foreign technology increases the likelihood of innovation in the industry by examining three types of diaspora networks, that is, living abroad, working abroad and being a CEO abroad at least 6 months before establishing a software company in India. The results suggest that this foreign exposure increases the likelihood of innovation and reduces imitation and adaptation. Among studies of Indian entrepreneurs examining caste, this study is unique in that caste has no statistical significance in explaining entrepreneurship.
Three Essays In Asset Bubbles Banking And Macroeconomics
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Author :
language : en
Publisher:
Release Date : 2015
Three Essays In Asset Bubbles Banking And Macroeconomics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Keynes General Theory
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Author : Thomas Cate
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Keynes General Theory written by Thomas Cate 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 2012-01-01 with Business & Economics categories.
This volume, a collection of essays by internationally known experts in the area of the history of economic thought and of the economics of Keynes and macroeconomics in particular, is designed to celebrate the 75th anniversary of the publication of The General Theory. The essays contained in this volume are divided into four sections. The first section contains three essays that explore the concept of fundamental uncertainty and its unique role in The General Theory. The second section contains five essays that examine the place of The General Theory in the history of macroeconomics since 1936. The third section contains three essays that explore the interrelationships among Keynes, Friedman, Kaldor, Marx and Sraffa and their approaches to macroeconomic theory and policy. The final section contains four essays that provide several new interpretations of The General Theory and its position within macroeconomics. Keynes's General Theory is intended for those students and scholars who are interested in the economics of Keynes and the rich variety of approaches to macroeconomic theory and policy.
Three Essays In International Macroeconomics And Finance
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Author : Enrique Martinez-Garcia
language : en
Publisher:
Release Date : 2007
Three Essays In International Macroeconomics And Finance written by Enrique Martinez-Garcia 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.
Three Essays In Macroeconomics
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Author : Michael K. Gavin
language : en
Publisher:
Release Date : 1986
Three Essays In Macroeconomics written by Michael K. Gavin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.
Three Essays In Macroeconomics
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Author : R. Andrew Bauer (Emory University Graduate Student.)
language : en
Publisher:
Release Date : 2007
Three Essays In Macroeconomics written by R. Andrew Bauer (Emory University Graduate Student.) 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.
Three Essays In Macroeconomics
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Author : Kyoung Jin Choi
language : en
Publisher:
Release Date : 2011
Three Essays In Macroeconomics written by Kyoung Jin Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic dissertations categories.
The scope of the dissertation is (broadly-defined) general macroeconomics. The first essay is on optimal taxation and capital structure, the second essay is on firm dynamics, and the third essay is on financial crises. The first essay clarifies the role of the corporate income tax (as a form of double taxation) for achieving socially optimal allocations in the Mirrlees framework when the government cannot tax unrealized capital income at the individual level. Use of the corporate tax requires changes in the individual capital tax. The novelty of the paper is that the sophisticated tax system is designed to influence the individual agent's portfolio choice of debt and equity, which in turn endogenizes the leverage ratio. The optimum corporate tax is indeterminate, but a minimal level is ecessary. An immediate question is what happens to capital structure if we increase or decrease the level of the corporate tax. Surprisingly, unlike in classical capital structure theories, in this optimal tax mechanism, the firm's leverage ratio is independent of the corporate tax rate. The second essay examines firm dynamics to explain the following empirical facts: (i) The size of a firm and its growth rate are negatively correlated; (ii) but, they are often independent for firms above a certain size. Existing theories of firm dynamics can explain the first fact, but cannot explain the second. This paper studies a dynamic moral hazard problem under an AK-technology. In a first best world, the expected growth rate is strictly decreasing with capital. However, with information asymmetry our theory is consistent with both empirical facts because the optimal contract dictates under-investment in low-level capital states and over-investment in high-level capital states. The reason is that the given convex production technology becomes nonconvex in equilibrium due to the information asymmetry and the degree of the nonconvexity differs by the level of capital. We also fully characterize the agent's incentives. The capital accumulation mechanism induces incentive schemes that are different from optimal contracts in the literature on principal-agent models. Finally, in the third essay - This essay is a joint work with Costas Azariadis - we propose a model of financial crises as transitions from an efficient and unstable state to an inefficient and stable state in a simple economy with sector-specific shocks. The main driving force of this transition is the unwinding of unsecured loans. Introducing public debt increases the volatility of stock prices. We also discuss possible policy interventions.
Three Essays In Macroeconomics
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Author : Jeffrey Malcolm Lacker
language : en
Publisher:
Release Date : 1984
Three Essays In Macroeconomics written by Jeffrey Malcolm Lacker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Three Essays On Macroeconomics And Monetary Economics
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Author : Sylvia Xiaolin Xiao
language : en
Publisher:
Release Date : 2014
Three Essays On Macroeconomics And Monetary Economics written by Sylvia Xiaolin Xiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Dual economy categories.