Three Essays On The Structural Changes In Modern Economy
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Three Essays On The Structural Changes In Modern Economy
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Author : Xingyuan Che
language : en
Publisher:
Release Date : 2011
Three Essays On The Structural Changes In Modern Economy written by Xingyuan Che and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The intent of this study is to explore the causes of macro-level structural changes and the implications of these changes for the macroeconomic fundamentals.
Essays On Economic Growth And Structural Transformation
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Author : Alberto José Vindas Quesada
language : en
Publisher:
Release Date : 2019
Essays On Economic Growth And Structural Transformation written by Alberto José Vindas Quesada and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Economic development categories.
This dissertation consists of three essays on modern economic growth and structural transformation, in particular touching on the reallocation of labor across industries, occupations, and employment statuses. The first chapter investigates the quantitative importance of non-employment in the labor market outcomes for the United States. During the last 50 years, production has shifted from goods to services. In terms of occupations, the routine employment share decreased, giving way to increases in manual and abstract ones. These two patterns are related, and lower non-employment had an important role. A labor allocation model where goods, market services, and home services use different tasks as inputs is used for quantitative exercises. These show that non-employment could significantly slow down polarization and structural transformation, and induce significant displacement within the labor force. The second chapter, coauthored with Bart Hobijn and Todd Schoellman, looks at the demographic structure of structural transformation. More than half of labor reallocation during structural transformation is due to new cohorts disproportionately entering growing industries. This suggests substantial costs to labor reallocation. A model of overlapping generations with life-cycle career choice under switching costs and structural transformation is studied. Switching costs accelerate structural transformation, since forward-looking workers enter growing industries in anticipation of future wage growth. Most of the impact of switching costs shows on relative wages. The third chapter establishes that job polarization is a global phenomenon. The analysis of polarization is extended from a group of developed countries to a sample of 119 economies. At all levels of development, employment shares in routine occupations have decreased since the 1980s. This suggests that routine occupations are becoming increasingly obsolete throughout the world, rather than being outsourced to developing countries. A development accounting framework with technical change at the \textit{task} level is proposed. This allows to quantify and extrapolate task-specific productivity levels. Recent technological change is biased against routine occupations and in favor of manual occupations. This implies that in the following decades, world polarization will continue: employment in routine occupations will decrease, and the reallocation will happen mostly from routine to manual occupations, rather than to abstract ones.
Three Essays In Development Economics
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Author : David Russell Hansen
language : en
Publisher: Stanford University
Release Date : 2011
Three Essays In Development Economics written by David Russell Hansen and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation is composed of three chapters. All three deal with topics in development economics. The first chapter examines the effects on village institutions of introducing formal financial institution options into the village. The second addresses the effects of government policy on educational investment and crime. The third tests the explanatory power of various explanations of the gender gap in math test scores. The first chapter examines the effects of a transition from a ``traditional'' economy based on an uncertain source of income, with risk fully insured away by one's neighbors in a social network through costly network ties, to a ``modern'' economy in which some agents have access to partial insurance at a lower cost. A theoretical model is used to show that village social networks can break down as some members of the village no longer need the insurance the social network provides, producing a reduction in welfare (if the costs of reducing moral hazard are not too high) for at least some individuals and possibly the village as a whole. This loss of welfare can occur even when networks provide other benefits to those belonging to them and is likely to be heterogeneous, depending on the opportunities and networks available to individuals. This paper tests these predictions using Indonesian data to examine the effect of a change in the banking institutions available to a community on the strength of social networks (measured by community participation) and welfare (measured by household expenditure and by child health). The analysis finds that changing financial institution availability in general does not influence community participation or welfare, but that financial institutions that primarily serve certain groups do relatively reduce the welfare of households not in those groups, which is consistent with the hypotheses generated by the model. Crime is an important feature of economic life in many countries, especially in the developing world. Crime distorts many economic decisions because it acts like an unpredictable tax on earnings. In particular, the threat of crime may influence people's willingness to invest in schooling or physical capital. The second chapter explores the questions "What influence do crime rates and levels of investment have on one another?" and "How do government policies affect the relationship between investment and crime?" by creating a simple structural model of crime and educational investment and attempting to fit this model to Mexican data. A method of simulated moments procedure is used to estimate parameters of the model and the estimated parameters are then used to carry out policy simulations. The simulations show that increasing spending on police or increasing the severity of punishment reduces crime but has little effect on educational investment. Increased educational subsidies increase educational investment but reduce crime only slightly. Thus, one type of policy is insufficient to accomplish the goals of both reducing crime and increasing education. The third chapter is joint work with Prashant Bharadwaj, Giacomo De Giorgi, and Christopher Neilson. Boys tend to have better performances than girls in mathematical testing; in particular, there are significantly more boys than girls among high achievers and the score distribution appears to have a longer right tail for boys. We confirm such results on several low- and middle-income countries. In particular we find that the gender gap is already present by age 10 and substantially increases by age 14 and 15. We propose and try to test a series of explanations for such a gap: (i) parental investment, (ii) ability, (iii) school resources, (iv) individual investment and effort (not tested directly), (v) competitive environment, and (vi) cultural norms. We conclude that none of our proposed explanations can account for a substantial portion of the gap.
Three Essays In Monetary And Financial Economics
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Author : Liang Ma
language : en
Publisher:
Release Date : 2022
Three Essays In Monetary And Financial Economics written by Liang Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Economics categories.
This dissertation consists of three essays in the field of monetary and financial economics. Specifically, we use high-frequency financial data to study monetary policies with a focus on the information effect, namely, that some of the interest rate movements around central bank announcements are not policy-driven, but are results of the market becoming aware of the central bank's view about future economic prospects. Understanding the role played by the information effect will help us apprehend monetary policy implications in both normal times and extraordinary situations. Chapter 1 evaluates the impact of unconventional monetary policy in the newly developed instrumental variable structural Vector Autoregression (VAR) framework. In the current low interest rate environment, central banks must resort to using unconventional monetary policies, such as forward guidance and quantitative easing, to flight recessions. To empirically evaluate the effectiveness of these unconventional policies, we need to rely on the clean policy shock. A prominent concern is that the often used high-frequency interest rate surprises not only reflect unexpected policy changes, but also contain the information effect. We contribute to the literature by using a heteroskedasticity identification approach, taking advantage of changes in the relative dominance of economic shocks around different macroeconomic announcements. Analysis based on clean policy shocks suggests that the unconventional policies successfully aided the recovery in the U.S. More importantly, we show that the information effect, while it may introduce bias, is rather modest when it comes to estimating the real impact of unconventional monetary policies. Chapter 2 studies the stock return pattern after the U.S. Federal Open Market Committee (FOMC) announcement. This research is motivated by recent literature that documents stock returns drifts, both before and after FOMC announcements, according to policy rate surprises. Indeed, research has shown that the information contained in the central bank announcement is multifaceted: its current monetary policy stances (monetary policy news) and news about future economic prospects (non-monetary policy news). Our contribution is to combine these two strands of literature. To the best of our knowledge, no study has looked at stock market reactions to the non-monetary news stemming from policy announcements. We identify both good and bad news events using a combination of sign restriction with high-frequency financial prices. The novel finding is that following bad FOMC announcements, that is the market interpreted the Fed announcements as revealing negative information about the economy, we observe significant positive stock returns in a 20-day period. We call this the ``post-FOMC drift.'' Further analysis suggests that the drift is likely caused by relatively heightened risks associated with bad announcements, although the drift is consistent with market overreactions as well. Moreover, the post FOMC drift is a market-wide phenomenon and can be exploited in an easy-to-implement trading strategy with a historical record of earning 40\% of the annual equity premium. In Chapter 3, we explore the channels through which the FOMC announcements affect the financial market. While much of the existing literature measures the surprise components with only changes in policy rates (surrounding the announcement), we contribute to the existing literature by taking a broader view through examining unexpected changes in longer-term yields, corporate credit spreads, and inflation expectations (a proxy for growth prospects), using high-frequency financial data. Through a regression analysis, our findings show that these additional surprises provide orthogonal information and sharply increase the goodness of fit in explaining stock returns around FOMC announcements, with the inclusion of inflation expectations having the biggest contribution. The important role of inflation expectation suggests that the current literature, which uses stock prices together with nominal rates to disentangle the information contents of central bank announcements, may be too limited in the scope of information it uses.
Reflections On Progress
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Author : Kemal Dervis
language : en
Publisher: Brookings Institution Press
Release Date : 2016-08-30
Reflections On Progress written by Kemal Dervis and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-30 with Political Science categories.
Now, more than ever, the world needs growth-oriented and socially inclusive policymaking. Is the world giving up on the promise of ever-greater prosperity for all, on functioning democratic institutions, and on long-term peace? Is the special set of circumstances that led to the recent rapid growth in emerging markets unlikely to be present in the future? Will the second decade of the twenty first century end with “secular stagnation”? Does the rise of authoritarianism, populism, and fanatic nihilism—all experienced over the last few years—threaten to unravel what has been built painstakingly since the catastrophe of World War II? Kemal Dervis addresses these and similar questions in this thought-provoking series of essays written for Project Syndicate from 2011 to 2015. The essays are organized in three sections: global economic interdependence, inequality and the political economy of reform, and the specific challenge of Europe. The common theme is the need for growth-oriented and socially inclusive policymaking in an interdependent world. These kinds of policies offer the potential for another wave of unprecedented human progress aided by breathtaking new technologies. However, a huge and destabilizing disruption is possible if policymaking is not globally cooperative and is not focused on inclusion and greater equity. These essays synthesize the experience and analysis of a scholar and policymaker with national, regional, and international experience at the highest levels. Dervis exhibits a passion for combining strongly held values with political feasibility.
Three Essays In Economic Mobility And Inequality
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Author : Seunghee Lee (Economist)
language : en
Publisher:
Release Date : 2022
Three Essays In Economic Mobility And Inequality written by Seunghee Lee (Economist) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Equality categories.
As the interest in Economics on inequality has exploded, intergenerational mobility is one of the fundamental areas concerning inequality since it is related to many normative questions such as equal opportunity and fairness. Despite its importance, research on measuring intergenerational mobility has received relatively little attention. The dominant approach is still the scalar-based regression approach, which employs a regression of some statistics of offspring on some statistics of parents. In connection with this issue, this dissertation introduces a novel measure for intergenerational mobility based on modern economic theory and empirically analyzes intergenerational mobility in the U.S. and Korea.The first chapter analyzes the empirical aspect of the relationship between parental income trajectory and a child's success in the U.S. using a novel approach, functional approach.In particular, we find that parental income when their children are in their late teens is more correlated with children's income in their early 30s. In addition, children whose parental income tends to increase in their late teens are more likely to have a higher economic position than their parents. This implies that upward income mobility is positively associated with the steadily increasing economic status of the family over the first 20 years of children's life. Investigated further are the effects on explaining a child's success of the role of other trajectories, such as the family structure of unemployment and job type of household head, and the impact of parental education level. We also investigate the association between parental income profile and their children's college attendance and derive a similar finding that late teens are crucial periods when parents' income has a more significant impact on children's educational success.While the first chapter addresses issues in intergenerational mobility in the U.S., the second chapter focuses on intergenerational mobility in Korea. In the second chapter, using a similar approach to Chapter 1, we analyze the intergenerational mobility in all three dimensions - income, education, and occupation. In addition, reflecting Korea's unique historical and social characteristics, we study the association between investment in private tutoring and a child's economic and educational success. Our findings highlight the importance of parental intervention in teens on a child's educational success. The pattern of parental income profile of the upward mobility group shows a stronger upward trend than that of the downward mobility group, similar to what we observe in the U.S. data in Chapter 1. In Korea, both upward and downward mobility groups show steadily increasing parental income trajectories, reflecting the rapid economic growth Korea has experienced over the last six decades. This interesting and unique finding of mobility patterns in Korea reveals various social and economic structural changes Korea has gone through.The third chapter studies the various methodological issues. In this chapter, we consider how our functional estimate can be varied by the fluctuation of measurement error in parental income. Using Beveridge-Nelson decomposition, we decompose parental income into permanent and transitory components and consider the transitory component as a measurement error. We also compare our estimation method with the methods based on the fixed basis approach. Using too many bases in this approach yields nonsensical estimates, while the estimates using too few bases strongly depend on the shape of the basis. We also find that the fixed basis approach is not robust to measurement error. A possible endogeneity issue is also studied in this chapter. Parental income can affect their children's success through two channels, transmission of human capital and providing financial resources. To focus on the effect of financial resources, we measure intergenerational income mobility using instrumental variables to control the effect of human capital.
Structural Change Fundamentals And Growth A Framework And Case Studies
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Author : McMillan, Margaret
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-05-11
Structural Change Fundamentals And Growth A Framework And Case Studies written by McMillan, Margaret and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-11 with Political Science categories.
Southeast Asia Routledge Revivals
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Author : Richard Higgott
language : en
Publisher: Routledge
Release Date : 2013-10-31
Southeast Asia Routledge Revivals written by Richard Higgott and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-31 with Social Science categories.
The articles in this edited collection, first published in 1985, consider the competing theories of the nature of development and underdevelopment in Southeast Asia. Each chapter challenges the academic orthodoxies and dominant traditions of Southeast Asian studies, particularly in relation to orientalist history, behaviourist political science and development economics. Overall, the contributions offer an alternative framework for analysis, which considers the structural changes to the political economy of Southeast Asia, as well as the relationship between the state, economy and class at a domestic level. This is a fascinating collection, of value to students and academics with an interest in Southeast Asian politics, economics and history.
Three Epirical Essays On Concentration Of Resources And Economic Growth
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Author :
language : en
Publisher:
Release Date : 2015
Three Epirical Essays On Concentration Of Resources And Economic Growth 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.
This thesis focuses on the study of two global trends characteristic of modern economic development, namely increased agglomeration and inequalities within countries. The thesis contributes to the understanding of the evolution of both trends and their impact on economic growth in the long term, using multiple techniques for data analysis, and in the light of the theory and corresponding political debate. The starting point of the thesis is the idea that agglomeration and inequality represent two dimensions (spatial and personal) of concentration of resources within countries, which is associated with the process of economic development. The thesis consists of an introductory chapter, three main empirical chapters, a general conclusion, and three methodological appendices. The thesis is mainly a work of applied economics. For the analysis data has been collected for multiple variables and for a large sample of countries worldwide, with the aim of making international comparative analysis. The central dependent variable is the long-run national economic growth rate. Therefore, the analysis conducted is based mostly on the estimation of econometric models of economic growth. Both cross-sectional and panel data are used, covering the 1960-2010 period. Different estimation techniques are studied and applied (from Ordinary Least Squares, Estimates of Fixed Effects, Methodologies Control Functions: "Control Function Approach" Estimates of Fixed Effects with Instrumental Variables and estimates by G05). As for the main contributions, beginning with chapter 2, the thesis shows that the benefits of spatial concentration of economic activity appear to depend on a relatively equal distribution of income. Thus, in high-income countries with unequal distribution of resources, geographic concentration appears to be associated with lower economic growth in the long term. Chapter 3 shows two opposing effects of income inequality on a single model of economic growth. On the one hand a negative effect, associated with inequality of opportunity. On the other hand, a positive effect, associated with unequal outcomes. Likewise, the analysis identifies the transmission channels between inequality and growth to which these two effects relate. Chapter 4 contributes to the debate on the relationship between economic growth and urban concentration, providing empirical evidence on the relevance of the urban environment. In particular, the quality of urban infrastructure is shown as critical to balance the benefits and costs of concentration in large cities. Finally, Chapter 5 discusses key findings and policy implications. In particular, the results contextualize the discussion on agglomeration not only in terms of the level of development, but also in terms of distributional problems, and physical aspects of the urban environment. Regarding the level of development, in the case of low-income countries there appears to be a trade-off between efficiency and equity, at least in the short term, due to the fact that increased urban concentration seems desirable for growth but may involve greater inequalities. For high-income countries, by contrast, a more balanced urban system, in which small and medium-sized cities play a key role, appears as a better strategy than intense urban concentration. In terms of distribution, for both high- and low-income, the fact that the benefits derived from agglomeration depend on income inequality highlights the importance of socio-economic and institutional factors in the debate on urban concentration. Finally, as regards the urban environment, the analysis confirms the concern about informal urban settlements (slums), representing a poverty trap for most of its residents, rather than a transient state in the process of structural change.
The Economic Theory Of Structure And Change
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Author : Mauro Baranzini
language : en
Publisher: CUP Archive
Release Date : 1990
The Economic Theory Of Structure And Change written by Mauro Baranzini and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This wide-ranging 1991 inquiry into the general field of structural economic analysis provides a thorough appraisal of the method of economic dynamics.