Home eBooks Download › unconventional econmic essays

Unconventional Econmic Essays

Download Unconventional Econmic Essays PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Unconventional Econmic Essays book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page

Unconventional Economic Essays

DOWNLOAD
Author : Amit Bhaduri
language : en
Publisher: Oxford University Press, USA
Release Date : 1999

Unconventional Economic Essays written by Amit Bhaduri and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.

This is a collection of essays spanning a wide range of topics in micro-, macro-, and development economics. The author departs from the dominant neo-classical tradition and examines alternative approaches for analyzing theories of growth and distribution, planning techniques for project evaluation, problems of unemployment in advanced capitalist economies, and backward agriculture.

Essays On Unconventional Monetary Policy

DOWNLOAD
Author : Cobus Cornelis Vermeulen
language : en
Publisher:
Release Date : 2019

Essays On Unconventional Monetary Policy written by Cobus Cornelis Vermeulen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

Following the Global Financial Crisis of 2007 { 2010, central banks around the world were forced into unprecedented policy interventions to stabilise asset markets and prevent the global nancial system from collapsing. Because interest rates around the world were at historical lows, \conventional" interest rate policy was not an option. Central banks, led by the US Federal Reserve, resorted to \unconventional" monetary policies, rst to stabilise markets during the height of the crisis, and then to support the economic recovery thereafter. The distinguishing characteristic of these unconventional policies was that they involved direct intervention by central banks in long-term xed income markets, such as government bonds and agency debt. This thesis considers the theoretical channels through which central bank purchases of long-term securities could impact (i) bond yields, (ii) other domestic asset markets, and (iii) spillovers to foreign countries. The theory is then tested and evaluated against the empirical evidence. Based on the empirical results, a simple closed-economy DSGE model is constructed. The model captures and illustrates the transmission from central bank asset purchase shocks to the aggregate economy. The asset purchase shock is subsequently converted to an endogenous balance sheet rule. Simulations show that combining this unconventional (balance sheet) rule with a conventional (short-term interest rate) rule yields a superior policy mix than under the conventional rule alone. Finally, the closed-economy model is extended to an open-economy framework, within which a similar balance sheet rule is evaluated in the context of international capital ows. Again, the combination of the balance sheet and interest rate policy is found to yield a superior outcome than interest rate policy alone. The contribution of this thesis is twofold. It contributes to the understanding of the impact of central bank interventions in xed income markets on long-term yields, as well as the externalities and spillovers to other asset markets. Furthermore, this thesis develops a robust and versatile framework, which is intuitively easy to grasp, within which various aspects of central bank balance sheet policy could be investigated. This thesis' main conclusion is that unconventional monetary policy could complement conventional policy under normal market conditions, and that unconventional policy need not be restricted to crisis times only

Alternative Approaches In Macroeconomics

DOWNLOAD
Author : Philip Arestis
language : en
Publisher: Springer
Release Date : 2018-02-07

Alternative Approaches In Macroeconomics written by Philip Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-07 with Business & Economics categories.

This book honours Professor John McCombie’s retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.

Three Essays In Monetary And Financial Economics

DOWNLOAD
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.

Production Distribution And Trade

DOWNLOAD
Author : Adriano Birolo
language : en
Publisher: Routledge
Release Date : 2010-06-30

Production Distribution And Trade written by Adriano Birolo and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-30 with Business & Economics categories.

Production, Distribution and Trade brings together leading voices in classical and post-Keynesian economics to discuss key issues such as growth, globalization and financial markets in the history of economic thought.

From Economic Man To Economic System

DOWNLOAD
Author : Harold Demsetz
language : en
Publisher: Cambridge University Press
Release Date : 2011-08-29

From Economic Man To Economic System written by Harold Demsetz and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-29 with Business & Economics categories.

A collection of essays discussing human behaviour and the institutions of capitalism. The essays are non-technical and can be used by students of all disciplines interested in capitalism and in economic behaviour. They often present unconventional views of the topics they discuss. Those containing unconventional views discuss self-interested behaviour, selfish gene theory, the meaning and social function of private ownership, the externality problem, the nature of the firm, and the rise of capitalism. The essays offer a useful supplementary reading source for courses in business, economics, and law that deal with human behaviour in the marketplace and with capitalism, ownership, markets, and firms.

An Economic Theorist S Book Of Tales

DOWNLOAD
Author : George A. Akerlof
language : en
Publisher: Cambridge University Press
Release Date : 1984-10-26

An Economic Theorist S Book Of Tales written by George A. Akerlof and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984-10-26 with Business & Economics categories.

These essays explore what happens when a skilful economist makes unconventional assumptions. Economic theory has traditionally relied upon a tacit and 'classical' set of assumptions that have gradually acquired a life of their own in defining how economists write and how they justify economic models. Similarly, these assumptions have acquired an autonomous character: they guide the way economists think about the world. In consequence, consideration of alternative assumptions has become taboo. These essays are substantively and stylistically novel because they break these taboos and bring new assumptions into economic theory. The papers apply this adventurous approach to a wide range of issues - from insurance markets and trade in underdeveloped countries to unemployment and discrimination. Some of the essays derive the implications for economic markets of costly asymmetric information. Others explore the findings of other social sciences such as anthropology, psychology and sociology.

An Unconventional Analysis Of Turkish Economy

DOWNLOAD
Author : Zeyyat Hatiboğlu
language : en
Publisher:
Release Date : 1978

An Unconventional Analysis Of Turkish Economy written by Zeyyat Hatiboğlu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Economic development categories.

Unconventional Wisdom

DOWNLOAD
Author : John Kenneth Galbraith
language : en
Publisher: Houghton Mifflin
Release Date : 1989

Unconventional Wisdom written by John Kenneth Galbraith and has been published by Houghton Mifflin this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Economics categories.

On the occasion of Galbraith's eightieth birthday, three fellow economists bring together a Festschrift in honor of Galbraith the economist and Galbraith the man by a selection of his peers, friends, critics, and proteges, including three winners of the Nobel Prize.