Aggregate Shocks and the Tests of the Sectoral Employment Demand Dispersion Hypothesis and a VAR Analysis of Transmission Between the US and Canada PDF Download

Author: George E. Mokrzan
Publisher:
ISBN:
Category :
Languages : en
Pages : 177

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Author: Mokrzan, George Edmund
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 354

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Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 760

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Author: Reva Krieger
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 62

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Author: Edward Mitsuhiro Feasel
Publisher:
ISBN:
Category :
Languages : en
Pages : 256

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Author: Laurent Ferrara
Publisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 300

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This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Author: Per Bak
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 56

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This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non-standard assumptions: local interaction between productive units (linked by supply relationships), and non-convex technology. We also argue that neither feature on its own would suffice. In the case of a simple model, we explicitly calculate the distribution of aggregate activity in the limit of an infinite number of independently disturbed sectors.

Author: Alon Kalay
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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This study predicts and finds that the interaction of firm-level and aggregate-level shocks explains a significant portion of shocks to macroeconomic activity. Specifically, we hypothesize that the relation between uncertainty and economic growth is most pronounced when both firm-level and aggregate level uncertainty are high simultaneously. Similarly, we hypothesize that aggregate performance affects unemployment most when both firm-level dispersion is high and aggregate performance is low, based on the sectoral shift theory. Our hypotheses and empirical results show that the interactive effect of firm-level and aggregate-level shocks are larger than the sum of the individual effects.

Author: Lutz Kilian
Publisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 64

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"A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in inconsistent parameter estimates, and that the implied impulse responses have been routinely computed incorrectly. As a result, the quantitative importance of unanticipated energy price increases for the U.S. economy has been exaggerated. In response to this problem, we develop alternative regression models and methods of computing responses to energy price shocks that yield consistent estimates regardless of the degree of asymmetry. We also introduce improved tests of the null hypothesis of symmetry in the responses to energy price increases and decreases. An empirical study reveals little evidence against the null hypothesis of symmetry in the responses to energy price shocks. Our analysis also has direct implications for the theoretical literature on the transmission of energy price shocks and for the debate about policy responses to energy price shocks"--P. 1.

Author: John Kuszczak
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 74

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