Author: Klaus Schmidt-Hebbel
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
Book Description
Dynamic Response to External Shocks in Classical and Keynesian Economics
Author: Klaus Schmidt-Hebbel
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
Book Description
Dynamic response to external shocks in classical and Keynesian
Author: Klaus Schmidt Hebbel
Publisher:
ISBN:
Category : Estabilizacion del mercado
Languages : en
Pages : 58
Book Description
Publisher:
ISBN:
Category : Estabilizacion del mercado
Languages : en
Pages : 58
Book Description
Dynamic Response to External Shocks in Classical and Keynesian Economies
External Shocks in Classical and Keynesian Economies
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 64
Book Description
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 64
Book Description
External Shocks in Classical and Keynesian Economies
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category : Balance of payments
Languages : en
Pages : 72
Book Description
Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Publisher: World Bank Publications
ISBN:
Category : Balance of payments
Languages : en
Pages : 72
Book Description
Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Putting the New Keynesian Model to a Test
Author: Roland Straub
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
Book Description
In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still disputed. This paper attempts to shed light on this issue. We use a VAR with sign restrictions that are robust to model and parameter uncertainty to estimate the effects of monetary policy, preference, government spending, investment, price markup, technology, and labor supply shocks on macroeconomic variables in the United States and the euro area. In contrast to the NK DSGE models, the empirical results indicate that technology shocks have a positive effect on hours worked, and investment and preference shocks have a positive impact on consumption and investment, respectively. While the former is in line with the predictions of Real Business Cycle models, the latter indicates the relevance of accelerator effects, as described by earlier Keynesian models. We also show that NK DSGE models might overemphasize the contribution of cost-push shocks to business cycle fluctuations while, at the same time, underestimating the importance of other shocks such as changes to technology and investment adjustment costs.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
Book Description
In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still disputed. This paper attempts to shed light on this issue. We use a VAR with sign restrictions that are robust to model and parameter uncertainty to estimate the effects of monetary policy, preference, government spending, investment, price markup, technology, and labor supply shocks on macroeconomic variables in the United States and the euro area. In contrast to the NK DSGE models, the empirical results indicate that technology shocks have a positive effect on hours worked, and investment and preference shocks have a positive impact on consumption and investment, respectively. While the former is in line with the predictions of Real Business Cycle models, the latter indicates the relevance of accelerator effects, as described by earlier Keynesian models. We also show that NK DSGE models might overemphasize the contribution of cost-push shocks to business cycle fluctuations while, at the same time, underestimating the importance of other shocks such as changes to technology and investment adjustment costs.
A History of Macroeconomics from Keynes to Lucas and Beyond
Author: Michel De Vroey
Publisher: Cambridge University Press
ISBN: 0521898439
Category : Business & Economics
Languages : en
Pages : 451
Book Description
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Publisher: Cambridge University Press
ISBN: 0521898439
Category : Business & Economics
Languages : en
Pages : 451
Book Description
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Fiscal Policy in Classical and Keynesian Open Economies
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 52
Book Description
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 52
Book Description
Dynamic Response to Foreign Transfers and Terms-of-trade Shocks in Open Economies
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category : Comercio internacional
Languages : en
Pages : 52
Book Description
Both permanent and transitory disturbances can change long- run capacity and output -- although they may have opposite effects on the current account. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Publisher: World Bank Publications
ISBN:
Category : Comercio internacional
Languages : en
Pages : 52
Book Description
Both permanent and transitory disturbances can change long- run capacity and output -- although they may have opposite effects on the current account. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
North-South Linkages and International Macroeconomic Policy
Author: David Vines
Publisher: Cambridge University Press
ISBN: 9780521462341
Category : Business & Economics
Languages : en
Pages : 436
Book Description
Researchers have begun to apply economic techniques initially developed to analyse the industrialised countries to analyse North-South interactions in the world economy. This volume, derived from a CEPR conference, brings together theoretical and empirical papers on fiscal, monetary and trade linkages between the North and South. The papers use the advances in the use of the major macroeconomic models to simulate global and inter-regional interactions, and to analyse the implications for the South of macroeconomic developments in the North. They also examine international policy questions in a genuinely global context, and consider the design of policy packages for the Third World (aid versus trade, growth-oriented adjustment) in an empirical context. This volume provides a useful overview of the flourishing research area relating to interactions between North and South, and highlights areas where future research is needed.
Publisher: Cambridge University Press
ISBN: 9780521462341
Category : Business & Economics
Languages : en
Pages : 436
Book Description
Researchers have begun to apply economic techniques initially developed to analyse the industrialised countries to analyse North-South interactions in the world economy. This volume, derived from a CEPR conference, brings together theoretical and empirical papers on fiscal, monetary and trade linkages between the North and South. The papers use the advances in the use of the major macroeconomic models to simulate global and inter-regional interactions, and to analyse the implications for the South of macroeconomic developments in the North. They also examine international policy questions in a genuinely global context, and consider the design of policy packages for the Third World (aid versus trade, growth-oriented adjustment) in an empirical context. This volume provides a useful overview of the flourishing research area relating to interactions between North and South, and highlights areas where future research is needed.