Three Essays in Macroeconomics of Fiscal and Monetary Policies PDF Download

Author: Wei Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Author: Miranda S. Goeltom
Publisher: Gramedia Pustaka Utama
ISBN: 9789792233391
Category : Indonesia
Languages : en
Pages : 624

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Author: Yu She
Publisher:
ISBN:
Category :
Languages : en
Pages : 150

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My thesis contains three chapters which focus heavily on the macroeconomic policies. The first chapter focuses on the effectiveness of monetary policy on firms with different financial constraints. The second chapter addresses on how would the optimal tax policy change the evolution of inequality. The third chapter emphasizes on how to provide a proxy means testing from a welfare perspective to a transfer program. In the first chapter, I study the role of financial constraints in the effects of monetary policy on firm investments. I construct a quarterly textual measure of financial constraints from SEC filings using a deep learning model. It improves the prediction accuracy as compared to a Naive Bayes method by capturing the context information, such as grammatical structure and order of words. Firms classified as highly constrained are younger, smaller, have a higher liquidity ratio and higher leverage ratio. However, popular proxies of financial constraints often do not move monotonically with the level of financial constraints. Particularly for the liquidity ratio, it is high for both the least constrained firms, which have ample of cash, and the most constrained firms, which hoard cash due to precautionary saving motives and the high marginal cost of external capital. Using the constructed measure of financial constraints, the investments of financially constrained firms are persistently less responsive to monetary policy shocks due to high marginal cost of external funds. This implies that monetary policy might be less effective during crisis time due to a larger fraction of constrained firms. My results reconcile previous empirical findings and argue that the seemingly contrary conclusions are, to some extent, consistent with each other. In the second chapter, it intends to address on the question: how would the optimal taxes change the evolution of wealth inequality? This paper studies this question quantitatively under a standard incomplete market heterogeneous agent model. The benchmark model captures the wealth distribution and its evolution from 1967-2010. Optimal tax policy exercise considers an once-and-for-all tax reform at 1967 accounting for the time varying economic environment and transition dynamics. With a utilitarian social planner, the optimal linear comprehensive income tax leads to a higher level inequality in wealth where top 10\% and top 1\% gain at least 5\% more wealth shares at 2010 compared to benchmark. The optimal tax under a parameterized nonlinear tax function implies a highly progressive tax system which is also highly redistributive compared to the benchmark model. The wealth inequality in this case is increasing from 1960s to mid 1990s and then start to decline to its 1960s level or even lower. At 2010, top 10\% remains roughly their wealth holdings at their 1967 level while top 1\%, 0.1\% and 0.01\% wealth holding even decrease on average about 2\% compared to their low level at year 1967. In the last chapter, I propose a new proxy means testing method with minimizing welfare loss as the target instead of traditional targets such as minimizing consumption loss. In a simple economy with a utilitarian social planner, the welfare approach is equivalent to a weighted logistic regression with inverse consumption as weights. As a result, it focuses mainly on the exclusion error where poor are identified as non-poor and less weights on the inclusion error where non-poor are identified as poor. Using the socio-economic survey data in India in 2011, I compare the targeting performance of the welfare approach to other standard approaches in PMT. It shows that the welfare approach enjoys a lower exclusion error rate by sacrificing the inclusion error rate and does not out-perform the traditional method. It does, on the other hand, provide a welfare foundation for the poverty weighted least square method.

Author: John Smithin
Publisher: World Scientific Publishing Company
ISBN: 9814525294
Category : Business & Economics
Languages : en
Pages : 341

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This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.

Author: Jesper Lindé
Publisher:
ISBN: 9789172585072
Category : Fiscal policy
Languages : en
Pages : 139

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Author: J.M. Berk
Publisher: Springer Science & Business Media
ISBN: 1475734050
Category : Business & Economics
Languages : en
Pages : 157

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Book Description
Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.

Author: C.J.M Kool
Publisher: Springer Science & Business Media
ISBN: 1461312639
Category : Business & Economics
Languages : en
Pages : 252

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Book Description
Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.

Author: P. Arestis
Publisher: Springer
ISBN: 0230313752
Category : Business & Economics
Languages : en
Pages : 316

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Book Description
Microeconomics, Macroeconomics and Economic Policy are at the core of research and study in economics. The essays in this volume have been specifically commissioned and brought together to celebrate the work of Malcolm Sawyer, who has made substantial contributions in these areas.

Author: H.W. Arndt
Publisher: Routledge
ISBN: 1351762508
Category : Social Science
Languages : en
Pages : 370

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Book Description
This title was first published in 2001. A collection of essays written by H.W. Arndt, over a 50 year period, that cover a broad range of his work, from analytical issues in monetary and fiscal theory to political economy. The earlier essays should appeal to those interested in the history of economic thought whilst the more recent essays deal with issues such as economic globalization.

Author: Franz Gehrels
Publisher: Springer Science & Business Media
ISBN: 3642956599
Category : Business & Economics
Languages : en
Pages : 194

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Book Description
The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.