Essays In Macroeconomics Of An Open Economy PDF Download
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Author | : Franz Gehrels |
Publisher | : Springer Science & Business Media |
Total Pages | : 194 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642956599 |
Download Essays in Macroeconomics of an Open Economy Book in PDF, ePub and Kindle
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.
Author | : Michael Allan Jenkins |
Publisher | : |
Total Pages | : 143 |
Release | : 1995 |
Genre | : Macroeconomics |
ISBN | : |
Download Essays in Open Economy Macro Economics Book in PDF, ePub and Kindle
Author | : Daniel Waldman |
Publisher | : |
Total Pages | : 270 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Essays in Open Economy Macroeconomics Book in PDF, ePub and Kindle
Author | : Mian Zhu |
Publisher | : |
Total Pages | : 85 |
Release | : 2011 |
Genre | : |
ISBN | : |
Download Essays in Open Economy Macroeconomics Book in PDF, ePub and Kindle
Author | : Kihyun Park |
Publisher | : |
Total Pages | : 147 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Essays in Open Economy Macroeconomics Book in PDF, ePub and Kindle
This dissertation studies the dynamic effects of various economic shocks in a two-sector small open economy. It is divided into three essays. Essays 1 and 2 have a theoretical focus; they involve the developing of intertemporal optimizing models of a small open economy. In these essays, we use the representative-agent framework to derive dynamic macroeconomic effects. Specifically, in the first essay we examine the effects of monetary policy targeted at an inflation rate in a small open economy. We adopt a two-sector dependent economy where money is introduced through various cash-in-advance (CIA) constraints. Results are very significant and sensitive to various CIA constraints as well as relative capital intensities. Higher inflation will generate more investment in the economy leading to a higher level of capital stock and a lower level of net foreign assets in the long-run when the nontraded sector is more capital intensive and households need cash for purchasing tradable goods. However, the long-run effects are completely opposite if households need real balances for purchasing nontradable goods instead. In the second essay we examine the effects and the associated dynamics of an increase in international oil prices and domestic inflation. We show that an increase in oil prices or higher domestic inflation lowers the level of investment, production, and consumption in the long-run. The economy experiences a current account surplus along with a fall in capital stock by holding more foreign traded bonds. Transitional dynamics significantly depend on sectoral capital intensity as well. In essay 3 we investigate the explanatory power of yield spread in predicting economic activities in developing economies. We employ both the Markov regime switching model (MS) and the probit model to estimate the probability of recessions during the Asian financial crisis. We find that three-regime MS model is better predictor of recessions than tworegime MS model. The MS results are also compared with that of the standard probit model for comparison. The MS model does not significantly improve the forecasting ability of the yield spread in forecasting business cycles.
Author | : John Smithin |
Publisher | : World Scientific Publishing Company |
Total Pages | : 341 |
Release | : 2013-06-27 |
Genre | : Business & Economics |
ISBN | : 9814525294 |
Download Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics Book in PDF, ePub and Kindle
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 | : Zeyad Khaled D Alnahedh |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Download Essays in Empirical Open Economy Macroeconomics Book in PDF, ePub and Kindle
Author | : Thomas Alexander Lubik |
Publisher | : |
Total Pages | : 0 |
Release | : 2000 |
Genre | : |
ISBN | : |
Download Two essays in open economy macroeconomics Book in PDF, ePub and Kindle
Author | : Vasco Cúrdia |
Publisher | : |
Total Pages | : 364 |
Release | : 2007 |
Genre | : |
ISBN | : 9781109946628 |
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The first essay proposes a model to investigate the effects of monetary policy in an emerging market economy that experiences a sudden stop of capital inflows. I show that the higher the elasticity of foreign demand, the lower the contraction in output - leading, at the extreme, to the possibility of an expansion. Interest rate rules reacting to inflation and output stabilize the output more than a fixed exchange rate regime. Low credibility and the risk of loose policy imply increased trade-offs, stronger contraction of the economy, and higher interest rates.
Author | : Andrea Bubula |
Publisher | : |
Total Pages | : 127 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Essays in Open-economy Macroeconomics Book in PDF, ePub and Kindle