Macroeconomics: Aggregative Models eJournal最新文献_第10页

The Ordinary Business of Macroeconometric Modeling: Working on the Fed-MIT-Penn Model (1964–1974) 宏观计量经济建模的普通业务:美联储-麻省理工学院-宾夕法尼亚大学模型的研究(1964-1974)

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-10-15 DOI: 10.2139/ssrn.3266559

R. Backhouse, Béatrice Cherrier

引用次数: 12

How Saline is the Solow Residual? Debating Real Business Cycles in the 1980s and 1990s 索洛残留的盐分有多高?讨论20世纪80年代和90年代的真实商业周期

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-10-14 DOI: 10.2139/ssrn.3266069

Aurélien W. Saïdi

{"title":"How Saline is the Solow Residual? Debating Real Business Cycles in the 1980s and 1990s","authors":"Aurélien W. Saïdi","doi":"10.2139/ssrn.3266069","DOIUrl":"https://doi.org/10.2139/ssrn.3266069","url":null,"abstract":"In a 1957 paper, Robert Solow exploited the mathematical properties of the aggregate production function to isolate the role of disembodied “technical change” in economic growth. Solow’s method allowed to disentangle the role of technical change from that of production factors, with the residual serving as a measure of total factor productivity growth. His method and results were equally met with praise and criticism, some focused on the use of an aggregate production function, the residual composition and measurement errors. The interrogations around the residual gave rise to an abundant literature from the late 1950s which made it possible to improve the technique of calculation and refine the results. In this paper, I argue that in the 1980s, debates around the Solow residual were not essentially different from those which took place in the 1950s and 1960s (measurement issues, increasing returns to scale or procyclical productivity). They both have blossomed within the National Bureau of Economic Research (NBER), they both highlight and are central to the macroeconomics controversies of the decade and its resolution in a 1990s consensus. Though, these debates have been accompanied by a change in the “epistemic status of shocks” (Duarte and Hoover 2009, 228) in economics, which redesigned the Solow residual from a source of secular growth to be quantified to the initial impulse of short-term economic fluctuations. I allege that it was the ability to decompose the residual theoretically and empirically that made it a weapon in the war between those believed the business cycle was driven by supply-side factors (Freshwater) vs demand-side factors (Saltwater).","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121618655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Mortgage Design and Slow Recoveries: The Role of Recourse and Default 抵押贷款设计和缓慢复苏:追索权和违约的作用

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-10-01 DOI: 10.2139/ssrn.3082409

Pedro Gete, Franco Zecchetto

引用次数: 4

Intranational Price Convergence and Price Stickiness: Evidence from Denmark 国内价格趋同与价格粘性:来自丹麦的证据

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-10-01 DOI: 10.1111/sjoe.12259

U. M. Bergman, N. L. Hansen, Christian Heebøll

引用次数: 4

Stabilization Policy, Infrastructure Investment, and Welfare in a Small Open Economy 小型开放经济中的稳定政策、基础设施投资与福利

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-09-24 DOI: 10.2139/ssrn.3280694

Yin Germaschewski

引用次数: 10

Credit Risk, Excess Reserves and Monetary Policy: The Deposits Channel 信用风险、超额准备金与货币政策:存款渠道

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-09-14 DOI: 10.2139/ssrn.3100021

George J. Bratsiotis

引用次数: 1

Innovation Coordination Failures and Endogenous Productivity: On the Dynamic Effect of Misallocation 创新协调失灵与内生生产率:错配的动态效应

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-08-01 DOI: 10.2139/ssrn.3225136

Daniel Araújo, Paulo Vaz

{"title":"Innovation Coordination Failures and Endogenous Productivity: On the Dynamic Effect of Misallocation","authors":"Daniel Araújo, Paulo Vaz","doi":"10.2139/ssrn.3225136","DOIUrl":"https://doi.org/10.2139/ssrn.3225136","url":null,"abstract":"Several papers have shown that misallocation of resources among heterogeneous firms can have damaging consequences for countries’ total factor productivity. The present work studies the impact of these distortions when they affect not only present productivity, but also the dynamics of future productivity, in an environment where agent decisions can generate coordination failures. This analysis will be carried out from a general equilibrium model of heterogeneous firms with partially endogenous productivity, in which firms have the ability to affect their future productivity by means of risky experiments, which take the form of productivity shocks, and coordination failures are generated from a complementarity of demand. Equilibrium analyses state the boundary conditions for extreme scenarios, with pure strategy, in which none or all firms invest in innovation, or for an intermediary scenario, with mixed strategies. Those conditions, however, are sensitive to aggregate and productivity-dependent distortions, suggesting that the current causes of misallocation of resources may carry long-lasting consequences to the growth path of TFP as well.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116030237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Fiscal Buffers, Private Debt and Recession: The Good, the Bad and the Ugly 财政缓冲、私人债务和衰退:好、坏、丑

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-07-20 DOI: 10.2139/ssrn.3210782

Nicoletta Batini, Giovanni Melina, Stefania Villa

引用次数: 8

Income Inequality and Stock Market Returns 收入不平等与股市回报

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-07-01 DOI: 10.2139/ssrn.3262121

A. Markiewicz, R. Raciborski

{"title":"Income Inequality and Stock Market Returns","authors":"A. Markiewicz, R. Raciborski","doi":"10.2139/ssrn.3262121","DOIUrl":"https://doi.org/10.2139/ssrn.3262121","url":null,"abstract":"In this paper, we study the relationship between income inequality and stock market returns. We develop a quantitative general equilibrium model that links shifts in both labour and capital income inequality to stock market variables. An increase of the share of capital owners’ income from risky capital leads to higher equity premium and a rise in their non-risky, labor share of income reduces it. When we calibrate our model to match the empirical size of shifts in the last five decades, we find that the negative impact of the higher labour share of income of capital owners dominates and brings the equity premium below the historical value by 0.79 percentage points, in line with the data. If both capital and total income shares of top decile would continue growing at the historical rate between 1970 and 2014, the equity premium would continue decreasing to 6.11% in 2030, 0.92 percentage point lower than historical equity premium of 7.03%. If instead only the capital share of income continues to grow, the equity premium would be higher than the historical average by 0.57 percentage point. If the labour income dispersion remains constant, the historical equity premium of 7.03% would be reached by 2030 if the capital share of income was growing by 1.4% each year.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124662401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Optimal Saving and Work Hours in the Heterogeneous Agent Neoclassical Growth Model 异质代理新古典增长模型中的最优储蓄和工作时间

Macroeconomics: Aggregative Models eJournal Pub Date : 2018-06-30 DOI: 10.2139/ssrn.3274102

Akshay Shanker

{"title":"Optimal Saving and Work Hours in the Heterogeneous Agent Neoclassical Growth Model","authors":"Akshay Shanker","doi":"10.2139/ssrn.3274102","DOIUrl":"https://doi.org/10.2139/ssrn.3274102","url":null,"abstract":"This paper introduces work - leisure choice into a constrained optimal policy problem in a neoclassical growth model with idiosyncratic risk and incomplete markets. The constrained planner cannot complete markets, but must improve welfare subject to agents’ budget constraints. As such, rather than addressing the market failure of incomplete markets, the planner addresses the pecuniary externalities of each agents’ saving and work decision on interest and wage rates. In an economy calibrated to U.S. wealth and income inequality, the paper finds the constrained planner increases aggregate capital and reduces aggregate hours worked. The resulting increase in wages and fall in interest rates shifts the distribution of consumption towards the consumption poor, since they rely more on labor income than capital income. However, in a constrained efficient allocation, only highly productive individuals increase saving, while less productive individuals reduce saving. Moreover, only the asset poor and less productive agents reduce work hours; the wealthy and highly productive increase work hours due to wealth effects. While total work hours fall, the increase in work hours by the most productive is sufficient to increase effective labor supply.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131689092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0