{"title":"Comment","authors":"M. Chinn","doi":"10.1086/663664","DOIUrl":"https://doi.org/10.1086/663664","url":null,"abstract":"This is a very interesting and relevant paper. The authors examine a mix of advanced and emerging market economies’ policy response to the Great Recession of 2007–2009. Unlike other treatments, the novelty of the approach is that it links the strength of fi scal and exchange rate responses to the extent of fi scal space and trade openness. In other words, they marry the insights of public fi nance and open economy macroeconomics. The authors fi nd, using simultaneous equations estimation, that countries rely more on the former when there is more fi scal space (in 2006) and are less open in terms of international trade. They fi nd that this pair of fi ndings is robust to a variety of modifi cations of the specifi cation and estimation approaches. I think these fi ndings make a lot of sense, and I expect them to be established as stylized facts in the literature. Nonetheless, these fi ndings inspire some additional questions, as well as avenues for further research.","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129806347","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}
{"title":"Comment","authors":"Steinar Holden","doi":"10.1086/663661","DOIUrl":"https://doi.org/10.1086/663661","url":null,"abstract":"There is now a fast growing literature extending real business cycle (RBC) models to include search and matching frictions. The aim of the literature is to explore the business cycle properties of the labor market as to what the basic mechanisms are and which shocks that matter. This is a very interesting area of research, and the literature has made considerable progress over the last fi ve to seven years. The paper of Justiniano and Michelacci makes a valuable contribution to this literature along several lines. First, it develops a more elaborate model than the existing ones, including novel shocks and mechanisms. Second, it uses a rather advanced estimation method, with a full information Bayesian method. Third, it includes a broader empirical application, analyzing the empirical performance of the United States and fi ve European countries (France, Germany, Norway, Sweden, and the United Kingdom). In this discussion, I will fi rst briefl y describe the key elements of the model, then consider some of them in more detail. Finally, I will discuss what we can learn from this paper, as well as from the literature to which it belongs. As will be clear, my overall view of the paper and the literature in general is favorable. Yet I also think that the analysis gives a somewhat exaggerated picture of how much of the variation in the data that the model is really able to explain. Future research should explore the validity of the key shocks and mechanisms, also by use of other methods and other type of data.","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115496782","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}
{"title":"Copyright","authors":"S. Bannerman","doi":"10.1086/667618","DOIUrl":"https://doi.org/10.1086/667618","url":null,"abstract":"Copyright is a bundle of rights granted to the creators of literary, artistic, and scientific works such as books, music, films, or computer programs. Copyright, as one of the most controversial areas of communication law and policy, has always been the subject of political contention; however, debates surrounding the subject have reached new levels of controversy since the 1990s as a result of the new formats of creative works made possible by digital media, and as a result of the new practices of authorship, creativity, consumption, collaboration and sharing that have arisen in light of networking and social media. Technological change has not been the only driving force of change; social and political change, including changing concepts of authorship, the recognition of the rights of women and indigenous peoples, and the changing structures of international relations and international civil society have also been reflected in copyright law. Copyright policymaking has become an increasingly internationalized affair. Forum-shifting has contributed to the proliferation of regional and international copyright policymaking forums under the rubric of stand-alone intellectual property institutions such as the World Intellectual Property Organization (WIPO), as well as under institutions dedicated more broadly to international trade negotiations. Communication scholars and others have contributed extensively to the field of copyright and intellectual property law. Communication scholars have made significant contributions in examining the cultural significance, political economy, history, and rhetoric of copyright, drawing on diverse fields that include cultural studies and critical political economy. Communications scholars’ influence in the field of copyright scholarship has been significant.","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131942800","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}
{"title":"Comment","authors":"Jorge Braga de Macedo","doi":"10.1086/663666","DOIUrl":"https://doi.org/10.1086/663666","url":null,"abstract":"","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"497 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123237741","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}
{"title":"Comment","authors":"C. Engel","doi":"10.1086/663656","DOIUrl":"https://doi.org/10.1086/663656","url":null,"abstract":"This very interesting paper by Gianmarco Ottaviano explores the dynamics of fi rm behavior over the business cycle in a model with fi rm entry and exit. The paper has a number of precise predictions, and raises challenges for modeling macroeconomies. My aim in these brief comments is simply to draw links to the literature. I will not give a comprehensive review—this is certainly not my area of expertise—but I do want to indicate different literatures to which this paper belongs. In the introductory comments, Ottaviano links the paper to models of creative destruction, to models of search, and to macroeconomic models with imperfect competition. There are other literatures that, I think, are even more closely related. One really fascinating aspect of the analysis in this paper is that it raises questions about what macroeconomists mean by aggregate total factor productivity (TFP). Even if we could measure TFP at the fi rm level, it is not clear what the right way is to aggregate fi rm TFP to get a measure of economywide TFP. Aggregate statistics suggest a close link between TFP fl uctuations and the business cycle, and of course there has been a long ongoing debate about the meaning of that link. That is, does measured TFP capture actual exogenous changes in productivity, or is there labor hoarding, and so forth, that leads to endogenous movement in TFP? In this paper, exogenous shocks to labor productivity drive the business cycle. However, the implications for economywide TFP are not so clear. In the model, an increase in the productivity level of all fi rms draws less productive fi rms into production. Average productivity, as measured by the simple average of productivity over all fi rms in the economy, is infl uenced not only by the increase in productivity of fi rms","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133587442","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}
{"title":"Comment","authors":"F. Giavazzi","doi":"10.1086/663665","DOIUrl":"https://doi.org/10.1086/663665","url":null,"abstract":"Table 1 (from Favero, Giavazzi, and Perego 2012) illustrates the extent to which fi scal policy reacts to fl uctuations in the (lagged) debt/GDP ratio. The table reports the estimated coeffi cients on the debt/GDP ratio in the fi scal reaction function of eight OECD countries (the data are annual and extend from 1978 to 2009). Debt stabilization plays a role in all countries, as the difference between the feedback coeffi cients on taxes and government spending implies a positive feedback of the primary surplus to the debt to GDP ratio, with Japan as the only exception. The style of stabilization is, however, heterogenous across countries: lagged debt impacts more signifi cantly (with a negative sign) on expenditures in Canada, the United Kingdom, and in the United States, while it has instead a borderline signifi cant (positive) coeffi cient on taxes in France. Italian fi scal policy reacts to fl uctuations in the debt/GDP ratio by adjusting both taxes and spending. The authors assume that “the costs of changing the tax rates and their enforcement are high relative to the lower political costs of changing the public debt/GDP and the fi scal defi cit/GDP. The tax base depends on structural factors that are harder to modify in the short run than adjusting government expenditure.” They thus contend that “the tax revenue as a share of the GDP provides a more effi cient way of normalizing macro public fi nance data [because] the public debt/GDP normalized by the de facto tax base measures the average tax years that it would take to ‘buy’ the outstanding public debt, and provides a stock measure of public debt overhang.” The results in table 1 show that some countries—Italy, and to some extent France, in our sample—do instead adjust taxes. Others use changes in government spending, a variable that the authors implicitly assume to remain constant. Thus, while the authors address a very interesting issue—the sources","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123934563","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}
{"title":"NBER Board of Directors","authors":"","doi":"10.1086/667619","DOIUrl":"https://doi.org/10.1086/667619","url":null,"abstract":"","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125031635","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}
{"title":"Comment","authors":"Marcus Hagedorn","doi":"10.1086/663660","DOIUrl":"https://doi.org/10.1086/663660","url":null,"abstract":"","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121846312","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}
{"title":"Traded and Nontraded Goods Prices, and International Risk Sharing: An Empirical Investigation","authors":"G. Corsetti, Luca Dedola, F. Viani","doi":"10.1086/663653","DOIUrl":"https://doi.org/10.1086/663653","url":null,"abstract":"Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets. Key to the literature is the evidence, at odds with efficiency, that consumption is relatively high in countries where its international relative price (the real exchange rate) is also high. We reconsider the relation between cross-country consumption differentials and real exchange rates, by decomposing it into two components, reflecting the prices of tradable and nontradable goods, respectively. We document that, as a common pattern among OECD countries, both components tend to contribute to the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency deviations. We relate these findings to two mechanisms proposed by the literature to reconcile open economy models with the data. One features strong Balassa-Samuelson effects on nontradable prices due to productivity gains in the tradable sector, with a muted offsetting response of tradable prices. The other, endogenous income effects causing nontradable but especially tradable prices to appreciate with a rise in domestic consumption demand.","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124504995","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}
{"title":"Firm Heterogeneity, Endogenous Entry, and the Business Cycle","authors":"G. Ottaviano","doi":"10.1086/663614","DOIUrl":"https://doi.org/10.1086/663614","url":null,"abstract":"This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle lead to endogenous cyclical movements in average firm productivity. These movements stem from a composition effect due to the reallocation of market shares among firms with different levels of efficiency and affect the propagation of exogenous technological shocks. Numerical analysis suggests that existing models with representative firms may overstate the actual role of procyclical entry and exit in imperfectly competitive markets as a propagation mechanism of exogenous technology shocks. The reason is that procyclical entry and countercyclical exit disproportionately involve less efficiency firms whose impact on aggregate economic activity is hampered by their smaller size.","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125555884","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}
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