Journal of Macroeconomics最新文献_第5页

Monetary policy in a Schumpeterian economy with endogenous fertility and human capital accumulation 具有内生生育率和人力资本积累的熊彼特经济中的货币政策

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-04-04 DOI: 10.1016/j.jmacro.2024.103601

Wei Song, Yibai Yang

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引用次数: 0

The role of institutions in shaping the growth-aid relationship 机构在形成增长与援助关系中的作用

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-04-03 DOI: 10.1016/j.jmacro.2024.103603

Carlos Bethencourt, Fernando Perera-Tallo

{"title":"The role of institutions in shaping the growth-aid relationship","authors":"Carlos Bethencourt, Fernando Perera-Tallo","doi":"10.1016/j.jmacro.2024.103603","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103603","url":null,"abstract":"<div><p>Empirical evidence on the relationship between aid and economic growth is mixed and inconclusive. This paper proposes a theory to explain these contradictory findings. We build an endogenous growth model with a productive public good and homogeneous agents who allocate their time to both work and the appropriation of public resources. Aid increases public resources, raising the provision of the productive public good, but promotes rent-seeking. As recent empirical evidence suggests, a hump-shaped relationship between aid and growth emerges: too much aid is counterproductive for growth, particularly when institutions are weak. Aid transmits growth from the donor to the recipient country but harms income convergence and even prevents convergence among ex-ante identical countries when aid exceeds a certain threshold. Institutional improvements raise such a threshold. Thus, countries with lower income and lower institutional quality should receive less aid, unless an institutional reform is taken as a previous step to receive that aid.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103603"},"PeriodicalIF":1.4,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000181/pdfft?md5=1d9d6b80ad27710bdcbf4f7082359117&pid=1-s2.0-S0164070424000181-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Original sin: Fiscal rules and government debt in foreign currency in developing countries 原罪：发展中国家的财政规则和外币政府债务

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-26 DOI: 10.1016/j.jmacro.2024.103600

Ablam Estel Apeti , Bao-We-Wal Bambe , Jean-Louis Combes , Eyah Denise Edoh

{"title":"Original sin: Fiscal rules and government debt in foreign currency in developing countries","authors":"Ablam Estel Apeti , Bao-We-Wal Bambe , Jean-Louis Combes , Eyah Denise Edoh","doi":"10.1016/j.jmacro.2024.103600","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103600","url":null,"abstract":"<div><p>Developing economies often borrow abroad in foreign currency, which exposes them to the problem of “original sin.” Although the literature on the issue is relatively extensive, there is limited discussion about the role of fiscal frameworks, such as fiscal rules, in addressing original sin. Using a panel of 59 developing countries from 1990-2020 and applying the entropy balancing method, this study reveals that fiscal rules play a crucial role in reducing government debt in foreign currency, and that the effects are statistically and economically significant and robust. Furthermore, we find that the effectiveness of fiscal rules in curbing original sin is enhanced by factors such as the strengthening of the rule itself, improved fiscal discipline before the reform’s adoption, financial development, financial openness, exchange rate flexibility, the level of economic development, and sound institutions. Finally, transmission channels analysis reveals that the effect of fiscal rules on original sin is driven by fiscal and monetary policy credibility.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103600"},"PeriodicalIF":1.4,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000156/pdfft?md5=6e2d73f80f5d45c9b05b856e98e35ac6&pid=1-s2.0-S0164070424000156-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140345196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Exchange rate dynamics and consumption of traded goods 汇率动态与贸易品消费

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-26 DOI: 10.1016/j.jmacro.2024.103602

Maxym Chaban

引用次数: 0

Economic uncertainty, households’ credit situations, and higher education 经济不确定性、家庭信贷状况和高等教育

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-16 DOI: 10.1016/j.jmacro.2024.103598

Niraj P. Koirala , Dhiroj Prasad Koirala , Linus Nyiwul , Zhining Hu

{"title":"Economic uncertainty, households’ credit situations, and higher education","authors":"Niraj P. Koirala , Dhiroj Prasad Koirala , Linus Nyiwul , Zhining Hu","doi":"10.1016/j.jmacro.2024.103598","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103598","url":null,"abstract":"<div><p>In this paper, we study the relationship between economic uncertainty, households’ credit situations, and educational outcomes. Using the System Generalized Methods of Moments (SYS-GMM) on educational and economic data from the World Bank and IMF, we find that economic uncertainty and households’ access to credit have positive impacts on higher education. Further analyses suggest that economic uncertainty and households’ access to credit have heterogeneous effects on educational outcomes at the tertiary level, by gender and development status. Specifically, we find that economic uncertainties expand enrollments in developed countries and contract them in developing economies. In addition, access to credit has a more pronounced positive impact on educational outcomes in developing nations compared to developed ones. Furthermore, our analysis indicates that household credit coupled with economic uncertainty decreases women’s educational outcomes in higher education, posing a serious threat to gender equality in higher education. Lastly, we find that monetary policy appears to play a role in these results. These findings remain robust to alternative proxies of economic uncertainty and approach such as the Instrumental Variable (IV) regression method, which uses a political database on government changes and ideological gaps between cabinets as instruments. In general, the findings emphasize the enduring influence of economic uncertainties, typically associated with business cycles, on long-term aspects such as education.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103598"},"PeriodicalIF":1.4,"publicationDate":"2024-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000132/pdfft?md5=3e4482aa98ed36da8de716e4c3c57f70&pid=1-s2.0-S0164070424000132-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140209255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of local currency pricing in the international transmission effects of a government spending shock in an economy with vertical production linkage and foreign direct investment 在具有纵向生产联系和外国直接投资的经济体中，本币定价在政府支出冲击的国际传导效应中的作用

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-10 DOI: 10.1016/j.jmacro.2024.103588

Kohjiro Dohwa

{"title":"The role of local currency pricing in the international transmission effects of a government spending shock in an economy with vertical production linkage and foreign direct investment","authors":"Kohjiro Dohwa","doi":"10.1016/j.jmacro.2024.103588","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103588","url":null,"abstract":"<div><p>By constructing a two-country model with asymmetry in price-setting behavior between home and foreign intermediate goods firms, vertical production and trade, and endogenous entry of three types of final goods firms, this paper examines the effects of a home government spending shock. In particular, it focuses on the role of asymmetry in price-setting behavior between home and foreign intermediate goods firms. A home government spending shock is shown to result in the entry of multinational firms from both countries, an increase in the aggregate outputs of both countries, a deterioration in home welfare, and an improvement in foreign welfare. In addition, with an increase in the ratio of home and/or foreign intermediate goods firms setting their export prices in the local currency, the effects of this shock on the entry of home multinational firms, the increase in aggregate foreign output, the deterioration in home welfare and the improvement in foreign welfare are shown to be weakened, while the effects of this shock on the entry of foreign multinational firms and the increase in aggregate home output are intensified.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103588"},"PeriodicalIF":1.4,"publicationDate":"2024-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140112822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Monetary policy and reserve requirements with a zero-interest digital euro 零利率数字欧元的货币政策和准备金要求

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-02-16 DOI: 10.1016/j.jmacro.2024.103597

Paolo Fegatelli

引用次数: 0

The transmission of monetary policy shocks through the markets for reserves and money 货币政策冲击通过储备市场和货币市场的传导

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-02-10 DOI: 10.1016/j.jmacro.2024.103590

Michael T. Belongia , Peter N. Ireland

引用次数: 0

Household heterogeneity and the price puzzle in a new Keynesian model 新凯恩斯主义模型中的家庭异质性和价格之谜

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-01-16 DOI: 10.1016/j.jmacro.2024.103587

Daisuke Ida

引用次数: 0

FDI flows and sudden stops in small open economies 小型开放经济体的外国直接投资流动和突然停止

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-01-04 DOI: 10.1016/j.jmacro.2024.103586

Sergio Villalvazo

引用次数: 0