Journal of Macroeconomics最新文献_第8页

Public investment, national debt, and economic growth: The role of debt finance under dynamic inefficiency 公共投资、国债与经济增长:动态无效率下债务融资的作用

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103535

Akira Kamiguchi , Toshiki Tamai

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引用次数: 1

Wage rigidity and destabilizing spirals 工资刚性和不稳定的螺旋式上升

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103546

Euiyoung Jung

引用次数: 0

Does automation technology increase wage? 自动化技术会提高工资吗?

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103541

Ryosuke Shimizu , Shohei Momoda

引用次数: 2

International capital flows, liquidity risk, and monetary policy 国际资本流动、流动性风险和货币政策

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103540

Andre Harrison , Robert R. Reed

{"title":"International capital flows, liquidity risk, and monetary policy","authors":"Andre Harrison , Robert R. Reed","doi":"10.1016/j.jmacro.2023.103540","DOIUrl":"10.1016/j.jmacro.2023.103540","url":null,"abstract":"<div><p><span>In recent years, there has been a large amount of lending coming from the public sector of many developing countries. At the same time, the financial sectors in many advanced countries have issued a large share of portfolio debt to other countries. What are the implications of these events for the global financial system and overall economic activity? Do they have an impact on the transmission channels of </span>monetary policy<span> across countries at different stages of economic development? We investigate these important issues using a micro-founded model of money and banking so that the effects of monetary policy across countries can be meaningfully studied. Notably, the increase in capital outflows to the advanced economy renders monetary policy in developing countries to be less effective, while the effects of monetary policy in advanced economies are more pronounced. Yet, our results indicate that it can indeed be optimal for lower income countries to lend to the advanced world. Importantly, we find that the optimal amount of lending to advanced countries critically depends on the degree of liquidity risk — if it is sufficiently high, then public sector lending to advanced economies is not warranted. Consequently, our results indicate that governments in developing countries should carefully consider how much capital they send abroad to foreign countries.</span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"77 ","pages":"Article 103540"},"PeriodicalIF":1.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49367394","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

Public debt and welfare in a quantitative Schumpeterian growth model with incomplete markets 不完全市场下熊彼特增长模型中的公共债务与福利

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103539

Marco Cozzi

{"title":"Public debt and welfare in a quantitative Schumpeterian growth model with incomplete markets","authors":"Marco Cozzi","doi":"10.1016/j.jmacro.2023.103539","DOIUrl":"10.1016/j.jmacro.2023.103539","url":null,"abstract":"<div><p><span><span>This paper quantifies the welfare effects of counterfactual public debt policies using an endogenous growth model with incomplete markets. The economy features public debt, Schumpeterian growth, infinitely-lived agents, uninsurable income risk, and discount factor heterogeneity. Two versions of the model are specified, one with households holding equity in the group of innovating firms. The model is calibrated to the U.S. economy to match the degree of </span>wealth inequality, the share of R&D expenditure in GDP, the firms’ exit rate, the average growth rate, and other standard long-run targets. When comparing balanced growth paths, I find large welfare gains in equilibria characterized by governments accumulating public wealth. The result is robust to the mechanism used to generate a highly concentrated wealth (i.e., preference heterogeneity or “superstar” income shocks). Welfare effects decompositions show that level effects and growth effects reinforce each other. The responses of both the </span>intermediate goods<span> and their market conditions are key in explaining the large level effects. The version of the model without equity is computationally easier to solve, allowing to consider transitional dynamics. Taking into account the dynamic adjustment to the new long-run equilibrium, I show that the transitional welfare costs are not large enough to change the sign of the welfare effects stemming from a change in public debt. I find that eliminating public debt would lead to a 0.8% increase in welfare, while moving to a debt/GDP ratio of 100% would entail a welfare loss of 0.5%. A decomposition analysis shows that growth accounts for approximately 50% of the overall welfare effects.</span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"77 ","pages":"Article 103539"},"PeriodicalIF":1.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48447273","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

Behavioral New Keynesian Models: An empirical assessment 行为新凯恩斯主义模型:实证评估

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103538

Greta Meggiorini

引用次数: 0

Quantitative analysis of a wealth tax for the United States: Exclusions and expenditures 美国财富税的定量分析:排除与支出

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103559

Rachel Moore, Brandon Pecoraro

引用次数: 0

Subsistence consumption and natural resource depletion: Can resource-rich low-income countries realize sustainable consumption paths? 生存消费与自然资源枯竭:资源丰富的低收入国家能否实现可持续消费路径?

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103549

Jürgen Antony , Torben Klarl

引用次数: 0

Global models for a global pandemic: The impact of COVID-19 on small euro area economies 全球大流行的全球模型：新冠肺炎对欧元区小型经济体的影响

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103551

Pablo Garcia , Pascal Jacquinot , Črt Lenarčič , Matija Lozej , Kostas Mavromatis

引用次数: 0

Misallocation of talent, teachers’ human capital, and development in Brazil 巴西人才配置不当、教师人力资本与发展

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103542

Fernando Barros Jr , Bruno R. Delalibera , Luciano Nakabashi , Marcos J. Ribeiro

引用次数: 0