Monetary Policy
Total Page:16
File Type:pdf, Size:1020Kb

Load more
Recommended publications
-
Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
NBER WORKING PAPER SERIES SHOPPING EXTERNALITIES AND SELF-FULFILLING UNEMPLOYMENT FLUCTUATIONS Greg Kaplan Guido Menzio Working Paper 18777 http://www.nber.org/papers/w18777 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2013 We thank the Kielts-Nielsen Data Center at the University of Chicago Booth School of Business for providing access to the Kielts-Nielsen Consumer Panel Dataset. We thank the editor, Harald Uhlig, and three anonymous referees for insightful and detailed suggestions that helped us revising the paper. We are also grateful to Mark Aguiar, Jim Albrecht, Michele Boldrin, Russ Cooper, Ben Eden, Chris Edmond, Roger Farmer, Veronica Guerrieri, Bob Hall, Erik Hurst, Martin Schneider, Venky Venkateswaran, Susan Vroman, Steve Williamson and Randy Wright for many useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Greg Kaplan and Guido Menzio. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations Greg Kaplan and Guido Menzio NBER Working Paper No. 18777 February 2013, Revised October 2013 JEL No. D11,D21,D43,E32 ABSTRACT We propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an additional worker creates positive external effects on other firms, as a worker has more income to spend and less time to search for low prices when he is employed than when he is unemployed. -
Economics 2009 Contents Highlights
Economics 2009 www.cambridge.org/economics Contents Highlights Economic Thought, Philosophy and Methodology 1 Econometrics 2 Econometric Society Monographs 3 Mathematical Methods and Pro- gramming 3 Microeconomics 4 Macroeconomics and Monetary Economics 5 International Economics 6 ➤ See page 22 World Trade Organization 8 ➤ See page 22 Finance and Financial Economics 10 ➤ See page 02 Public Economics and Political Economy 13 A Wealth of Knowledge and Learning… Institutional Economics 18 Industrial Organisation and Labour Economics 19 ...Economics Journals from Cambridge Business and Management 20 Economic History 22 1744-1374_4-1.qxd.goldlabel 15/1/08 09:46 Page 1 14747472_6-3.qxd.1stproof 26/10/07 11:59 Page 1 Economic Growth and Development 22 02662671_23-3.qxd.goldlabel.qxd 2/11/07 08:41 Page 1 81.7/')&+557''(&&.È+550'&*(#--', Journal of Institutional Economics volume 6 issue 3 november 2007 volume 6 issue 3 november 2007 THE JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT ISSN 1744-1374 THE JOURNAL OF THE Journal of Volume 23 Number 3 November 2007 Economics Economics 22 Journal of HISTORY OF Institutional Journal of Journal of Economics Economics Pension Economics Journal of & Finance Pension Economics & F &Philosophy Environmental and Natural Re- Volume 23 Number 3 November 2007 ECONOMIC THOUGHT vol 4 • no 1 • APRIL 2008 Institutional & Economics ➤ See page 22 Pension Economics Phi 81.7/')&+557'' Articles articles Franz Dietrich and Strategy-Proof Judgment Aggregation 269 los source Economics 24 ➤ PMS 109 233 A model of the French pension reserve fund: what could be the optimal See page 10 Christian List &Philosophy THE JOURNAL OF THE Economics contribution path rate? ophy Igor Douven and The Discursive Dilemma as a Lottery Paradox 301 PMS Yellow 012 Yellow PMS Charlie Berger and Anne Lavigne & Finance Jan-Willem Romeijn Contents PMS 329 251 Behavioral effects of employer-sponsored retirement plans: evidence from Watson ◆ MARSHALL’S METAPHORS ON METHOD PP. -
Handicapping Economics’ ‘Baby Nobel,’ the Clark Medal - Real Time E
Handicapping Economics’ ‘Baby Nobel,’ the Clark Medal - Real Time E... http://blogs.wsj.com/economics/2010/04/22/handicapping-economics-ba... More News, Quotes, Companies, Videos SEARCH Thursday, April 22, 2010 As of 4:16 PM EDT BLOGS U.S. Edition Today's Paper Video Blogs Journal Community Log In Home World U.S. Business Markets Tech Personal Finance Life & Style Opinion Careers Real Estate Small Business WSJ BLOGS Reserve Bank of India’s ‘Nirvana’ Rate Economic insight and analysis from The Wall Street Journal. APRIL 22, 2010, 4:04 PM ET Handicapping Economics’ ‘Baby Nobel,’ the Clark Medal Article Comments (1) REAL TIME ECONOMICS HOME PAGE » 1 of 3 4/22/2010 4:20 PM Handicapping Economics’ ‘Baby Nobel,’ the Clark Medal - Real Time E... http://blogs.wsj.com/economics/2010/04/22/handicapping-economics-ba... Email Printer Friendly Permalink Share: facebook Text Size By Justin Lahart Friday, the American Economic Association will present the John Bates Clark medal, awarded to the nation’s most promising economist under the age of 40. The Clark is known as the “Baby Nobel,” and with good reason. Of the 30 economists who have won it, 12 have gone on to win the Nobel, including Paul Samuelson and Milton Friedman. The award was given biennially until last year, when the AEA decided to give it annually. Massachusetts Institute of Technology economist Esther Duflo, 37, is considered a frontrunner. The head of MIT’s Jameel Poverty Action Lab with Abhijit Banerjee, she’s been at the forefront of using randomized experiments to analyze development American Economic Association Most Popular programs. -
Michele Boldrin Spring 2017 a Primer on Growth Theory
Michele Boldrin Spring 2017 A Primer on Growth Theory Scope The purpose of this course is to introduce you to some of the basic dynamic general equilibrium concepts and models I believe useful to start understanding economic growth and macroeconomic fluctuations. No representative agent with log utility and a Cobb-Douglas production function will be found in this class, you have already seen them. Apart from discussing extensively the little we know, and the lot we do not know, about the empirics of economic growth and business cycles, we will make an effort to understand how to model heterogeneous agents and a disaggregated (or complicated if you like) production structure. Organizational details We will meet six times, for three hours each (with a break in the middle …). We will dedicate each meeting to a specific topic or issue. The first half of the meeting will be dedicated to “teaching the topic” and the second half to “discussing the topic”. I presume you will do some reading before each meeting and I will assign you specific suggestions as the time comes. There are no assigned textbooks, but a number of reference texts are listed below. I will be mailing you additional reading materials week by week, depending on how fast we proceed. Grading I will give you a take-home exam at the end of the course. Topics 1. Growth and Cycles, data and historical facts. The theory of growth and the theory of cycles. Understanding the aggregate neoclassical growth model and the origin of the so-called “new growth theory”. -
Micro-Modeling of Retirement Behavior in Spain
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Social Security Programs and Retirement around the World: Micro-Estimation Volume Author/Editor: Jonathan Gruber and David A. Wise, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-31018-3 Volume URL: http://www.nber.org/books/grub04-1 Publication Date: January 2004 Title: Micro-Modeling of Retirement Behavior in Spain Author: Michele Boldrin, Sergi Jiménez-Martín, Franco Peracchi URL: http://www.nber.org/chapters/c10707 9 Micro-Modeling of Retirement Behavior in Spain Michele Boldrin, Sergi Jiménez-Martín, and Franco Peracchi 9.1 Introduction For the average Spaniard receiving a pension still means receiving a public pension. Among retired individuals, those drawing more than 10 percent of their annual income from a private pension plan are a negligible fraction (less than one percent). The situation, while slowly evolving, will not change substantially for another two decades or more. In 1990, the to- tal number of participants in all kinds of private pension plans was of 600,000—less than 5 percent of total employment at the time. Since then, participation in pension funds has increased rapidly but not exceptionally, reaching a total of 4 million at the end of 1999. This is slightly less than 30 percent of current total employment and is mostly composed of individu- als that are at relatively early stages of their working life. It is therefore rea- sonable to expect that, at least for the next two to three decades, the public pension system will remain the fundamental provider of old age income for Spanish citizens. -
Richard T. Ely and Woodrow Wilson at “The Hopkins”
SUBSCRIBE NOW AND RECEIVE CRISIS AND LEVIATHAN* FREE! “The Independent Review does not accept “The Independent Review is pronouncements of government officials nor the excellent.” conventional wisdom at face value.” —GARY BECKER, Noble Laureate —JOHN R. MACARTHUR, Publisher, Harper’s in Economic Sciences Subscribe to The Independent Review and receive a free book of your choice* such as the 25th Anniversary Edition of Crisis and Leviathan: Critical Episodes in the Growth of American Government, by Founding Editor Robert Higgs. This quarterly journal, guided by co-editors Christopher J. Coyne, and Michael C. Munger, and Robert M. Whaples offers leading-edge insights on today’s most critical issues in economics, healthcare, education, law, history, political science, philosophy, and sociology. Thought-provoking and educational, The Independent Review is blazing the way toward informed debate! Student? Educator? Journalist? Business or civic leader? Engaged citizen? This journal is for YOU! *Order today for more FREE book options Perfect for students or anyone on the go! The Independent Review is available on mobile devices or tablets: iOS devices, Amazon Kindle Fire, or Android through Magzter. INDEPENDENT INSTITUTE, 100 SWAN WAY, OAKLAND, CA 94621 • 800-927-8733 • [email protected] PROMO CODE IRA1703 The Shaping of a Future President’s Economic Thought Richard T. Ely and Woodrow Wilson at “The Hopkins” F CLIFFORD F. THIES AND GARY M. PECQUET homas Woodrow Wilson (1856–1924) was the first and is still the only president oftheUnitedStatestoholdanearneddoctoraldegree.HisPh.D.wasawarded T by the Johns Hopkins University (“The Hopkins”) in 1886. He was also the president of an institution of higher education and, unique among U.S. -
Curriculum Vitae Et Studiorum – May 2019 –
Curriculum vitae et studiorum { May 2019 { Pietro Dindo Department of Economics, Ca' Foscari University of Venice Cannaregio 873, 30121 - Venice, Italy E-mail: [email protected] Web-page: http://virgo.unive.it/pietro.dindo/ PERSONAL INFORMATION Date of Birth: 21st December 1976 Place of Birth: Verona (Italy) Nationality: Italian Status: Married Children: Nicola (2007), Tommaso (2009), Federico (2015) ACADEMIC AND RESEARCH POSITIONS February 2016 - Associate Professor, Department of Economics, Ca' Foscari University of Venice. August 2013 - January 2016 Marie Curie International Outgoing Fellow, Department of Economics, Cornell University, Ithaca, NY and Institute of Economics, Sant'Anna School of Advanced Studies, Pisa January 2012 - July 2013 Assistant Professor, Department of Economics and Management, University of Pisa. September 2009 - December 2011 Assistant Professor, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. December 2006 - August 2009 Post-Doctoral Researcher, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. EDUCATIONAL QUALIFICATIONS September 2002 - January 2007 PhD in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: Bounded Rationality and Heterogeneity in Economic Dynamic Models (supervised by Cars Hommes and Cees Diks) September 2002 - June 2004 MPhil in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: An Evolutionary Approach to the El Farol Game. October 1995 - October 2000 MSc in Physics - University of Milan. Thesis title: Renormalization Group for a Scalar Field on a Lattice (in Italian). PUBLICATIONS Dindo, P. (2019). \Survival in speculative markets". Journal of Economic Theory, 181, 1{43. Dindo, P., J. Staccioli (2018). \Asset prices and wealth dynamics in a financial market with random demand shocks". -
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Education Current Position(S) Previous Positions Work in Progress
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Department of Economics Place of Birth : Algemes´ı (Valencia), Spain Universitat Autonoma de Barcelona Citizenship : Spanish Plac¸a Civica s/n, Bellaterra, Barcelona 08193, Spain Telephone : 93 581 2708 E-mail : rauls[at]movebarcelona.eu Homepage : http://r-santaeulalia.net Education Ph.D. in Economics, University of Pennsylvania 2008 Thesis Advisor: Prof. Jose-V´ ´ıctor R´ıos-Rull M.Sc. in Economics, University College London 2002 B.A. in Economics, Universitat de Valencia 2000 Current position(s) Beatriz Galindo Senior Researcher, Universitat Autonoma de Barcelona Sep 2019 - Affilated Research Professor, Barcelona Graduate School of Economics Sep 2016 - CEPR Research Fellow Sep 2020 - MOVE Research Fellow Sep 2016 - Previous Positions Associate Professor (with tenure), Universitat Autonoma de Barcelona (UAB) Sep 2018 - 2019 Visiting Scholar OIGI, Minneapolis FED Apr 2018 - 2019 Vice-Director, Markets Organizations and Votes in Economics (MOVE) Jan 2017 - 2019 Assistant Professor, Universitat Autonoma de Barcelona (UAB) Sep 2016 - 2018 Visiting Professor, CEMFI Sep 2015 - 2016 Visiting Professor, Universitat de Valencia Sep 2013 - 2016 Research Fellow, St. Louis FED Sep 2010 - 2016 Research Fellow, Insitute of Public Health, Washington University in St. Louis Sep 2010 - 2016 Assistant Professor, Washington University in St. Louis Sep 2008 - 2016 Work in Progress 5. ‘Progressivity and Development’, with Leandro de Magalhaes and Enric Martorell 4. ‘Resilient Kaldor: Growth Facts with Intellectual Property Products Capital’, with S. Aum and D. Koh First Draft available as Barcelona GSE Working Paper: 1029 3. ‘A Stage-Based Identification of Policy Effects’, with Christian Aleman, Chris Busch and Alex Ludwig First Draft available as Barcelona GSE Working Paper: 1209 2. -
What Happened to the US Stock Market?
What Happened to the U.S. Stock Market? Accounting for the Past 50 Years Michele Boldrin and Adrian Peralta-Alva The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors’ research suggests this belief should be questioned. First, they show actual dividends cannot account for the secular trends of stock market values. They then consider a more comprehensive measure of capital income, which displays large secular fluctuations that roughly coincide with changes in stock market trends. Under perfect foresight, however, this measure fails to proper ly account for stock market movements. The authors thus abandon the perfect foresight assumption and instead assume that forecasts of future capital income are performed using a distributed lag equation and information available up to the forecasting period only. They find that standard asset-pricing theory can be reconciled with the secular trends in the stock market. This study, nevertheless, leaves open an important puzzle for asset-pricing theory: The market value of U.S. corporations was much lower than the replacement cost of corporate tangible assets from the mid-1970s to the mid-1980s. (JEL E25, G12) Federal Reserve Bank of St. Louis Review, November/December 2009, 91(6), pp. 627-46. tandard (consumption-based) asset- gyrations by appropriately filtering the quarterly pricing models have a hard time explain- movements of aggregate consumption is unlikely ing high-frequency fluctuations in stock to be realized. -
Michele Boldrin David K Levine [20110408] What's Intellectual
What’s Intellectual Property Good for? Michele Boldrin and David K. Levine First version: November 8, 2010 This version: MarchΑπρίλιος 8, 2011 1. Introduction Intellectual property may turn out to be among a handful of themes that will accompany us for most of the XXI century, shaping our economic future and maybe not just that. In spite of having been around – with ups and downs – since the times of James Watt, the controversy over intellectual property started anew in the second half of the 1990s and is likely to grow, in both intensity and relevance, during the decades to come. Behind this renewal of interest we see three main reasons: (i) the emergence of a global economy in which, thanks to the mechanization of a growing number of physical production processes and the growth in average human capital, the role played by creativity and innovation in the production of value added increases at a fast rate; (ii) the increase in the level and the extension in the scope of intellectual property protection that started, in the USA, during the Reagan administration, continued worldwide with the establishment of the WIPO and shows no signs of relenting, yet; (iii) the emergence, after almost a century of apparently unanimous consensus within the legal and economic professions, of a dissenting and heterogeneous set of opinions questioning the legal foundations, the practical usefulness and the internal economic coherence of the existing system of intellectual property. Our contribution to this debate has been threefold. We pointed out, first, that the standard (so called “Schumpeterian”) theory of innovation is grossly at odds both with history and with statistical facts. -
External Influence As an Indicator of Scholarly Importance
This may be the author’s version of a work that was submitted/accepted for publication in the following source: Chan, Ho Fai, Frey, Bruno, Gallus, Jana, Schaffner, Markus, Torgler, Benno,& Whyte, Stephen (2016) External influence as an indicator of scholarly importance. CESifo Economic Studies, 62(1), pp. 170-195. This file was downloaded from: https://eprints.qut.edu.au/84714/ c Consult author(s) regarding copyright matters This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the docu- ment is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recog- nise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to [email protected] Notice: Please note that this document may not be the Version of Record (i.e. published version) of the work. Author manuscript versions (as Sub- mitted for peer review or as Accepted for publication after peer review) can be identified by an absence of publisher branding and/or typeset appear- ance. If there is any doubt, please refer to the published source. https://doi.org/10.1093/cesifo/ifv010 External Influence as an Indicator of Scholarly Importance Ho Fai Chan, Bruno S. Frey, Jana Gallus, Markus Schaffner, Benno Torgler, and Stephen Whyte Abstract: Although the external influence of scholars has usually been approximated by publication and citation count, the array of scholarly activities is far more extensive. -
Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism
The Rot at the Heart of American Progressivism: Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism Gerald Friedman Department of Economics University of Massachusetts at Amherst November 8, 2015 This is a sketch of my long overdue intellectual biography of Richard Ely. It has been way too long in the making and I have accumulated many more debts than I can acknowledge here. In particular, I am grateful to Katherine Auspitz, James Boyce, Bruce Laurie, Tami Ohler, and Jean-Christian Vinel, and seminar participants at Bard, Paris IV, Paris VII, and the Five College Social History Workshop. I am grateful for research assistance from Daniel McDonald. James Boyce suggested that if I really wanted to write this book then I would have done it already. And Debbie Jacobson encouraged me to prioritize so that I could get it done. 1 The Ely problem and the problem of American progressivism The problem of American Exceptionalism arose in the puzzle of the American progressive movement.1 In the wake of the Revolution, Civil War, Emancipation, and radical Reconstruction, no one would have characterized the United States as a conservative polity. The new Republican party took the United States through bloody war to establish a national government that distributed property to settlers, established a national fiat currency and banking system, a progressive income tax, extensive program of internal improvements and nationally- funded education, and enacted constitutional amendments establishing national citizenship and voting rights for all men, and the uncompensated emancipation of the slave with the abolition of a social system that had dominated a large part of the country.2 Nor were they done.