Paul Samuelson
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Monetary Policy in Economies with Little Or No Money
NBER WORKING PAPER SERIES MONETARY POLICY IN ECONOMIES WITH LITTLE OR NO MONEY Bennett T. McCallum Working Paper 9838 http://www.nber.org/papers/w9838 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2003 This paper was prepared for presentation at the December 16-17, 2002, meeting of the Hong Kong Economic Association. I am indebted to Marvin Goodfriend, Lok Sang Ho, Allan Meltzer, and Edward Nelson for helpful comments and suggestions. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research ©2003 by Bennett T. McCallum. 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. Monetary Policy in Economies with Little or No Money Bennett T. McCallum NBER Working Paper No. 9838 July 2003 JEL No. E3, E4, E5 ABSTRACT The paper's arguments include: (1) Medium-of-exchange money will not disappear in the foreseeable future, although the quantity of base money may continue to decline. (2) In economies with very little money (e.g., no currency but bank settlement balances at the central bank), monetary policy will be conducted much as at present by activist adjustment of overnight interest rates. Operating procedures will be different, however, with payment of interest on reserves likely to become the norm. (3) In economies without any money there can be no monetary policy. The relevant notion of a general price level concerns some index of prices in terms of a medium of account. -
A Study of Paul A. Samuelson's Economics
Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. A Study of Paul A. Samuelson's Econol11ics: Making Economics Accessible to Students A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at Massey University Palmerston North, New Zealand. Leanne Marie Smith July 2000 Abstract Paul A. Samuelson is the founder of the modem introductory economics textbook. His textbook Economics has become a classic, and the yardstick of introductory economics textbooks. What is said to distinguish economics from the other social sciences is the development of a textbook tradition. The textbook presents the fundamental paradigms of the discipline, these gradually evolve over time as puzzles emerge, and solutions are found or suggested. The textbook is central to the dissemination of the principles of a discipline. Economics has, and does contribute to the education of students, and advances economic literacy and understanding in society. It provided a common economic language for students. Systematic analysis and research into introductory textbooks is relatively recent. The contribution that textbooks play in portraying a discipline and its evolution has been undervalued and under-researched. Specifically, applying bibliographical and textual analysis to textbook writing in economics, examining a single introductory economics textbook and its successive editions through time is new. When it is considered that an economics textbook is more than a disseminator of information, but a physical object with specific content, presented in a particular way, it changes the way a researcher looks at that textbook. -
Laudatio Für Tony Atkinson
1998 - Stanley Fischer, IMF Washington D.C. Laudation for Rudiger Dornbusch Minister Wiesheu, Rector Heldrich, Professor Sinn, Ladies and Gentlemen: It is a great honor for me to introduce this year's Distinguished CES Fellow who is to deliver the Munich Lectures in Economics, Professor Rudiger Dornbusch; it is an enormous pleasure for me to introduce to you a superb economist, an outstanding speaker, a remarkable human being, my co-author, and my friend for nearly thirty years, Rudi Dornbusch. I would like to tell you about four aspects of Rudi: the young scholar; the policy economist and polemicist; the teacher; and the human being. The young scholar I first met Rudi Dornbusch at the University of Chicago in the autumn of 1969. I was a freshly minted Ph.D. from MIT, and he was one of an outstanding group of graduate students, among them Jacob Frenkel and Michael Mussa. They were students of Harry Johnson and Robert Mundell, in Milton Friedman's Chicago. Some, among them especially Rudi and Jacob Frenkel, honored the great Lloyd Metzler, who was still at Chicago. This was the pre-Lucas Chicago. In one critical respect, that of taking economics with the utmost seriousness, as a full-time academic profession, Chicago has not changed; in others, including that of seeking real-world relevance -- which it did then -- it has changed. It must have been a wonderful place and time to be a graduate student in international macroeconomics, not only because of the world-famous faculty, even more because of the synergy among outstanding students. -
The Role of Monetary Policy in the New Keynesian Model: Evidence from Vietnam
The role of monetary policy in the New Keynesian Model: Evidence from Vietnam By: Van Hoang Khieu William Davidson Institute Working Paper Number 1075 February 2014 The role of monetary policy in the New Keynesian Model: Evidence from Vietnam Khieu, Van Hoang Graduate Student at The National Graduate Institute for Policy Studies (GRIPS), Japan. Lecturer in Monetary Economics at Banking Academy of Vietnam. Email: [email protected] Cell phone number: +81-8094490288 Abstract This paper reproduces a version of the New Keynesian model developed by Ireland (2004) and then uses the Vietnamese data from January 1995 to December 2012 to estimate the model’s parameters. The empirical results show that before August 2000 when the Taylor rule was adopted more firmly, the monetary policy shock made considerable contributions to the fluctuations in key macroeconomic variables such as the short-term nominal interest rate, the output gap, inflation, and especially output growth. By contrast, the loose adoption of the Taylor rule in the period of post- August 2000 leads to a fact that the contributions of the monetary policy shock to the variations in such key macroeconomic variables become less substantial. Thus, one policy implication is that adopting firmly the Taylor rule could strengthen the role of the monetary policy in driving movements in the key macroeconomic variables, for instance, enhancing economic growth and stabilizing inflation. Key words: New Keynesian model, Monetary Policy, Technology Shock, Cost-Push Shock, Preference Shock. JEL classification: E12, E32. 1 1. Introduction Explaining dynamic behaviors of key macroeconomic variables has drawn a lot of interest from researchers. -
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. -
Spending and the Exchange Rate in the Keynesian Model
CAVE.6607.cp18.p327-352 6/6/06 12:09 PM Page 327 CHAPTER 18 Spending and the Exchange Rate in the Keynesian Model hapter 17 developed the Keynesian model for determining income and the trade balance in an open economy. In this chapter we consider some further applica- Ctions of the same model, including how governments can change spending in pursuit of two of their fondest objectives—income and the trade balance. We begin with the question of how changes in spending are transmitted from one country to another. Throughout, we focus particularly on the role that changes in the exchange rate play in the process. We bring together the analysis of flexible exchange rates from Chapter 16 with the analysis of changes in expenditure from Chapter 17. 18.1 Transmission of Disturbances Section 17.5 showed how income in one country depends on income in the rest of the world, through the trade balance. The effect varies considerably, depending on what is assumed about the exchange rate. This section compares the two exchange rate regimes, fixed and floating, with respect to the international transmission of economic disturbances.This comparison is one of the criteria that a country might use in deciding which of the regimes it prefers. Transmission Under Fixed Exchange Rates Our starting point will be the regime of fixed exchange rates. For simplicity, return to the small-country model of Section 17.1. In other words, ignore any repercussion effects via changes in foreign income. As Equation 17.9 implies, an internal distur- bance, such as a fall in investment demand DI, changes domestic income by DY 1 5 (18.1) DI s 1 m in the small-country model. -
(O) 617-794-9560 (M) [email protected]
Curriculum Vitae - Thomas W. Concannon, Ph.D. Page 1 of 17 THOMAS W. CONCANNON, PH.D. 20 Park Plaza, Suite 920, The RAND Corporation, Boston, MA 02116 617-338-2059 x8615 (o) 617-794-9560 (m) [email protected] CURRICULUM VITAE February 2021 ACADEMIC AND PROFESSIONAL APPOINTMENTS AND ACTIVITIES APPOINTMENTS 2012-present Senior Policy Researcher, The RAND Corporation, Boston, Massachusetts 2006-present Assistant Professor, Tufts University School of Medicine, Boston Massachusetts 2015-present Co-Director, Stakeholder and Community Engagement Programs, Tufts Clinical and Translational Sciences Institute Boston, Massachusetts 2012-2017 Associate Director, Comparative Effectiveness Research Programs, Tufts Clinical and Translational Sciences Institute Boston, Massachusetts 2009-2010 Visiting Professor, Institute for Social Research, School of Public Health, University of California Los Angeles, Los Angeles, California Teaching: Comparative effectiveness research 2004-2006 Pre-Doctoral Fellow, Institute for Clinical Research and Health Policy Studies, Tufts-New England Medical Center, Boston, Massachusetts, 2002-2004 Research Analyst, Harvard Medical School and Harvard Pilgrim Health Care, Dept. of Ambulatory Care and Prevention, Boston, Massachusetts. 1996-2001 Staff Consultant, John Snow, Inc., Boston, Massachusetts. 1992-1996 Client Services Director, North Shore AIDS Health Project, Gloucester, Massachusetts. TRAINING 2006 Doctor of Philosophy in Health Policy. Dissertation: A Cost and Outcomes Analysis of Emergency Transport, Inter-Hospital Transfer and Hospital Expansion in Cardiac Care Harvard University, Cambridge, MA 1991 Master of Arts in Political Science. Concentration: political theory McGill University, Montreal, PQ, Canada 1988 International Study in history and philosophy Universität Freiburg, Freiburg im Breisgau, Germany 1988 Bachelor of Arts in Political Science, cum laude. Concentration: political theory University of Massachusetts, Amherst, MA Curriculum Vitae - Thomas W. -
America's Economic Way Of
|America’s Economic Way of War How did economic and financial factors determine how America waged war in the twentieth century? This important new book exposes the influence of economics and finance on the questions of whether the nation should go to war, how wars would be fought, how resources would be mobilized, and the long-term consequences for the American economy. Ranging from the Spanish–American War to the Gulf War, Hugh Rockoff explores the ways in which war can provide unique opportunities for understanding the basic principles of economics as wars produce immense changes in monetary and fiscal policy and so provide a wealth of infor- mation about how these policies actually work. He shows that wars have been more costly to the United States than most Americans realize as a substantial reliance on borrowing from the public, money creation, and other strategies to finance America’s war efforts have hidden the true cost of war. hugh rockoff is a professor of Economics at Rutgers, the State University of New Jersey, and a research associate of the National Bureau of Economic Research. His publications include numerous papers in professional journals, The Free Banking Era: A Re-examination (1975), Drastic Measures: A History of Wage and Price Controls in the United States (1984), and a textbook, History of the American Economy (2010, with Gary Walton). NEW APPROACHES TO ECONOMIC AND SOCIAL HISTORY series editors Nigel Goose, University of Hertfordshire Larry Neal, University of Illinois, Urbana-Champaign New Approaches to Economic and Social History is an important new textbook series published in association with the Economic History Society. -
Neoclassicism and the Separation of Ownership and Control
University of Pennsylvania Carey Law School Penn Law: Legal Scholarship Repository Faculty Scholarship at Penn Law 2009 Neoclassicism and the Separation of Ownership and Control Herbert J. Hovenkamp University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Business Organizations Law Commons, Corporate Finance Commons, Economic History Commons, Economic Theory Commons, Industrial Organization Commons, Law and Economics Commons, Legal History Commons, and the Securities Law Commons Repository Citation Hovenkamp, Herbert J., "Neoclassicism and the Separation of Ownership and Control" (2009). Faculty Scholarship at Penn Law. 1792. https://scholarship.law.upenn.edu/faculty_scholarship/1792 This Article is brought to you for free and open access by Penn Law: Legal Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship at Penn Law by an authorized administrator of Penn Law: Legal Scholarship Repository. For more information, please contact [email protected]. VIRGINIA LAW & BUSINESS REVIEW VOLUME 4 FALL 2009 NUMBER 2 NEOCLASSICISM AND THE SEPARATION OF OWNERSHIP AND CONTROL Herbert Hovenkamp† INTRODUCTION ...................................................................................................... 374 I. FISHER’S SEPARATION THEOREM ................................................................... 383 II. VALUE MAXIMIZATION AND THE NATURE OF THE FIRM ....................... 286 III. THE FINANCIAL STRUCTURE AND VALUE -
On Some Recent Developments in Monetary Economics
ON SOME RECENT DEVELOPMENTS IN MONETARY ECONOMICS P. D. Jonson R. w. Rankin* Reserve Bank of Australia Research Discussion Paper 8605 (Revised) August 1986 (Forthcoming, Economic Record September 1986) * This paper is dedicated to the memory of Austin Holmes, OBE, who both commissioned it and provided helpful comments on drafts. It has also benefitted from the comments of many other colleagues, including in particular Palle Andersen, Charles Goodhart, David Laidler and William Poole, as well as participants in seminars at ANU, Melbourne and Monash Universities. The views expressed herein are nevertheless those of the authors. In particular, they are not necessarily shared by their employer. ABSTRACT This survey is motivated by the major changes that have been occurring both within the financial sector and in the relationships between financial and other markets. These changes have complicated both monetary analysis and the practice of monetary policy. Monetary models based on simple aggregative relationships are not well equipped to analyse issues of structural change. Monetary policy has been forced to rely more on "judgement" and less on the application of these models and their suggested policy rules. one obvious example of this is the demise, or at least downgrading, of monetary targets in major western economies. This survey examines some of the main strands in the development of monetary economics in the past two decades. It argues that much of the policy prescription of monetary economics - especially reliance on monetary targeting - depends on simple "stylised facts" about the behaviour of regulated economies. These prescriptions cannot therefore be applied directly to economies where the regulatory structure is changing. -
Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle
ROBERT E. CARPENTER Emory University STEVEN M. FAZZARI Washington University in St. Louis BRUCE C. PETERSEN Washington University in St. Lou is Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle IT IS A well-known fact that inventory disinvestment can account for much of the movement in output during recessions. Almost one-half of the shortfall in output, averaged over the five interwar business cycles, can be accounted for by inventory disinvestment, and the proportion has been even larger for postwar recessions.' A lesser-known fact is that corporate profits, and therefore internal-finance flows, are also ex- tremely procyclical and tend to lead the cycle. Wesley Mitchell finds that the percentage change in corporate income over the business cycle is several times greater than that in any other macroeconomic series in his study.2 Robert Lucas lists the high conformity and large variation of corporate income as one of the seven main qualitative features of the business cycle.3 The volatility of internal finance, which is also com- We thank Lee Benham, Robert Chirinko, Mark Gertler, Simon Gilchrist, Edward Greenberg, Charles Himmelberg, Anil Kashyap, Louis Maccini, Dorothy Petersen, and Toni Whited for helpful comments, and Andrew Meyer, Bruce Rayton, and James Mom- tazee for excellent research assistance. Robert Parks and Daniel Levy provided technical assistance. We acknowledge financial support from the Jerome Levy Economics Institute, the University Research Committee of Emory University, and Washington University. 1. See Abramovitz (1950, p. 5) and Blinder and Maccini (199la). 2. Mitchell (1951, p. 286). These series include the rate of bankruptcy, employment, and pig iron production, among others. -
RAND Corporation, RR-708-DHHS, 2014
C O R P O R A T I O N The Effect of Eliminating the Affordable Care Act’s Tax Credits in Federally Facilitated Marketplaces Evan Saltzman, Christine Eibner ince its passage in 2010, the Patient Protection Key findings and Affordable Care Act (ACA) (Pub. L. 111- • Enrollment in the ACA-compliant individual S148, 2010) has sustained numerous legal chal- market, including plans sold in the market- lenges. Most notably, in Nat. Fedn. of Indep. Business places and those sold outside of the market- v. Sebelius (132 S. Ct. 2566, 2012), the U.S. Supreme places that comply with ACA regulations, Court upheld the individual-responsibility require- would decline by 9.6 million, or 70 percent, in ment to purchase health insurance under the federal federally facilitated marketplace (FFM) states. government’s taxing authority, but it made Medicaid • Unsubsidized premiums in the ACA-compliant expansion voluntary for states. The latest challenges individual market would increase 47 percent to the ACA focus on whether residents of states that in FFM states. This corresponds to a $1,610 have not established their own insurance exchanges are annual increase for a 40-year-old nonsmoker eligible for subsidies under 26 U.S.C. § 36B. Although purchasing a silver plan. 16 states1 and the District of Columbia have established their own exchanges, 34 states have not, instead defer- ring to the federal government to set up exchanges in their states. In its final rule, the Internal Revenue Service (IRS) interpreted the provision as allowing tax credits to be made available for eligible people purchasing health insurance in state- based marketplaces (SBMs) or federally facilitated marketplaces (FFMs) (45 C.F.R.