Essays in Macroeconomics: Expectations and Monetary Policy By Rupal A Kamdar A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Economics in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Yuriy Gorodnichenko, Chair Professor Pierre-Olivier Gourinchas Professor Amir Kermani Spring 2019.
This paper introduces heterogeneous microeconomic behavior into a demand-driven macroeconomic model in order to study the joint dynamics of leverage and capital accumulation. By identifying the.A cornerstone of Keynesian, or demand-driven, macroeconomics is the Paradox of Thrift. At the aggregate level, output adjusts to bring saving and investment into equality. If one set of actors, e.g. households as a group, try to save more than the current level of capital formation, then their reduced overall consumption will lead income generated by production to fall, until total saving.The concepts of supply and demand can be applied to the economy as a whole.
In this paper, we implement Bayesian econometric techniques to analyze a theoretical framework built along the lines of Farmer's micro-foundation of the General Theory. Specifically, we test the ability of a demand-driven search model with self-fulfilling expectations to match the behaviour of the US economy over the last thirty years. The main findings of our empirical investigation are the.
This paper proposes an approach to endogenous growth considering the relationship between macro-dynamics and technical change. We draw upon two streams of literature: Cumulative causation and its macroscopic view of economic dynamics; and Evolutionary economics and its focus on micro-determinants of technical change. This paper presents a.
Policy Evaluation in Macroeconomics with Stephanie Schmitt-Grohe NBER Reporter Spring 05: December 2004: The Macroeconomics of Subsistence Points with Morten O. Ravn, Stephanie Schmitt-Grohe: w11012. Published: Ravn, Morten, Stephanie Schmitt-Grohe and Martin Uribe. “The Macroeconomics of Subsistence Points.” Macroe-conomic Dynamics 12.
There are two key observations in international macroeconomics which pertain to output and real exchange rate dynamics. First, fluctuations in national output around its long-run growth path are very persistent. Second, fluctuations in real exchange rates are very persistent. The sticky price framework offers an explanation for both phenomena. The first and second essay of this thesis take an.
Demand-driven business cycles tend to be the more common of the two types. Demand-driven business cycles occur when shocks to the aggregate demand side of the economy create instability. An increase in aggregate demand triggers an expansion and a decrease in aggregate demand causes a contraction. Historical evidence suggests that business-cycle instability is primarily the result of changes in.
This paper introduces heterogeneous microeconomic behavior into a demand-driven macroeconomic model in order to study the joint dynamics of leverage and capital accumulation. By identifying the links between firm level variables and aggregate quantities, the paper contributes toward a reformulation of the Minskyan formal analysis that explicitly considers the role of microeconomic factors in.
Demand driven supply chain Over the passage of time, the concept of supply chain and planning has gained considerable need on the retail brand in the society today. It is because the two are interred twined based on the end product and the needs of the consumer. As such, most of the companies have noticed the gap that exists between supply chain and the final product given to the consumer.
The objective of the thesis is to perform a theoretical analysis of the two distinctive but intertwined mechanisms of economic dynamics, namely the process of coordination and the.
This paper introduces the classical idea about the so-called directed and induced technical change (ITC) within a Keynesian demand-side and evolutionary endogenous growth model in order to analyze the interplay among technical change, long-run economic growth and functional income distribution. An ITC process is analyzed within an Agent-Based Stock-Flow Consistent (AB-SFC) model, wherein.
Profit-driven and demand-driven investment growth and fluctuations in different accumulation regimes Journal of Evolutionary Economics, 2015, 25, (4), 707-728 View citations (9) See also Working Paper (2013) Technology and costs in international competitiveness: From countries and sectors to firms.
A more recent work by Paul, Carney and Chowder (1997) involving 70 countries (of which 48 are developing economies) for the period 1960-1989 found no causal relationship between inflation and economic growth in 40 % of the countries; they reported bidirectional causality in about 20 % of countries and a unidirectional (either inflation to growth or vice eras) relationship in the rest. More.
Empirical studies have found mixed results regarding whether various countries have wage-led or profit-led demand regimes. Most of the previous literature has paid little attention to the time dimension of this distinction, but most of the studies that have found profit-led results have used methodologies that emphasize short-run cyclical relationships.
A Guide to International Health and Safety at Work: Endorsed by NEBOSH for the NEBOSH International General Certificate in Occupational Health and Safety PDF Kindle.
Figure 4 plots the recent dynamics of the NPL ratio (defined as the share of NPLs on total loans) in the countries that implemented negative rates, as well as for the United States. One can observe an upward trend in the NPL ratio from 2008 to 2013 for the euro area and Denmark, while this ratio is constant for Sweden and Switzerland. However, the NPL ratio started to decline from 2014 in the.