Open AccessBook
Nber Macroeconomics Annual
Stanley Fischer,Olivier Blanchard,Julio J. Rotemberg,Ben S. Bernanke,Kenneth Rogoff,Mark Gertler,Daron Acemoglu,Michael Woodford,Jonathan A. Parker,Martin Eichenbaum,Erik Hurst +10 more
- 01 Jan 1986
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TL;DR: The 20th edition of the NBER Macroeconomics Annual as mentioned in this paper treated many questions at the cutting edge of macroeconomics that are central to current policy debates, including an analysis of the differential between American and European unemployment rates, with the authors of the paper taking issue with Edward Prescott's view that higher European tax rates are responsible.
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Abstract: This 20th edition of the NBER Macroeconomics Annual treats many questions at the cutting edge of macroeconomics that are central to current policy debates. The papers and discussions include an analysis of the differential between American and European unemployment rates, with the authors of the paper taking issue with Edward Prescott's view that higher European tax rates are responsible; a provocative account of the relationship between fluctuations in the hiring rate of new workers and the U.S. unemployment rate; an analysis of the 20-year decline in aggregate volatility (and the rise in firm volatility); a model that compares the effectiveness of monetary policy that targets inflation rates to one that targets simple wage inflation; a roadmap to using Bayesian approaches in solving empirical puzzles; and a microeconomic model that shows the desirability of maintaining a stable inflation rate even in isolated situations that would seem to call for a more flexible policy toward inflation.
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Citations
Optimal Monetary Policy in an Optimizing Stochastic Dynamic Model with Sticky Prices
TL;DR: In this article, King and Wolman, 1999 analyze the outcome of such a model with respect to the appropriate monetary policy of the central bank, and they conclude that such a very special result does not hold under alternative preference specifications that allow for a richer set of substitution effects.
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Limited participation or sticky prices? New evidence from firm entry and failures
TL;DR: This paper showed that a contractionary monetary policy shock increases the number of business bankruptcy filings and failures, and decreases the creation of firms and net entry in the U.S. economy.
Asset pricing models, the labour theory of value and their implications for accounting
TL;DR: This paper analyzed the social components of two theories of central importance to accounting and finance and showed that modern finance theory is unable to account for value and that although its canon and major assumptions successfully obfuscate real social relations, they do not provide an alternative explanation of those relations.
21
Is japan's household saving rate really high?
TL;DR: In this paper, the authors discuss and measure the quantitative impact of a number of conceptual issues relating to the household saving rate data in the National Accounts of Japan and find that the biases are to a considerable extent mutually offsetting.
21
References
Understanding the Effects of Government Spending on Consumption
TL;DR: In this paper, the authors extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers and show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.
Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
TL;DR: This paper examined a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population and found that the change in inflation is positively correlated with the level of economic activity.
Finance and Development: A Tale of Two Sectors †
TL;DR: This article developed a model co-determining aggregate total factor productivity (TFP), sectoral TFP, and scales across industrial sectors and found that financial frictions disproportionately affect TFP in tradable sectors where production requires larger costs.
What Does the Yield Curve Tell us about GDP Growth
TL;DR: In this paper, the authors build a dynamic model for GDP growth and yields that completely characterizes expectations of GDP, and confirm this finding by forecasting GDP out-of-sample.
988
Purchasing Power Parity and the Real Exchange Rate
Lucio Sarno,Mark P. Taylor +1 more
TL;DR: The authors assess the progress made by the profession in understanding real exchange rate behavior through a selective and critical, but nonetheless expository, review of the literature and conclude that purchasing power parity might be viewed as a valid long-run international parity condition when applied to bilateral exchange rates obtaining among major industrialized countries, and that mean reversion in real exchange rates displays significant nonlinearities.
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