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
585
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
The Intertemporal Elasticity of Substitution: An Analysis Based on Japanese Data
TL;DR: This article investigated whether the intertemporal elasticity of substitution (IES) for Japan possesses similar properties to that found for the United States in the literature, and they presented the empirical results, demonstrating that the IES is quite similar between the two countries.
•Posted Content
Contributions of Zvi Griliches
TL;DR: In this paper, the authors summarize Griliches contributions to economics and applied econometrics, and summarize the contributions of Griliche's contributions to applied e-conometric research.
15
Profit sharing as a worker discipline device
TL;DR: In this paper, a synthesis of profit-sharing and efficiency wage models is constructed to provide a preliminary account of how a firm determines its pay parameters, and why it chooses to be a profit sharing or a fixed-wage firm.
15
On the interaction of financial frictions and fixed capital adjustment costs: Evidence from a panel of German firms
TL;DR: In this paper, the interaction of financial frictions and non-convex adjustment costs is analyzed and it is shown that finance has nearly no long-run influence on the stock of capital in a sample of German companies.
15
Goods-market competition and profit sharing: a multisector macro approach
John V. Duca,David D. VanHoose +1 more
TL;DR: The authors developed a theoretical model that relates the degree of goods-market competition with the extent of profit sharing and showed that increased competition in goods markets leads to an increased weighting on firm profits in an optimally indexed contract.
15
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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