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
Budgetary spillovers and long-term interest rates
Peter Claeys
- 01 Jan 2008
TL;DR: The effect of public finances on interest rates has attracted enormous theoretical interest, but the hypothesis of crowding out has received only some empirical endorsement as mentioned in this paper, although not very robust empirical endorsement. Most economists would nevertheless agree with the position that consolidating public finances reduces pressure on longterm interest rates and will be conducive to economic growth in the long run by stimulating private investment.
4
Modelling nominal debt contracts and fixed rate debt
Liam Graham,Stephen Wright +1 more
TL;DR: The authors provide a simple model of sticky nominal debt contracts and fixed rate debt that can easily be embedded in a dynamic general equilibrium framework, where the debt process increases the order of autoregressive dynamics in the system by one; thus potentially introducing more complex adjustment processes.
4
Reciprocity and downward wage rigidity
TL;DR: In this article, the authors adopt a social norm approach to model reciprocity in labor markets and theoretically derive two versions of downward wage rigidity: the first explains why employers may adopt a high wage policy far above the competitive level and the second explains why workers are hesitant about wage cuts in the presence of negative shocks.
4
National saving in developing and reforming countries
Palle S. Andersen
- 01 Jan 1993
TL;DR: In this paper, the authors evaluate likely developments in national saving in three of the former socialist countries (Czechoslovakia, Hungary and Poland) currently in the process of introducing reform policies.
4
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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