The Experts below are selected from a list of 25989 Experts worldwide ranked by ideXlab platform
Shiu-sheng Chen - One of the best experts on this subject based on the ideXlab platform.
-
Macroeconomic fluctuations and welfare cost of Stabilization Policy
Journal of Policy Modeling, 2003Co-Authors: Shiu-sheng ChenAbstract:Abstract This paper uses an extended Real-Business-Cycle (RBC) model including money and government spending to analyze US macroeconomic Policy and business cycles. There exist two kinds of exogenous shocks: nominal random disturbance (money) and real random disturbance (technology, government spending and tax rate). In addition, the welfare cost of business cycles is measured and different Stabilization policies are discussed and compared. The results of the calibration indicate that this model can mimic the characteristics of post-war business cycles well and that it does a good job of explaining the dynamic interactions of money and real variables. It is obvious that monetary and fiscal shocks play important roles in the explanation of post-war business cycles. According to the welfare cost of different Stabilization policies, it can be found that (1) monetary Policy may be a better Stabilization Policy than other policies, (2) there may exist a kind of “Laffer curve” patterns for the feedback coefficient of government consumption, and (3) tax smoothing induces lower welfare cost than variable tax rate.
Kevin J Lansing - One of the best experts on this subject based on the ideXlab platform.
-
indeterminacy and Stabilization Policy
Journal of Economic Theory, 1998Co-Authors: Jangting Guo, Kevin J LansingAbstract:A demonstration of how an income tax schedule that exhibits a progressivity feature can ensure saddle-path stability in a one-sector, real business-cycle model with sufficient increasing returns in production, thereby shielding the economy against sunspot fluctuations.
Pedro Teles - One of the best experts on this subject based on the ideXlab platform.
-
on the relevance of exchange rate regimes for Stabilization Policy
Journal of Economic Theory, 2009Co-Authors: Bernardino Adão, Pedro Teles, Isabel CorreiaAbstract:This paper assesses the relevance of the exchange rate regime for Stabilization Policy. Using both fiscal and monetary Policy, we conclude that the exchange rate regime is irrelevant. This is the case independently of the severity of price rigidities, independently of asymmetries across countries in shocks and transmission mechanisms. The only relevant conditions are on the mobility of labor and financial assets. The results can be summarized with the claim that every currency area is an optimal currency area. However, with labor mobility or tradable state-contingent assets, additional Policy instruments would be required to establish the irrelevance result.
-
On the Relevance of Exchange Rate Regimes for Stabilization Policy
2007Co-Authors: Pedro Teles, Isabel Correia, Bernardino AdãoAbstract:This paper assesses the relevance of the exchange rate regime for Stabilization Policy. Using both fiscal and monetary Policy, we conclude that the exchange rate regime is irrelevant. This is the case independently of the severity of price rigidities, independently of asymmetries across countries in shocks and transmission mechanisms and regardless of the incompleteness of international financial markets. The only relevant condition is on labor mobility. The results can be summarized with the claim that every currency area is an optimal currency area, provided labor is not mobile across countries.
Wahid Murad - One of the best experts on this subject based on the ideXlab platform.
-
A Paradox of World Population Stabilization Policy
2019Co-Authors: Md. Mahmudul Alam, Rafiqul Islam Molla, Khandaker Mizanur Rahman, Wahid MuradAbstract:Population explosion of the last century necessitated adoption of a population Stabilization Policy internationally but without due consideration of its paradoxical impacts on future world economic and environmental sustainability and progress of civilization. Population Stabilization Policy makes world fertility level (projected) to fall below the replacement level by 2043. This will result in a declining work-age population endangering economic and environmental sustainability particularly during 2050 and beyond. This study has made an attempt to highlight this paradox of population Stabilization Policy in terms of its impacts on economic and environmental sustainability. It analyses the catch of the need for a declining population in order to maintain a stable population. It also analyses the time taking process of changing fertility habit of the human community under the concepts of „child bearing habitual gap‟ and „work-age formation gap‟. It argues that for a progressive and sustainable world economy a greater and rising work-age population is required and observes that world needs to maintain population growth at a rate balanced in terms of countries and earth‟s absorption capacity.
-
A Paradox of the World Population Stabilization Policy
The Journal of Developing Areas, 2009Co-Authors: Mahmudul Alam, Rafiqul Islam Molla, Khondaker Mizanur Rahman, Wahid MuradAbstract:Population explosion of the last century necessitated adoption of a population Stabilization Policy internationally but without due consideration of its paradoxical impacts on future world economic and environmental sustainability and progress of civilization. Population Stabilization Policy makes world fertility level (projected) to fall below the replacement level by 2043. This will result in a declining work-age population endangering economic and environmental sustainability particularly during 2050 and beyond. This study has made an attempt to highlight this paradox of population Stabilization Policy in terms of its impacts on economic and environmental sustainability. It analyses the catch of the need for a declining population in order to maintain a stable population. It also analyses the time taking process of changing fertility habit of the human community under the concepts of ‘child bearing habitual gap’ and ‘work-age formation gap’. It argues that for a progressive and sustainable world economy a greater and rising work-age population is required and observes that world needs to maintain population growth at a rate balanced in terms of countries and earth’s absorption capacity.
Giorgio E. Primiceri - One of the best experts on this subject based on the ideXlab platform.
-
why inflation rose and fell Policy makers beliefs and u s postwar Stabilization Policy
Quarterly Journal of Economics, 2006Co-Authors: Giorgio E. PrimiceriAbstract:This paper provides an explanation for the run-up of U.S. inflation in the 1960s and 1970s and the sharp disinflation in the early 1980s, which standard macroeconomic models have difficulties in addressing. I present a model in which rational Policymakers learn about the behavior of the economy in real time and set Stabilization Policy optimally, conditional on their current beliefs. The steady state associated with the self-confirming equilibrium of the model is characterized by low inflation. However, prolonged episodes of high inflation ending with rapid disinflations can occur when Policymakers underestimate both the natural rate of unemployment and the persistence of inflation in the Phillips curve. I estimate the model using likelihood methods. The estimation results show that the model accounts remarkably well for the evolution of Policymakers' beliefs, Stabilization Policy and the postwar behavior of inflation and unemployment in the United States.
-
Why Inflation Rose and Fell: Policymakers' Beliefs and US Postwar Stabilization Policy
National Bureau of Economic Research, 2005Co-Authors: Giorgio E. PrimiceriAbstract:This paper provides an explanation for the run-up of U.S. inflation in the 1960s and 1970s and the sharp disinflation in the early 1980s, which standard macroeconomic models have difficulties in addressing. I present a model in which rational Policymakers learn about the behavior of the economy in real time and set Stabilization Policy optimally, conditional on their current beliefs. The steady state associated with the self-confirming equilibrium of the model is characterized by low inflation. However, prolonged episodes of high inflation ending with rapid disinflations can occur when Policymakers underestimate both the natural rate of unemployment and the persistence of inflation in the Phillips curve. I estimate the model using likelihood methods. The estimation results show that the model accounts remarkably well for the evolution of Policymakers' beliefs, Stabilization Policy and the postwar behavior of inflation and unemployment in the United States.
