Models for dynamic macroeconomics phần 9 potx

... Blanchard and Diamond ( 198 9, 199 0), Davis and Haltiwanger ( 199 1, 199 2) and Davis, Haltiwanger, and Schuh ( 199 6), while Contini et al. ( 199 5) offer a comparative analysis for the European countries. ... the interest rate endogenous, and allows for growth of the labor force, two elements that are not considered in this chapter. Mortensen and Pissarides ( 199 9a, 199 9b)provide an u...

Ngày tải lên: 09/08/2014, 19:21

... macroeconomic, and explicitly dynamic, modeling framework. Specifically, we discuss a simplified version of the dynamic IS–LM model of Blanchard ( 198 1), capturing the interactions between forward-looking prices ... general feature of dynamic optimization problems, namely the character of interaction between endogenous capital and exogenous forc- ing variables: the former depends on the w...

Ngày tải lên: 09/08/2014, 19:21

... 1 89 5.3.2 The dynamics of unemployment 191 5.3.3 Job availability 192 5.3.4 Wage determination and the steady state 195 5.4 Dynamics 199 5.4.1 Market tightness 199 5.4.2 The steady state and dynamics ... paper by Ashford Colour Press Ltd, Gosport, Hampshire ISBN 97 8–0– 19 92 6682–1 (hbk.) ISBN 97 8–0– 19 92 2832–4 (pbk.) 1 098 7654321

Ngày tải lên: 09/08/2014, 19:21

... this form, with Î =0.44, is a fairly good statistical description of the (aggregate) income dynamics for the USA, as shown by Campbell and Deaton ( 198 9) using quarterly data for the period 195 3–84. ¹² ... stochastic processes, which holds whether or not income is stationary (Deaton, 199 2). For a given stochastic process for y of the form a(L)y t = Ï + b(L )ε t , where a(L )=a 0 +...

Ngày tải lên: 09/08/2014, 19:21

... Pagano ( 198 9, 199 4), Campbell and Mankiw ( 198 9, 199 1) and Attanasio ( 199 5, 199 9). Blanchard and Mankiw ( 198 8) stress the importance of the precautionary saving motive, and Caballero ( 199 0) solves ... found in Campbell ( 199 9). Dynamic programming methods with applications to economics can be found in Dixit ( 199 0), Sargent ( 198 7, ch. 1) and Stokey, Lucas, and Prescott ( 198...

Ngày tải lên: 09/08/2014, 19:21

... Literature, 31, 1875– 191 1. Dixit, A. K. ( 199 0) Optimization in Economic Theory, Oxford: Oxford University Press. ( 199 3) The Art of Smooth Pasting,London:Harcourt. and R. S. Pindyck ( 199 4) Investment ... Journal of Labor Eco- nomics, 10, 3 89 411. ( 199 8) “Irreversible Investment ( 198 9),” Ricerche Economiche/Research in Economics, 52, 3–37. and R. J. Caballero ( 199 4) “Irreversibil...

Ngày tải lên: 09/08/2014, 19:21

... Saint-Paul ( 199 5) Unemployment: Choices for Europe, London: CEPR. Bean, C. ( 199 4) “European Unemployment: A Survey,” Journal of Economic Literature, 32, 573–6 19. Bentolila, S., and G. Bertola ( 199 0) “Firing ... Europe. For economic and empirical analyses of the European unemployment problem from an international comparative perspective, see Bean ( 199 4), Alogoskoufis et al. ( 199...

Ngày tải lên: 09/08/2014, 19:21

... Grossman and Helpman ( 199 1), Barro and Sala-i-Martin ( 199 5), and Aghion and Howitt ( 199 8). Models of endogenous growth were originally formulated in Romer ( 198 6, 199 0), Rebelo ( 199 1), and other contributions ... Solow residual; for a discussion of this issue see e.g. Maddison ( 198 7) or Barro and Sala-i-Martin ( 199 5), chapter 10. Barro and Sala-i-Martin ( 199 5) and McGratta...

Ngày tải lên: 09/08/2014, 19:21

... the assumption of constant returns to scale is realistic (see Blanchard and Diamond, 198 9, 199 0, for estimates for the USA). ⁴⁴ As in the previous section, the matching process is modeled as a Poisson ... qualitatively realistic enough to offer practical implications for the dynamics of labor market flows, for the steady state of the economy, and for the dynamic adjustment process...

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... 2 69 The production cost c has an upper limit equal to 1. Hence if c ∗ exceeds this upper limit there is no need for a further increase in e to maintain a constant level of employment, because for ... 1allproductionoppor- tunities are accepted. The locus of stationary points is thus vertical for c ∗ > 1. The dynamic expression for c ∗ is given by ˙ c ∗ = rc ∗ − be( y − c ∗ )+a c...

Ngày tải lên: 09/08/2014, 19:21