Open Access. Powered by Scholars. Published by Universities.®

Macroeconomics Commons

Open Access. Powered by Scholars. Published by Universities.®

2008

Discipline
Institution
Keyword
Publication
Publication Type
File Type

Articles 1 - 30 of 43

Full-Text Articles in Macroeconomics

Illicit Financial Flows From Developing Countries: 2002-2006, Dev Kar, Devon Cartwright-Smith Dec 2008

Illicit Financial Flows From Developing Countries: 2002-2006, Dev Kar, Devon Cartwright-Smith

Dev Kar

No abstract provided.


Can A Tax Credit For Employment Growth In 2009 And 2010 Restore Animal Spirits And Help Jump Start The Economy?, John H. Bishop Dec 2008

Can A Tax Credit For Employment Growth In 2009 And 2010 Restore Animal Spirits And Help Jump Start The Economy?, John H. Bishop

Articles and Chapters

[Excerpt] In the last three months employment declined by 1.2 million jobs and the number of part time workers who want but cannot find full-time work increased by 1.5 million. We are in a downward spiral that John Thain of Merrill Lynch predicts will be compared with 1929-33. Economists of all stripes (eg. Martin Feldstein, Larry Summers, Nouriel Roubini, Edmund Phelps, Paul Krugman, Brad Setzer) are recommending a massive temporary fiscal stimulus of 4 percent of GDP or more. Investments in infrastructure, renewable energy, and energy efficiency are preferred because they raise future productivity. Many worry, however, that ...


基於Bma方法的長期經濟增長因素確定—— 一個研究綜述, 路征, 鄧翔 Nov 2008

基於Bma方法的長期經濟增長因素確定—— 一個研究綜述, 路征, 鄧翔

Zheng Lu (Chinese: 路征)

將貝葉斯統計理論引入經濟學研究具有重要的理論與實踐價值,並已被國外經濟研究者廣泛應用於經濟研究中。BACE 方法是基於 BMA(Bayesian Model Averaging)的一個改進,由Doppelhofer 等提出並利用其研究長期經濟增長因素的確定,認為許多的潛在因素與經濟增長相關,從而支持了 Sala-i-Martin 而不是 Ross Levine 和 David Renelt 的研究結論。


Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson Nov 2008

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.


Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson Nov 2008

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Jeffrey Rogers Hummel

No abstract provided.


Can A Representative Agent Model Represent A Heterogeneous Agent Economy?, Sungbae An, Yongsung Chang, Sun-Bin Kim Nov 2008

Can A Representative Agent Model Represent A Heterogeneous Agent Economy?, Sungbae An, Yongsung Chang, Sun-Bin Kim

Research Collection School Of Economics

Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agents whose decisions are difficult to aggregate because of incomplete capital markets and the indivisible nature of labor supply. If we were to explain the model-generated aggregate time series using decisions of a stand-in household, such a household must have a nonconcave or unstable utility as is often found with the aggregate US data.


Alleviating Global Poverty Through Profitable Partnerships: Moral Imagination & Economic Well-Being, Laura Hartman, P. Werhane, D. Moberg, S. Kelley Oct 2008

Alleviating Global Poverty Through Profitable Partnerships: Moral Imagination & Economic Well-Being, Laura Hartman, P. Werhane, D. Moberg, S. Kelley

Laura Hartman

While at least one out of six in the global human population cannot meet the basic demands of survival and they have little ability to buy goods and services, this situation also presents potential new markets for multinational enterprises seeking long-term sustainability. If economic growth is a continuing and positive goal for the planet and for global companies, then, as markets in developed economies become saturated, these new markets provide fresh opportunities to satisfy this objective.


经济增长与收入分配互动机制研究综述, 路征 Oct 2008

经济增长与收入分配互动机制研究综述, 路征

Zheng Lu (Chinese: 路征)

在梳理已有研究成果的基础上,文章分析了经济增长与收入分配之间的互动机制,并认为应该在保持对高收入人群和发达地区足够的激励下,通过财政转移支付、基础设施建设、引导资本流动、加强教育和人力资本投资等措施,实现向兼顾公平的增长战略转变,并强化利益扩散的积极作用。


Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed Oct 2008

Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Gezira irrigated scheme is globally one of the biggest agricultural productive units administratively managed. It has seen deteriorating productivity for the past two decades. There cries that it should be privatized. That was seriously taken by the government in an economic liquidation of its assets. However, in this study we discuss analyze other aspects than the previously mentioned aspects of production parameters. We focus of health economics and how gradual negligence led to the prevalence of waterborne diseases. That degenerated farmers' abilities to produce. The present study was carried out in the Gezira scheme to measure the impact of water ...


The Exchange Rate And Fiscal Consolidation Episodes In Emerging Market Economies, John Thornton, Amine Mati Jun 2008

The Exchange Rate And Fiscal Consolidation Episodes In Emerging Market Economies, John Thornton, Amine Mati

John Thornton

An analysis of fiscal consolidations in emerging market economies during 1970–2004 suggests that exchange rate depreciation raises the probability of a fiscal consolidation being successful, including when controlling for debt, growth, the composition of the consolidation, and degree of democracy.


The U.S. Mortgage Market: The Good, The Bad, And The Ugly, Warren Coats Jun 2008

The U.S. Mortgage Market: The Good, The Bad, And The Ugly, Warren Coats

Warren Coats

An early look at the mortgage crisis in the U.S.


International Capital Mobility: Evidence From Panel Cointegration Tests, John Thornton, Olumuyiwa S. Adedeji Apr 2008

International Capital Mobility: Evidence From Panel Cointegration Tests, John Thornton, Olumuyiwa S. Adedeji

John Thornton

Panel cointegration techniques applied to pooled data for 50 developed and developing economies for the period 1970–2000 indicate that savings and investment are non-stationary and cointegrated, that there are marked differences in saving–retention ratios between different country groups, and that retention ratios have fallen.


Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel Apr 2008

Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel

Faculty Publications

Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.


An Empirical Analysis Of Macroeconomic And Political Determinants Of Private Investment In Sub-Saharan Africa, Ralph Cann-Tamakloe Apr 2008

An Empirical Analysis Of Macroeconomic And Political Determinants Of Private Investment In Sub-Saharan Africa, Ralph Cann-Tamakloe

School of Public Service Theses & Dissertations

The general macroeconomic and political difficulties experienced by many Sub-Saharan African countries in the late 1980s has led to economic and political reforms to improve private investment performance. It has been estimated that Sub-Saharan African countries needed to boost private investment in gross domestic product some 25% in the 1990s to achieve sustainable growth and development (Pfefferman and Madarassy, 1989). However, private investment performance has fallen short of the estimated 25%, and remained stagnant between 12.4% and 14.1% per annum from 1993 to 2002.

The purpose of this study therefore is to examine the influence of macroeconomic factors ...


Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Countries, Abdur Chowdhury, Mark Wheeler Mar 2008

Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Countries, Abdur Chowdhury, Mark Wheeler

Abdur R. Chowdhury

This study examines the impact of shocks to exchange rate uncertainty (volatility) on foreign direct investment (FDI) in Canada, Japan, the United Kingdom, and the United States. The analysis is conducted using vector autoregressive models that contain the price level, real output, the real exchange rate, the volatility of the real exchange rate, the interest rate, and FDI. The results from variance decompositions yield public policy implications. In Canada, Japan, and the United States, innovations to exchange rate uncertainty explain significant portions of the forecast error variance in FDI at longer time horizons. The impulse response functions indicate that, to ...


Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari, Anthony Petros Spanakos Mar 2008

Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari, Anthony Petros Spanakos

Department of Political Science and Law Faculty Scholarship and Creative Works

This paper does not aim to dispute that Brazil would benefit from reforms in any or all of these areas. Rather, the paper offers a skeptical perspective on reform menus and proposes an alternative explanation for the faster growth of Brazil’s peers India and China2. The paper begins by introducing (section 1) the idea of the BRICs countries, to establish the basis for comparisons of most similar cases. It then surveys the results of a generation of Washington Consensus era growth (section 2). Although there is a considerable amount of divergence over what causes growth, it seems that something ...


Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha Mar 2008

Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha

Research Collection School Of Economics

We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case, consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.


Far-Flung Europe: What Is The Economic Impact Of Geography?, John Luke Gallup Mar 2008

Far-Flung Europe: What Is The Economic Impact Of Geography?, John Luke Gallup

Economics Faculty Publications and Presentations

Several Western European countries have integral territory thousands of miles from continental Europe. The economic performance in these "outermost" regions tests the impact of geographical isolation in a high income, institutionally uniform setting quite different from the geographical challenges of poor, agriculturally dependent developing countries. The European regional data used have different starting years by country. This required the derivation of a new non-linear estimation model for cross-regional growth. The outermost regions converge to national income levels of continental Europe at least as fast as other poor continental regions, showing no special impact of geography on economic growth. Looking at ...


The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf Mar 2008

The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf

Faculty Publications

This paper considers the ramifications of post-auction competition on bidding behavior under different bid announcement policies. In equilibrium, the auctioneer’s announcement policy has two distinct effects. First, announcement entices players to signal information to their post-auction competitors through their bids. Second, announcement can lead to greater bidder participation in certain instances while limiting participation in others. Specifically, the participation effect works against the signalling effect, thus reducing the impact of signalling found in other papers. Revenue, efficiency, and surplus implications of various announcement policies are examined.


Fiscal Institutions And The Relation Between Central And Sub-National Government Fiscal Balances, John Thornton Feb 2008

Fiscal Institutions And The Relation Between Central And Sub-National Government Fiscal Balances, John Thornton

John Thornton

Skeptics of fiscal decentralization argue that it can complicate fiscal stabilization policies at the level of the central government because of uncoordinated fiscal actions by the national and sub-national tiers of government. However, panel data estimates for OECD economies suggest that this danger has been overstated in that changes in the fiscal balances of central and sub-national governments are highly positively correlated. This result partly reflects the success of institutional arrangements that govern intergovernmental fiscal relations and appears unrelated to the extent of fiscal decentralization.


Inflation And Inflation Uncertainty In Argentina, 1810–2005, John Thornton Feb 2008

Inflation And Inflation Uncertainty In Argentina, 1810–2005, John Thornton

John Thornton

Unit root tests results suggest that inflation in Argentina for the period 1810–2005 is a stationary series when account is taken of structural breaks that coincide with bouts of hyperinflation. A GARCH (1,1) model of annual inflation suggests a positive short-run relation between the mean and variance of inflation, supporting Friedman's hypothesis that high inflation is associated with more variable inflation.


Investment Credit Availability - Bank Enterprise Relations In Poland, Joanna Tyrowicz Jan 2008

Investment Credit Availability - Bank Enterprise Relations In Poland, Joanna Tyrowicz

Joanna Tyrowicz

The complaints about insufficient private investment are frequent in Poland. Equally often do we hear the criticism of the monetary policy pointing to excessively high interest rates. This paper estimates the speed of upward adjustment of loan rates relative to downward adjustment, accounting for dierent market segments and products. The empirical results show that for the investment credit upward adjustment is fast, but downward adjustment essentially does not occur. Consumer credit products demonstrate positive values for the speed of both adjustments although still upward changes occur faster than downwards ones. These ndings suggest that banks may tend to discriminate entrepreneurs ...


Economic Implications Of Copulas And Extremes, Lorán Chollete Jan 2008

Economic Implications Of Copulas And Extremes, Lorán Chollete

Lorán Chollete

No abstract provided.


Civil War And Political Contractualism Incomplete (Guerra Civil Y Contractualismo Político Incompleto) Spanish, Fernando Estrada Jan 2008

Civil War And Political Contractualism Incomplete (Guerra Civil Y Contractualismo Político Incompleto) Spanish, Fernando Estrada

Fernando Estrada

This chapter presents an interpretation of armed conflict in Colombia since reading "negative" of the Coase theorem. The relations of the civil war with limited conditions of policy and constitutional order, offer advantages to agents in a society threatened violent.


Sobrecosto De Transporte: ¿Maldición Geográfica O Falla De Política De Infraestructura?, Francisco Carlos Ruiz Diaz, Carlos Ludena Jan 2008

Sobrecosto De Transporte: ¿Maldición Geográfica O Falla De Política De Infraestructura?, Francisco Carlos Ruiz Diaz, Carlos Ludena

Francisco Carlos Ruiz Diaz

En los últimos años ha empezado a desarrollarse una gran cantidad de trabajos que estiman el impacto de la mediterraneidad sobre el crecimiento económico. Esta línea del pensamiento suele afirmar que los países mediterráneos enfrentan costos extras de transporte que restringen su potencial de comercio con el resto del mundo. En el presente estudio se plantea una revisión de esa hipótesis, sugiriendo que el problema real de la gran mayoría de los países mediterráneos es la ausencia de los elementos centrales del crecimiento económico sostenido, a saber: bajo nivel de inversión en infraestructura y capital humano, escasa capacidad de promocionar ...


The State Of New England: Economic Slowdown And Recovery After The Dotcom Bust, Arindam Bandopadhyaya, College Of Management, University Of Massachusetts Boston Jan 2008

The State Of New England: Economic Slowdown And Recovery After The Dotcom Bust, Arindam Bandopadhyaya, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

What follows is an analysis of the key macroeconomic trends in the six New England states. Using data publicly available in 2007, we examine trends in GDP growth, population, personal income and unemployment rate in each state. We provide a breakdown of each state by GDP category and provide an overall weighting by super sectors.


A Model Of Inflation For Sri Lanka, Arusha V. Cooray Jan 2008

A Model Of Inflation For Sri Lanka, Arusha V. Cooray

Faculty of Commerce - Papers (Archive)

This paper uses two models: an open economy model and a closed economy model to estimate a price equation for Sri Lanka. The results suggest greater support for the open economy model. Consistent with previous studies for Sri Lanka, supply side factors appear to be important in influencing the general price level in Sri Lanka.


Stock Markets And Household Wealth: Can A Stock Market Crash Cause A Recession In The U.S. Economy?, Ishan Singh Jan 2008

Stock Markets And Household Wealth: Can A Stock Market Crash Cause A Recession In The U.S. Economy?, Ishan Singh

Honors Theses

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper ...


Target Saving In An Overlapping Generations Model, Ashok S. Guha, Brishti Guha Jan 2008

Target Saving In An Overlapping Generations Model, Ashok S. Guha, Brishti Guha

Research Collection School Of Economics

We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.


A Current Microeconometric Assessment Of The Racial Wage Gap In The United States, David H. Krisch Jan 2008

A Current Microeconometric Assessment Of The Racial Wage Gap In The United States, David H. Krisch

Gettysburg Economic Review

Minority groups in the United States promoted affirmative action legislation in the 1960s during the civil rights movement to help ease the inequalities suffered in their economic history. Many labor economists have sought since this time to study the effects of race, gender, and the effect of income – how it has changed and if the gap has closed. Existing literature uses many different econometric models to show how the effects of race, gender, age, occupation, educational attainment, and geographic location on an individual comparative basis. This paper will examine the effects of all of these variables jointly using an ordinary ...