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The Role of Institutions and Policies in Creating High European
Palley, Thomas I. - EconWPA - 2001
The conventional wisdom is that high European unemployment is the result of job markets that are rigid and inflexible … spillovers. The evidence shows that macroeconomic factors dominate in explaining unemployment. These factors are robust to … changes in empirical specification. Labor market institutions do matter for unemployment, but not in the way conventionally …
Persistent link: https://www.econbiz.de/10005412644
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Monetary policy, credit and aggregate supply: the evidence from Italy
Fiorentini, R.; Tamborini, R. - EconWPA - 2000
This paper relates to the macroeconomic and monetary policy aspects of the so-called "credit channel" of monetary transmission. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is financed by bank credit, and then we use it to identify...
Persistent link: https://www.econbiz.de/10005119371
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How the Basic RBC Model Fails to Explain US Time Series
Chow, Gregory C. - EconWPA - 2003
Persistent link: https://www.econbiz.de/10005126153
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Firms and public service provision in Russia
Haaparanta, Pertti; Juurikkala, Tuuli; Lazareva, Olga; … - EconWPA - 2004
This paper reports first results from a survey of 404 middle-sized and large manufacturing firms from 40 Russian regions in April-June 2003. We examine the extent of social service and infrastructure provision by the firms and the firms’ assessment of the quality of public infrastructure and...
Persistent link: https://www.econbiz.de/10005126185
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The Misallocation of Resources of Anticipated Inflation
Frenkel, Michael; Mehrez, Gil - EconWPA - 1997
This paper analyzes the effects of anticipated inflation on the resource allocations between production and financial services. We develop a model with heterogeneous workers and two sectors economy. A manufacturing sector producing a final composite good and a financial sector providing monetary...
Persistent link: https://www.econbiz.de/10005126418
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A Framework for Studying Economic Interactions (with applications to corruption and business cycles)
Verbrugge, Randal J. - EconWPA - 1998
Most economic models implicitly or explicitly assume that interactions between economic agents are 'global' - in other words, each agent interacts in a uniform manner with every other agent. However, localized interactions between microeconomic agents are a pervasive feature of reality. What are...
Persistent link: https://www.econbiz.de/10005407546
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Expectation Traps and Monetary Policy
Albanesi, Stefania; Chari, V. V.; Christiano, Lawrence J. - EconWPA - 2002
We describe a class of monetary economies that generate persistent episodes of high and low inflation. In this class of economies, variations in expectations can lead private agents to take actions which then make it optimal for the monetary authority to validate those expectations. We think...
Persistent link: https://www.econbiz.de/10005561262
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Money Velocity with Interest Rate Stochastic Volatility and Exact Aggregation
Barnett, William A.; Xu, Haiyang - EconWPA - 1998
The determinants of money velocity are explored under various assumptions on interest rate uncertainty in a monetary general equilibrium model. It is found that the appearance of velocity function instability can be produced by overlooking interest rate stochastic volatility. In addition, when...
Persistent link: https://www.econbiz.de/10005561293
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U.S. Domestic Money, Inflation and Output
Aksoy, Yunus; Piskorski, Tomasz - EconWPA - 2004
Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992)...
Persistent link: https://www.econbiz.de/10005126378
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Fractional Reserve Banking as Economic Parasitism: A Scientific, Mathematical & Historical Expose, Critique, and Manifesto
Nuri, Vladimir Z. - EconWPA - 2002
This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...
Persistent link: https://www.econbiz.de/10005126382