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Endogenous Financial Openness : Efficiency and Political Economy Considerations
Aizenman, Joshua - 2003
This paper studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital...
Persistent link: https://www.econbiz.de/10012468550
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Understanding the Strength of the Dollar
Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022
We link the sustained appreciation of the U.S. dollar from 2011 to 2019 to international capital flows driven by primitive economic factors. We show that increases in foreign investors' net savings, increases in U.S. monetary policy rates relative to the rest of the world, and shifts in investor...
Persistent link: https://www.econbiz.de/10013435120
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The Human Capital Model of the Demand for Health
Grossman, Michael - 1999
This paper contains a detailed treatment of the human capital model of the demand for health. Theoretical predictions are discussed, and theoretical extensions are reviewed. Empirical research that tests the predictions of the model or studies causality between years of formal schooling...
Persistent link: https://www.econbiz.de/10012471718
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Does Anticipated Aggregate Demand Policy Matter? Further Econometric results
Mishkin, Frederic S. - 1981
A heated debate has arisen over what Modigliani has dubbed the Macro Rational Expections (MRE) hypothesis. This hypothesis embodies two component hypotheses: 1) rational expectations and 2) short-run neutrality -- i.e., that anticipated changes in aggregate demand will have already been taken...
Persistent link: https://www.econbiz.de/10012478324
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Government Deficits and Aggregate Demand
Feldstein, Martin - 1980
The evidence presented in this paper indicates that changes in government spending, transfers and taxes can have substantial effects on aggregate demand. The estimates also indicate that the promise of future social security benefits significantly reduces private saving. Each of the basic...
Persistent link: https://www.econbiz.de/10012478710
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A Theory of Housing Demand Shocks
Liu, Zheng - 2019
Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail to generate a highly volatile price-to-rent ratio that...
Persistent link: https://www.econbiz.de/10012479618
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Aggregate Demand and Supply
Farmer, Roger E. A. - 2007
This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call … this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea … definitions of aggregate demand and supply found in the General Theory through the lens of a search theory of the labor market. I …
Persistent link: https://www.econbiz.de/10012465244
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Helicopter Money : Irredeemable Fiat Money and the Liquidity Trap
Buiter, Willem H. - 2003
The paper provides a formalisation of the monetary folk proposition that fiat base money is an asset of the holder but not a liability of the issuer. The issuance of irredeemable fiat base money can have pure fiscal effects on private demand. With irredeemable fiat base money, weak restrictions...
Persistent link: https://www.econbiz.de/10012468531
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Inequality and Trade
Mitra, Devashish - 2003
inequality. Our theory formalizes as well as modifies Linder's conjecture about the relationship between intraindustry trade and …
Persistent link: https://www.econbiz.de/10012468607
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An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990
West, Kenneth D. - 1991
An aggregate demand - aggregate supply framework is used to analyze the effects of Japanese monetary policy, 1973:1-1990:8. It is found that money supply shocks contribute relatively little to output variability over the sample as a whole. Nor do these shocks seem to be particularly marked...
Persistent link: https://www.econbiz.de/10012475174