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This paper analyses the effects of money shocks on macroeconomic aggregates in a tractable flexible-price, incomplete-markets environment that generates persistent wealth inequalities amongst agents. In this framework, current inflation redistribute wealth from the cash-rich employed to the...
Persistent link: https://www.econbiz.de/10010709017
In 2007 the General Statistics Office (GSO) launched a joint research program with the French Institute of Research for Development (IRD) to measure and analyzes the informal sector in Vietnam. Two kinds of surveys were conducted in 2007: a national Labour Force Survey (LFS) which, in a first...
Persistent link: https://www.econbiz.de/10011073521
This paper analyses the e¤ects of money shocks on macroeconomic aggregates within a flexible price, incomplete markets environment that generates persistent wealth inequalities amongst agents. In this framework, unexpected money shocks redistribute wealth from the cash-rich employed to the...
Persistent link: https://www.econbiz.de/10011073778
Vietnam is one of the only South East Asian emerging economies not to have gone into recession in 2009 in the wake of the world crisis. Nonetheless, it has been affected deeply by the crisis, as shown by all macro-economic indicators. The yearly growth rate of Gross Domestic Product (GDP) has...
Persistent link: https://www.econbiz.de/10011074410
Understanding the changes that occur in employment patterns as people grow older and the paths they take from employment to retirement may help to apprehend the factors that encourage or discourage employment retention. The aims of this paper are to analyse the process leading up to retirement...
Persistent link: https://www.econbiz.de/10010706474
research using data from other countries, we find that increases in the local unemployment rates are associated with … significant reductions in mortality. Models of mortality by source indicate that the negative relationship between unemployment … elderly fluctuates with the unemployment rate suggests the possible importance of externalities associated with economic …
Persistent link: https://www.econbiz.de/10010707898
We propose an augmented version of the RBC model that can take into account the existence of lags in observation of demand shocks. This hypothesis seems to be a good framework to account for inventories fluctuations. We find some evidence showing the introduction of lag in observation as well as...
Persistent link: https://www.econbiz.de/10010707991
The aim of this paper is the identification of structural shocks which affect the dynamics of sectoral inventories, through an analysis of the forecasting error variance decomposition. This identification is achieved using the American and French time series of aggregate production, sectoral...
Persistent link: https://www.econbiz.de/10010708365
We show that adjustment cost models with labor supply can explain both asset returns and business cycle facts when adjustment costs penalize the changes of investment. This conclusion stands in contrast to results obtained in the literature with adjustment costs that penalize the changes of capital.
Persistent link: https://www.econbiz.de/10010708592
The recent observed decline of business cycle variability suggests that broad macroeconomic risk may have fallen as well. This may in turn have some impact on equity risk premia. We investigate the latent structures in the volatilities of the business cycle and stock market valuations by...
Persistent link: https://www.econbiz.de/10011072864