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The impact of globalization on domestic employment

Wei, Hao; Deng, Linlin; Zhou, Peng - 2022

Immigrants and offshore workers become important disturbing factors of domestic employment in the globalized economy … offshoring is stronger for developed economies while the substitution effect of immigration is stronger for developing countries …. Furthermore, the productivity effects of immigration and offshoring are stronger when governments impose less restrictions on …

Persistent link: https://www.econbiz.de/10014480531

Monetary policy rules in theory and in practice: Evidence from the UK and the US

Páez-Farrell, Juan - 2007

Given the large amount of interaction between research on monetary policy and its practice, this paper examines whether some simple monetary policy rules that have been proposed in the academic literature, part of which has originated from within central banks, provide a reasonable...

Persistent link: https://www.econbiz.de/10010322751

Where next for monetary policy? Lessons from the financial crisis and the pandemic

Minford, Patrick - 2023

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Persistent link: https://www.econbiz.de/10014480560

What causes banking crises? An empirical investigation for the world economy

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - 2013

We add the Bernanke-Gertler-Gilchrist model to a world model consisting of the US, the Eurozone and the Rest of the World in order to explore the causes of the banking crisis. We test the model against linear-detrended data and reestimate it by indirect inference; the resulting model passes the...

Persistent link: https://www.econbiz.de/10010397719

Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)

Minford, Patrick - 2008

The Taylor rule is widely seen as a good summary of what the Federal Reserve does. Though the rule cannot easily be fitted to actual data as subsequently revised, at least for a full postwar sample, it can be fitted to real-time data (i.e., data as seen at the time), as shown by earlier work by...

Persistent link: https://www.econbiz.de/10010288747

A banking explanation of the US velocity of money: 1919 - 2004

Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009

The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable...

Persistent link: https://www.econbiz.de/10010288749

R&D and aggregate fluctuations

Artuç, Erhan; Pourpourides, Panayiotis M. - 2012

Using US data for the period 1959-2007, we identify sectoral productivity shocks and capital investment-specific shocks by employing a Vector Autoregression whose shock structure is disciplined by a general equilibrium model. Controlling for real and nominal factors, we find that capital...

Persistent link: https://www.econbiz.de/10010288752

Financial sector shocks, external finance premium and business cycle

Zhang, Hongru - 2011

This paper extends Nolan and Thoenissen (2009), hence NT, model with an explicit financial intermediary that transfer funds from households to entrepreneurs subject to a well defined loan production function. The loan productivity shock is treated as the supply side financial disturbance....

Persistent link: https://www.econbiz.de/10010288759

Deferred taxation and effective tax rates on income from capital in the United States, 2000 - 2010

Polito, Vito - 2011

The accounting and economic literature have long highlighted the potential implications of deferred taxation for tax policy analysis. This paper incorporates deferred taxation into the neoclassical investment model for the computation of the Effective Tax Rate (ETR) on business investment and...

Persistent link: https://www.econbiz.de/10010288766

Some problems in the testing of DSGE models

Minford, Patrick; Wickens, Michael - 2009

We review the methods used in many papers to evaluate DSGE models by comparing their simulated moments and other features with data equivalents. We note that they select, scale and characterise the shocks without reference to the data; crucially they fail to use the joint distribution of the...

Persistent link: https://www.econbiz.de/10010288773