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Optimal price indices for targeting inflation under incomplete markets

Anand, Rahul; Prasad, Eswar S. - 2010

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a twosector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...

Persistent link: https://www.econbiz.de/10008810538

What measure of inflation should a developing country central bank target?

Anand, Rahul; Prasad, Eswar S.; Zhang, Boyang - 2015

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...

Persistent link: https://www.econbiz.de/10011307888

Anatomy of policy complementarities

Orszag, Jonathan Michael; Snower, Dennis J. - 1999

The analysis provides a new explanation for two widespread problems concerning European unemployment policy: the disappointingly small effect of many past reform measures on unemployment, and the political difficulties in implementing more extensive reform programs. We argue that the heart of...

Persistent link: https://www.econbiz.de/10011295418

An optimal allocation of asylum seekers

Stark, Oded; Kosiorowski, Grzegorz - 2024

We formulate a rule for allocating asylum seekers that is based on the social preferences of the native workers of the receiving countries. To derive the rule, we construct for each country a social welfare function, SWF, where the social welfare of a population is determined both by the...

Persistent link: https://www.econbiz.de/10014502780

Innovation, inequality and a golden rule for growth in an economy with Cobb-Douglas function and an R&D sector

Welfens, Paul J. J. - 2015

The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of … technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The … capital is positively influenced by the size of the R&D sector, sheds new light on innovation and growth as well as income …

Persistent link: https://www.econbiz.de/10010510592

Bounding the price equivalent of migration barriers

Clemens, Michael A.; Montenegro, Claudio; Pritchett, Lant - 2016

Large international differences in the price of labor can be sustained by differences between workers, or by natural and policy barriers to worker mobility. We use migrant selection theory and evidence to place lower bounds on the ad valorem equivalent of labor mobility barriers to the United...

Persistent link: https://www.econbiz.de/10011454010

Families in macroeconomics

Doepke, Matthias; Tertilt, Michele - 2016

aggregate labor supply and savings. Next, we turn to economic growth, and describe how accounting for families is central for …

Persistent link: https://www.econbiz.de/10011454407

The inequality-growth plateau

Henderson, Daniel J.; Qian, Junhui; Wang, Le - 2015

We examine the (potentially nonlinear) relationship between inequality and growth using a method which does not require …

Persistent link: https://www.econbiz.de/10010469680

The continued search for the solow residual : the role of national entrepreneurial ecosystem

Acs, Zoltán J.; Estrin, Saul; Mickiewicz, Tomasz; … - 2014

This paper introduces a new concept in addition to the traditional measures of stocks of capital, labor, human capital and knowledge, to understand the Solow Residual: National Entrepreneurial Ecosystem (NEE). The NEE construct is based on a methodology that combines institutions and human...

Persistent link: https://www.econbiz.de/10010438892

Growth and inequality in public good games

Gächter, Simon; Mengel, Friederike; Tsakas, Elias; … - 2014

end of a period serves as her endowment in the following period. In this setting growth and inequality arise endogenously …

Persistent link: https://www.econbiz.de/10010409781