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Gross National Happiness as an Answer to the Easterlin Paradox?
Tella, Rafael Di; MacCulloch, Robert - EconWPA - 2005
The Easterlin Paradox refers to the fact that happiness data are typically stationary in spite of considerable increases in income. This amounts to a rejection of the hypothesis that current income is the only argument in the utility function. One possible answer is that human development...
Persistent link: https://www.econbiz.de/10005561269
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The New Keynesian Phillips Curve: Some Counterfactual Evidence
Paez-Farrell, Juan - EconWPA - 2003
New Keynesian models of the business cycle have become the new paradigm of monetary economics, often used for policy analysis. This paper shows that this class of models fail in one crucial respect: they imply a strong negative contemporaneous correlation between inflation and output....
Persistent link: https://www.econbiz.de/10005126399
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Complex dynamics in a Pasinetti-Solow model of growth and distribution
Commendatore, Pasquale - EconWPA - 2005
In this paper, we study some of the properties of a discrete-time version of the two-class model of growth and …
Persistent link: https://www.econbiz.de/10005125028
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Sticky prices, fair wages, and the co-movements of unemployment and labor productivity growth
Tripier, Fabien - EconWPA - 2005
This paper studies the co-movements of unemployment and labor productivity growth for the U.S. economy. Measures of co …
Persistent link: https://www.econbiz.de/10005126134
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Growth Dynamics: The Myth of Economic Recovery
Cerra, Valerie; Saxena, Sweta C. - EconWPA - 2005
divergence and lower long-run growth, whereas we find absolute convergence in expansions. The output costs of political and … financial crises are permanent on average and long-term growth is negatively linked to volatility. These results also imply that … panel data studies can help identify the sources of growth and that economic models should be capable of explaining growth …
Persistent link: https://www.econbiz.de/10005126155
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Is corporatism feasible?
Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2003
In this paper we consider a standard policy game between the Government and a union. In such a framework, we first investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria. Afterwards, we introduce in the literature the issue...
Persistent link: https://www.econbiz.de/10005076716
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Heterogeneous Consumers, Demand Regimes, Monetary Policy Efficacy and Determinacy
Bartolomeo, Giovanni Di; Rossi, Lorenza - EconWPA - 2005
The aim of this paper is to investigate both the efficacy and the stability properties of monetary policy rules in …
Persistent link: https://www.econbiz.de/10005076757
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The Fed’s Consistent Monetary Policy: A Long Term Perspective
Los, Cornelis A. - EconWPA - 2004
This paper describes the Federal Reserve's analytical framework under Volcker and Greenspan, as it was constructed in the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It discusses the Fed's actual track record and the state of...
Persistent link: https://www.econbiz.de/10005076785
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10005076809
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A Preliminary Evaluation of Monetary Policy Rules for Russia
Souza, Lucio Vinhas de - EconWPA - 2004
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...
Persistent link: https://www.econbiz.de/10005076844