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Productivity Shocks and Aggregate Cycles in an Estimated Endogenous Growth Model

Malley, Jim; Woitek, Ulrich - 2009

Using a two-sector endogenous growth model, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate cycles in output, consumption, investment and hours. To contextualize our findings, we also assess whether the human capital...

Persistent link: https://www.econbiz.de/10014207350

Growth trends and cycles in the American postwar period, with implications for policy

Giovannoni, Olivier - 2013

multiplier, around 1.5. The results cover a lot of theoretical ground: Paul Samuelson's accelerator principle, John Kenneth …

Persistent link: https://www.econbiz.de/10010318670

Soft Budget Constraints as a Risk Sharing Arrangement in an Economic Federation

Lindahl, Erica; Westermark, Andreas - 2006

We analyze a model where the federal government provides risk sharing arrangements to municipalities investing in a local public good. The risk sharing arrangements are an income equalization system and a system allowing for a soft budget constraint, i.e., a bailout. Our main result is that a...

Persistent link: https://www.econbiz.de/10010321642

The marginal utility of money: A modern Marshallian approach to consumer choice

Friedman, Daniel; Sákovics, József - 2011

We reformulate neoclassical consumer choice by focusing on [lambda], the marginal utility of money. As the opportunity cost of current expenditure, [lambda] is approximated by the slope of the indirect utility function of the continuation. We argue that [lambda] can largely supplant the role of...

Persistent link: https://www.econbiz.de/10010288173

Income distribution and the multiplier: An exploration of nonlinear distribution effects in linear Kaleckian distribution and growth models

Prante, Franz J. - 2019

In this paper, I show that the income-autonomous demand multiplier of Keynesian-Kaleckian models is endogenous to … certain conditions, an important consequence from the distribution-sensitive multiplier is that a higher wage share can have …-Kaleckian macroeconomic models. After a theoretical discussion on the implications of the distribution-sensitive multiplier in basic closed …

Persistent link: https://www.econbiz.de/10012061718

Do the CAP Subsidies Increase Employment in Sweden? Estimating the Open Economy Relative Multiplier Using an Exogenous Change in the CAP

Blomquist, Johan; Nordin, Martin - 2013

-order effect. Thus, the Open Economy Relative Multiplier for Sweden is estimated with aggregate municipality data for the years …

Persistent link: https://www.econbiz.de/10013208668

Reading Keynes in Buenos Aires: Prebisch and the dynamics of capitalism

Pérez Caldentey, Esteban; Vernengo, Matías - 2013

' General Theory of Employment, Interest and Money, in particular on the theory of interest and the multiplier. His attitude can …

Persistent link: https://www.econbiz.de/10010369478

Income distribution macroeconomics

Giovannoni, Olivier - 2014

distribution. The cost of modifying existing models is low compared to the benefits. We find, analytically, that (1) the multiplier …

Persistent link: https://www.econbiz.de/10010513043

Keynes's employment function and the gratuitous Phillips curve disaster

Kakarot-Handtke, Egmont - 2013

Keynes had many plausible things to say about unemployment and its causes. His "mercurial mind", though, relied on intuition, which means that he could not strictly prove his hypotheses. This explains why Keynes's ideas immediately invited bastardizations. One of them, the Phillips curve...

Persistent link: https://www.econbiz.de/10010513068

Arresting financial crises: The fed versus the classicals

Humphrey, Thomas M. - 2013

Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily illiquid but solvent borrowers only) against the security of...

Persistent link: https://www.econbiz.de/10010318640