Showing 1 - 10 of 20
Persistent link: https://www.econbiz.de/10005866230
In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...
Persistent link: https://www.econbiz.de/10005846603
This paper extends Galí and Gertler’s (1999) new hybrid KeynesianPhillips curve to the open economy context. We hypothesise that pricing decisionsdepend on both labour costs and intermediate imported input prices. The results forHong Kong are consistent with the theory if import prices are...
Persistent link: https://www.econbiz.de/10005858316
This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in emerging market economies. The IMF‘basic monetary programming framework’ for developing countries usesgovernment borrowing and the exchange rate as policy instruments in...
Persistent link: https://www.econbiz.de/10005870230
This paper explores implications of nominal rigidity characterized by a non-constanthazard function for aggregate dynamics. I derive the NKPC under an arbitrary hazardfunction and parameterize it with the Weibull duration model. The resulting Phillips curveinvolves lagged inflation and lagged...
Persistent link: https://www.econbiz.de/10008939774
Building a model with three imperfect markets – goods, labor and credit – representing aproduct’s life-cycle, we find that goods market frictions drastically change the qualitative andquantitative dynamics of labor market variables. The calibrated model leads to a significantreduction in...
Persistent link: https://www.econbiz.de/10009353913
Unemployment may depend on equilibrium in other markets than the labor markets. Thispaper adresses this old idea by introducing search frictions on several markets: in a model ofcredit and labor market imperfections as in Wasmer and Weil (2004), I further introducesearch on the goods market. The...
Persistent link: https://www.econbiz.de/10009360514
productivity among these sectors. The increasing implementation and imports of ICT technologies, the growing demand for ICT …
Persistent link: https://www.econbiz.de/10005864124
We analyze the effects of offshoring in a multisector-growth-model where the sectors differ by TFP-growth. Our results imply that offshoring influences the long run grwoth rate of the economy along different channels and that the grwoth effects depend on the development of terms of trade and on...
Persistent link: https://www.econbiz.de/10005868278
This paper examines the interactions between Foreign Direct Investment (FDI), inequality, and growth, both from a theoretical and an empirical point of view. We set up a growth model of a dual economy in which the traditional (agricultural) sector uses a diminishing returns technology, while FDI...
Persistent link: https://www.econbiz.de/10005868808