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diversification usingtwo measures of dependence: correlations and copulas. We document several findings.First, both measures agree …
Persistent link: https://www.econbiz.de/10009305203
Today, the world economy is at the brink of a major recession at zero lower bound. The recession has been fomented by the underconsumption induced by (i) the increasing income inequality, which is inherent in the neoliberal policymaking followed the last third of a century, and (ii) the...
Persistent link: https://www.econbiz.de/10013024596
Business cycles and economic growth have long been studied separately, hindering understanding of the nature and causes of economic fluctuations and growth. Here, we present an economic model that incorporates both deterministic trends and persistent fluctuations, derived from a general economic...
Persistent link: https://www.econbiz.de/10014430575
The economic downturn which had begun in the rich countries of the North is hurting the millions of innocent people of the developing South. While a large section of economist believe that the financial crisis that had began in America's sub-prime mortgage market, later snow balled into a global...
Persistent link: https://www.econbiz.de/10013158317
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Persistent link: https://www.econbiz.de/10005042212
copulas. We document four findings. First, linear correlations and copulas disagree substantially about the nation …
Persistent link: https://www.econbiz.de/10008549328
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Persistent link: https://www.econbiz.de/10009416203
The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price...
Persistent link: https://www.econbiz.de/10011283446
The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. The Federal Reserve Bank of Philadelphia took...
Persistent link: https://www.econbiz.de/10005842838
The argument made in this manuscript is that the two traditional macroeconomic tools, fiscal policy and monetary policy, are insufficient to bring back efficiently into equilibrium an economy that has had a major crisis. Both traditional macro-tools only work through the demand side, and there...
Persistent link: https://www.econbiz.de/10015214329