When anything goes and nothing fits together this can be euphemized as pluralism, blossoming with fresh ideas. Lacking a common fixed point, discussions between various schools of economic thought actually amount to a repetition of contradicting views with more refined arguments. It seems...

This paper examines the macroeconomic effects of unexpected, exogenous, simultaneous, temporary cuts to income tax rates in an economy when the government follows a balanced budget fiscal rule and keeps money supply constant, and private agents face constraints on the ability to finance...

Notre objectif est de construire une maquette simple de l'economie francaise, susceptible d'etre utilisee pour des travaux de prevision et d'evaluation des politiques macroeconomiques.

The Japanese economy has had four recessions since 1990. Also the U.S. economy has been in difficulties during more recent years but there are clear signs of an economic recovery. While Japan’s difficulties are not the mirror image of those in the United States, it is interesting to note that...

We implement a new approach for the identification of "news shocks" about future technology. In a VAR featuring a measure of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to technology innovations that best explains future...

A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...

The interaction of input-output networks with industrial structure affects the propagation and amplification of shocks, and is an important consideration for business cycle fluctuations. This paper shows how the extensive margin of entry and exit can greatly amplify idiosyncratic shocks in the...

We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also provide the mapping from structural parameters to these reduced-form elasticities, under general equilibrium. In...

Spanish Abstract: Indonesia ha sido tradicionalmente uno de los centros globales de abastecimiento de commodities, al punto que la búsqueda de una ruta alternativa a ella desencadena el descubrimiento de América. A pesar de su tradicional importancia, esta y muchas otras facetas suyas se...

We implement a new approach for the identification of news shocks about future technology. In a VAR featuring a measure of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to technology innovations that best explains future variation...