Emerging topics in macroeconomics / Richard O. Bailly, editor.

Format:

Book

Contributor:

Bailly, Richard O.

Language:

English

Subjects (All):

Macroeconomics.

Physical Description:

1 online resource (378 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, c2009.

Language Note:

English

Summary:

This new book is devoted to new research on macroeconomics which is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indexes to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets.While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income).Macroeconomic models and their forecasts are used by both governments and large corporations to assist in the development and evaluation of economic policy and business strategy.

Contents:

Intro

EMERGING TOPICS IN MACROECONOMICS

CONTENTS

PREFACE

SHORT COMMUNICATIONS

LABOUR SUPPLY MODELLING IN SEQUENTIALCOMPUTABLE GENERAL EQUILIBRIUM-MICROSIMULATION MODELS

Abstract

Introduction

The CGE-MS Literature

Overview of the Modelling Approach

Extension of the South African Microsimulation Model

Linking CGE and Microsimulation Modelling

Results and Analysis

Macro Results from the CGE Model

Microsimulation Results

Conclusion

References

NOMINAL AND REAL EXCHANGE RATEFLUCTUATIONS OF YEN-DOLLAR RATES

1. Introduction

2. Data

3. Bivariate System

3.1. Empirical Techniques

3.2. Empirical Results

4. Trivariate System

4.1. Empirical Techniques

4.2. Empirical Results

5. Some Concluding Remarks

Acknowledgements

MACROECONOMICS OF CATASTROPHIC EVENTRISKS: RESEARCH COMES OF AGE

2. Theoretical Framework

Production

Utility

3. Future Work

RESEARCH AND REVIEW STUDIES

Chapter1SCALINGDISTRIBUTIONSINECONOMICS:THESIZEDISTRIBUTIONOFINCOMES

1.Introduction:EconomicComplexity

2.HighVariabilityinComplexSystems:ModelsforHeavy-TailedData

3.SizeDistributionsinEconomics:TheDistributionofIncomes

4.ModelsofGenerationofLognormalandPower-lawDistribu-tions

5.Conclusion

Chapter2INFLATIONFEEDBACKREGULATIONUNDERDEMANDSHOCKSANDUNCERTAINPOTENTIALMACROECONOMICOUTPUT∗

1.Introduction

2.ProblemStatement

3.MainResults

3.1.RejectingDemandShocks

3.2.LearningPotentialOutputDeviations

4.Conclusions

A.Appendix

Chapter 3THE PARADIGMS WAR AND THE TWO WAYSOF ECONOMY LIBERALISING BY F. LIST

Political and Economic Backgrounds to Friedrich List's Ideas.

Philosophical and Methodological Backgrounds to EconomicLiberalism in Germany and Britain

Friedrich List's View of National Political Economics

A Way between Socialism and Liberalism e. i. Social Liberalism

Chapter 4THE MACROECONOMIC DYNAMICSOF A LIMITED-COMMITMENT ECONOMY:HOW TO USE SELF-ENFORCING CONTRACTSTO DEAL WITH THE DYNAMICS PUZZLE

Some Important Stylized Facts Related to MacroeconomicDynamics Challenging Standard Models

The General Structure of Self-enforcing Labour Contract Models

General Formulation of Dynamic Relational Contracts under LimitedLiability

A. One-Sided Self-enforcing Labour Contract Model in Continuous Form

Limited-Commitment Models and the Dynamics Puzzle

Thomas and Worrall Models and Macroeconomic Dynamics

Towards a Macroeconomic Formulation of a Limited-Commitment Economy

Calmès Model [2003, 2007] and Macroeconomic Dynamics

Macroeconomic Dynamics and the Theory of Self-enforcingLabour Contracts: Some Research Avenues

The utility function of the worker

Variable capital and self-enforcing contracts

The question of the aggregation of contracts

The contracts duration

Endogenizing the external opportunities

Self-enforcing contract and the option theory

Self-enforcing labour market theory and growth

Chapter 5INFLATION TARGETING - THE MONETARYSTRATEGY FOR MEETING THE CRITERIA OF REALAND NOMINAL CONVERGENCE IN CENTRALAND EASTERN EUROPEAN COUNTRIES(ROMANIA'S PARTICULAR CASE)

1. The Experience of Inflation Targeting in the TransitionCountries

2. Adopting Euro by the New EU Members

3. The Long Term Romanian Strategy for Adopting Euro

4. The Complementary of the Nominal and Real ConvergenceProcesses.

5. The Evaluation of the Degree of Real and NominalConvergence for the CEE Countries with EU-15

6. Priorities of the Real Convergence

7. Conclusions

Appendix No.1

Chapter 6DYNAMICS OF COMPLEX ECONOMIC SYSTEMS:THE CASE OF ROMANIAN ECONOMY

1. Short Presentation of the Economic Developments over theInterval 1989-2004

2. Methodological Approach

3. Results

4. New Research Directions

Appendix 1

Appendix 2

Appendix 3

Chapter 7ADOPTING THE FLAT TAX IN ROMANIA:FROM ORATORY TO EVIDENCE

2. The Flat Tax - from Politics to Economy

The 2004 Fiscal System: Progressive, Redistributive, Social

The 2005-2008 Fiscal System: Stimulating for the Big Businesses and forConsumption

3. Implementation Strategic Errors, from the Very Beginning

4. Macro-economic Effects of Implementing the Flat Tax

5. Social Effects of the Flat Tax

6. Accompanying Measures - Solutions for the Success of the FlatTax. Conclusion

Annexes

Chapter 8 A KEYNESIAN MODEL OF ENDOGENOUS GROWTH CYCLE

2. Formulation of the Model

2.1. Dynamics of the Goods Market

2.2. Dynamics of the Money Market

2.3. Dynamics of Wage, Prices and Employment

2.4. Capital Accumulation and Endogenous Technological Progress

2.5. Inflation Expectation Formation Hypothesis

2.6. System of Fundamental Dynamical Equations

3. Mathematical Analysis of the Model

3.1. Characteristics of the Long Run Equilibrium Solution

3.2. Local Stability/Instability and Existence of Cyclical Fluctuations

4. Numerical Simulations

5. Concluding Remarks

Acknowledgment

Appendix A: Partial Derivatives

Appendix B: Coefficients of the Characteristic Equation

Appendix C: Proof of Proposition 3

References.

Chapter 9MACRO PRICE SHOCKS AND NUTRITIONIN SUB-SAHARAN AFRICA*

I. Introduction

II. Food Prices and Nutrition under Policy Reforms

III. Model Specification

IV. Empirical Results

Impulse Response Analysis

Variance Decompositions

V. Conclusion

Chapter 10GREEN NATIONAL ACCOUNTING: THE HICKSIANNATIONAL INCOME OF CAMBODIA, 1988-2004

2. Cambodia's Economic Development: Historical Backgroundand Recent Developments

2.1. Pre-1953 Independence

2.2. Post-1953 Independence to the 1993 Elections

2.3. Post-1993 Elections

3. Theoretical and Empirical Overview of Green GDP

3.1. Theoretical Developments

3.2. The Green GDP Methodology Used in the Cambodian Study

3.3. Empirical Overview of Green GDP Studies

4. Valuation Methods Used to Calculate Cambodia's HicksianNational Income

4.1. Human-Made Capital Depreciation (HCD)

4.2. Defensive and Rehabilitative Expenditures (DRE)

4.3. Natural Capital Depletion (NCD)

Valuing the Cost of Deforestation

Valuing the Cost of Overfishing

Valuing the Cost of Soil Erosion

Valuing the Cost of Air Pollution

5. Results of the SNDP Study

5.1. Cambodia's Real GDP and Hicksian National Income

5.2. Component Items of Cambodia's Hicksian National Income

6. Resource Depletion Issues

6.1. Forestry Issues

6.2. Fisheries Issues

7. Concluding Remarks

Chapter 11ANALYSIS OF FINANCIAL INSTABILITY BY MEANSOF DECISION TREES AND LISTS

2. C4.5 and PART Algorithms: Main Concepts

2.1. General Considerations

2.2. C4.5 Algorithm

2.3. PART Algorithm

3. Data and Variables Selection

4.Empirical Results

5. Conclusions

Data Appendix

Financial Crisis Database

Dependent Variable

a) Monetary policy variables.

b) Macroeconomic variables

c) Financial variables

Chapter 12 VIEWS FROM THE TRENCHES: INTERVIEWING BANK OFFICIALS IN THE MIDST OF A CREDIT BOOM

2. Credit Boom in Bulgaria

3. Interviews with Commercial Bank Officials

Producing Information about Possible Investments and Allocating Capital 1

Credit information sharing

Tax evasion and credit activity

Lack of experience on the part of borrowers

Evaluating the environment of the borrower

Who makes the final decisions?

Monitoring Investments and Exerting Corporate Governance3

Facilitating the Trading, Diversification, and Management of Risk5

Mobilizing and Pooling Savings6

4. Conclusions

INDEX

Blank Page.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record and CIP data provided by publisher.

ISBN:

1-61728-395-9

OCLC:

662453044