Handbook of macroeconomics. 2 / John B. Taylor, Stanford University, Stanford, CA, United States, Harald Uhlig, University of Chicago, Chicago, IL, United States.

Format:

Book

Author/Creator:

Taylor, John B., author.

Uhlig, Harald, author.

Series:

Handbook of Macroeconomics Series

Handbook of Macroeconomics Series ; v.Volume 2A-2B SET

Language:

English

Subjects (All):

Macroeconomics--Handbooks, manuals, etc.

Macroeconomics.

Physical Description:

1 online resource (3,119 pages) : color illustrations

Edition:

First edition.

Place of Publication:

Amsterdam : Elsevier, [2016]

Summary:

Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth.

Contents:

Intro

Title page

Table of Contents

Copyright

Introduction to the Series

Editor's Biography

Contributors

Group Photos

Preface

The State of Macro, the Financial Crisis, and New Currents

Summary

Acknowledgments

Volume 2A

Section 1: The Facts of Economic Growth and Economic Fluctuation

Chapter 1: The Facts of Economic Growth

Abstract

1 Growth at the Frontier

2 Sources of Frontier Growth

3 Frontier Growth: Beyond GDP

4 The Spread of Economic Growth

5 Conclusion

Chapter 2: Macroeconomic Shocks and Their Propagation

1 Introduction

2 Methods for Identifying Shocks and Estimating Impulse Responses

3 Monetary Policy Shocks

4 Fiscal Shocks

5 Technology Shocks

6 Additional Shocks

7 Summary and Conclusions

Chapter 3: Macroeconomic Regimes and Regime Shifts

1 Introduction: Economic Recessions as Changes in Regime

2 Econometric Treatment of Changes in Regime

3 Economic Theory and Changes in Regime

4 Conclusions and Recommendations for Researchers

Appendix

Chapter 4: The Macroeconomics of Time Allocation

2 Trends in Market Work

3 A Theory of Time Use

4 Time-Use Data

5 Long-Run Trends in Time Use

6 Life Cycle Variation in Time Use

7 Conclusion and Discussion

Chapter 5: Who Bears the Cost of Recessions? The Role of House Prices and Household Debt

2 Who Bears Recession Risk? Existing Research

3 Zip Code-Level Consumption Measures

4 Housing Net Worth Shock and the Great Recession

5 Models Most Closely Related to These Facts

6 Aggregate Evidence on Household Debt

7 Conclusion

Acknowledgments.

Chapter 6: Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models

2 Defining "The Wage"

3 Background and Related Literature

4 The Benchmark Model

5 Empirical Measures of Real Wages

6 Comparing the Model and the Data

Chapter 7: Fiscal and Financial Crises

2 Historical Overview

3 Financial and Fiscal Crises: A Long-Run Review of Theoretical Developments

4 Empirics of Financial Crises Over the Long Run

5 Fiscal Crises, Banking Crises, and the Fiscal Crisis Trilemma

6 Conclusions

Section 2: The Methodology of Macroeconomics

Chapter 8: Dynamic Factor Models, Factor-Augmented Vector Autoregressions, and Structural Vector Autoregressions in Macroeconomics

2 DFMs: Notation and Summary of Econometric Methods

3 DFMs for Macroeconomic Monitoring and Forecasting

4 Identification of Shocks in Structural VARs

5 Structural DFMs and FAVARs

6 A Quarterly 200 + Variable DFM for the United States

7 Macroeconomic Effects of Oil Supply Shocks

8 Critical Assessment and Outlook

Chapter 9: Solution and Estimation Methods for DSGE Models

Part I Solving DSGE Models

3 A General Framework

4 Perturbation

5 Projection

6 Comparison of Perturbation and Projection Methods

7 Error Analysis

Part II Estimating DSGE Models

9 Statistical Inference

10 The Likelihood Function

11 Frequentist Estimation Techniques

12 Bayesian Estimation Techniques

13 Conclusion

Chapter 10: Recursive Contracts and Endogenously Incomplete Markets

2 A Simple Model of Dynamic Insurance

3 Advanced Topics

4 Applications

5 Conclusion.

Acknowledgments

Chapter 11: Macroeconomics and Household Heterogeneity

2 The Great Recession: A Heterogeneous Household Perspective

3 A Canonical Business Cycle Model with Household Heterogeneity

4 Calibration of the Benchmark Economy

5 Evaluating the Benchmark Economy

6 Cross-Sectional Household Heterogeneity and the Aggregate Dynamics of Consumption and Investment in a Severe Crisis

7 Inequality and Aggregate Economic Activity

8 Conclusion

Appendices

Chapter 12: Natural Experiments in Macroeconomics

2 Verification: The Permanent Income Hypothesis

3 Quantification: The Fiscal Multiplier

4 Identification: Causal Factors in Economic Growth

5 Critical Assessment and Outlook

Chapter 13: Accounting for Business Cycles

1 Demonstrating the Equivalence Result

2 The Accounting Procedure

3 Applying the Accounting Procedure

4 Conclusion

Chapter 14: Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination

2 Framework

3 Imperfect Coordination

4 Global Games: Theory

5 Global Games: Applications

6 Coordination and Synchronization

7 Beauty Contests: Theory

8 Beauty Contests: Applications

9 Efficiency and Policy Implications

10 Conclusion

Appendix Proofs

Chapter 15: New Methods for Macro-Financial Model Comparison and Policy Analysis

2 Literature on Model Comparison and Policy Robustness

3 A Systematic Approach to Model Comparison

4 Practical Problems and a New Platform

5 Comparing Fiscal and Monetary Policy Transmission Using the New Platform

6 Comparing Implications of New Macro-Financial Models.

7 How to Assess Policy Robustness: An Illustrative Example

Handbook of Macroeconomics Volume 2B

Volume 2B

Section 3: Financial-Real Connections

Chapter 16: Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises

2 The Growth and Fragility of Wholesale Banking

3 Basic Model

4 Numerical Experiments

5 Anticipated Runs

6 Two Productive Assets and Spillover Effects

7 Government Policy

8 Summary and Directions for Future Research

Chapter 17: Housing and Credit Markets: Booms and Busts

2 A Stark Model

3 Related Literature: Households' Leverage

4 A Simple Model of Catastrophes

5 Related Literature: Sentiments and Bubbles

6 A Simple Model of Sentiments

7 Evidence

8 Conclusions

Chapter 18: Macro, Money, and Finance: A Continuous-Time Approach

2 A Simple Real Economy Model

3 A Model with Price Effects and Instabilities

4 A Simple Monetary Model

Chapter 19: Housing and Macroeconomics

2 Facts

3 Theory

4 Theory vs Data

Chapter 20: Term Structure of Uncertainty in the Macroeconomy

2 Mathematical Framework

3 Asset Pricing over Alternative Investment Horizons

4 Relation to Impulse Response Functions

5 Discrete-Time Formulas and Approximation

6 Continuous-Time Approximation

7 Models with Financial Constraints in Continuous Time

8 Directions for Further Research

Chapter 21: Quantitative Models of Sovereign Debt Crises

2 Motivating Facts

3 Environment.

4 Benchmark Models

5 Benchmark Results with Nonlinear Default Costs

6 Rollover Crises

7 Extensions and Literature Review

8 Conclusion: Where We've Been and Where We Need to Go?

Section 4: Models of Economic Growth and Fluctuations

Chapter 22: RBC Methodology and the Development of Aggregate Economic Theory

2 A Brief History of Business Cycles

3 The Nature of the Discipline

4 Major Developments and Their Applications Post-1995

5 Intangible Capital Expands the Applicability of the Theory

6 Concluding Comments

Chapter 23: Families in Macroeconomics

2 The Family and the Macroeconomy in the Short and Medium Run

3 The Family and Economic Growth

4 The Family and the Political Economy of Institutional Change

Chapter 24: Environmental Macroeconomics

2 Limited Natural Resources and Sustainability Concerns

3 Climate Change: The Natural-Science Background

4 A Static Global Economy-Climate Model

5 Dynamic IAMs

Chapter 25: The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics

2 An Updated Empirical Guide to Wage and Price Setting in Market Economies

3 Origins of the Staggered Wage and Price Setting Model

4 A Canonical Staggered Price and Wage Setting Model

5 Generalizations and Extensions

6 Derivation of Staggered Price Setting When Firms Have Market Power

7 Price and Wage Setting Together

8 Persistence of Inflation and Indexing

9 Taylor Contracts and Calvo Contracts

10 State-Dependent Models and Time-Dependent Models

11 Wage-Employment Bargaining and Staggered Contracts

12 Staggered Contracts vs Inattention Models

13 Critical Assessment and Outlook.

Acknowledgment.

Notes:

Includes index.

Description based on online resource; title from PDF title page (ebrary, viewed November 22, 2016).

Description based on publisher supplied metadata and other sources.

ISBN:

0-444-59488-4

0-444-59487-6

OCLC:

964404612