A new approach for introducing unemployment into the New Keynesian framework.
The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework.
Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place.
Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.
Автор: Blejer Название: Financial Factors in Economic Stabilization and Growth ISBN: 0521088194 ISBN-13(EAN): 9780521088190 Издательство: Cambridge Academ Рейтинг: Цена: 4909.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: With the advent of increased capital mobility in the last two decades, financial factors have become of key importance for the processes of stabilization and growth in developing and transforming economies. This book collects essays by well-known analysts in international economics and finance who treat these issues from new perspectives.
Автор: Brabant Название: Adjustment, Structural Change, and Economic Efficiency ISBN: 0521334551 ISBN-13(EAN): 9780521334556 Издательство: Cambridge Academ Рейтинг: Цена: 13462.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This 1988 book examines the indirect instruments and the related institutions that help to coordinate key economic decisions within and among the economies belonging to the Council for Mutual Economic Assistance (CMEA). The chief purpose is two-fold: to assess thier adequacy in light of the forced economic adjustments of the early 1980s and to formulate feasible changes for both in order to avert a recurrence of such developmental obstacles. Jozef van Brabant argues that these instruments and institutions are inadequate. He proposes that a resumption of rapid growth depends largely upon bolstering factor productivity growth, which can only be achieved through positive structural changes and a root-and-branch reform of the individual and groupwide economic mechanisms.
Описание: This book explores widely used seasonaladjustment methods and recent developments in real time trend-cycle estimation.It discusses in detail the properties and limitations of X12ARIMA, TRAMO-SEATSand STAMP - the main seasonal adjustment methods used by statistical agencies. Several real-world cases illustrate eachmethod and real data examples can be followed throughout the text. Thetrend-cycle estimation is presented using nonparametric techniques based onmoving averages, linear filters and reproducing kernel Hilbert spaces, takingrecent advances into account. The book provides a systematical treatment ofresults that to date have been scattered throughout the literature.Seasonal adjustment and real timetrend-cycle prediction play an essential part at all levels of activity inmodern economies. They are used by governments to counteract cyclicalrecessions, by central banks to control inflation, by decision makers forbetter modeling and planning and by hospitals, manufacturers, builders,transportation, and consumers in general to decide on appropriate action.This book appeals to practitioners ingovernment institutions, finance and business, macroeconomists, and other professionalswho use economic data as well as academic researchers in time series analysis,seasonal adjustment methods, filtering and signal extraction. It is also usefulfor graduate and final-year undergraduate courses in econometrics and timeseries with a good understanding of linear regression and matrix algebra, aswell as ARIMA modelling.
Автор: Greenaway D. et al Название: Globalisation and Labour Market Adjustment ISBN: 0230004938 ISBN-13(EAN): 9780230004931 Издательство: Springer Рейтинг: Цена: 14673.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Although economists have long pointed to the aggregate gains from increased economic integration, the popular perception of globalization is much more pessimistic. Workers feel less secure in their jobs and fear wage losses and unemployment. This book explores these issues, and asks whether the concerns are warranted.
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