Author: H. Haga
Publisher: Springer Science & Business Media
ISBN: 3642481485
Category : Business & Economics
Languages : en
Pages : 129

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Author: H. Haga
Publisher:
ISBN: 9783642481499
Category :
Languages : en
Pages : 132

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Author: Hanjirō Haga
Publisher:
ISBN: 9780387079929
Category : Economics
Languages : en
Pages : 119

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Author: Ki Young Chung
Publisher:
ISBN:
Category :
Languages : en
Pages : 298

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Author: Hanjirō Haga
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Julio Rotemberg
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 44

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This paper presents the competitive equilibrium of an economy in which people hold money for transactions purposes. It studies both the steady states which result from different rates of monetary expansion and the effects of such non-steady state events as an open market operation. Even though the model features no uncertainty and perfect foresight, open market operations affect aggregate output. In particular, a simultaneous increase in money and governmental holdings of capital temporarily raises aggregate capital and output while it lowers the real rate of interest on capital.

Author: Vivian Z. Yue
Publisher: International Monetary Fund
ISBN: 1462330452
Category : Business & Economics
Languages : en
Pages : 32

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Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing; default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around default triggers an efficiency loss as these inputs are replaced by imperfect substitutes; and default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments.

Author: Giancarlo Gandolfo
Publisher: Springer Science & Business Media
ISBN: 3642954596
Category : Business & Economics
Languages : en
Pages : 182

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This is the fourth version of a model that five years ago we set out to build and estimate along the lines of the continuous time approach clarified In chapter 1. Previous versions appeared in journal articles and conference proceedings, where the space is notoriously limited. Therefore we welcome the possibility of publishing a book-length treatment of this fourth version, so that we can describe its theoretical and empirical aspects in some detail. Although we have worked closely together and accept joint responsibility for the whole book, chs. 1 and 2 and appendix I have been written by G. Gandolfo, whilst chs. ] and 4 and appendix II have been written by P.c. Padoan. Different parts of this version of the model have been discussed In various lectures at the European University Institute (Florence) in 1984, In a seminar organized by the Bank of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), in the second Viennese Workshop on Economic Applications of Control Theory (Vienna, May 16-18, 1984), and in the sixth annual Conference of the Society for Economic Dynamics and Control (Nice, France, June 13-15, 1984). In all of these we received helpful comments; similarly helpful were the comments of Clifford R .. Wymer, who, however, is absolved of any responsibility.

Author: Glenn D. Rudebusch
Publisher: Springer Science & Business Media
ISBN: 3642456251
Category : Business & Economics
Languages : en
Pages : 137

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Author: Hans-Jürg Büttler
Publisher: Springer Science & Business Media
ISBN: 3642483402
Category : Business & Economics
Languages : en
Pages : 124

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Book Description
This monograph grew out of a project which was sponsored by the Swiss National Foundation ("Schweizerischer Nationalfonds") under grant no. 4. 636-0. 83. 09. Yithin this project, prediction-oriented estimation methods for the canonical econometric disequilibrium model were developed. The present monograph deals with the application of these estimation techniques to three aggregative markets of the Swiss economy. Parts of the monograph have been presented at various places: the estimation techniques described in chapter 3 at the European Meeting of the Econometric Society, Madrid 1984; the application to residential investment described in chapter 4 at a symposium on housing policy at the University of Mannheim, 1984; the empirical study on the money stock described in chapter 5 at the Symposium on Money, Banking and Insurance held at the University of Karlsruhe, 1984, as well as at a joint seminar of the University of Basle and the Bank for International Settlements (BIS), 1985; and, finally, the empirical study on the aggregate labor market described in chapter 6 at a seminar of the University of ZUrich, 1985. Comments from toe seminar participants, in particular from Palle S. Andersen (BIS) who served as a discussant, Pascal Bridel (Swiss National Bank, SNB), Franz Ettlin (SNB), and Kurt Schiltknecht (Nordfinanz-Bank, Zurich) are gratefully acknowledged, without implying any responsibility on their part. The methodological part described in chapters 2 and 3 is contributed by G. Frei and B.