Macroeconomic Disequilibrium and the Black Economy PDF Download
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Author: Saumen Chattopadhyay
Publisher: LAP Lambert Academic Publishing
ISBN: 9783846557624
Category : Macroeconomics
Languages : en
Pages : 300
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Book Description
Though the size of the black economy or the underground economy has now become significant in many countries, it has not spawned commensurate development of the literature to study the black economy within a macro model. This book examines the macro aspects of black economy in an open economy macro framework to study the inter-linkages between the white and the black economy in the context of stabilization policy in India. After defining black economy and black incomes, the book goes into details to understand the nature of black economy in India. In order to understand how the conventional macro analysis needs to be reviewed in the presence of black economy, it examines the validity of the concept of 'twin deficit' and reformulation of the three gap model with implications for data gap. The monetary aspects of the Indian economy have also been discussed with the objective of showing how the various issues for the sake of completeness, like the income velocity of money circulation, the money multiplier, the role of credit, fiscal deficit, expenditure multiplier, growth, etc
Author: Saumen Chattopadhyay
Publisher: LAP Lambert Academic Publishing
ISBN: 9783846557624
Category : Macroeconomics
Languages : en
Pages : 300
Get Book Here
Book Description
Though the size of the black economy or the underground economy has now become significant in many countries, it has not spawned commensurate development of the literature to study the black economy within a macro model. This book examines the macro aspects of black economy in an open economy macro framework to study the inter-linkages between the white and the black economy in the context of stabilization policy in India. After defining black economy and black incomes, the book goes into details to understand the nature of black economy in India. In order to understand how the conventional macro analysis needs to be reviewed in the presence of black economy, it examines the validity of the concept of 'twin deficit' and reformulation of the three gap model with implications for data gap. The monetary aspects of the Indian economy have also been discussed with the objective of showing how the various issues for the sake of completeness, like the income velocity of money circulation, the money multiplier, the role of credit, fiscal deficit, expenditure multiplier, growth, etc
Author: Fischer Black
Publisher: John Wiley & Sons
ISBN: 0470499176
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of Fischer Black and the Revolutionary Idea of Finance (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward. The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy Warns about the use and abuse of modeling Explains the risky business of risk in a straightforward and accessible style Contains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing" Includes commentary on Black's life and work at the time Business Cycles and Equilibrium was written as well as insight as to what Black would make of the current financial meltdown Engaging and informative, the Updated Edition of Business Cycles and Equilibrium will give you a better understanding of what is really going on during these uncertain and volatile financial times.
Author: Fischer Black
Publisher: MIT Press
ISBN: 9780262023825
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach cannot be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional views. Finally, he reviews a substantial body of literature on these topics.
Author: Steven Mark Cohn
Publisher: Routledge
ISBN: 1317461215
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
This lively introduction to heterodox economics provides a balanced critique of the standard introductory macroeconomic curriculum. In clear and accessible prose, it explains many of the key principles that underlie a variety of alternative theoretical perspectives (including institutionalist economics, radical economics, Post Keynesian economics, feminist economics, ecological economics, Marxist economics, social economics, and socioeconomics). Because the book's structure parallels the chapters and subject matter presented in a typical introductory macroeconomics textbook, "Reintroducing Macroeconomics" provides readers with a running commentary on the standard approach, while simultaneously introducing them to a broader range of ideas about the causes and appropriate policy responses to a wide range of common economic problems. Although designed primarily as a companion volume for students in introductory economics courses, the book can also be used effectively for more targeted applications that highlight a particular economic issue or approach. It will be of particular interest to students in related disciplines (such as American Studies, anthropology, black studies, environmental studies, gender studies, history, political science, and sociology) who may be required to take introductory economics classes and who are interested in gaining an alternative perspective. By demonstrating the vitality and common ground underlying a broad spectrum of heterodox approaches, "Reintroducing Macroeconomics" brings alternative perspectives into the classroom in an accessible way that empowers students to think about the economy in new and exciting ways. The text includes end-of-chapter study questions, as well as a detailed note to instructors.
Author:
Publisher:
ISBN: 9789352872817
Category :
Languages : en
Pages : 276
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Book Description
Author: Ms.Era Dabla-Norris
Publisher: International Monetary Fund
ISBN: 1451844069
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper develops a dynamic computable general equilibrium model in which optimizing agents evade taxes by operating in the underground economy. The cost to firms of evading taxes is that they find themselves subject to credit rationing from banks. Our model simulations show that in the absence of budgetary flexibility to adjust expenditures, raising tax rates too high drives firms into the underground economy, thereby reducing the tax base. Aggregate investment in the economy is lowered because of credit rationing. Taxes that are too low eliminate the underground economy, but result in unsustainable budget and trade deficits. Thus, the optimal rate of taxation, from a macroeconomic point of view, may lead to some underground activity.
Author: W. Gaertner
Publisher: Springer Science & Business Media
ISBN: 3642884083
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Robbery, larceny, blackmail, fraud, and other crimes with economic motives are likely to be as old as mankind, and the evasion of taxes and economic regulations can be assumed to begin with the introduction of taxes and economic regulations. Thus the shadow economy is certain ly not a new phenomenon. However, economists did not pay much attention to it until quite recently. P. GUTMANN in his pioneering article "The Subterranean Economy" (Financial Analysts Journal, Nov/Dec 1977, p. 24- 27) was first to point out that unreported economic activity cannot (or, at least, can no longer) be considered as a "quantite negligeable". Challenged by GUTMANN's hypothesis many economists have then tried to assess the quantitative and qualitative importance of the shadow economy (commonly also known as the underground, or subterranean, or black, or unreported economy, and by other names). There seems to be wide agreement nowadays that the shadow economy has not only reached a substantial portion of total economic activity in both Eastern and Western countries but that it is also growing at rates which can no longer be experienced in the official sector. The existence of a considerable volume of unreported economic activities implies that important macroeconomic variables are biased in the official statistics. The rate of unemployment, for example, may be over-estimated while production figures, on the other hand, tend to be underrated. The government could thus be mislead and choose inadequate policies.
Author: Stephen P. Magee
Publisher: Cambridge University Press
ISBN: 9780521377003
Category : Business & Economics
Languages : en
Pages : 466
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Book Description
An example of special interest protection is provided by this study's general equilibrium theory that explains income distribution with goods markets, factor markets, lobbies, political parties and voters all pursuing their self interests.
Author: Jawanza Kunjufu
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
Jawanza Kunjufu examines how to keep black businesses and the more than $450 billion generated by them in the black community.
Author: Era Dabla-Norris
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
This paper develops a dynamic computable general equilibrium model in which optimizing agents evade taxes by operating in the underground economy. The cost to firms of evading taxes is that they find themselves subject to credit rationing from banks. Our model simulations show that in the absence of budgetary flexibility to adjust expenditures, raising tax rates too high drives firms into the underground economy, thereby reducing the tax base. Aggregate investment in the economy is lowered because of credit rationing. Taxes that are too low eliminate the underground economy, but result in unsustainable budget and trade deficits. Thus, the optimal rate of taxation, from a macroeconomic point of view, may lead to some underground activity.
