Essays in Agent-based Macro and Monetary Economics
Author : Matthias Lengnick
Publisher :
Page : 0 pages
File Size : 32,12 MB
Release : 2015
Category :
ISBN :
Author : Matthias Lengnick
Publisher :
Page : 0 pages
File Size : 32,12 MB
Release : 2015
Category :
ISBN :
Author : Kui Huang
Publisher :
Page : 0 pages
File Size : 36,81 MB
Release : 2016
Category :
ISBN :
This dissertation consists of two self-contained essays in macro and monetary economics, organized in the form of two chapters. In the first chapter, I develop a model with limited commitment and endogenous monitoring to study the optimal number and size of banks. Banking arises endogenously because of economies of scale. The planner designates a fraction of ex-ante homogenous agents to be bankers and concentrates monitoring efforts on them. Having fewer bankers reduces total monitoring costs, but this means more deposits per banker. Having more deposits, however, increases the bankers' incentives to divert deposits for their own profit. The result is that the planner needs to give bankers some reward to dissuade such opportunistic behavior. The optimal number of banks is negatively related to the fixed and marginal monitoring costs, impatience, and the temptation to default, but positively related to the return on real investments. To implement efficient allocations, there is a tension between equilibrium with free entry and having positive bank profit for incentive reasons. When the tax on banks is not too high, there exist non-degenerate stationary equilibriums. The equilibrium allocation is optimal only if the government limits entry of banks. One natural way is to charge a tax on bankers and give a transfer to non-bankers; another way is to simply impose a quota by limiting the number of bank charters. In the second chapter, using an overlapping generations model, I propose a resolution of the high household saving puzzle in China by analyzing the impact of the one-child policy and the resulting flattening of age-earning profiles on household saving behavior. Following Ben-Porath's (1967) human capital accumulation technology, with the implementation of the one-child policy, the initial human capital of each young worker who enters into the job market increases, which results in a decrease of the worker's on-the-job-training, and thus a flattening of age-earning profiles. The flattened age-earning profiles encourage younger cohorts to save more for consumption smoothing, and, therefore, provides an explanation for the high saving rates among the young. Both the data and the model demonstrate that the mechanism is valid.
Author : Axel Leijonhufvud
Publisher : Edward Elgar Publishing
Page : 207 pages
File Size : 24,29 MB
Release : 2009-01-01
Category : Business & Economics
ISBN : 1848446020
Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents. Economic Record This book honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents. Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.
Author : Modeste Yirbèhogré Somé
Publisher :
Page : pages
File Size : 48,35 MB
Release : 2015
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Author : David Currie
Publisher : Routledge
Page : 508 pages
File Size : 50,82 MB
Release : 2015-09-16
Category : Business & Economics
ISBN : 1317377699
Bringing together the proceedings of the 1979 and 1980 annual conferences of the Association of University Teachers of Economics the papers in this volume discuss: the effect of social security on private saving; an analysis of aggregate consumer behaviour; the philosophy and objectives of econometrics and other topics in macroeconomic and econometric analysis.
Author : Sylvia Xiaolin Xiao
Publisher :
Page : 238 pages
File Size : 33,33 MB
Release : 2014
Category : Dual economy
ISBN :
Author : Kenneth K. Kurihara
Publisher : SUNY Press
Page : 168 pages
File Size : 32,73 MB
Release : 1972-01-01
Category : Business & Economics
ISBN : 9780873951364
This collection of essays is concerned with the behavioral and structural problems of growing advanced economies. Can these economies achieve and maintain stable growth without inflation, unemployment and balance of payments difficulties?
Author : William C. Brainard
Publisher : MIT Press
Page : 392 pages
File Size : 20,76 MB
Release : 1991
Category : Business & Economics
ISBN : 9780262023252
These original contributions celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.
Author : Karl Brunner
Publisher :
Page : 338 pages
File Size : 43,2 MB
Release : 1984
Category : Economic policy
ISBN :
Author : Frank Hahn
Publisher : MIT Press
Page : 174 pages
File Size : 21,72 MB
Release : 1997
Category : Business & Economics
ISBN : 9780262581547
In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement with that trend. It demonstrates notonly how the new classical view got macroeconomics wrong, but also howto go about doing macroeconomics the right way.