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Macroeconomic Dynamics

Author : Bernard Lonergan

Publisher : University of Toronto Press

Page : pages

File Size : 41,29 MB

Release : 1999-12-25

Category : Philosophy

ISBN : 148758878X

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Book Description

Few theologians in history have matched Bernard Lonergan's range of learning. Fewer still have written on the "dismal science" of economics. Rooted so solidly in the concerns of this world, economics is not a discipline we associate with the more rarified pursuit of theology. In this long-awaited volume, Lonergan demonstrates the short-sightedness of this view. This companion volume to For A New Political Economy (Collected Works of Bernard Lonergan, Volume 21) continues the work of bringing together the various elements of Lonergan's economic thought. His economic writings span forty years and represent one of the most important intellectual achievements of the twentieth century. They have previously been inaccessible outside of the Lonergan research community as the majority of them have not been formally published, and exist only as a group of unfinished essays and material for courses on economics taught by Lonergan. Lonergan's economic ideas track a different line of thought from that taken by contemporary economists. Macroeconomic Dynamics: An Essay in Circulation Analysis represents the economic thought of Lonergan at the end of his career. His analysis, while taking a fresh look at fundamental variables, breaks from centralist theory and practice towards a radically democratic perspective on surplus income and non-political control, and explores more fully the ideas introduced in For a New Political Economy. This work will be read not only by economists but also by liberation theologians, political theologians, and others inside and outside of religious organizations interested in social justice issues and alternative approaches to economics.









Essays in Macroeconomic Dynamics

Author : David R. Munro

Publisher :

Page : 179 pages

File Size : 19,70 MB

Release : 2016

Category :

ISBN : 9781339957333

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Book Description

The motivation of my dissertation research has been to develop a better understanding of the mechanisms behind business cycle fluctuations in employment and firm dynamics. I have an interest in these issues not only because I find business cycle phenomena interesting, but because it is crucial in designing economic policies that can help mitigate the severity of recessions. To answer these questions my dissertation research has focused on outcomes and behavior at the individual and firm level.





Essays in Macroeconomics Dynamics

Author : flavien moreau

Publisher :

Page : 251 pages

File Size : 19,80 MB

Release : 2019

Category :

ISBN :

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Book Description

This dissertation focuses on the macroeconomic implications of firms' behavior. How do capital and labor substitute for each other? How large are the inefficiencies created by anti- competitive behavior? How does the distribution of the size of firms interact with merger regulations? In the first chapter, I investigate the question of the substitutability of labor and capital at the firm-level and then in the whole economy. Using a novel empirical strategy and comprehensive administrative data. I find that the amount of substitution between capital and labor is actually fairly limited. In the second chapter, I study the distortions created by anti-competitive behavior in an oligopolistic setting. I find that the direct negative welfare impact of cartels is amplified by an umbrella pricing effect, whereby firms outside of the cartel also raise their prices. In the third chapter, I trace the implications of antitrust policies on the firm size distri- bution. I find that under threshold-based rules, all mergers above a certain size might need to be blocked in order for the size distribution to stabilize. Finally, the techniques used to study the dynamics of firms can fruitfully be applied to other areas. In particular, in the last chapter, jointly written with Adriana Lleras-Muney, we use a dynamic model to explore the evolution of mortality rates.



Essays on the Macroeconomic and Financial Causes of the Great Recession

Author : Juan Jose Ospina Tejeiro

Publisher :

Page : 385 pages

File Size : 11,45 MB

Release : 2017

Category :

ISBN : 9780355079289

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Book Description

This dissertation is composed of three essays that study the macroeconomic and financial causes of the Great Recession. The first chapter focuses on understanding some of the business cycle dynamics of different regions in the United States. In particular, I seek to understand what shocks and frictions are the drivers of consumption and employment differences across subnational economies, particularly states. I find that the shocks and frictions that drive the aggregate business cycle are not enough to understand regional business cycle dynamics. In this chapter I develop methodological contributions that can help researchers guide the construction of models whose goal is to understand regional business cycle dynamics and how it relates to aggregate business cycle dynamics. The second chapter focuses on understanding the link between regional and aggregate business cycles. We find that that the shocks that we can identify using cross-sectional variation are insufficient to understand the joint dynamics of prices, wages and employment at business cycle frequencies. In particular, demand shocks identified using cross-region variation are insufficient to explain the persistent decline in aggregate employment. This chapter develops methodological contributions to identify shocks in macroeconomic models and to construct regional indexes for prices and wages. The third chapter is an empirical analysis of the non-agency mortgage backed securities market, which has been at the core of the explanations of the causes of the Great Recession. By carefully studying the cash flows, returns, and how they relate to the credit ratings, we find that contrary to the conventional narrative of the crisis, AAA-rated subprime mortgage backed securities performed remarkably well. This calls into question some key aspects of the explanations that have been given as triggers of the crisis of 2008, and points at the need to better understand the forces behind this event in order to have a more accurate understanding and be able to prescribe appropriate policies.



Dynamic Modeling, Empirical Macroeconomics, and Finance

Author : Lucas Bernard

Publisher : Springer

Page : 332 pages

File Size : 41,35 MB

Release : 2016-10-03

Category : Business & Economics

ISBN : 3319398873

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Book Description

This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.