Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Articles (2)
- Firms' dynamics and macroeconomics (2)
- Macroeconomics and Banking (2)
- Actualidad (1)
- Asset Pricing (1)
-
- Banking integration (1)
- Crecimiento económico (1)
- Desarrollo (1)
- Domestic bank dependence (1)
- Economics (1)
- Exchange Rate Disconnect Puzzle (1)
- Exchange Rates (1)
- Exchange rate regime (1)
- Export margins (1)
- Financial development; financial integration; Japan; Great Recession; Lost Decade; banking integration; regional business cycles; transmission of financial shocks; misallocation of credit; trade credit; export finance; silk industry (1)
- Firm entry (1)
- Heterogeneity and Income Distribution (1)
- International Risk sharing (1)
- International Trade (1)
- International business cycle (1)
- International transmission (1)
- Introducción a la Economía (1)
- Introduction to Economics (1)
- Iran (1)
- Irrelevance proposition ; Fiat money ; Open market operations ; Modigliani ; Miller (1)
- Jump variables (1)
- Labour market flexibility (1)
- Labour market structure (1)
- Macro labor (1)
- Macroeconomía (1)
Articles 1 - 15 of 15
Full-Text Articles in Social and Behavioral Sciences
Exploring The Transformative Potential Of The E3+3 Joint Comprehensive Plan Of Action With Iran For Improving The Iranian Economy And Its Reintegration Into The Global System, Mohammad Reza Farzanegan
Exploring The Transformative Potential Of The E3+3 Joint Comprehensive Plan Of Action With Iran For Improving The Iranian Economy And Its Reintegration Into The Global System, Mohammad Reza Farzanegan
Prof. Dr. Mohammad Reza Farzanegan
This is background note for my presentation at the Peace Research Institute Frankfurt.
How Does Labour Market Structure Affect The Response Of Economies To Shocks?, Istvan Konya, Aurelijus Dabusinskas, Stephen Millard
How Does Labour Market Structure Affect The Response Of Economies To Shocks?, Istvan Konya, Aurelijus Dabusinskas, Stephen Millard
Istvan Konya
The recent crisis in the Eurozone has led to much discussion about the structure of labour markets in different Eurozone economies. In particular, there has been much talk of the need for structural labour market reform in the Eurozone periphery. But, there are many aspects of labour market structure – eg, wage flexibility, flexibility in hiring and firing, benefits, etc – and it is not clear a priori which aspects really matter. In this paper, we analyse how cross-country differences in labour market characteristics – in particular, wage and employment rigidities – shape the response of different countries to a …
Lecciones De Economía Para No Economistas, Sergio A. Berumen
Lecciones De Economía Para No Economistas, Sergio A. Berumen
Sergio A. Berumen
Este libro estudia la totalidad de los contenidos de los cursos de Introducción a la Economía y de los primeros cursos de Microeconomía y Macroeconomía de los grados y las licenciaturas en Ciencias Sociales.
Respuestas Exámen, Francisco Carlos Ruiz Diaz
Respuestas Exámen, Francisco Carlos Ruiz Diaz
Francisco Carlos Ruiz Diaz
No abstract provided.
The Intuition Behind Wallace Neutrality, Richard H. Serlin
The Intuition Behind Wallace Neutrality, Richard H. Serlin
Richard H. Serlin
Wallace neutrality is a term that, as far as I know, was coined by University of Michigan economist Miles Kimball. It refers to the seminal model of Neil Wallace in "A Modigliani-Miller Theorem for Open-Market Operations", American Economic Review, June 1981. In Wallace's model, open market operations have no effect on any asset prices, including money (no effect on inflation). This is a shocking result, and it cries out for how and why. Intuitively, how and why can this possibly happen? However, like so many modern models, it's extremely difficult to see the intuition behind the wall of math, and …
Exchange Rate 'Overshooting': An Empirical Study Of Bangladesh And India, Mohammad Ali Tareq, Fazle Rabbi
Exchange Rate 'Overshooting': An Empirical Study Of Bangladesh And India, Mohammad Ali Tareq, Fazle Rabbi
Fazle Rabbi
Exchange rates are difficult to forecast because the market is continually reacting to unexpected events or news. Even in the absence of any major news, exchange rates adjust through the day as foreign exchange dealers manage their inventories and respond to trades with others who may be better informed. The role of exchange rate changes in eliminating international trade imbalances suggests that we should expect countries with current trade surpluses to have an appreciating currency, whereas countries with trade deficits should have depreciating currencies. Such exchange rate changes would lead to changes in international relative prices that would work to …
Cruzar El Río Sintiendo Las Piedras. Trece Historias De Éxito, Francisco Carlos Ruiz Diaz
Cruzar El Río Sintiendo Las Piedras. Trece Historias De Éxito, Francisco Carlos Ruiz Diaz
Francisco Carlos Ruiz Diaz
En el periodo 1980-1998 el ingreso por habitante del Paraguay creció a una tasa anual promedio de 1,1%. En esas condiciones, un paraguayo medio debía esperar 65 años para ver sus ingresos duplicarse. Sin embargo, las reformas económicas parciales iniciadas en el año 2003 contribuyeron a que el ingreso por habitante crezca a un promedio anual de 2,8% en el periodo 2003 y 2014, lo que ayudó a recortar el plazo de duplicación del ingreso por habitante a tan solo 25 años ¿Cómo se logra este tipo de resultados? ¿Esas reformas son suficientes para sostener el crecimiento de largo plazo? …
Small Firms And Domestic Bank Dependence In Europe's Great Recession, Mathias Hoffmann, Bent E. Sorensen
Small Firms And Domestic Bank Dependence In Europe's Great Recession, Mathias Hoffmann, Bent E. Sorensen
Mathias Hoffmann
The paper studies the role of small businesses (SME) in the transmission of the Eurozone crisis to member countries and whether regions or countries with many SMEs were less able to share risk. Our analysis draws attention to domestic bank dependence---defined as the share of domestic private credit originated by domestic banks---as a key variable modulated the impact of shocks on bank-dependent SMEs and thus on the real economy. We argue that Eurozone banking integration in the years after the creation of the single currency was lopsided in the sense that, until 2008, cross-border lending between banks increased markedly while …
‘By A Silken Thread’: Regional Banking Integration And Pathways To Financial Development In Japan’S Great Recession, Mathias Hoffmann, Toshihiro Okubo
‘By A Silken Thread’: Regional Banking Integration And Pathways To Financial Development In Japan’S Great Recession, Mathias Hoffmann, Toshihiro Okubo
Mathias Hoffmann
Regional differences in banking integration and bank dependence interacted in spreading Japan’s Great Recession after 1990. Nationwide banks were generally more exposed to the crisis than regional ones, but their internal capital markets also substantially dampened the impact of the crisis in prefectures with many bank-dependent small firms. We instrument for modern-day banking inte- gration using the prefecture-level importance of the late-19th-century silk industry: export finance for the silk industry relied on local, cooperative banks. These local banks preserved their comparative advantage in relationship lending to small firms for a century, effectively segmenting regional banking markets during Japan’s lost decade.
Economic Growth And Wage Stagnation In Peru: 1998-2012, Carlos Urrutia, Peter Paz
Economic Growth And Wage Stagnation In Peru: 1998-2012, Carlos Urrutia, Peter Paz
Carlos Urrutia
In the last two decades, the Peruvian economy exhibited rapid growth. Moreover, the composition of the labor force improved in terms of education and experience, two variables which are typically associated to higher human capital. The average worker in 2012 had a higher level of education and was one and a half years older than in 1998, reflecting the impact of the demographic transition. However, the average real wage was roughly constant. We show that a decline in the wage premium for education, and to a minor extent for experience, is responsible for the lack of growth in the average …
El Mundo Con Más Dinero, Guillermo Arosemena
El Mundo Con Más Dinero, Guillermo Arosemena
Guillermo Arosemena
No abstract provided.
Long-Run Consumption Risk And Asset Allocation Under Recursive Utility And Rational Inattention, Yulei Luo, Eric R. Young
Long-Run Consumption Risk And Asset Allocation Under Recursive Utility And Rational Inattention, Yulei Luo, Eric R. Young
Yulei Luo
We study the portfolio decision of a household with limited information-processing capacity (rational inattention or RI) in a setting with recursive utility. We find that rational inattention combined with a preference for early resolution of uncertainty could lead to a significant drop in the share of portfolios held in risky assets, even when the departure from standard expected utility with rational expectations is small. In addition, we show that the equilibrium equity premium increases with the degree of inattention because inattentive investors with recursive utility face greater long-run risk and thus require higher compensation in equilibrium. Our results are robust …
Slow Information Diffusion And The Inertial Behavior Of Durable Consumption, Yulei Luo, Jun Nie, Eric Young
Slow Information Diffusion And The Inertial Behavior Of Durable Consumption, Yulei Luo, Jun Nie, Eric Young
Yulei Luo
This paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and nondurable consumption, (ii) autocorrelation of durable consumption, and (iii) contemporaneous correlation between durable and nondurable consumption.
Entry Costs And The Dynamics Of Business Formation, Lilia Cavallari
Entry Costs And The Dynamics Of Business Formation, Lilia Cavallari
Lilia Cavallari
No abstract provided.
Exchange Rates As Shock Absorbers: The Role Of Export Margins, Lilia Cavallari
Exchange Rates As Shock Absorbers: The Role Of Export Margins, Lilia Cavallari
Lilia Cavallari
No abstract provided.