Rethinking Macroeconomics With Endogenous Market Structure
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Rethinking Macroeconomics with Endogenous Market Structure by Marco Mazzoli,Matteo Morini,Pietro Terna Pdf
"The last decade has seen a lively debate in macroeconomics, with an increasing criticism on the model that seemed to be dominant in literature since the end of the 1990's, the Dynamic Stochastic General Equilibrium (DSGE, hereafter) and, consequently, the birth of some new theoretical approaches and methodologies"--
Endogenous Market Structures and the Macroeconomy by Federico Etro Pdf
This is a key year for the evolution of international markets. The global economy is experiencing the most severe downturn since the thirties, it is temporarily leaving a path of sustained growth that characterized the last decades, and is facing an impressive decline of trade between countries. Banks are going bankrupt, the stock market has crashed, rms are going out of bu- ness or drastically reducing their production and exports, workers are being red and investment in new business creation or innovation is shrinking. Meanwhile, consumers con dence has dropped at its minimum, aggregate demand has been declining for months and expansionary policies and int- national coordination have failed to counteract the crisis until now. It is quite likely that all this will change sooner or later, but at the end of this crisis our understanding of the macroeconomy may change as well. In front of these crucial events, this book is not an attempt at proposing a radically new way of interpreting macroeconomic phenomena, and, as a m- ter of fact, it is not even a book on macroeconomic theory. My more modest goal is to collect a number of insights derived from recent research on the role of competition and innovation in the analysis of three topics: business cycles, trade and growth through innovations.
Experimental Economics by Nicholas Bardsley,Robin Cubitt,Graham Loomes,Peter Moffat,Chris Starmer,Robert Sugden Pdf
The authors explore the history of experiments in economics, provide examples of different types of experiments and show that the growing use of experimental methods is transforming economics into an empirical science. They explain that progress is being held back and debate on how to overcome these limitations.
International Macroeconomics in the Wake of the Global Financial Crisis by Laurent Ferrara,Ignacio Hernando,Daniela Marconi Pdf
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Macroeconomic Theory by Fernando de Holanda Barbosa Pdf
Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.
This book provides an innovative framework to analyze the process of industrial upgrading and diversification, a key feature of economic development. Based on this framework, it provides concrete advice to development practitioners and policy makers on how to unleash a country's growth potential.
Inframarginal Economics by Xiaokai Yang,Wai-Man Liu Pdf
This monograph resurrects the spirit of classical economic thinking on network effects of division of labor and general equilibrium mechanisms that simultaneously determine the interdependent benefits of specialization and the number of participants in the network of division of labor (extent of the market) in a modern body of inframarginal economics. Inframarginal economics applies inframarginal analysis (nonclassical mathematical programming which allows corner solution) to studies of network effects of division of labor, individuals' networking decisions in choosing their levels of specialization, mechanisms that endogenously determine the network size and pattern of division of labor, increasing returns, and the relationship between transaction costs, evolution in institutions, property rights, contracts, organization, and the network size and pattern of division of labor. Here, inframarginal analysis is total cost-benefit analysis across different network patterns of trade and division of labor in addition to marginal analysis of resource allocation for a given pattern of organization. It provides an overarching framework that encompasses many areas of the discipline that have customarily been treated as separate branches. These include microeconomics, macroeconomics, development economics, international economics, urban economics, growth theory, industrial organization. applications of game theory in economics, economics of property rights, economics of transaction costs, economics of institutions and contracts, economics of organization, managerial economics, theory of hierarchy, new theory of the firm, theory of money, theory of insurance, theory of the network and reliability, and so on.
Rethinking Economics by Liliann Fischer,Joe Hasell,J. Christopher Proctor,David Uwakwe,Zach Ward Perkins,Catriona Watson Pdf
Economics is a broad and diverse discipline, but most economics textbooks only cover one way of thinking about the economy. This book provides an accessible introduction to nine different approaches to economics: from feminist to ecological and Marxist to behavioural. Each chapter is written by a leading expert in the field described and is intended to stand on its own as well as providing an ambitious survey that seeks to highlight the true diversity of economic thought. Students of economics around the world have begun to demand a more open economics education. This book represents a first step in creating the materials needed to introduce new and diverse ideas into the static world of undergraduate economics. This book will provide context for undergraduate students by placing the mainstream of economic thought side by side with more heterodox schools. This is in keeping with the Rethinking Economics campaign which argues that students are better served when they are presented with a spectrum of economic ideas rather than just the dominant paradigm. Rethinking Economics: An Introduction to Pluralist Economics is a great entry-level economics textbook for lecturers looking to introduce students to the broader range of ideas explored within the economics profession. It is also appropriate and accessible for people outside of academia who are interested in economics and economic theory.
Economics of Structural and Technological Change by Cristiano Antonelli,Nicola De Liso Pdf
Technology has long been seen as a path to economic growth. However there is considerable debate about the exact nature of this relationship. Economics of Structural and Technological Change employs a wide range of theoretical and applied approaches to explore the concept of technological change. The book begins with a series of in-depth discussions of the economic analysis of technological change. The second section contains a discussion of theoretical models of technological change, focusing on issues such as time and innovation. The third section brings together a number of applied analyses of technological change and examines the effect of factors such as human resource constraints, patenting and science and technology indicators.
Author : Richard R. Nelson Publisher : Harvard University Press Page : 456 pages File Size : 53,9 Mb Release : 1985-10-15 Category : Business & Economics ISBN : 0674041437
An Evolutionary Theory of Economic Change by Richard R. Nelson Pdf
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Effects of Financial Globalization on Developing Countries by Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei Pdf
This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
Specialization and Economic Organization by X. Yang,Y.-K. Ng Pdf
As the subtitle indicates, this book presents a new classical microeconomic framework. It develops a new unifying analytical framework that covers topics concerning international trade, development economics, growth theory, transaction costs economics, comparative economics, management economics, urban economics, industrial organization, and macroeconomics. The new classical microeconomic framework is used to bring the analysis of economies of specialization, the division of labor, and the structure of economic organization into the central place of economics.
