Detail Essays on the new Keynesian economics Bibliografi Author: Senda, Takashi ; Ball, Laurence M. (Advisor); Maccini, Louis J. (Advisor) Topik: ECONOMICS; GENERAL Bahasa: (EN )    ISBN: 0-591-86127-5     Penerbit: John Hopkins University Press     Tahun Terbit: 1998     Jenis: Theses - Dissertation Fulltext: 9832978.pdf (0.0B; 0 download) Abstract Chapter II considers a possible explanation for asymmetric effects of money supply shocks. This study focuses on a prediction of sticky price theories: along with price adjustment costs, positive trend inflation brings about the downward rigidity of prices, and this downward rigidity of prices induces asymmetry in the effects of money supply shocks. To explore this idea, in Chapter II I analyze the relationship between trend inflation and asymmetric effects of money supply shocks. Computational experiments are employed for this purpose. The results of my experiment do not support a simple positive relationship between trend inflation and the degree of asymmetry in the effects of money supply shocks. On the contrary, I find that money supply shocks have large asymmetric effects when inflation is between 4 and 10 percent. Chapter III tests the theoretical predictions using empirical data. In Chapter II, I derived the following two predictions: First, the degree of asymmetry becomes higher as inflation increases from zero to between 4 and 10 percent, and the degree of asymmetry starts to decline as inflation continues to increase further. In other words, if the postwar period--when inflation for most countries was higher than 3 percent--is considered, the degree of asymmetry is low in countries where trend inflation is high. Secondly, the degree of asymmetry is high in countries where the standard deviation of nominal GDP growth is high. The purpose of this chapter is to conduct an empirical investigation of these two predictions. I examine annual and quarterly, prewar and postwar data for OECD countries and find that the cross-country evidence supports both of these predictions. Chapter IV investigates the main cause of the change in the NAIRU. This study tests the hysteresis and inflation-as-grease theories empirically. I analyze annual and quarterly data for six low-inflation OECD countries. This study finds that hysteresis theories provide a convincing explanation for the rise in the NAIRU, and that inflation's grease effects can be identified in half of the sample of countries. Results of this chapter indicate that countries with long-lived unemployment benefits suffered from a relatively large increase in the NAIRU. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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