共查询到20条相似文献,搜索用时 15 毫秒
1.
We analyze the welfare cost of inflation in a model with a cash‐in‐advance constraint and an endogenous distribution of establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the U.S. economy and the long‐run equilibrium properties are compared at low and high inflation. When the period over which the cash‐in‐advance constraint is binding is one quarter, an annual inflation rate of 10% leads to a decrease in average productivity of roughly 0.5% compared to the optimum. This decrease is not innocuous: it leads to a doubling of the welfare cost of inflation. 相似文献
2.
Non-linear Engel-curves for consumer goods cause continuous structural change. Goods are sequentially introduced starting out as a luxury with high income elasticity and ending up as a necessity with low income elasticity. Although this leads to rising and falling sectoral employment shares, the model exhibits a steady growth path along which the Kaldor facts are satisfied. Extending the basic model to the case of endogenous product innovations shows that complementarities between aggregate and sectoral growth may give rise to multiple equilibria. 相似文献
3.
We study the real long-run effects of the structural stance of monetary policy and of inflation, in the context of a monetary growth model where R&D is complemented with physical capital accumulation. We look into the effects on a set of real macroeconomic variables that have been of interest to policymakers—the economic growth rate, real interest rate, physical investment rate, capital-to-labor ratio, R&D intensity, and velocity of money. These variables have been previously analyzed from the perspective of different, separated, strands of the theoretical and empirical literature. Additionally, we analyze the long-run relationship between inflation and both the effectiveness of real industrial-policy shocks and the market structure, assessed namely by average firm size. We present novel cross-country evidence on the empirical relationship between the latter and long-run inflation. 相似文献
4.
Growth and Welfare Effects of Fiscal Policy in an Endogenous Growth Model with Public Investment 总被引:5,自引:0,他引:5
In this paper we analyze growth and welfare effects of fiscal policy in an endogenous growth model along the balanced growth path. As to the model we assume that sustained per capita growth results from public investment. The government uses its tax revenue for investment in public capital, for investment subsidy and for transfer payments. We then analyze how the balanced growth rate reacts to variations in those policy variables. Further, we study welfare effects of varying the fiscal parameters and demonstrate that, in general, maximizing economic growth is not equivalent to maximizing welfare on the balanced growth path. 相似文献
5.
Sir James Mirrlees, co‐recipient of the 1996 Nobel Memorial Prize in Economic Sciences, passed away in August 2018. This article outlines how his work has transformed economists’ understanding of their discipline – from the principles of tax design to the theory of contracts and beyond. By conceiving of policy questions in terms of information asymmetries between governments and taxpayers, Mirrlees demonstrated how to conduct convincing analysis of redistributive objectives together with incentive effects in the design of general tax systems and public policy more broadly. His ability to simplify complex problems in ways that reveal their tractable essence means that his work has yielded insights that have reverberated throughout the discipline. It has also proved highly fruitful for practical policy design. 相似文献
6.
Rudra P. Pradhan Mak B. Arvin John H. Hall Sahar Bahmani 《Review of Financial Economics》2014,23(4):155-173
This paper examines the relationship between banking sector development, stock market development, economic growth, and four other macroeconomic variables in ASEAN countries for the period 1961–2012. Using principal component analysis for the construction of the development indices and a panel vector auto-regressive model for testing the Granger causalities, this study finds the presence of both unidirectional and bidirectional causality links between these variables. The study contributes to understanding the importance of the interrelationship between the variables and combines the different strands of the literature. It also contributes to the literature by focusing on a group of countries that have not been studied before. One particular policy recommendation is to make the banking sector more accessible for those country's inhabitants that do not have bank accounts. Another policy recommendation is to nurture stock market development, which will facilitate the increased raising of capital for investment purposes to enhance economic growth. 相似文献
7.
This paper studies the consequences of labor‐market frictions for the real effects of steady inflation when cash is required for households' consumption purchases and firms' wage payments. Money growth may generate a positive real effect by encouraging vacancy creation and raising job matches. This may result in a positive optimal rate of inflation, particularly in an economy with moderate money injections to firms and with nonnegligible labor‐market frictions in which wage bargains are not efficient. This main finding holds for a wide range of money injection schemes, with alternative cash constraints, and in a second‐best world with preexisting distortionary taxes. 相似文献
8.
This study analyzes the effects of inflation on R&D and innovation‐driven growth. In the theoretical section, we incorporate money demand into a quality‐ladder model with elastic labor supply and derive the following result. If the elasticity of substitution between consumption and the real money balance is less (greater) than unity, then R&D and the growth rate of output would be decreasing (increasing) in the growth rate of money supply. Quantitatively, decreasing inflation in the U.S. to achieve price stability improves social welfare, and the welfare gain is equivalent to at least 0.5% of annual consumption. In the empirical section, we use cross‐country data to establish a negative and statistically significant relationship between inflation and R&D. 相似文献
9.
ANGUS C. CHU CHING‐CHONG LAI CHIH‐HSING LIAO 《Journal of Money, Credit and Banking》2019,51(7):2029-2052
How do intellectual property rights that determine the market power of firms influence the growth and welfare effects of monetary policy? To analyze this question, we develop a monetary hybrid endogenous growth model in which R&D and capital accumulation are both engines of long‐run economic growth. We find that monetary expansion hurts economic growth and social welfare by reducing R&D and capital accumulation. Furthermore, a larger market power of firms strengthens these growth and welfare effects of monetary policy through the R&D channel but weakens these effects through the capital‐accumulation channel. Therefore, whether the market power of firms amplifies or mitigates the welfare cost of inflation depends on the relative importance of the two growth engines. Finally, we calibrate the model using data in the United States and the Euro Area to quantitatively evaluate and compare the welfare cost of inflation in these two economies and find that the R&D channel dominates in both economies. 相似文献
10.
MATTEO BUGAMELLI SILVIA FABIANI ENRICO SETTE 《Journal of Money, Credit and Banking》2015,47(6):1091-1118
We analyze the impact of increased import penetration from China on the dynamics of firm‐level output prices in Italy. Accounting for potential endogeneity biases we find a significant and negative causal relationship: a 0.1 percentage point higher Chinese import penetration restrains price growth by 0.17 percentage points per year. This relationship reflects a procompetitive effect induced by cheaper imports, and, thanks to the firm‐level dimension of our data, we show that it is driven by low‐productivity firms within less skill‐intensive sectors. Finally, we show that Chinese import competition also had a dampening effect on Italian overall inflation. 相似文献
11.
Exchange Rate Pass‐Through,Domestic Competition,and Inflation: Evidence from the 2005–08 Revaluation of the Renminbi
下载免费PDF全文
![点击此处可从《Journal of Money, Credit and Banking》网站下载免费的PDF全文](/ch/ext_images/free.gif)
RAPHAEL A. AUER 《Journal of Money, Credit and Banking》2015,47(8):1617-1650
Import competition from China is pervasive in the sense that for many good categories, the competitive environment that U.S. firms face in these markets is strongly driven by the prices of Chinese imports, and so is their pricing decision. This paper quantifies the effect of the government‐controlled appreciation of the Chinese renminbi vis‐à‐vis the USD from 2005 to 2008 on the prices charged by U.S. domestic producers. In a panel spanning the period from 1994 to 2010 and including up to 519 manufacturing sectors, import price changes of Chinese goods pass into U.S. producer prices at an average rate of 0.7, while import price changes that can be traced back to exchange rate movements of other trade partners only have mild effects on U.S. prices. Further analysis points to the importance of trade integration, variable markups, and demand complementarities on the one side, and to the importance of imported intermediate goods on the other side as drivers of these patterns. Simulations incorporating these microeconomic findings reveal that a substantial revaluation of the renminbi would result in a pronounced increase in aggregate U.S. producer price inflation. 相似文献
12.
MIKAEL CARLSSON 《Journal of Money, Credit and Banking》2017,49(8):1803-1830
We use microdata on product prices linked to information on the producing firms that set them to study to what extent the timing of price changes reacts to changes in marginal cost. This self‐selection of price changes is a key feature in the canonical Menu‐Cost model a la Golosov and Lucas Jr. (2007), which may generate near monetary neutrality (Golosov and Lucas Jr. 2007, Karadi and Reiff 2016), but is absent in the Calvo (1983) model. We find that the microdata strongly favors the Calvo (1983) model. Thus, upstream in the supply chain, price setting is best characterized by a very low degree of self‐selection into price changes. 相似文献
13.
Governments attempt to increase the confidence of financial market participants by making implicit or explicit guarantees of uncertain credibility. Confidence in these guarantees presumably alters the size of the financial sector, but observing the long‐run consequences of failed guarantees is difficult. We look to America's free‐banking era and compare the consequences of a broken guarantee during the Indiana‐centered Panic of 1854 to the Panic of 1857 in which guarantees were honored. Our estimates of a model of endogenous market structure indicate substantial negative long‐run consequences to financial depth when panics cast doubt upon a government's ability to honor its guarantees. 相似文献
14.
FIROUZ GAHVARI 《Journal of Money, Credit and Banking》2012,44(5):787-823
This paper introduces money into an overlapping‐generations model with endogenous growth. The main message of the paper is that as long as the modified golden rule is attained, the Friedman rule is optimal. The result holds regardless of the ability of the government to internalize the externality and control the level of human capital. Other results include: (i) violation of the Friedman rule for a different second‐best environment wherein human capital accumulation is controlled but not physical capital accumulation and (ii) existence of a negative relationship between money growth rate and the economy’s endogenous growth rate. 相似文献
15.
China's Abolition of the Agricultural Tax,Local Governments’ Responses and Economic Growth
下载免费PDF全文
![点击此处可从《Fiscal Studies》网站下载免费的PDF全文](/ch/ext_images/free.gif)
When evaluating agricultural policy changes, much of the attention in the literature has been limited to agricultural productivity growth. This study demonstrates that, under a regionally decentralised authority system, the effect of China's abolition of the agricultural tax (AAT) in 2004–05 extended beyond the realm of agriculture. We find that, following the AAT reform, Chinese counties with higher reliance on agricultural taxation for budgetary revenue prior to the AAT reform experienced higher agricultural economic growth, as expected, but lower non‐agricultural economic growth in the short run. This growth‐inhibiting effect of the AAT reform on non‐agricultural production in the short run can be explained, to some extent, by the increased non‐agricultural taxation due to the insufficient funds that Chinese county governments received from the upper‐level governments following the AAT reform; the magnitude of this tax increase was associated with the degree to which each county relied on agricultural taxation for budgetary revenue prior to the reform. In addition, our results show that the AAT reform resulted in a high level of regional inequality in terms of non‐agricultural GDP per capita. In summary, our study shows that although the AAT reform succeeded in promoting agricultural production, such accomplishments were achieved at the cost of lower non‐agricultural output growth and higher regional inequality of non‐agricultural GDP per capita at the county level. 相似文献
16.
We show that the Calvo price‐setting model is not necessarily inconsistent with evidence of a weak relation between positive trend inflation and price dispersion. We identify the interaction between sticky wages and technical change as factors disrupting the allocative role of the wage system under positive trend inflation. In turn, this interaction generates inefficient wage dispersion, as opposed to price dispersion, which fuels inflation costs. We conclude that it is too early to dismiss the New Keynesian model as a useful vehicle to assess the costs of inflation. 相似文献
17.
18.
Graduating from a school during a time of adverse economic conditions has a persistent, harmful effect on workers’ subsequent employment opportunities. An analysis of panel data from OECD countries during the 1960–2010 periods reveals that a worker who experiences a 1 percentage point higher unemployment rate while the worker is 16–24 years old has a 0.14 percentage point higher unemployment rate at ages 25–29 years and 0.03 percentage points higher at ages 30–34 years. The persistence of this negative effect is stronger in countries with stricter employment protection legislation. A composite index for labor‐market rigidity is constructed and the index is shown to have positive correlation with the persistence. Moderating macroeconomic fluctuations is more important in countries that have more persistent labor‐market entry effects on subsequent outcomes. 相似文献
19.
本文在增值税抵扣机制的投入产出价格模型中引入社保费和成本传导机制,并利用2017年中国投入产出表和税收数据模拟分析了不同成本传导率条件下,减税降费的价格效应和福利效应。研究表明:(1)减税降费使得各行业产品价格降低,对第三产业的价格影响最为明显。(2)成本传导率越高,则产品价格的下降幅度越大。当成本传导率分别为1/3、2/3和1时,各行业产品价格的平均下降幅度分别为0.32%、0.93%和2.66%。(3)较为合理的中国整体成本传导率约为1/3,减税降费是2019年中国PPI下降的主要因素之一。当成本传导率为1/3时,模拟计算的PPI下降幅度与国家统计局公布的2019年PPI的下降幅度(-0.3%)非常接近。(4)减税降费使消费者价格下降,居民福利得以改善,且城镇居民福利改善高于农村居民。随着价格传导率增大,城镇居民与农村居民的人均福利改善差距扩大。 相似文献