Suchergebnisse

Microeconomic foundations -- Consumption and saving -- Dynamic competitive equilibrium -- Risk -- Asset returns and asset prices -- Labor supply, growth, and business cycles -- The open economy -- Frictions -- Money -- Price setting and price rigidity -- The government -- Optimal policy -- Time consistent policy -- Bibliography -- Index.

This dissertation consists of four essays concerning the analysis of dynamic fluctuations in various U.S. macroeconomic aggregates with particular attention to the links between real private investment, real private consumption and different aspects of government spending. These essays constitute four separate approaches that are based on different assumptions and conduct different methodological avenues. While each chapter is meant to be "stand-alone" and independent of each other, all four center around one motivating factor: the recent evidence of differential growth rates between real consumption and real investment in the U.S. Different production processes for investment and consumption, sector-specific technology processes and price fluctuations are separately examined as potential factors that could account for this not so recent phenomenon.

"The aim of Bernard Schmitt's analysis of the monetary economy of production was twofold: to introduce and to explain the logical character of the macroeconomic laws governing our economies, and to explain the origin of the pathologies that follow if these laws are not complied with. Schmitt's main original contributions concern the theories of value, profit, and capital, as well as his explanation of inflation, unemployment and international payments, unified as quantum macroeconomic analysis. This book expounds the key principles of quantum macroeconomic analysis as he conceived and developed them. Schmitt's starting point was the analysis of bank money and the way it is associated with produced output. His macroeconomics was not founded on microeconomics, nor derived from the aggregation of microeconomic variables. Schmitt's theory does not rely on mathematics and modelling either; instead, it is based on logical laws derived from the nature of money and of monetary payments. Part I of this book deals with the quantum macroeconomic analysis of capitalism and its pathologies developed by Schmitt and provides the elements necessary to understand its 'structural' mechanism. Parts II and III deal with the principles of two reforms that enable the passage from capitalism to post-capitalism and from the present non-system of international payments to an orderly system. This book provides essential reading for all those interested in heterodox approaches to macroeconomics, monetary economics, banking, international economics, and history of economic thought. Alvaro Cencini is Emeritus Professor of Economics, University of Lugano (USI), Switzerland"--

This volume contains new important research on banking institutions and performance in transition economies, economic growth and inequality and exchange rate economics and international finance. Topics include exchange rate exposure of firms, the relationship between monetary policy and house price shocks, economic interdependence of south-eastern European countries, Chinas exchange rate policy and economic growth, inequality and financial sector. Among the questions answered are : is exchange rate volatility a significant determinant of average firm level exposure? Can we identify shocks that can be interpreted as loose monetary shocks, low inflation shocks, banks credit shocks and house price shocks? What are the main factors driving the relationship between banks and companies in transition economies? Does it matter for forecasting GDP growth whether the economy is in tranquil times or during a period of turbulence? Has economic growth played any role in reducing inequality in South Africa? Are global bilateral investment holdings characterized by strong persistence? And finally, is China's international competitiveness fluctuates in consistency with PPP equilibrium?