Redistributive shocks and productivity shocks
In: Journal of Monetary Economics, Band 57, Heft 8, S. 931-948
In: Journal of Monetary Economics, Band 57, Heft 8, S. 931-948
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In: Journal of Money, Credit, and Banking, vol 46, Issue 7, 2014
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Blog: American Enterprise Institute – AEI
The 2016 paper "The China Shock" has to be one of the most talked-about economics papers in recent years. There's been considerable debate about the paper, but anti-trade folks still point to it as evidence of the need for tariffs and other forms of protectionism.
The post Out: The China Shock. In: The Tariff Shock appeared first on American Enterprise Institute - AEI.
It is not surprising that the U.S. has been by far the world's largest shock producer in this crisis. The big shock absorbers on the other hand were Japan, Russia and Germany, whose exports shrank more than their imports.
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In: NBER working paper series 13111
International trade is frequently thought of as a production technology in which the inputs are exports and the outputs are imports. Exports are transformed into imports at the rate of the price of exports relative to the price of imports: the reciprocal of the terms of trade. Cast this way, a change in the terms of trade acts as a productivity shock. Or does it? In this paper, we show that this line of reasoning cannot work in standard models. Starting with a simple model and then generalizing, we show that changes in the terms of trade have no first-order effect on productivity when output is measured as chain-weighted real gross domestic product. The terms of trade do affect real income and consumption in a country, and we show how measures of real income change with the terms of trade at business cycle frequencies and during financial crises.
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 41, S. 295-364
ISSN: 0167-2231
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In: Development Outreach, Band 11, Heft 3, S. 13-15
In: Journal of Monetary Economics, Band 82, S. 20-35
In: NBER Working Paper No. w13111
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Nervous shock nowadays become one of the serious issues in our society. Many people lost their life due to nervous sock. The word 'nervous shock' means a psychiatric condition or injury suffered by an individual as a result of events which have occurred due to the intentional or negligent acts or omissions of another person or authority. The author through the present paper will try to find out the various issues involved in the cases of nervous shock in the light of various judicial pronouncements. The paper would also be an analysis of the current existing legal framework for nervous sock in India. The author has also made an effort to make a comparative analysis of the legislation pertaining to nervous sock existing in USA and U.K to those with Indian legislation.
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In: Bank of Korea WP 2022-6
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In: NBER working paper series 16996
"Three shocks, distinguished by whether their effects are permanent or transitory, are identified to characterize the post-war dynamics of aggregate consumer spending, labor earnings, and household wealth. The first shock accounts for virtually all of the variation in consumption and has effects akin to a permanent total factor productivity shock in canonical frictionless macroeconomic models. The second shock underlies the bulk of fluctuations in labor income, accounting for 76% of its variation. This shock permanently reallocates rewards between shareholders and workers but leaves consumption unaffected. Over the last 25 years, the cumulative effect of this shock has persistently boosted stock market wealth and persistently lowered labor earnings. The third shock is a persistent but transitory innovation that accounts for the vast majority of quarterly fluctuations in asset values but has a negligible impact on consumption and labor earnings at all horizons. We show that the 2000-02 asset market crash was the result of a negative transitory wealth shock, which predominantly affected stock market wealth. By contrast, the 2007-09 crash was accompanied by a string of large negative realizations in both the transitory shock and the permanent productivity shock, with the latter having especially important implications for housing wealth"--National Bureau of Economic Research web site