Results 61 to 70 of about 2,328 (225)
The reincarnation of Keynesian economics [PDF]
European Economic Review, 1992 This paper discusses the reemergence of Keynesian economics during the past decade. It highlights the substantial differences between new Keynesian economics and the convictions of early Keynesians. In particular, it points out that new Keynesians have adopted many views that were once considered "monetarist" or "classical." It concludes that the term "
openaire +1 more source
When in Doubt, Tax More Progressively? Uncertainty and Progressive Income Taxation
International Economic Review, EarlyView.ABSTRACT We study the optimal income tax problem under parameter uncertainty about household preferences and wage dynamics. We derive conditions characterizing how such uncertainty affects optimal tax policy. To quantify the effect, we estimate a life‐cycle model using US data and a Bayesian approach.
Minsu Chang, Chunzan Wu
wiley +1 more source
Heterogeneous Markups Cyclicality and Monetary Policy
International Economic Review, EarlyView.ABSTRACT This paper studies aggregate markup cyclicality through firm‐level heterogeneity, reallocation, and aggregation. Using the U.S. firm data for 1990–2016, we find that markups are procyclical for young firms and countercyclical for older firms following monetary policy shocks. Economic activity also reallocates modestly toward young firms.
Andrea Chiavari +2 more
wiley +1 more source
Does the Phillips Curve Lie Down as We Age?
Journal of Money, Credit and Banking, EarlyView.Abstract Using microlevel data, we present evidence that older individuals are less willing to substitute across varieties of goods. We estimate the elasticity of substitution for different age groups and find that the youngest cohort (aged 25–34) exhibits a higher elasticity of substitution compared to the oldest group (65+).
CHADWICK CURTIS +2 more
wiley +1 more source
Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy
Journal of Money, Credit and Banking, EarlyView.Abstract We propose “Taylor rule yields” across horizons for the United States. Applying the standard Taylor rule to expected paths of inflation and the output gap, we construct a sequence of short‐term rates under neutral monetary policy stances, whose average defines the Taylor rule yield at each horizon.
MASAZUMI HATTORI +2 more
wiley +1 more source
Un percorso tra i temi della nuova macroeconomia keynesiana
Moneta e Credito, 2013 For almost twenty years a large part of the theoretical work of Keynesian economists has been dedicated to the research of "theoretical justifications" for the propositions of non-neutrality and, more generally, for the interpretation of unemployment as ...
A. CHIRCO
doaj +1 more source
Policy Biases in a Model with Labor‐Market Frictions
Journal of Money, Credit and Banking, EarlyView.Abstract We develop a model with labor‐market matching frictions that is subject to a range of shocks, including shocks to matching efficiency and bargaining power, and use the model to examine how monetary policy should respond to such shocks. We show that optimal monetary policy responds effectively to these shocks, producing economic outcomes that ...
RICHARD DENNIS, TATIANA KIRSANOVA
wiley +1 more source
How much of John Maynard Keynes can we find in Franco Modigliani?
PSL Quarterly Review, 2012 Franco Modigliani's first published paper became one of the basic documents of modern Keynesian economics. In it he formalized the model (or at least one model) implicit in The General Theory.
Luigi L. Pasinetti
doaj +1 more source
The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies
Journal of Money, Credit and Banking, EarlyView.Abstract We develop an open‐economy heterogeneous household model with incomplete markets to quantitatively evaluate the welfare and distributional effects—both within and across countries—of the corporate tax cut (Tax Cuts and Jobs Act, TCJA) implemented in the U.S. in 2017. The model allows for examining outcomes under various possibilities including
MAMOON KADER +3 more
wiley +1 more source
Analyzing the Economic Costs of Corruption Using a Basic Keynesian Framework: Part 1
Recoletos Multidisciplinary Research Journal, 2013 This study attempts to analyze the impact of corruption on the economy by adopting the Keynesian Framework. Current studies show that corruption has adverse effects on GDP, GDP growth rate, and investment, among others.
Juanito B. Aliño Jr.
doaj +1 more source