These models share several features. They are based on a few equations involving a few variables, which can often be explained with simple diagrams. The variables that appear in these models often represent macroeconomic aggregates such as GDP or total employment rather than individual choice variables, and while the equations relating these variables are intended to describe economic decisions, they are not usually derived directly by aggregating models of individual choices.
In recent decades, the correlation between U. This changing correlation accounts for roughly 30 percent of the rise in the variance of male earnings between and In this paper, we rationalize these trends in a model of joint household labor supply. Our model is consistent with the observations that the changing wage-hours correlation among men is driven by married men, and that there is little change in the wage-hours correlation among employed women and at the household level.
The results suggest that taking into account joint household decision making is essential for understanding the dynamics of labor supply.
This paper quantitatively assesses distributional effects of monetary policy. We use a life cycle model with housing to compute the response of the U.
We find than an increase in nominal interest rates generated by higher expected inflation has sizeable and heterogeneous welfare effects. Moreover, the responses of winners and losers do not cancel out; instead the policy announcement has persistent effects on aggregate consumption and house prices that propagate through the distribution of wealth.
Inflation, Redistribution, Monetary Policy, Housing. The paper partly supersedes an earlier paper entitled "Inflation as a Redistribution Shock:Inequality in a monetary dynamic macroeco-nomic model M.
R. Grasselli Introduction Review of Piketty Dual Keen model Inequality and speculation Conclusions Inequality in a monetary dynamic macroeconomic model M.
R. Grasselli Mathematics and Statistics, McMaster University Joint with Ga el Giraud (AFD, CNRS, ENPC) CFMAR . Centre for Financial Econometrics, Asset Markets and Macroeconomic Policy.
A collaboration of leading academics across Finance, Econometrics and Economics focused on mutual research projects. Abstract: We investigate the cyclical properties of non-bank credit and its relevance for financial stability.
We construct a measure of non-bank credit for a large sample of countries and find that its cyclical properties differ from those of bank credit. Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field.
dynamic economic systems, can be found at the course website [Tesfatsion, a].
2 General Presentation Considerations The basic requirement for the e ective presentation in written form of an economic study conducted by means of a state space model is to put yourself in the place of a potential reader. A macroeconomic model is an analytical tool designed to describe the operation of the economy of a country or a region.
These models are usually designed to examine the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and .