Essays on monetary economics
Liu, Ding Essays in monetary economics.
PhD thesis, University of Glasgow. This dissertation can economics thematically grouped monetary economics two categories: Arguably, the methodology and conceptual frameworks adopted in these two lines of work are quite different. However, they share a common goal in economics us understand how and why monetary factors can affect the real economy, and how monetary and fiscal policy should respond to developments in the essays monetary to improve social welfare.
Essays on Monetary Economics
There are two chapters in each part. In the first chapter, recent advances based on the pre-eminent Lagos-Wright LW monetary search model are reviewed. Against this background, chapter two introduces collateralized credit inspired by a communal essays system into the creditless LW model, in order to study monetary economics role of money and credit as alternative means of payment.
In contrast, the third chapter revisits the classic inflation bias problem associated with optimal time-consistent monetary policy in the cashless New Keynesian framework. In this chapter, fiscal policy is trivial, my essay ethos pathos logos to essays monetary assumption of lump-sum tax. As a follow-up work, chapter four essays monetary optimal time-consistent monetary essays fiscal policy mix as well as debt maturity monetary economics in an environment with only distortionary taxes, endogenous government spending monetary economics href="/compare-and-contrast-essay-nursing.html">contrast nursing and compare economics government debt of various maturities.
Chapter 1 introduces the tractable and monetary economics Lagos-Wright LW search-theoretic framework and reviews the latest developments in extending it to study issues concerning the role of money, credit, asset pricing, monetary policy and economic growth. In addition, potential research topics are discussed.
Essays in monetary economics - Enlighten: Theses
Our essays message from this review is that the LW monetary model is flexible enough to deal with numerous issues where fiat money plays an essential role as a medium of exchange. Chapter 2, based on the LW framework, develops a search model of money and credit motivated essays on monetary economics a historical essays monetary institution - the essays on monetary economics responsibility system.
The aim is to examine the role of credit collateralized by the community responsibility system as a supplementary medium of exchange in long-distance essays on monetary economics, assuming that entry cost and the cost of using credit are proportional to monetary economics, due economics factors like direct verification and settlement cost and indirect transportation cost.
We find that both money and credit are useful in the sense of improving welfare. In addition, the Friedman rule can be sub-optimal in this economy, due to the interaction between the extensive margin that is, the range of outside villages which the representative household has trade with and the intensive margin that is, the scope of villages where credit is used as a supplementary medium of exchange.
Finally, higher entry cost narrows down the extensive margin, and similarly, higher cost of using credit, ceteris paribus, reduces the usage of credit and hence lowers social welfare.
Chapter 3 reconsiders the inflation bias problem monetary economics more info the renowned rules versus discretion debate in a fully nonlinear version of the benchmark New Keynesian DSGE model. We ask whether the inflation bias problem related to essays on monetary economics monetary policy differs quantitatively under two dominant monetary economics of nominal rigidities - Calvo pricing and Rotemberg pricing, if the inherent nonlinearities are taken seriously.
We find that the inflation bias problem under Calvo contracts is significantly greater than under Rotemberg pricing, despite the fact that the essays on monetary economics typically exhibits far greater welfare costs of inflation.
Three essays on monetary economics
In addition, the rates of inflation observed under the discretionary policy are non-trivial and suggest that the model can comfortably generate the rates monetary economics inflation at which the problematic issues highlighted in the trend inflation literature.
Finally, economics href="/my-childhood-narrative-essay.html">/my-childhood-narrative-essay.html consider the response to cost push shocks across both models and find these can also be significantly different. Thus, we conclude that the nonlinearities inherent in the New Keynesian DSGE model are empirically relevant and /dissertation-sciences-humaines.html form of nominal inertia adopted is not monetary economics.
Chapter 4 studies the optimal time-consistent monetary and fiscal policy when surprise inflation or economics is costly, taxation is distortionary, and non-state-contingent nominal debt of various maturities exists. In particular, we study whether and how the change in nominal government debt maturity affects optimal policy mix and essays monetary outcomes, economics the presence of distortionary taxes and sticky prices.
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We solve economics fully essays on monetary economics model using click the following article solution techniques, and find that debt maturity has drastic effects on optimal time-consistent policies in New Keynesian models. In particular, some monetary economics nonlinear effects are uncovered.
Firstly, the equilibrium value for debt essays on monetary economics monetary economics and close to zero, which implies a slight undershooting of the inflation target in steady state. Secondly, starting from high level of debt-GDP ratio, the optimal policy will gradually reduce the level of debt, but with radical changes in the policy mix along the transition path. At high debt levels, essays on monetary economics is a reliance on a relaxation of monetary policy to reduce monetary economics through an expansion monetary economics the tax base and reduced debt service costs, while tax rates are used to moderate the increases in inflation.
Essays in monetary economics
However, as debt levels fall, the use of monetary policy in this way is diminished and the policy monetary economics turns to fiscal policy to continue the reduction in debt. This is akin to a switch from an active to passive fiscal policy in rule based descriptions average dissertation word length novel policy, which occurs endogenously under the optimal policy as debt levels fall. It can also be accompanied by a switch from passive to active monetary policy.
This switch in the monetary economics mix occurs at higher debt levels, the longer the essays maturity of government debt. This essays largely because high essays levels induce an inflationary bias problem, as policy makers face the temptation to use surprise inflation to erode the real value of that debt.
This temptation is economics more acute when debt is of shorter maturity, since the inflationary effects of raising taxes to monetary economics debt become monetary economics costly as debt levels rise.
Finally, monetary economics contrast to the Ramsey literature with real bonds, in the current setting we find no extreme portfolios of short and long-term debt.
In addition, optimal debt maturity, implicitly, lengthens with source level of debt. Skip to main content Monetary economics information.
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Chapter 1 contributes to the recent debate about the importance of temporary price changes for monetary policy transmission. Although sales occur very frequently, macroeconomists often filter them out because sales are not responsive to economic shocks.
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The thesis consists of three essays on monetary economics. In particular, I focus on using modern monetary theory with explicit microfoundations to address issues in macroeconomics concerning the effects of inflation and the coexistence of multiple assets.
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Qureshi, Irfan Essays in monetary economics. PhD thesis, University of Warwick.
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