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Contemporary topics in macroeconomics / editor by Julio César Leal Ordóñes and Stephen McKnight
Leal Ordóñes, Julio César (editor) ; McKnight, Stephen (coed.) ;
Distrito Federal, México : El Colegio de México. Centro de Estudios Económicos , 2014
Clasificación: 339.091724 / C6
Bibliotecas: San Cristóbal
SIBE San Cristóbal
ECO010017942 (Disponible)
Disponibles para prestamo: 1

List of contributors
I. Reflections on modern macroeconomics
I.1 Introduction
I.2 The financial crisis and the state of macroeconomics
I.2.1 The financial crisis of 2008
I.2.2 A crisis for macroeconomics?
I.3 The macroeconomics of developing countries
I.3.1 Business cycle fluctuations
I.3.2 The informal sector
I.4 A balanced view of macroeconomics
I.4.1 Monetary policy for small open economies
1.4.2 Taxes, transfers, and the labor market
1.5 Organization of the book
II. Business cycles in developed and developing countries
II. 1 Introduction
II.2 Comparing business cycles in developed and developing economies
II.2.1 Defining business cycles
II.2.2 Duration and amplitude
II.2.3 Data moments
II.3 A benchmark method for the study of business cycles
II.3.1 The benchmark prototype economy
II.3.2 Estimation method
II. 3.3 Illustrative results
II.4 What explains the differences at business cycle frequencies?
II.4.1 The Aguiar and Gopinath (2007) model
II.4.2 The Neumeyer and Perri (2005) model
II.5 Conclusions
III. Designing monetary policy rules for small open economies
III.1 Introduction
III.2 A small open economy model
III.2.1 Households
III.2.2 Firms
III.2.3 Central bank
III.2.4 Market clearing and equilibrium
III.2.5 The steady state
III.2.6 Log-linearization
111.3 Determinacy analysis for open economies
III.3.1 How important is trade openness?
III.3.2 PPI inflation vs. CPI inflation
III.3.3 Reacting to the exchange rate
III.4 The importance of money and capital
III.4.1 Money matters
III.4.2 Introducing investment
III.5 Conclusions
IV. The informal sector in contemporary models of the aggregate economy
IV.1 Introduction
IV.2 A brief history of the informal sector concept
IV.3 A class of general equilibrium models
IV.3.1 The distortion-free economy
IV.3.2 A minimum wage economy wi

IV.3.2 A minimum wage economy with full enforcement
IV.3.3 A minimum wage economy with imperfect enforcement
IV.4 Distortions induced by informality
IV.4.1 A numerical example
IV.4.2 Two sources of distortions: formality and informality
IV.4.3 Idiosyncratic distortions across heterogenous plants
IV.5 Variants of models with a discrete occupational choice
IV.5.1 Own-account workers
IV.5.2 Capital accumulation
IV.5.3 Credit constraints
IV.5.4 Heterogenous labor services
IV.6 Conclusions
Investigating the zero lower bound on the nominal interest rate under financial instability
V.1 Introduction
V.2 The model
V.2.1 Households
V.2.2 Entrepreneurs
V.2.3 Capital producers
V.2.4 Firms
Final goods producers
Intermediate firms
V.2.5 Resource constraint
V.2.6 Monetary policy
V.2.7 Equilibrium
V.3 Calibration and solution strategy
V.3.1 Calibration
V.3.2 Solution strategy
V.4 Financial shocks in a liquidity trap
V.4.1 What financial shock causes a liquidity trap?
V.4.2 The dynamics of the model
Credit-spread shock
Net-worth shock
Risk shock
V.5 The credit-spread shock and forward guidance
V.6 Conclusions
V.7 Appendix
Taxes, transfers and the macroeconomy
VI.1 Introduction: The macroeconomic importance of taxes and transfers
VI.1.1 Stylized facts on taxes, transfers and labor supply
VI.1.2 Literature summary
VI.2 Taxes, transfers and equilibrium hours of work
VI.2.1 A static model of general equilibrium
VI.2.2 Prescott (2004)
VI.3 Taxes and transfers under uncertainty and incomplete markets
VI.3.1 Precautionary savings or working longer hours
VI.3.2 Taxes and transfers in an incomplete markets model
VI.3.3 The life-cycle model
VI.3.4 Effects of tax and transfer programs over the life-cycle and in the aggregate
VI.4 Conclusions