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179 SUBJECT INDEX Accelerator 237, 361 Adjustment {see Capital adjustment costs Convergence, Nominal adjustment. Price adjustment) Adverse selection, 287, 377 Agency costs, 377 Agency problems, 370 Aggregate demand and exchange rates. 207-210 and output, 215 in traditional Keynesian models, 197-204 and unemployment movements, 220 Aggregate demand {AD) curve, 197-199, 229-230 and inflation, 390-391 Aggregate demand externality, 261, 279 Aggregate demand shocks antiapated vs unanticipated, 264-265 effects of, 249, 253-255, 264, 269, 276-277, 289-291 and employment movements, 444 measuring, 253-254 and output, 250 and prices, 249-250, 278-279 and unemployment, 472 Aggregate supply, 227 228, 248 models of, 214-222 Aggregate supply {AS) curve, 197, 229-230 and aggregate pnce level, 243 horizontal, 217-218, 220 and inflation, 390-391 and microeconomic environment. 232 nonlinearities in, 416 nonvertical, 214-215 Aggregate supply shocks, 291-293 Aghion-Howitt model, 96-97, 114 Animal spints, 296 Asset pricing, 343-344 Automatic stabilizers, 237 Autoregressive process first-order, 154 second order, 162 third order, 178 Backshift operator, 270n Balanced budget multipher, 237 Balanced growth path defininon of, 14 and golden-rule capital stock, 52-53 and government financing, 87 and government purchases, 60 61, 86 propernes of, 52 Bargaining (see Contracts, Insider outsider models. Unions) Barro-Gordon model, 436 Bequests, 61 Beveridge curve 478 Blanchard model, 72n Bonding, 460 461 Bonds, 64-66, 68, 70, 87, 395 Bubble paths, 94 393 Bubbles asset prices, 343 Budget deficits, 34-35, 67, 143-144, 420 Buffer stock savmg, 340-341 Business steahng effect, 114 Calculus of variations, 44n, 52n, 384-385 Calibration, 22 advantages of, 180 disadvantages of, 188 189 and fluctuations, 181-182 and Keynesian models, 205 vs statistical procedures, 180, 190 Capital cost of acquirmg 350 elastic supply of, 348 and growth, 7 growth rate of, 56-57, 104-110 human and cross country mcome differences, 126 features of, 126 models incorporating, 126 vs physical capital, 95, 126-128 share in income of, 134 and technology, 129n market value of, 353-354, 356-357, 360, 367-368 rate of return on, 24 rental price of, 345-346 and saving rate, 127 and taxes, 89-90, 142, 347 user cost of, 346-347, 384 Capital accumulation and cross country mcome differences, 6, 23-25, 95, 137-140 and growth, 95
human vs. physical, 129 and knowledge accumulation, 116-117 in models with human capital added, 128 and output per person, 6 Capital adjustment costs: asymmetry in, 366-368 external, 348, 358n, 380 internal, 348, 358n returns in, 354 (See also q theory model of investment) Capital-asset pricing model (CAPM), 330n Capital flows, 24, 27, 31-32, 135-136 Capital goods, 380-381 Capital markets (see Financial markets) Capital mobility: and interest rates, 212 imperfect, 212-214 perfect, 206-207, 210-211 Capital stocks: costs of adjusting, 349 desired, 345-348 and government financing, 87 and investment, 13, 345-348 and investment tax credits, 364 and irreversible investment, 367-368 and output movements, 360 Capital-output ratio, 8, 23-24 Capitals share (in income), 21, 23, 26, 33, 126-127, 134, 140 Caplin-Spulber model: assumptions of, 273-274 neutrality of money in, 276 vs. Taylor model, 275-276 Cash flow, 382-383 Cash-in-advance constraint, 245 Central-bank independence, 410-411 Certainty-equivalence behavior, 246-247, 262, 263, 266, 302, 318-319 and quadratic utility, 318-319 Classical dichotomy, 242 Cobb-Douglas production function, 9-10, 34, 76-77 generalized, 96-97, 102n Coefficient of relative risk aversion, 40, 324, 332 Competition, imperfect, 27, 217, 257-262 impUcations of, 260-262 Consumer-surplus effect, 114 Consumption: blacks patterns of, vs. whites, 315-316 under certainty, 310-316 and current income, 196 of durable goods, 148, 333n, 342-343 excess sensitivity of, 319, 338 and fluctuations, 309 and government financing, 67 and growth, 309 and income, 311, 313-316, 320-322 and labor supply, 158 and Uquidity constraints, 336 and rates of return, 323-324 and real wage growth, 322-323 relative, 312 and risky assets, 328-332 and saving, 311-312 and taxes, 327 under uncertainty, 157-158, 316-319, 335-336 and unemployment, 415 variability of, 415 (See also Households: consumption behavior of) Consumption beta, 330 Consumption capital-asset pricing model (Consumption CAPM), 329-330, 369 Consumption fiinction (Keynes), 67, 312- Consumption movements: determinants of, 317-319 and income movements, 319-323 and interest rate, 324-325 and precautionary saving, 335-336 predictabiUty of, 317, 319 and stock-price movements, 320 and utility function, 333-335 Contracting models, 440, 461-465, 489-490 and fluctuations, 464-465 tests of, 481-484 and unemployment, 468-469 Contracts: and consumption, 322 efficient, 464-465, 468-469 implicit, 464-465, 489-490 and incomplete nominal adjustment, 256-257 renegotiation-proof, 373n wage, 463-465 (See also Entrepreneur-investor contracts) Convergence: conditional, 139 and cross-country income differences, 27-31, 138-140 in Diamond model, 78-79 and government purchases, 60-61 in Ramsey-Cass-Koopmans model, 58-59 in Solow model, 21-23, 27, 58-59 tests of, 27-31, 138-140 Convergence scatterplot, 30 Coordination failures: experiments, 297-299 models of, 294-297 sources of, 297 Copyright laws, 112 Core inflation, 229-231, 248 (See also Inflation)
Corruption, 137n Costly state verification, 371 Credit rationing, 375 Crowding effects, 474 Debt contracts, 288, 372 Debt-deflation, 288 Delegation, 407-409, 410-411 Demand (see Aggregate demand) Diamond model assumptions of, 72-73 balanced growth path m, 77 capital stock m, 75-76 consumption m, 73-75, 82-83 convergence in, 78-79 dynamics of economy m, 75-81 general case of, 79-81 government m, 85-88 inefficiency m, 83 vs Ramsey-Cass-Koopmans model, 38, 72 saving m, 81 and saving rate, 75 vs Solow. growth model, 79 welfare m. 81-83 Dickey-Fuller unit root test, 177 Differential equations, 55n Discount rate and capital stock, 54 fall in, m Diamond model, 77 m Ramsey-Cass Koopmans model, 53-59 Discrete time, lln Disequilibrium models, 217n Disturbances (see specific disturbances, e g, Monetary shocks) Dual labor markets, 460 Dynamic consistency, 402 Dynamic efftciency, 84-85 Dynamic inconsistency, 389, 409-410 and delegation, 407-409 examples of, 402-403 and expectations, 411 and intermediate targets, 418 model of, 399-402 and policymakers reputations, 404 and rules, 403 theories of, 411-412 Dynamic mefftciency, 81-83, 93-94 Dynamic programming, 157n, 452-454, 475 Economic growth (see Growth (economic)) Economies of scale (see Returns to scale) Effective labor, 7, 444 (See also Labor) Effective labor demand, 218 Effectiv eness of labor and cross-country income differences, 23, 25 as knowledge, 95 and long run growth, 81 meaning of, 25, 95 and output per worker, 25 in Solow model, 25 as technological progress, 96 (See also Knowledge, Labor) Efftciency wages, 220, 440, 444-445 and bargaining, 487 and compensation schemes, 441-442, 460-461 extended model of, 446-450 and fluctuations, 444, 449-450 and interindustry wage differences, 484-486 simple model of, 442-446 sources of, 441-442 and unemployment, 444-449 and unions, 486-487 (See also Shapiro-Stiglitz model) Elasticity of substitution, intertemporal, 40, 75, 88, 187, 324-325, 327-328 Embodied technological progress, 36, 186n Employment movements and aggregate demand shocks, 444 and contracts, 482-483 and government purchases shock, 172-174 and insiders, 469, 472-473 and labor demand movements, 439, 465 m Lucas model, 255 m real business-cycle model, 184-185 and sector-speciftc shocks, 186 Entrepreneur investor contracts, 371-375 Equilbria, multiple (see Multiple equilibna) Equity premium, 331-332, 344 Equity premium puzzle, 332 Euler equation, 45, 59-60, 74, 157, 316, 337 European Monetary System, 210n Excess sensitivity of consumption, 319, 336 (See also Random-walk hypothesis) Excess smoothness of consumption, 319n, 342 Exchange-market intervention, 238 Exchange rates hxed, 207-210 floaung, 207, 210, 212 real, 206, 236 Exchange-rate expectations, 207, 210-212 Exchange rate overshooting, 211-212, 238 Excludability, 112-115 Expectanons, rational (see Rational expectations) Expected mflation (see Inflation, expected) Expenditures, 201-202 planned, 200, 202, 206, 212-213 Expenments, 297-298
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