[PDF] Top 20 Three essays in agent-based macroeconomics

... The problem is still unsettled. Neo Classical economics tackled the question by strongly blaming the GT for lacking microfoundations, where this word has to be read as decision making based on optimization. ... See full document

... Given this assumption, we limit the number of state variables to five (TFP, government consumption, discount factor shock, transfers, monetary policy shock) and the number of numerically determined control (or jump) ... See full document

... “demeaned” and “high-frequency” granular residuals - around 0.12-0.15 when the regres- sand is GDP, and less than 0.1 when the regressand is (aggregate) TFP. Unlike with the sales-based measure there is no ... See full document

... The structural analysis in the TVP-VAR-SV model is based on the identi- fication of three shocks. The shocks are supply shocks, demand shocks and monetary policy shocks. For identifying these shocks we use ... See full document

... first, GDP growth is second, the CPS-based unemployment is third, and the income distribution is last. Under the assumption that shocks to GDP growth and the income distribution do not affect measured TFP ... See full document

... Lane (2017) argues that these measures of the underlying net resources of a country should be independent of the timing of firms’ decision to pay out their profits. Building on this, this paper estimates the scale of the ... See full document

... least three respondents to their questionnaire, which is generally around two weeks before the release of the relevant data ...are based on real-time ... See full document

... over three times that of those that earn less than ...an agent) cannot commit to paying back any amount of debt which would make autarky more appealing, though they have access to assets which span the ... See full document

... are based on an assumption that the land supply is elastic to the land price so that local government could determine land development in response to land price ... See full document

... The model contains multiple sectors. To introduce heterogeneity in the household sector to create a loan market, I follow the literature and assume that there are impatient and patient households that differ in their ... See full document

... There are two main strands of literature that relate to this chapter. The first strand is based on an exogenous technological progress, and the supply of high- and low-skilled labour adjusts endogenously. Caselli ... See full document

... The literature on the out-of-sample predictability of exchange rates initiates with the study of Meese and Rogoff [87] in 1983 that, in their pioneering work, marked that stan- dard exchange rate models could not ... See full document

... Notes : This figure presents how probabilities of debt restructuring, firm default, firm bankruptcy and bank failure as well as the bank dividend adjustment cost vary when capital requir[r] ... See full document

... the three measures of openness—trade openness, capital mobility, and exchange rate flexibility—are the response of the real exchange rate and the degree of monetary policy ... See full document

... if policy rates exhibit a particular cyclical behavior, not controlling for mon- etary policy could bias the coefficient on the cycle indicator. On the other hand, credit risk is expected to be countercyclical and to be ... See full document

... THE LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE Essays in Applied Macroeconomics Federico Rossi A thesis submitted to the Department of Economics of the London School of Economics for the degree[.] ... See full document

... The phenomena at the center of this analysis have been very significant in terms of their size, including the occurrence of a rare sovereign debt crisis in advanced economies. First, current account surplus and deficit ... See full document

... The London School of Economics and Political Science Essays on Financial Macroeconomics Pedro Franco de Campos Pinto A thesis submitted to the Department of Economics of the London School of Economics[.] ... See full document

... The literature above and my paper could be viewed as a way to endogenise exoge- nous financial shocks, which have been shown to generate reasonable macroeconomic features in a recently emerging literature. Eggertson ... See full document

... The policies considered in this section are mainly directed toward reducing the probability of systemic crises. Although the optimal state-contingent tax does help the economy recover faster after episodes of financial ... See full document