Contemporary topics in macroeconomics / editor by Julio César Leal Ordóñes and Stephen McKnight

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Foreword.. Preface.. Acknowledgements.. 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: páginas 007 model.. II.4.2 The Neumeyer and Perri: páginas 005 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: páginas 004.. 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