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Yes there is. For example: The Wealth of Nations: A Translation into Modern English by Industrial Systems Research However, you should be warned that a lot of nuance gets lost in these modern translations. That's why they are not used for serious scholarship done on Smith's work (I am not sure if you intend to read it for some serious study or just as a ...

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Does Adam Smith ... support a Central Bank/Federal Reserve? Adam Smith was firmly in favor of central banking (although not necessarily in the same way as understood today). In the Wealth of Nations chapter 3 part I Adam Smith writes “In order to remedy the inconvenience to which this disadvantageous exchange must have subjected their merchants, such small ...

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My short answer is that if shocks are zero over the whole horizon (history, present, and future) then the variables in a VAR will not move at all, just as in a DSGE. You cannot assume a starting point off-equilibrium without implicitly assuming that at least one historical shock was different from zero. If only all future shocks are zero, then the impact of ...

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According to the paper (equations $(31)$ and $(32)$) we have: \begin{align*} &k^d = \ln(\overline{l} \alpha^{\frac{1}{1-\alpha}})- \frac{1}{1-\alpha}\tilde{R},\\ &k^s = \ln(\bar l(1-\tau)(1-\alpha)\alpha^{\frac{\alpha}{1-\alpha}}) + \ln\left(\frac{\beta}{1 + \beta}\right) - \frac{\alpha}{1- \alpha}\tilde R + \tilde A \end{align*} You made 2 ...

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A rise in prices is inflation. So, to some extent there has been inflation after the pandemic. Some key examples are: Lumber prices have increased as a result of several supply chain disruptions and increased demand, which drives up the price of pallets, and therefore... everything else. Demand is way up for numerous products as customers are attempting to ...

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Zero shocks do not imply zero variations in a VAR model. In a stationary VAR model, if the shocks starting from a time period $t=\tau$ are all permanently zero, the variables will converge to their unconditional means, but this will not happen immediately. Due to the autoregressive structure, the convergence will be gradual and will never cease to happen, as ...

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Economists have come up with a multitude of reasons why marriages form. For a good overview of the literature see the book of Browning, Chiappori & Weiss (2014), Economics of the Family, Cambridge University Press. To name a few. As you mentioned there is the specialisation benefit. If, for example, one of the members is (relatively) better in household ...

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Aside the solutions mentioned in the other answer you can also estimate it in: Julia Matlab Octave (this is just free version of matlab with some small changes)

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EViews can do SVARs with custom restrictions, including some presets. You may check out their online documentation. Btw, this one is the only one to my knowledge that also does long-term restrictions on the residuals. Pretty sure that JMulti can also do the kind of restrictions you are after. You can get it here for free. It's quite old so I am not sure ...

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You don't provide much information. Here is what I see here. The theoretical background for the first case is the AS-AD model. The exact specification seems to be an A-type VAR. A positive aggregate demand shock has a positive effect on both $\Delta y$ ($\Rightarrow a_{11} >0$) and $\pi$ ($\Rightarrow a_{21} >0$). A positive supply shock has a positive ...

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I think you are bit confused about what inflation even is. On Inflation Ok, so a supply demand imbalance can lead to rising prices, without inflation. This is something I can understand… The above sentence does not show correct understanding of inflation. Inflation by definition is the increase in aggregate price level, and aggregate price level is just ...

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I think you are misunderstanding the discussion there. There is no ambiguity or disagreement on what steps are taken to calculate GDP or what items are included/excluded etc. National/international agencies have handbooks with set rules, for example, US Bureau of Economic Analysis has its NIPA handbook. So you can always just go there an check the ...

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[Not a full solution] Unlike what the name suggests, log-linearization does not involve taking logs of individual terms in an equation. Otherwise, the equation t wouldn't hold. The general approach is to take logs of both sides as a whole, and then do a Taylor expansion of these two log-functions. However, this doesn't seem to be necessary here. You can just ...

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As DoubleBass says basic New-Keysian model with fully flexible prices is RBC model, I'd just add that if you have already the set-up of Calvo and want to convert it to fully flexible prices you need to set the share of firms that cannot change prices to zero (i.e. if $\lambda$ is the share of firms that cannot change their prices in $t$ then set it to zero). ...

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