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Economic Modeling in the Post Great Recession Era
Reality-based modeling for today's unique economic recovery Economic Modeling in the Post Great Recession Era presents a more realistic approach to modeling, using direct statistical applications to address the characteristics and trends central to current market behaviors. This book's unique focus on the reality of today's markets makes it an invaluable resource for students and practitioners seeking a comprehensive guide to more accurate forecasting. While most books treat the economy as if it were in a vacuum, building models around idealized or perception-biased behaviors, this book deals with the economy as it currently stands-in a state of recovery, limited by financial constraints, imperfect information, and lags and disparities in price movements. The authors identify how these characteristics impact various markets' behaviors, and quantify those behaviors using SAS as the primary statistical tool. Today's economy bears a number of unique attributes that usual modeling methods fail to consider. This book describes how to approach modeling based on real-world, observable data in order to make better-informed decisions in today's markets. Discover the three economic characteristics with the greatest impact on various markets Create economic models that mirror the current post-recession reality Adopt statistical methods that identify and adapt to structural breaks and lags Factor real-world imperfections into modeling for more accurate forecasting The past few years have shown a clear demarcation between policymakers' forecasts and actual outcomes. As the dust settles on the Great Recession, after-effects linger-and impact our current recovery in ways that diverge from past experience and theoretical expectations. Economic Modeling in the Post Great Recession Era provides comprehensive guidance grounded in reality for today's economic decision-makers.
eBook
Industrial Restructuring, Financial Instability and the Dynamics of the Postwar US Economy (RLE
This volume, originally published in 1997, examines the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US. It sheds light on the fundamental question of whether or not these trends are positive for the economy as a whole. To explain the cyclical nature of investment and finance, institutional theory regarding financial instability is examined in depth and related to Minsky's analysis of investment behaviour. The author has created an empirical model of this behaviour which, he claims, accurately predicts historical consumption investment and GDP cycles.
eBook
Industrial Restructuring, Financial Instability and the Dynamics of the Postwar US Economy
This volume, originally published in 1997, examines the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US. It sheds light on the fundamental question of whether or not these trends are positive for the economy as a whole. To explain the cyclical nature of investment and finance, institutional theory regarding financial instability is examined in depth and related to Minsky's analysis of investment behaviour. The author has created an empirical model of this behaviour which, he claims, accurately predicts historical consumption investment and GDP cycles.
eBook
A U.S. Financial Conditions Index: Putting Credit Where Credit is Due
This paper gauges the key determinants of China's private consumption in relation to GDP using data on the Chinese economy and evidence from other countries' experiences. The results suggest there is nothing \"special\" about consumption in China. Rather, the challenge is to explain why the conditioning variables-notably a low level of service sector employment, the level of financial sector development, and low real interest rates-are so different in China relative to other countries' historical experience. The results suggest, in particular, that efforts to further raise household income and the share of employment in the services sector, as well as to develop capital markets, including liberalizing interest rates and creating alternative savings instruments are likely to have the biggest impact on consumption. Other mechanisms to raise household income and mitigate household-specific risk (such as by improving the healthcare and pension systems) also have a role to play.
eBook
Price Dynamics in the Eastern Caribbean
The Eastern Caribbean Currency Union (ECCU) countries share a common currency, the EC dollar, which has been pegged to the U.S. dollar at the same rate for more than three decades. This paper examines the influence of the peg on ECCU price stability, and analyzes whether absolute Purchasing Power Parity (PPP) holds within the currency union. It shows that U.S. price stability has helped anchor price movement in the ECCU. As the same time, inflation in the ECCU is not entirely imported from the U.S., and has some domestic policy content. In addition, deviation from PPP within the ECCU can be attributed to persistent price dispersion of nontradables.
eBook
Credit Matters: Empirical Evidence on U.S. Macro-Financial Linkages
This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces real GDP by some 1½ percent through its effects on credit availability, while an exogenous fall in demand of 1 percent of GDP is gradually magnified to around 2 percent through financial feedback effects.
eBook
Industrial Restructuring, Financial Instability and the Dynamics of the Postwar US Economy (RLE
This volume, originally published in 1997, examines the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US. It sheds light on the fundamental question of whether or not these trends are positive for the economy as a whole. To explain the cyclical nature of investment and finance, institutional theory regarding financial instability is examined in depth and related to Minsky's analysis of investment behaviour. The author has created an empirical model of this behaviour which, he claims, accurately predicts historical consumpt
Publication
TRADE AND THE TOPOGRAPHY OF THE SPATIAL ECONOMY
We develop a general equilibrium framework to determine the spatial distribution of economic activity on any surface with (nearly) any geography. Combining the gravity structure of trade with labor mobility, we provide conditions for the existence, uniqueness, and stability of a spatial economic equilibrium and derive a simple set of equations that govern the relationship between economic activity and the geography of the surface. We then use the framework to estimate the topography of trade costs, productivities and amenities in the United States. We find that geographic location accounts for at least twenty percent of the spatial variation in U.S. income. Finally, we calculate that the construction of the interstate highway system increased welfare by 1.1 to 1.4 percent, which is substantially larger than its cost.
Journal Article
Projected land-use change impacts on ecosystem services in the United States
Providing food, timber, energy, housing, and other goods and services, while maintaining ecosystem functions and biodiversity that underpin their sustainable supply, is one of the great challenges of our time. Understanding the drivers of land-use change and how policies can alter land-use change will be critical to meeting this challenge. Here we project land-use change in the contiguous United States to 2051 under two plausible baseline trajectories of economic conditions to illustrate how differences in underlying market forces can have large impacts on land-use with cascading effects on ecosystem services and wildlife habitat. We project a large increase in croplands (28.2 million ha) under a scenario with high crop demand mirroring conditions starting in 2007, compared with a loss of cropland (11.2 million ha) mirroring conditions in the 1990s. Projected land-use changes result in increases in carbon storage, timber production, food production from increased yields, and >10% decreases in habitat for 25% of modeled species. We also analyze policy alternatives designed to encourage forest cover and natural landscapes and reduce urban expansion. Although these policy scenarios modify baseline land-use patterns, they do not reverse powerful underlying trends. Policy interventions need to be aggressive to significantly alter underlying land-use change trends and shift the trajectory of ecosystem service provision.
Journal Article