Long-Run Unemployment and Macroeconomic Volatility
نویسندگان
چکیده
منابع مشابه
Option Valuation with Long- run and Short-run Volatility Components
ASSOCIE A :. Institut de Finance Mathématique de Montréal (IFM 2). Laboratoires universitaires Bell Canada. Réseau de calcul et de modélisation mathématique [RCM 2 ]. Réseau de centres d'excellence MITACS (Les mathématiques des technologies de l'information et des systèmes complexes) Les cahiers de la série scientifique (CS) visent à rendre accessibles des résultats de recherche effectuée au CI...
متن کاملFinancial Development and Long-Run Volatility Trends
Countries with more developed nancial markets (as measured by the private debtto-GDP ratio) tend to have signi cantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of nancial development the reduction in aggregate volatility by nancial deepening is far more signi cant than it is when the nancial market is more developed. We build a fully-...
متن کاملDualism and Macroeconomic Volatility
This paper develops a simple macroeconomic model that shows that combining capital market imperfections together with unequal access to investment opportunities across individuals can generate endogenous and permanent fluctuations in aggregate GDP, investment, and interest rates. Reducing inequality of access may be a necessary condition for macroeconomic stabilization. Moreover, countercyclica...
متن کاملMacroeconomic Volatilities and Long-Run Risks of Asset Prices
This is an on-line appendix with more details and analysis for the readers of the paper. B.1 Derivation for the A i 's, risk-free rate and market price of risk First, we rewrite the normalized aggregator f defined in Equation (5) as f (C, J) = β 1 − 1 ψ (1 − γ)J[G − 1], where G ≡ (C ((1 − γ)J) 1 1−γ) 1− 1 ψ. (B1) Then, taking partial derivatives of f (C, J) with respect to J and C , we have f J...
متن کاملReconsidering the long-run relationship between inflation and unemployment
In this paper a brief history of the Phillips curve from Fisher (1973 [1926]) to the FriedmanPhelps natural rate hypothesis is sketched. Empirical evidence from France, Germany, the United Kingdom and the United States during the latter half of the 20th century in support of a positive long-run relationship between inflation and unemployment is presented. In order to reconcile the predominant t...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2854071