منابع مشابه
Sectoral Shocks, Reallocation Frictions, and Optimal Government Spending
What is the optimal policy response to a negative sectoral shock? How do frictions in goods and labor markets a¤ect the nature and speed of the process of reallocating resources across alternative uses? Should government controlled inputs be allocated to compensate for frictions faced by the private sector or, rather, should they be deployed to complement private sector decisions? In this paper...
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a r t i c l e i n f o This paper studies how financial development affects the volatility of GDP growth through the channel of sectoral reallocation. For 28 OECD countries over the period 1970–2007, we construct a benchmark industrial portfolio that minimizes the economy's long-term volatility for a given level of long-term labor productivity growth. We find that financial development substanti...
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In this paper I highlight the importance of incorporating the institutional features of local labor markets into the analysis of trade reforms. A trade reform is often deemed beneficial because the elimination of trade barriers allows labor to reallocate toward those sectors in the economy in which the country has a comparative advantage. The amount and speed of the reallocation, however, and t...
متن کاملModeling Economywide versus Sectoral Climate Policies Using Combined Aggregate-Sectoral Models
Economic analyses of climate change policies frequently focus on reductions of energyrelated carbon dioxide emissions via market-based, economywide policies. The current course of environment and energy policy debate in the United States, however, suggests an alternative outcome: inefficiently designed and/or sector-based policies. This paper uses a collection of specialized, sector-based model...
متن کاملSectoral price data and models of price setting∗
We use a statistical model to estimate impulse responses of sectoral price indices to aggregate shocks and to sector-specific shocks. In the median sector, 100 percent of the long-run response of the sectoral price index to a sector-specific shock occurs in the month of the shock. The Calvo model and the sticky-information model match this finding only under extreme assumptions concerning the p...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1999
ISSN: 1556-5068
DOI: 10.2139/ssrn.155174