Macroeconomic Dynamics

1997 - 2025

From Cambridge University Press
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Volume 23, month December, 2019

MIGRATION, CONGESTION, AND GROWTH pp. 3035-3064

Leonid Azarnert

INFORMAL SECTOR MISALLOCATION pp. 3065-3098

Bernabe Lopez-Martin

GROWTH, UNEMPLOYMENT, AND FISCAL POLICY: A POLITICAL ECONOMY ANALYSIS pp. 3099-3139

Tetsuo Ono

GROWTH AND WELFARE EFFECTS OF MACROPRUDENTIAL REGULATION pp. 3140-3162

Pierre-Richard Agénor

TREND–CYCLE–SEASONAL INTERACTIONS: IDENTIFICATION AND ESTIMATION pp. 3163-3188

Irma Hindrayanto, Jan Jacobs, Denise Osborn and Jing Tian

LEARNING AND THE SIZE OF THE GOVERNMENT SPENDING MULTIPLIER pp. 3189-3224

Ewoud Quaghebeur

INDUSTRIAL TRANSFORMATION WITH HETEROGENEOUS LABOR AND FOREIGN EXPERTS pp. 3225-3266

King Yoong Lim

EULER EQUATION ESTIMATION ON MICRO DATA pp. 3267-3292

Sule Alan, Kadir Atalay and Thomas Crossley

FISCAL RULES AND UNEMPLOYMENT pp. 3293-3326

Britta Gehrke

VALIDATING CHINA'S OUTPUT DATA USING SATELLITE OBSERVATIONS pp. 3327-3354

Stephen D. Morris and Junjie Zhang

TRANSMISSION CHAINS OF ECONOMIC UNCERTAINTY ON MACROECONOMIC ACTIVITY: NEW EMPIRICAL EVIDENCE pp. 3355-3385

Paraskevi Salamaliki and Ioannis Venetis

FORWARD GUIDANCE CONTRACTS pp. 3386-3423

Hans Gersbach, Volker Hahn and Yulin Liu

ON THE EFFECTIVENESS OF FISCAL DEVALUATIONS IN A MONETARY UNION pp. 3424-3456

Anna Lipinska and Leopold von Thadden

HOW CAN THE GOVERNMENT SPENDING MULTIPLIER BE SMALL AT THE ZERO LOWER BOUND? pp. 3457-3482

Valerio Ercolani and João Valle e Azevedo

A NOTE ON NOMINAL GDP TARGETING AND MACROECONOMIC (IN)STABILITY pp. 3483-3508

Shu-Hua Chen

Volume 23, month October, 2019

THE EMERGENCE OF MONEY: A DYNAMIC ANALYSIS pp. 2573-2596

Maurizio Iacopetta

INFLATION, INFORMATION RIGIDITY, AND THE STICKY INFORMATION PHILLIPS CURVE pp. 2597-2615

Cesar Carrera and Nelson R. Ramírez-Rondán

DEBT STABILIZATION IN THE PRESENCE OF ENDOGENOUS RISK PREMIA: A DYNAMIC GAME APPROACH pp. 2616-2648

Tzanis Anevlavis, George Papavassilopoulos, Jacob Engwerda and Bas van Aarle

OPTIMAL FISCAL POLICY WITH LAND FINANCING IN CHINA pp. 2649-2674

Shen Guo and Zheng Jiang

DEGREE OF STRINGENCY MATTERS: REVISITING THE POLLUTION HAVEN HYPOTHESIS BASED ON HETEROGENEOUS PANELS AND AGGREGATE DATA pp. 2675-2697

Thomas Jobert, Fatih Karanfil and Anna Tykhonenko

INTEREST RATE TARGETS AND SPECULATIVE ATTACKS ON PUBLIC DEBT pp. 2698-2716

Pompeo Della Posta

DESIRE AND DEVELOPMENT pp. 2717-2747

Holger Strulik

INFLATION TARGETING, PATTERN OF TRADE, AND ECONOMIC DYNAMICS pp. 2748-2786

Juin-jen Chang, Wen-ya Chang, Hsueh-fang Tsai and Ping Wang

A NEW MEASURE TO QUANTIFY HYSTERESIS LOSSES: THE CASE OF ITALIAN WINE EXPORTS TO THE UNITED STATES pp. 2787-2814

Jolita Adamonis and Laura M. Werner

THE EFFECTS OF INTERNATIONAL FINANCIAL INTEGRATION IN A MODEL WITH HETEROGENEOUS FIRMS AND CREDIT FRICTIONS pp. 2815-2844

Christiane Clemens and Maik Heinemann

CREDIT FRICTIONS AND OPTIMAL LABOR-INCOME TAXATION pp. 2845-2891

Salem Abo-Zaid

JOBS BEFORE COLLEGE COMPLETION AND CAREER BUILDING OF YOUNG WORKERS THROUGH JOB SWITCHING pp. 2892-2940

Toshihiko Mukoyama and Gang Zhang

THE DEMAND FOR LIQUID ASSETS: EVIDENCE FROM THE MINFLEX LAURENT DEMAND SYSTEM WITH CONDITIONALLY HETEROSKEDASTIC ERRORS pp. 2941-2958

Dongfeng Chang and Apostolos Serletis

MARKUP PREMIA OF EXPORTERS: BECAUSE OF EXPORTING, OR IN SPITE OF IT? pp. 2959-3009

Alexander McQuoid and Loris Rubini

EXPECTATION EFFECTS OF REGIME SHIFTS ON LABOR MARKET DYNAMICS pp. 3010-3033

Tong Wang

Volume 23, month September, 2019

INTRODUCTION pp. 1-8

Giancarlo Gandolfo

RATIONAL VS. LONG-RUN FORECASTERS: OPTIMAL MONETARY POLICY AND THE ROLE OF INEQUALITY pp. 9-24

Elton Beqiraj, Giovanni Di Bartolomeo and Carolina Serpieri

ENDOGENIZING THE ICT SECTOR: A MULTISECTOR APPROACH pp. 25-58

Clifford R. Wymer, Enrico Saltari and Daniela Federici

INFLATION TARGETING, CREDIT FLOWS, AND FINANCIAL STABILITY IN A REGIME CHANGE MODEL pp. 59-89

Marco Gross and Willi Semmler

RISK ADJUSTMENT OF THE CREDIT-CARD AUGMENTED DIVISIA MONETARY AGGREGATES pp. 90-114

William Barnett and Liting Su

MONETARY NEUTRALITY pp. 2133-2149

Apostolos Serletis and Zisimos Koustas

TIME ALLOCATION, THE DYNAMICS OF INTERACTION, AND TECHNOLOGY ADOPTION pp. 2150-2190

Orlando Gomes

UNDERSTANDING THE SUPPLY AND DEMAND FORCES BEHIND THE FALL AND RISE IN THE US SKILL PREMIUM pp. 2191-2220

Francisco Parro

REAL-TIME MONITORING OF THE US INFLATION EXPECTATION PROCESS pp. 2221-2249

Vasyl Golosnoy and Jan Roestel

GROWTH OPTION AND DEBT MATURITY WITH EQUITY DEFAULT SWAPS IN A REGIME-SWITCHING FRAMEWORK pp. 2250-2268

Pengfei Luo and Zhaojun Yang

MARKET POWER AND THE AGGREGATE SAVING RATE pp. 2269-2297

Andrea Giusto and Talan B. İşcan

THE OPTIMAL DISTRIBUTION OF THE TAX BURDEN OVER THE BUSINESS CYCLE pp. 2298-2337

Konstantinos Angelopoulos, Stylianos Asimakopoulos and Jim Malley

ASSET BUBBLES AND ECONOMIC GROWTH UNDER ENDOGENOUS MARKET STRUCTURE pp. 2338-2359

Kizuku Takao

DEBT POLICY RULE, UTILITY-GENERATING GOVERNMENT SPENDING, AND INDETERMINACY OF THE TRANSITION PATH IN AN AK MODEL pp. 2360-2377

Takeo Hori and Noritaka Maebayashi

RESPONDING TO THE INFLATION TAX pp. 2378-2408

Tai-Wei Hu and Cathy Zhang

DO BANKS TAKE UNUSUAL RISKS WHEN INTEREST RATES ARE EXPECTED TO STAY LOW FOR A LONG TIME? pp. 2409-2433

Paul Gaggl and Maria Valderrama

THE REGIME-DEPENDENT EVOLUTION OF CREDIBILITY: A FRESH LOOK AT HONG KONG'S LINKED EXCHANGE RATE SYSTEM pp. 2434-2468

Boris Blagov and Michael Funke

BEWLEY–HUGGETT–AIYAGARI MODELS: COMPUTATION, SIMULATION, AND UNIQUENESS OF GENERAL EQUILIBRIUM pp. 2469-2508

Robert Kirkby

DEBT STABILIZATION IN A NON-RICARDIAN ECONOMY pp. 2509-2543

Campbell Leith, Ioana Moldovan and Simon Wren-Lewis

NONLOCAL SOLUTIONS TO DYNAMIC EQUILIBRIUM MODELS: THE APPROXIMATE STABLE MANIFOLDS APPROACH pp. 2544-2571

Viktors Ajevskis

Volume 23, month July, 2019

TECHNOLOGY SHOCKS AND BUSINESS CYCLES IN INDIA pp. 1721-1756

Shesadri Banerjee and Parantap Basu

DYNAMIC PREDICTOR SELECTION AND ORDER SPLITTING IN A LIMIT ORDER MARKET pp. 1757-1792

Ryuichi Yamamoto

“WAIT-AND-SEE” MONETARY POLICY pp. 1793-1814

Xiaowen Lei and Michael C. Tseng

IMMIGRATION AND DEMOGRAPHICS: CAN HIGH IMMIGRANT FERTILITY EXPLAIN VOTER SUPPORT FOR IMMIGRATION? pp. 1815-1837

Henning Bohn and Armando R. Lopez-Velasco

MONETARY POLICY AND EXCHANGE RATES: A BALANCED TWO-COUNTRY COINTEGRATED VAR MODEL APPROACH pp. 1838-1874

Reinhold Heinlein and Hans-Martin Krolzig

HUMAN CAPITAL AND INNOVATION IN A MONETARY SCHUMPETERIAN GROWTH MODEL pp. 1875-1894

Angus Chu, Lei Ning and Dongming Zhu

WOODFORD'S APPROACH TO ROBUST POLICY ANALYSIS IN A LINEAR-QUADRATIC FRAMEWORK pp. 1895-1920

Hyosung Kwon and Jianjun Miao

DIRECTED STRUCTURAL CHANGE pp. 1921-1958

Robert Kane

THE ANCHORING OF INFLATION EXPECTATIONS IN THE SHORT AND IN THE LONG RUN pp. 1959-1977

Dieter Nautz, Till Strohsal and Aleksei Netšunajev

DO GLOBAL CRUDE OIL MARKET SHOCKS HAVE DIFFERENTIAL EFFECTS ON US REGIONS? pp. 1978-2008

Bebonchu Atems and Mark Melichar

LEARNING, HEDGING, AND THE NATURAL RATE HYPOTHESIS pp. 2009-2034

Thomas Cone and Paul Shea

ENDOGENOUS RECOMBINANT GROWTH AND INTELLECTUAL PROPERTY RIGHTS pp. 2035-2067

Carla Marchese, Simone Marsiglio, Fabio Privileggi and Giovanni Ramello

ESTIMATING CAPITAL FLOWS TO EMERGING MARKET ECONOMIES WITH HETEROGENEOUS PANELS pp. 2068-2088

Marco Hernandez-Vega

ENDOGENOUS GROWTH AND HOUSEHOLD LEVERAGE pp. 2089-2113

Emily Marshall, Hoang Nguyen and Paul Shea

ON THE ROLE OF DEBT MATURITY IN A MODEL WITH SOVEREIGN RISK AND FINANCIAL FRICTIONS pp. 2114-2131

Stéphane Auray and Aurélien Eyquem

Volume 23, month June, 2019

IMMIGRATION AND UNEMPLOYMENT: A MACROECONOMIC APPROACH pp. 1313-1339

Takehiro Kiguchi and Andrew Mountford

NEWS ABOUT TAXES AND EXPECTATIONS-DRIVEN BUSINESS CYCLES pp. 1340-1370

Anca-Ioana Sirbu

REAL RIGIDITIES AND OPTIMAL STABILIZATION AT THE ZERO LOWER BOUND IN NEW KEYNESIAN ECONOMIES pp. 1371-1400

Adiya Belgibayeva and Michal Horvath

UNBUNDLING FINANCIAL IMPERFECTIONS: LENDING FRICTIONS VS. TRADING FRICTIONS pp. 1401-1441

Burak Uras

BUSINESS UNCERTAINTY AND THE EFFECTIVENESS OF FISCAL POLICY IN GERMANY pp. 1442-1470

Tim Berg

LONGEVITY AND TECHNOLOGICAL CHANGE pp. 1471-1503

Agnieszka Gehringer and Klaus Prettner

HUMAN CAPITAL PRODUCTION WITH PARENTAL TIME INVESTMENT IN EARLY CHILDHOOD pp. 1504-1527

Xiaoyan Youderian

EQUILIBRIUM INDETERMINACY IN ONE-SECTOR SMALL OPEN ECONOMIES: THE ROLE OF INTERNATIONAL LABOR MIGRATION pp. 1528-1562

Carmelo Parello

NONLINEARITIES IN THE RELATIONSHIP BETWEEN DEBT AND GROWTH: (NO) EVIDENCE FROM OVER TWO CENTURIES pp. 1563-1585

Markus Eberhardt

UI ELIGIBILITY RULE, MORAL HAZARD, AND OPTIMAL UNEMPLOYMENT TRANSFER SCHEME pp. 1586-1621

Min Zhang and Jia Pan

ASYMMETRIES IN BUSINESS CYCLES AND THE ROLE OF OIL PRICES pp. 1622-1648

Betty Daniel, Christian Hafner, Leopold Simar and Hans Manner

TREND INFLATION AND MONETARY POLICY IN EASTERN EUROPE pp. 1649-1663

Monika Junicke

STRUCTURAL STABILITY OF THE GENERALIZED TAYLOR RULE pp. 1664-1678

William Barnett and Evgeniya A. Duzhak

A SCHUMPETERIAN GROWTH MODEL WITH FINANCIAL INTERMEDIARIES pp. 1679-1702

Miho Sunaga

A NOTE ON TREND GROWTH, UNEMPLOYMENT, AND OPTIMAL MONETARY POLICY pp. 1703-1719

Wolfgang Lechthaler and Mewael F. Tesfaselassie

Volume 23, month April, 2019

TECHNOLOGY ADOPTION DURING THE PROCESS OF DEVELOPMENT: IMPLICATIONS FOR LONG-RUN PROSPECTS pp. 907-942

Verónica Mies

THE ROLE OF US-BASED FDI FLOWS FOR GLOBAL OUTPUT DYNAMICS pp. 943-973

Florian Huber, Manfred Fischer and Philipp Piribauer

THE MISSPECIFICATION OF EXPECTATIONS IN NEW KEYNESIAN MODELS: A DSGE-VAR APPROACH pp. 974-1007

Stephen Cole and Fabio Milani

SMOOTHING-BASED INITIALIZATION FOR LEARNING-TO-FORECAST ALGORITHMS pp. 1008-1023

Michele Berardi and Jaqueson Galimberti

MONETARY AND MACROPRUDENTIAL POLICIES UNDER FIXED AND VARIABLE INTEREST RATES pp. 1024-1061

Margarita Rubio

THE WELFARE COST OF EXCESS VOLATILITY IN INCOMPLETE MARKETS WITH SUNSPOTS pp. 1062-1073

Minwook Kang

FINANCIAL SECTOR INTERCONNECTEDNESS AND MONETARY POLICY TRANSMISSION pp. 1074-1101

Alessandro Barattieri, Maya Eden and Dalibor Stevanovic

ENVIRONMENTAL POLICY AND GROWTH WHEN ENVIRONMENTAL AWARENESS IS ENDOGENOUS pp. 1102-1136

Karine Constant and Marion Davin

FINANCIAL SHOCKS, JOB DESTRUCTION SHOCKS, AND LABOR MARKET FLUCTUATIONS pp. 1137-1165

Francesco Zanetti

OPTIMAL FISCAL AND MONETARY POLICY, DEBT CRISIS, AND MANAGEMENT pp. 1166-1204

Cristiano Cantore, Paul Levine, Giovanni Melina and Joseph Pearlman

BUBBLES, CRASHES, AND THE FINANCIAL CYCLE: THE IMPACT OF BANKING REGULATION ON DEEP RECESSIONS pp. 1205-1246

Sander van der Hoog and Herbert Dawid

THE ROLE OF EDUCATION SIGNALING IN EXPLAINING THE GROWTH OF THE COLLEGE WAGE PREMIUM pp. 1247-1286

Yu Zheng

PROSPERITY FOR ALL: AN ASSESSMENT OF THE “FARMERIAN” REMEDIES TO PREVENT FINANCIAL CRISES AND REDUCE UNEMPLOYMENT pp. 1287-1293

Marco Guerrazzi

A NOTE ON THE IMPLICATIONS OF AUTOMATION FOR ECONOMIC GROWTH AND THE LABOR SHARE pp. 1294-1301

Klaus Prettner

150 YEARS OF THE OIL PRICE–MACROECONOMY RELATIONSHIP pp. 1302-1311

Apostolos Serletis and Elaheh Asadi Mehmandosti

Volume 23, month March, 2019

WEALTH INEQUALITY, OR r – g, IN THE ECONOMIC GROWTH MODEL pp. 479-488

Ryoji Hiraguchi

EFFICIENCY, INEFFICIENCY, AND THE MENA FRONTIER pp. 489-521

Dimitris K. Christopoulos and Peter McAdam

MYOPIC MISERY: MATERNAL DEPRESSION, CHILD INVESTMENTS, AND THE NEUROBIOLOGICAL POVERTY TRAP pp. 522-534

Holger Strulik

WEALTH CONSTRAINTS, MIGRANT SELECTION, AND INEQUALITY IN DEVELOPING COUNTRIES pp. 535-567

Joaquín Naval Navarro

EXPLAINING THE EVOLUTION OF THE U.S. HOUSING MARKET pp. 568-589

Byoung Hoon Seok and Hye Mi You

CAPITAL DESTRUCTION, JOBLESS RECOVERIES, AND THE DISCIPLINE DEVICE ROLE OF UNEMPLOYMENT pp. 590-624

Marianna Riggi

FACING DEMOGRAPHIC CHALLENGES: PENSION CUTS OR TAX HIKES? pp. 625-673

George Kudrna, Chung Tran and Alan Woodland

INHERITED TASTES AND ENDOGENOUS LONGEVITY pp. 674-698

Luciano Fanti, Luca Gori, Cristiana Mammana and Elisabetta Michetti

REGULARITY AND STABILITY OF EQUILIBRIA IN AN OVERLAPPING GENERATIONS GROWTH MODEL pp. 699-729

Jean-François Mertens and Anna Rubinchik

HOW POWERFUL ARE TRADE UNIONS? A SKILL-BIASED TECHNOLOGICAL CHANGE APPROACH pp. 730-774

Antonio Neto, Oscar Afonso and Sandra T. Silva

A TIME-VARYING APPROACH OF THE US WELFARE COST OF INFLATION pp. 775-797

Stephen Miller, Luis Martins and Rangan Gupta

OPTIMAL POLICY IN COLLATERAL CONSTRAINED ECONOMIES pp. 798-836

Nina Biljanovska

EDUCATION, HEALTH, AND ECONOMIC DEVELOPMENT pp. 837-869

Dong-Hyeon Kim, Yi-Chen Wu and Shu-Chin Lin

OPTIMAL PAY-AS-YOU-GO SOCIAL SECURITY WITH ENDOGENOUS RETIREMENT pp. 870-887

Koichi Miyazaki

INFLATION, LIQUIDITY, AND LONG-RUN GROWTH pp. 888-906

Ge Zhou

Volume 23, month January, 2019

OIL PRICE SHOCKS, INFLATION, AND CHINESE MONETARY POLICY pp. 1-28

Yunqing Wang, Qigui Zhu and Jun Wu

MONETARY FEEDBACK RULES AND EQUILIBRIUM DETERMINACY IN PURE EXCHANGE OVERLAPPING GENERATIONS MODELS pp. 29-51

Ahmad Naimzada, Nicolò Pecora and Alessandro Spelta

ENDOGENOUS GROWTH AND STRUCTURAL CHANGE THROUGH VERTICAL AND HORIZONTAL INNOVATIONS pp. 52-79

Anton Bondarev and Alfred Greiner

ON THE RELATIONSHIP BETWEEN FINANCIAL INSTABILITY AND ECONOMIC PERFORMANCE: STRESSING THE BUSINESS OF NONLINEAR MODELING pp. 80-100

David Ubilava

LOAN PRODUCTION AND MONETARY POLICY pp. 101-143

Miguel Casares, Luca Deidda and Jose E. Galdon-Sanchez

THE PROPAGATION OF INDUSTRIAL BUSINESS CYCLES pp. 144-177

Maximo Camacho and Danilo Leiva-Leon

HEALTH INVESTMENT OVER THE LIFE-CYCLE pp. 178-215

Timothy Halliday, Hui He, Lei Ning and Hao Zhang

THE OPPORTUNITY COST(S) OF EMPLOYMENT AND SEARCH INTENSITY pp. 216-239

Julio Garin and Robert Lester

FISCAL POLICY MULTIPLIERS IN AN RBC MODEL WITH LEARNING pp. 240-283

Kaushik Mitra, George Evans and Seppo Honkapohja

ENDOGENOUS FIRM ENTRY IN AN ESTIMATED MODEL OF THE U.S. BUSINESS CYCLE pp. 284-321

Sven Offick and Roland Winkler

PATTERNS OF UNEMPLOYMENT DYNAMICS IN GERMANY pp. 322-357

Daniela Rahn and Enzo Weber

THE POLITICS OF FINANCIAL DEVELOPMENT AND CAPITAL ACCUMULATION pp. 358-383

Tarishi Matsuoka, Katsuyuki Naito and Keigo Nishida

THE GOLDEN RULE OF LONGEVITY pp. 384-419

Marias H. Gestsson and Gylfi Zoega

THE OUTPUT EULER EQUATION AND REAL INTEREST RATE REGIMES pp. 420-447

Pym Manopimoke

HOME TO MARKET: IMPLICATIONS FOR THE CONSUMPTION TO OUTPUT RATIO pp. 448-478

Kellie Forrester