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Essays in dynamic macroeconomics.

Felettigh, Alberto.

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Essays in dynamic macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in dynamic macroeconomics./
Author:	Felettigh, Alberto.
Description:	127 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-09, Section: A, page: 3382.
Contained By:	Dissertation Abstracts International66-09A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3188734
ISBN:	9780542315367

Essays in dynamic macroeconomics.
Felettigh, Alberto.

Essays in dynamic macroeconomics. - 127 p.

Source: Dissertation Abstracts International, Volume: 66-09, Section: A, page: 3382.

Thesis (Ph.D.)--Columbia University, 2005.

In Chapter 1 we build a dynamic stochastic general equilibrium model where the property of the capital stock in the economy replicates the concentration observed in US data. We investigate the business cycle consequences of such a property structure, coupled with segmentation on the labor market. For some parametrizations, we are able to characterize the equilibrium allocation analytically. From the closed-form solution it clearly emerges that the composition, between labor income and return on capital, of the agents' income has important consequences at business cycle frequencies. In particular, it contributes to reducing the volatility of aggregate output and investment. We also take advantage of the analytic solution and evaluate the numerical accuracy of two common computational algorithms in approximating the exact solution. We conclude that the popular log-linearization method is very accurate.

ISBN: 9780542315367Subjects--Topical Terms:

1017424
Economics, General.

Essays in dynamic macroeconomics.
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035 $a (UnM)AAI3188734
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100 1 $a Felettigh, Alberto. $3 1910567
245 1 0 $a Essays in dynamic macroeconomics.
300 $a 127 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-09, Section: A, page: 3382.
500 $a Adviser: John Donaldson.
502 $a Thesis (Ph.D.)--Columbia University, 2005.
520 $a In Chapter 1 we build a dynamic stochastic general equilibrium model where the property of the capital stock in the economy replicates the concentration observed in US data. We investigate the business cycle consequences of such a property structure, coupled with segmentation on the labor market. For some parametrizations, we are able to characterize the equilibrium allocation analytically. From the closed-form solution it clearly emerges that the composition, between labor income and return on capital, of the agents' income has important consequences at business cycle frequencies. In particular, it contributes to reducing the volatility of aggregate output and investment. We also take advantage of the analytic solution and evaluate the numerical accuracy of two common computational algorithms in approximating the exact solution. We conclude that the popular log-linearization method is very accurate.
520 $a In Chapter 2 we exploit an extension of the baseline model analyzed in the previous chapter in order to investigate how severance payments affect capital accumulation and the aggregate dynamics over the business cycle. In particular, we drop the assumption that the labor market is segmented. We conclude that such employment protection legislation reduces employment fluctuations but it increases the average unemployment rate, while it exacerbates the volatility of investments and it penalizes capital accumulation. Our welfare analysis finds that severance transfers are unambiguously detrimental for firms, while they are welfare improving for workers only when the cost that they impose on employers is relatively small. As the burden on firms becomes heavier, the strategies they implement in reaction to the firing tax end up for imposing a welfare cost also on employees.
590 $a School code: 0054.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
690 $a 0501
690 $a 0510
710 2 0 $a Columbia University. $3 571054
773 0 $t Dissertation Abstracts International $g 66-09A.
790 1 0 $a Donaldson, John, $e advisor
790 $a 0054
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3188734