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Essays in the International Aspects ...

Kuevibulvanich, Kanit.

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Essays in the International Aspects of Macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in the International Aspects of Macroeconomics./
Author:	Kuevibulvanich, Kanit.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	110 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Contained By:	Dissertation Abstracts International78-10A(E).
Subject:	Economic theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10286689
ISBN:	9781369825947

Essays in the International Aspects of Macroeconomics.
Kuevibulvanich, Kanit.

Essays in the International Aspects of Macroeconomics. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 110 p.

Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2017.

I examine the dynamic effects of trade liberalization on wealth inequality and welfare. In the first essay, I develop a heterogeneous agent model with an incomplete asset market, small open economy with two production sectors, specific-factor trade model with costly-switching sector-specific labor and perfectly mobile capital across sector and border, and iceberg cost as the trade barrier. Trade liberalization, defined as the elimination of trade barrier, leads to the change in the relative prices, the demand and supply for each good, as well as the relative wages and factor allocations in each sector. Households maximize their lifetime value using the accumulated wealth as means of switching to the more productive sector.

ISBN: 9781369825947Subjects--Topical Terms:

1556984
Economic theory.

Essays in the International Aspects of Macroeconomics.
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100 1 $a Kuevibulvanich, Kanit. $3 3286770
245 1 0 $a Essays in the International Aspects of Macroeconomics.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2017
300 $a 110 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
500 $a Adviser: Kenneth D. West.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2017.
520 $a I examine the dynamic effects of trade liberalization on wealth inequality and welfare. In the first essay, I develop a heterogeneous agent model with an incomplete asset market, small open economy with two production sectors, specific-factor trade model with costly-switching sector-specific labor and perfectly mobile capital across sector and border, and iceberg cost as the trade barrier. Trade liberalization, defined as the elimination of trade barrier, leads to the change in the relative prices, the demand and supply for each good, as well as the relative wages and factor allocations in each sector. Households maximize their lifetime value using the accumulated wealth as means of switching to the more productive sector.
520 $a In the second essay, I perform counterfactual analyses using the calibrated model constructed in the first essay. Measured by the Gini coefficient of wealth, trade liberalization initially increases wealth inequality before tapering towards a more equitable wealth distribution in the long run, despite the increase in between-sector wage inequality. The counterfactual analysis demonstrates a peak increase in wealth inequality of 0.7% at 3 years after the policy implementation, but a 0.3% decrease in the long run. Comparing the steady states, trade liberalization leads to an average of 1.3% welfare improvement across all households, measured by the consumption equivalent variation. However, not all households benefit from the trade liberalization policy.
520 $a In the third essay, I investigate the implication between the core and headline inflation in three aspects. First, while theories suggest the use of core inflation in forecasting total inflation as it represents the persistent components of the price level, I find from the data that core inflation is not necessarily a good forecasting measure in all countries. Second, I find the pass-through effect from total price level to core prices, suggesting the transmission from transitory components to persistent components of the price level. Third, I analyze the baseline Aoki (2001) model with sticky-price and flexible-price sectors. Although numerical result confirms the theoretical findings that core inflation targeting is the optimal monetary policy, the welfare loss resulting from the use of headline inflation as the target is small.
590 $a School code: 0262.
650 4 $a Economic theory. $3 1556984
690 $a 0511
710 2 $a The University of Wisconsin - Madison. $b Economics. $3 2094978
773 0 $t Dissertation Abstracts International $g 78-10A(E).
790 $a 0262
791 $a Ph.D.
792 $a 2017
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10286689