Open economy macrodynamics: permanent and temporary policies in the case of adjustment costs
Gespeichert in:
1. Verfasser: | |
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Format: | Abschlussarbeit Buch |
Sprache: | English |
Veröffentlicht: |
Berlin
dissertation.de
2002
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Ausgabe: | Als Ms. gedr. |
Schriftenreihe: | [Dissertationen]
546 |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XV, 363 S. graph. Darst. |
ISBN: | 3898254461 |
Internformat
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adam_text | Open Economy Macrodynamics:
Permanent and Temporary Policies in the
Case of Adjustment Costs
Inaugural-Dissertation
zur Erlangung des Grades
Doctor oeconomiae publicae (Dr oec publ )
an der Ludwig-Maximilians-Universitat Miinchen
vorgelegt von
Stefan Franz Schubert
Referent: Prof Dr Anton Konrad
Korreferent: Prof Stephen J Turnovsky, Ph D
Promotionsabschlussberatung: 6 Februar 2002
Contents
Introduction and Scope of the Thesis 1
1 1 The Main Theme 1
1 2 The Traditional Mundell-Fleming Model 2
1 3 The Representative Agent Model of an Open Economy 4
1 4 The One-Sector Small Open Economy Representative Agent
Model 6
1 5 Outline of the Thesis 8
The One-Good Model 11
2 1 Introduction 11
2 2 The Framework 13
221 The Structure of the Economy 13
222 Macroeconomic Equilibrium 16
223 Equilibrium Dynamics 24
224 The Steady-State 27
2 3 Permanent Fiscal Expansion 28
231 Steady-State Effects of a Fiscal Expansion 29
232 Transitional Dynamics after a Fiscal Expansion 30
2 4 Temporary Increase in Government Spending — the Inconsis-
tent Solution Method in the Literature 36
2 5 Temporary and Announced Future Policies — a Consistent
Solution Method 42
251 The Approach to the Solution 42
252 The Steady-State Reconsidered 43
253 The System in Case of Temporary and Future Policy
Changes 45
2 6 Temporary Increase in Government Expenditure 52
261 Notation 52
262 The Two Policy Regimes 53
263A Short Look at the No-Arbitrage Conditions 55
264 Impact Effects 56
viii CONTENTS
265 Dynamic Transition of the Economy 58
2 7 Announced Future Increase in Government Spending — an-
other Application of the Consistent Solution Method 62
271 The Two Policy Regimes Again 62
272 Impact Effects 64
273 Dynamic Transition of the Economy 67
28A Note on Announced, but Not Implemented Policy Changes 69
281 An Increase in Government Expenditure: Announced
as Temporary, but Not Removed 69
282 An Increase in Government Expenditure: Announced
for the Future, but Not Implemented 73
283 Implications 77
2 9 Results, Other Applications, and the Role of Adjustment Costs 77
291 Results 77
292 Other Applications 79
293 The Role of Adjustment Costs 79
3 Investment Tax Credit in a Small Open Economy Revisited 83
3 1 Introduction 83
3 2 The Macroeconomic Framework 84
321 The Structure of the Economy 84
322 Macroeconomic Equilibrium 87
323 Equilibrium Dynamics 88
324 The Steady-State 89
3 3 Permanent Investment Tax Credit 90
331 Steady-State Effects of a Permanent ITC 90
332 Transitional Dynamics after an Increase in the Rate of
the ITC 92
34A Temporary Investment Tax Credit 97
341 The Two Policy Regimes 98
342 Impact Effects 100
343 Dynamic Transition of the Economy 103
35A Short Comparison with a Permanent ITC 107
3 6 Conclusions 109
361 Results 109
362 Suggestions for Further Research 110
4 The Two-Goods Model 113
4 1 Introduction 113
4 2 The Framework 115
421 The Structure of the Model 115
CONTENTS ix
422 Macroeconomic Equilibrium 117
423 Equilibrium Dynamics 123
424 The Steady-State 127
4 3 An Increase in Government Expenditure on Domestic good 128
431 Steady-State Effects of a Permanent Increase in Gov-
ernment expenditure on the Domestic Good 128
432 Transitional Dynamics Upon a Permanent Increase in
Government Spending on the Home Good 130
433A Temporary Increase in Government Expenditure on
the Domestic Good - the Inconsistency of the Model 130
4 4 An Increase in Government Imports 133
441 Steady-State Effects of a Permanent Increase in Gov-
ernment Expenditure on the Import Good 133
442 Transitional Dynamics After a Permanent Increase in
Government Imports 134
443A Temporary Increase in Government Expenditure on
the Import Good — are there Inconsistencies? 134
4 5 Temporary disturbances and Inconsistencies - Causes and Con-
sequences 135
4 6 Implications, Some Further Comments on the Literature, and
the Role of Adjustment Costs 139
461 Implications 139
462 Some Further Comments on the Literature 140
463 Investment, Adjustment Costs, and the Role of the
Real Exchange Rate 141
5 A Two-Goods Model with Inventories 145
5 1 Introduction 145
5 2 The Economic Framework 147
521 The Structure of the Economy with Inventories 147
522 Macroeconomic Equilibrium 152
523 Equilibrium Dynamics 158
524 The Steady-State 161
5 3 Permanent Increase in Government Expenditure on the Do-
mestic Good 163
531 Steady-State Effects of an Increase in gx 164
532 Transitional Dynamics after a Permanent Increase in
Government Spending on Domestic Good 167
5 4 Permanent Increase in Government Expenditure on the Im-
port Good 181
541 Steady-State Effects on an Increase in gy 181
CONTENTS
542 The Dynamic Evolution 184
543 Transitional Dynamics after a Permanent Increase in
Government Expenditure on the Import Good, The
Border Case H=0 185
544 Transitional Dynamics after a Permanent Increase in
Government Expenditure on the Import Good, Case
5 0 185
545 Transitional Dynamics after a Permanent Increase in
Government Expenditure on the Import Good, Case
E 0 192
546A Short Comparison of the Cases 198
5 5 Temporary and Announced Future Disturbances 200
5 6 Conclusion 208
A Note on Closed-Economy Models 211
6 1 Introduction 211
6 2 The Closed Economy Model and the Problem of Goods Market
Clearing 212
621 The Model 212
622 First Order Conditions 213
623 Macroeconomic Equilibrium 215
6 3 The Problem of Goods Market Clearing in Case of Temporary
Disturbances 216
64A Comparison with the Open Economy, Possible Solutions,
and Conclusion 218
641A Comparison with the One-Good Open Economy Model218
642 Possible Solutions 219
643 Conclusion 220
A Minimalist Closed-Economy Model with Inventories 223
7 1 Introduction 223
7 2 The Economic Framework 224
721 The Structure of the Minimalist Economy 224
722 Macroeconomic Equilibrium 226
723 Steady-State Effects 229
724 Equilibrium Dynamics 229
7 3 Permanent Fiscal Expansion 231
731 Steady-State Changes 231
732 Initial Responses 232
733 The Dynamic Transition 235
7 4 Temporary Fiscal Expansion 237
CONTENTS xi
741 Ultimate Steady-State Effects 237
742 The Dynamic System for a Temporary Increase in Gov-
ernment Expenditure 238
743 Initial Responses 238
744 The Dynamic Transition 241
7 5 Conclusion 242
8 Results, Further Applications, and Conclusion 245
8 1 Main Results 245
8 2 The One-Sector Model — Some Proposals for Future Research 247
83A Short Note on Two- and Multi-Sector Models of a Small
Open Economy 248
84A Short Note on Two-Country Models 249
8 5 Concluding Remarks 250
A Appendix to Chapters 2 and 3 253
A I Intertemporal Budget Constraint 253
A 2 Short-Run Static Solutions 254
A 3 Equilibrium Dynamics 255
A31 Formal Solutions for k and q 255
A32A Digression on Phase Diagrams 258
A33 Formal Solution for n 262
A 4 Steady-State Changes 265
A 5 Temporary Disturbances - the Inconsistent Solution Method
in the Literature 272
A 6 The Steady-State Reconsidered 275
A 7 Temporary and Announced Future Disturbances — a Consis-
tent Solution Method for the One-Good Model 279
A 8 Temporary and Announced Future Changes in Government
Spending
A81 Solutions for Alt A2, A[, and dX 287
A82 Temporary Increase in Government Spending
(dg 0, J= 1) 287
A83 Announced Future Increase in Government Spending
(dg 0, S = 0) 293
A 9 Investment Tax Credit 297
A91 Solutions for Au A2, A[, and dX 297
A92 Temporary Investment Tax Credit (dg 0, S = 1) 298
A 10 Initial Responses in Case of an ITC 309
A 10 1 Permanent Increase in the Rate of ITC 309
A 10 2 Temporary Increase in the Rate of ITC 312
xii CONTENTS
A 11 Government Expenditure Increases and Fooling 315
B Appendix to Chapter 5 317
B I Short-Run Static Solutions 317
B 2 Equilibrium Dynamics 318
B21 Formal Solutions for k, L, q, and a 318
B22 Formal Solution for n 323
B 3 The Steady-State 326
B 4 Steady-State Changes 328
B 5 Graphical Construction of Stable Manifolds 330
B 6 Impact Responses after Permanent Increase in gx and gv 336
C Appendix to Chapter 6 343
D Appendix to Chapter 7 347
D I The Agent s Intertemporal Budget Constraint 347
D 2 Short-Run Static Solutions 348
D 3 Equilibrium Dynamics 349
D31 The Linearized Differential Equation System and its
Solutions 349
D 4 Steady State Changes 350
D 5 Temporary Increase in Government Expenditure 352
D51 Dynamics and Determination of the Arbitrary Constants352
D52 Calculation of Initial Responses 355
D53 Investigation of L[T) and A(T) 356
|
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author | Schubert, Stefan Franz 1966- |
author_GND | (DE-588)124460631 |
author_facet | Schubert, Stefan Franz 1966- |
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author_sort | Schubert, Stefan Franz 1966- |
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building | Verbundindex |
bvnumber | BV025285565 |
classification_rvk | QC 300 |
ctrlnum | (OCoLC)917111548 (DE-599)BVBBV025285565 |
discipline | Wirtschaftswissenschaften |
edition | Als Ms. gedr. |
format | Thesis Book |
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spelling | Schubert, Stefan Franz 1966- Verfasser (DE-588)124460631 aut Open economy macrodynamics permanent and temporary policies in the case of adjustment costs von Stefan Franz Schubert Als Ms. gedr. Berlin dissertation.de 2002 XV, 363 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier [Dissertationen] 546 Zugl.: München, Univ., Diss., 2002 Strukturanpassungspolitik (DE-588)4261730-3 gnd rswk-swf Makroökonomisches Modell (DE-588)4074486-3 gnd rswk-swf Preisänderung (DE-588)4175608-3 gnd rswk-swf Dynamische Makroökonomie (DE-588)4200428-7 gnd rswk-swf Offene Volkswirtschaft (DE-588)4172486-0 gnd rswk-swf Finanzwissenschaft (DE-588)4121273-3 gnd rswk-swf Anpassungskosten (DE-588)4497318-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Offene Volkswirtschaft (DE-588)4172486-0 s Makroökonomisches Modell (DE-588)4074486-3 s Finanzwissenschaft (DE-588)4121273-3 s Preisänderung (DE-588)4175608-3 s DE-604 Dynamische Makroökonomie (DE-588)4200428-7 s Strukturanpassungspolitik (DE-588)4261730-3 s Anpassungskosten (DE-588)4497318-4 s [Dissertationen] 546 (DE-604)BV025253339 546 HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019919376&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Schubert, Stefan Franz 1966- Open economy macrodynamics permanent and temporary policies in the case of adjustment costs [Dissertationen] Strukturanpassungspolitik (DE-588)4261730-3 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd Preisänderung (DE-588)4175608-3 gnd Dynamische Makroökonomie (DE-588)4200428-7 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Finanzwissenschaft (DE-588)4121273-3 gnd Anpassungskosten (DE-588)4497318-4 gnd |
subject_GND | (DE-588)4261730-3 (DE-588)4074486-3 (DE-588)4175608-3 (DE-588)4200428-7 (DE-588)4172486-0 (DE-588)4121273-3 (DE-588)4497318-4 (DE-588)4113937-9 |
title | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs |
title_auth | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs |
title_exact_search | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs |
title_full | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs von Stefan Franz Schubert |
title_fullStr | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs von Stefan Franz Schubert |
title_full_unstemmed | Open economy macrodynamics permanent and temporary policies in the case of adjustment costs von Stefan Franz Schubert |
title_short | Open economy macrodynamics |
title_sort | open economy macrodynamics permanent and temporary policies in the case of adjustment costs |
title_sub | permanent and temporary policies in the case of adjustment costs |
topic | Strukturanpassungspolitik (DE-588)4261730-3 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd Preisänderung (DE-588)4175608-3 gnd Dynamische Makroökonomie (DE-588)4200428-7 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Finanzwissenschaft (DE-588)4121273-3 gnd Anpassungskosten (DE-588)4497318-4 gnd |
topic_facet | Strukturanpassungspolitik Makroökonomisches Modell Preisänderung Dynamische Makroökonomie Offene Volkswirtschaft Finanzwissenschaft Anpassungskosten Hochschulschrift |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019919376&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV025253339 |
work_keys_str_mv | AT schubertstefanfranz openeconomymacrodynamicspermanentandtemporarypoliciesinthecaseofadjustmentcosts |