We provide evidence of the stock market consumption wealth effect by using a local labor analysis. An increase in driven aggregate prices increases employment and payroll nontradable industries total, with no on tradable industries. In model geographic heterogeneity wealth, these responses imply an MPC 3.2 cents per year that 20 percent valuations, unless countered monetary policy, bill at leas...

Determining the driving forces of economic growth has a paramount importance in economic studies. Early studies suggested physical capital accumulation as the main driving force of growth. However, the recent studies try to resolve the flaws of neo classical school on growth by expanding the concept of capital equipment and machinery to a wider range of human knowledge, on one hand, and in...

Alastair McFarlane U.S. Department of Housing and Urban Development Office of Policy Development and Research Washington, D.C. 20410 Tel. 202 708 0426 Fax 202 708 1159 Email: [email protected] Original: May 1999 First revision: August 2001 JEL Classifications: R11 (Analysis of growth, development, and changes;) R33 (Housing supply and markets); and R38 (government policies; regulatory ...

This paper assesses the importance of heterogeneity in household portfolios for transmission monetary policy a New Keynesian business cycle model with uninsurable income risk and assets different liquidity. In this environment, works through investment, but redistribution lowers elasticity investment via two channels: (i) marginal propensities to invest, (ii) time variation liquidity premium. M...

Using recently available night lights and electricity consumption data for the 212 municipios (counties) of Veracruz state in southern Mexico, the informal economy is analyzed at the Mexican county level for the first time with such data. Most counties between 2000 and 2006 are found to have growing informal economies though the richest county, Boca Del Rio, exhibits a decline in informality su...

Equity markets in developing and emerging economies have grown in number and importance as a result of financial market globalisation. However, their role in economic growth and development is enhanced if nascent markets are integrated with well-established ones. Market integration, measured by the transmission of returns volatility, is identified across a sample of SSA countries, using a uniqu...

We examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The typical firm significantly improves matched-firm-adjusted residual income after adopting VBM. This improvement persists for the five post-adoption years studied. After controlling for possible sample bias, we find that large firms show less improvement than small firms. We fin...

We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through “Green Golden Rule”. Despite non-separability of money utility intertemporally non-separable preferences, is environmentally neutral. Policy impacts environment via marginal rate transformation rather than substitution consumpt...

Abstract This article discusses the evolution of monetary policy (MP) in Peru 1996Q1–2019Q4 using a mixture innovation time-varying parameter vector autoregressive (VAR) model with stochastic volatility (TVP-VAR-SV) as proposed by Koop, Leon-Gonzales and Strachan. The main empirical results are: (i) VAR coefficients volatilities change more gradually than contemporaneous over time; (ii) MP shoc...