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Essays on Labor Market Reform and the Quantity Theory of Money.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Labor Market Reform and the Quantity Theory of Money./
Author:	Ogbeifun, Lawrence.
Description:	1 online resource (156 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-04, Section: A.
Contained By:	Dissertations Abstracts International85-04A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798380577878

Essays on Labor Market Reform and the Quantity Theory of Money.
Ogbeifun, Lawrence.

Essays on Labor Market Reform and the Quantity Theory of Money. - 1 online resource (156 pages)

Source: Dissertations Abstracts International, Volume: 85-04, Section: A.

Thesis (Ph.D.)--The University of Mississippi, 2023.

Includes bibliographical references

This dissertation includes two projects, one on labor market reform and the business cycle and the other on the quantity theory of money.Chapter 1 discusses how labor market reform contributes to business cycle dynamics. Unlike how previous studies usually examine labor market reforms in both reduced form models and structural models, I then use shocks to a labor market freedom index (LMFI) to proxy for labor market reform in the United States and calibrate the model assuming the labor market reform has two different components-improved matching efficiency and reduced vacancy posting cost-to test the empirical relevance of these two mechanisms. The results from the structural model show that, depending on the mechanism, a labor market reform can produce either a net positive or net negative impact on the vacancy rate. The impulse responses in a VAR framework for U.S. data and OECD data generate a positive net effect of the LMFI shock on the vacancy rate, similar to the result obtained from the structural model with the vacancy posting cost channel.Chapter 2 builds upon Robert Lucas' work on the Quantity Theory of Money, extending the analysis over a longer time span, employing new monetary measurement techniques, and incorporating a long-term interest rate measure. Using the exponential weighted moving average filter, the earlier subsample analysis provides evidence supporting Lucas' predictions, particularly for M1 and M2 money growth measures. However, the validity of the Quantity Theory of Money is contingent upon the choice of monetary measurement and filtering technique, influencing the relationship between inflation rates, nominal interest rates, and monetary aggregates' growth rates.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380577878Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Labor marketIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Labor Market Reform and the Quantity Theory of Money.
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520 $a This dissertation includes two projects, one on labor market reform and the business cycle and the other on the quantity theory of money.Chapter 1 discusses how labor market reform contributes to business cycle dynamics. Unlike how previous studies usually examine labor market reforms in both reduced form models and structural models, I then use shocks to a labor market freedom index (LMFI) to proxy for labor market reform in the United States and calibrate the model assuming the labor market reform has two different components-improved matching efficiency and reduced vacancy posting cost-to test the empirical relevance of these two mechanisms. The results from the structural model show that, depending on the mechanism, a labor market reform can produce either a net positive or net negative impact on the vacancy rate. The impulse responses in a VAR framework for U.S. data and OECD data generate a positive net effect of the LMFI shock on the vacancy rate, similar to the result obtained from the structural model with the vacancy posting cost channel.Chapter 2 builds upon Robert Lucas' work on the Quantity Theory of Money, extending the analysis over a longer time span, employing new monetary measurement techniques, and incorporating a long-term interest rate measure. Using the exponential weighted moving average filter, the earlier subsample analysis provides evidence supporting Lucas' predictions, particularly for M1 and M2 money growth measures. However, the validity of the Quantity Theory of Money is contingent upon the choice of monetary measurement and filtering technique, influencing the relationship between inflation rates, nominal interest rates, and monetary aggregates' growth rates.
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