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Three Essays in Dynamic Macroeconomics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three Essays in Dynamic Macroeconomics./
Author:	Ji, Yangyang.
Description:	1 online resource (153 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
Contained By:	Dissertation Abstracts International78-12A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355083200

Three Essays in Dynamic Macroeconomics.
Ji, Yangyang.

Three Essays in Dynamic Macroeconomics. - 1 online resource (153 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

Expectations are important for dynamic macroeconomics. This dissertation includes three essays that all study the effects of expectations on real economic activities.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355083200Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Three Essays in Dynamic Macroeconomics.
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100 1 $a Ji, Yangyang. $3 1179189
245 1 0 $a Three Essays in Dynamic Macroeconomics.
264 0 $c 2017
300 $a 1 online resource (153 pages)
336 $a text $b txt $2 rdacontent
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500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Adviser: Wei Xiao.
502 $a Thesis (Ph.D.) $c State University of New York at Binghamton $d 2017.
504 $a Includes bibliographical references
520 $a Expectations are important for dynamic macroeconomics. This dissertation includes three essays that all study the effects of expectations on real economic activities.
520 $a Essay 1: The expected duration of a binding zero lower bound of the nominal interest rate (ZLB) in theory plays an important role in the magnitude of the government spending multiplier, but is hard to measure empirically. This essay associates the solution with regime-switching modeling. The main contribution of this essay is that by accounting for the expectations effects of regime switches in monetary policy, or the expected duration of the ZLB, a new method to estimate the government spending multiplier more accurately is proposed.
520 $a Essay 2: Adaptive learning provides a stability test for sunspot-driven real business cycle (RBC) models. If a rational-expectations equilibrium is inferable by model agents from observations, then it is stable. There are two main learning mechanisms, Euler-equation learning and infinite-horizon learning. Sunspot equilibria in RBC models are found to be unstable under Euler-equation learning. This result may not be robust to other learning mechanisms, which motivates this essay to consider infinite-horizon learning. This essay derives a set of analytical conditions that can be used to test the stability of sunspot-driven RBC models under infinite-horizon learning, and applies them to three prominent models. The result is that sunspot equilibria are typically unstable under adaptive learning.
520 $a Essay 3: This essay incorporates the epidemiology of expectations into a general equilibrium model, and derives a version of the New Keynesian model with sticky information. In reality, people do not have rational expectations. Instead, they form expectations based on economic forecasts from the news media and friends that may reflect opinions from the same source. Typically, the source is professional forecasters who are econometricians running regressions and making forecasts. Only a fraction of people has access to the latest forecast each period. This spread of news is similar to the spread of an epidemic disease. Professional forecasters cannot fully understand the law of motion of the economy, having to infer it from observations, and do not realize or account for the frictional transmission of information among people.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a State University of New York at Binghamton. $b Economics. $3 1179190
773 0 $t Dissertation Abstracts International $g 78-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10280590 $z click for full text (PQDT)