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題名:Unemployment, Welfare and Optimal Monetary Policy: Convergence Probability
書刊名:Asia Pacific Management Review
作者:Hsieh, Hsih-chiaHsieh, Pei-gin
出版日期:2003
卷期:8:4
頁次:頁439-466
主題關鍵詞:Global optimizationEquilibrium institutionSecond-order conditionHamiltonianConsumptionJEL classification: E13; E62; H40; H54; O41
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:9
  • 點閱點閱:20
Using a rigorous convergence probability, this note shows why mathematic models are inconsistent with empirical evidence. Using a dynamic quadratic cointegration, a new theory of the concave utility shows that below the optimum, the volatility has a positive impact upon output. Beyond the optimum, the volatility of policy has a negative impact upon output and a positive impact upon the unemployment rate. In this new methodology, our equilibrium targets minimize inflation bias and fiscal bias. First, we compute the equilibrium and optimal policy, then reduce the heteroschedasticity, and finally estimate the convergence probability. Our surprising solution is individually rational and feasible while the budget is balanced over business cycles. For the problem of n>1 governments or agents, an agent estimates and proposes the maximum non-zero equilibrium which is most acceptable to all participants and outperforms the Nash noncooperative equilibrium. This solves the games and scientific problems unrelated to games as n→∞, regardless of whether the proposal is accepted voluntarily or not.
期刊論文
1.Blanchard, O. J.、Perotti, R.(2002)。An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output。Quarterly Journal of Economics,117(4),1329-1368。  new window
2.Bertola, G.、Drazen, A.(1993)。Trigger points and budget cuts: Explaining the effects of fiscal austerity。The American Economic Review,83(1),11-26。  new window
3.Mundell, Robert A.(1963)。Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates。Canadian Journal of Economics and Political Science,29(4),475-485。  new window
4.Kaminsky, Graciela L.、Reinhart, Carmen M.(1999)。The Twin Crises: The Causes of Banking and Balance-of-Payments Problems。American Economic Review,89(3),473-500。  new window
5.Zapatero, F.、Cadenillas, A.(1999)。Optimal Central Bank Intervention in the Foreign Exchange Market。Journal of Economic Theory,87(1),218-242。  new window
6.胡聯國(2001)。Capital Movement, Unemployment and Product Choice。亞太管理評論(英文版),6(4),425-446。  延伸查詢new window
7.Antipin, A. S.、Budak, B. A.、Vasil'ev, F. P.(2003)。A regularized continuous extragradient method of the first order with a variable metric for problems of equilibrium programming。Differential Equations,38(12),1683-1693。  new window
8.Barr, A.(2003)。Trust and expected trustworthiness: experimental evidence from Zimbabwean villages。The Economic Journal,113(489),614-630。  new window
9.Botchorishvili, R.、Perthame, B.、Vasseur, A.(2003)。Equilibrium schemes for scalar conservation laws with stiff sources。Mathematics of Computation,72(241),131-157。  new window
10.Holthausen, R. W.、Dixit, A.、Verrecchia, R. E.、Jensen, H.(2003)。Common Agency with Rational Expectations: Theory and Application to A Monetary Union。The Economic Journal,113(July),539-549。  new window
11.范劍青、Zhang, Chunming、張健(2001)。Generalized likelihood ratio statistics and Wilks phenomenon。Annals of Statistics,29(1),153-193。  new window
12.Glazer, A.、Gradstein, M.、Konrad, K. A.(1998)。The electoral politics of extreme policies。The Economic Journal,108(451),1677-1685。  new window
13.Hamilton, B. H.、Nickerson, J. A.、Owan, H.(2003)。Team incentives and worker heterogeneity: An empirical analysis of the impact of teams on productivity and participation。Journal of Political Economy,111(3),465-498。  new window
14.Herrendorf, B.、Neumann, M. J. M.(2003)。The political economy of inflation, labor market distortions and central bank independence。The Economic Journal,113(484),43-64。  new window
15.謝世佳(2003)。Uniformly most powerful tests for policy options。Journal of Political Economy。  new window
16.謝世佳(1989)。Multiple Equilibria and International Monetary Coordination。國立政治大學學報,59,99-116。  延伸查詢new window
17.林傑鵬、張紹勳、朱山正(2003)。A Causal Model of Job Satisfaction under Two Different Cultures。Asia Pacific Management Review,8(1),71-98。new window  new window
18.Lucas, R. E., Jr.(1996)。Nobel lecture: Monetary neutrality。Journal of Political Economy,104(4),661-681。  new window
19.Madsen, J. B.(1998)。General equilibrium macroeconomic models of unemployment: Can they explain the unemployment path in the OECD。The Economic Journal,108(448),850-867。  new window
20.Minford, P.、Nowell, E.、Webb, B.(2003)。Nominal contracting and monetary targets - Drifting into indexation。The Economic Journal,113(484),65-100。  new window
21.Moene, K. O.、Wallerstein, M.(2001)。Inequality, social insurance and redistribution。American Political Science Review,95(4),859-874。  new window
22.Montobbio, F.(2003)。Sectoral patterns of technological activity and export market share dynamics。Cambridge Journal of Economics,27(4),523-545。  new window
23.Wild, J. J.、Roemer, J. E.(1999)。The democratic political economy of progressive income taxation。Econometrica,67(1),1-19。  new window
會議論文
1.陳明郎(2003)。Optimal public spending composition in a growing market economy。沒有紀錄。  new window
2.黃麗璇、林聖銘(2003)。臺灣地區失業問題分析:部門移動、循環性變動與自然失業率。沒有紀錄。  延伸查詢new window
研究報告
1.謝世佳(2003)。Convergence probability and dynamic quadratic regression。沒有紀錄。  延伸查詢new window
2.謝世佳(2003)。New international macroeconomics and optimal stabilization policy。沒有紀錄。  延伸查詢new window
 
 
 
 
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