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Essays in Macroeconomics.

Liu, Lin.

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Essays in Macroeconomics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Macroeconomics./
作者:	Liu, Lin.
面頁冊數:	159 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.
Contained By:	Dissertation Abstracts International76-03A(E).
標題:	Economic theory. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3644910
ISBN:	9781321333190

Essays in Macroeconomics.
Liu, Lin.

Essays in Macroeconomics. - 159 p.

Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.

Thesis (Ph.D.)--University of Rochester, 2014.

This dissertation studies three distinct issues in macroeconomics. The first chapter examines the effect of an unexpected monetary policy movement on the economy with both durables and non-durables; the second chapter investigates finite sample properties of the Sims-Cogley-Nason approach; and the third chapter analyzes flextime and hours worked.

ISBN: 9781321333190Subjects--Topical Terms:

1556984
Economic theory.

Essays in Macroeconomics.
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500 $a Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.
500 $a Adviser: Mark Bils.
502 $a Thesis (Ph.D.)--University of Rochester, 2014.
520 $a This dissertation studies three distinct issues in macroeconomics. The first chapter examines the effect of an unexpected monetary policy movement on the economy with both durables and non-durables; the second chapter investigates finite sample properties of the Sims-Cogley-Nason approach; and the third chapter analyzes flextime and hours worked.
520 $a In the first chapter, I examine the impact of monetary policy shocks in an economy with both durables and non-durables. Relative price is defined as price of durables divided by price of non-durables, and relative output is defined as durable output divided by non-durable output. In response to a monetary policy shock, identified by a Structural Vector Auto-Regression model with short-run recursive assumption, there are statistically significant and persistent shifts in relative price and relative output, with both moving in the opposite direction. This persistence can not be easily reconciled by most sticky price models. I show the key to resolving this puzzle is that the identified monetary shocks are not truly exogenous, but instead contaminated by sector-specific technology shocks. To distinguish technology shocks from monetary policy shocks, I introduce long-run identifications a la Fisher (2006). As a result, responses of relative price and relative output in the long-run are much more dampened, and monetary effects are more front-loaded. It implies much smaller nominal frictions in a Dynamic New-Keynesian model, which are more in line with micro-empirical evidence.
520 $a In the second chapter, Hussain and I investigate finite sample properties of the Sims-Cogley-Nason (SCN) approach. Kehoe (2006) advocates that, in evaluating an economic model, the SCN approach should be adopted in which empirical impulse responses are compared to those obtained from the identical Structural Vector Auto-Regression run on model generated data. As empirical and model generated data are treated symmetrically, it is commonly thought that the SCN approach is immune to mis-identification. We show, using Monte Carlo simulation, finite sample performance of the SCN approach critically depends on whether fundamental economic shocks are correctly identified or not. Ironically, the very reason calling for the SCN approach - mis-identification, is also the cause for its poor finite sample performance.
520 $a The divergence in hours worked, with high-skilled workers working increasingly more than the low-skilled, along with the overall decline of average working hours in the last century, is puzzling in that the usual income and substitution effects fail to reconcile both time series and cross-sectional phenomena simultaneously. In the third chapter, to resolve this puzzle, I introduce flexible time schedule (flextime) into an otherwise standard economic model with labor supply. Due to technological change, cost of working in non-standard hours declines, particularly favoring high-skilled workers. As a result, the high-skilled have more flextime, less disutility from working and hence longer working hours. To support the argument, I provide the following empirical findings. First, workers with flextime work on average 1.04 hours more weekly than those without flextime. Second, flextime is complementary with computer usage. Employees using computer at work enjoy more flextime, and increase in the proportion of employees with flextime is higher in more computer-intensive industries.
590 $a School code: 0188.
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650 4 $a Commerce-Business. $3 3168423
650 4 $a Labor economics. $3 642730
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710 2 $a University of Rochester. $b School of Arts and Sciences. $3 2099014
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