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Essays on international macroeconomics.

Li, Nan.

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Essays on international macroeconomics.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays on international macroeconomics./
Author:	Li, Nan.
Description:	122 p.
Notes:	Adviser: Ronald McKinnon.
Contained By:	Dissertation Abstracts International68-09A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3281882
ISBN:	9780549244530

Essays on international macroeconomics.
Li, Nan.

Essays on international macroeconomics. - 122 p.

Adviser: Ronald McKinnon.

Thesis (Ph.D.)--Stanford University, 2007.

This dissertation concerns three topics in international macroeconomics, including cyclical wage movements, exchange rate volatility and sovereign debt crises.

ISBN: 9780549244530Subjects--Topical Terms:

1017424
Economics, General.

Essays on international macroeconomics.
LDR:03231nam 2200313 a 45 001 955430
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008 110622s2007 ||||||||||||||||| ||eng d
020 $a 9780549244530
035 $a (UMI)AAI3281882
035 $a AAI3281882
040 $a UMI $c UMI
100 1 $a Li, Nan. $3 1278894
245 1 0 $a Essays on international macroeconomics.
300 $a 122 p.
500 $a Adviser: Ronald McKinnon.
500 $a Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 3985.
502 $a Thesis (Ph.D.)--Stanford University, 2007.
520 $a This dissertation concerns three topics in international macroeconomics, including cyclical wage movements, exchange rate volatility and sovereign debt crises.
520 $a Chapter one documents that, at the aggregate level, (i) real wages are procyclical and lag output by about one quarter in emerging markets, while there are no systematic patterns in developed economies, (ii) real wage volatility (relative to output volatility) is twice as high in emerging markets compared with developed economies, and (iii) real wage volatility decreases with the level of financial development. I then present a model of contractual arrangements between workers and employers in a small open economy that helps explain this contrast. Only employers have access to financial markets in the model, but they need to borrow working capital to pay for labor costs before production is carried out. The idea is that countercyclical interest rates and less developed financial markets in emerging markets make it less optimal for employers to provide workers with relatively stable wages, leading to more volatile and procyclical wages. This is further demonstrated by calibrating the model using data from Mexico and the U.S.
520 $a In Chapter two, I provide a two-country general equilibrium model that addresses the excessive exchange rate volatility and "exchange rate disconnect" phenomenon. Specifically, a positive transaction cost associated with trading foreign currency denominated bonds gives rise to an equilibrium, in which the nominal exchange rate is partially determined by a non-fundamental stochastic process. Additionally, with non-tradable goods and distribution costs, the international relative price movement does not completely offset the nominal exchange rate fluctuation. Simulating the equilibrium shows that real effects of the exchange rate on output and consumption can be small.
520 $a Chapter three shows that the stock market depreciates by an average of around 94% in the preceding two years before the debt crisis. As almost half of debt crises were typically preceded by currency crises, after controlling for the market anticipation for the currency crisis, the drop in stock market index is still significant. The result suggests that the stock market forecast lower GDP growth and less future net resource transfers in the event of debt crises.
590 $a School code: 0212.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Theory. $3 1017575
690 $a 0501
690 $a 0511
710 2 $a Stanford University. $3 754827
773 0 $t Dissertation Abstracts International $g 68-09A.
790 $a 0212
790 1 0 $a McKinnon, Ronald, $e advisor
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3281882