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Essays on dynamic macroeconomics wit...

Reed, Robert R., III.

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Essays on dynamic macroeconomics with heterogeneity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on dynamic macroeconomics with heterogeneity./
Author:	Reed, Robert R., III.
Description:	174 p.
Notes:	Source: Dissertation Abstracts International, Volume: 59-06, Section: A, page: 2117.
Contained By:	Dissertation Abstracts International59-06A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9836750
ISBN:	0591903717

Essays on dynamic macroeconomics with heterogeneity.
Reed, Robert R., III.

Essays on dynamic macroeconomics with heterogeneity. - 174 p.

Source: Dissertation Abstracts International, Volume: 59-06, Section: A, page: 2117.

Thesis (Ph.D.)--The Pennsylvania State University, 1998.

This dissertation consists of three essays on dynamic macroeconomics with heterogeneous agents. The first essay seeks to examine the links between fiat currency and economic growth. Previous work examining the relationship between money and growth simply imposes a transactions role for money exogenously in a Walrasian environment without any market frictions. This, of course, compromises the functions of money in these models since money is a channel to overcome the frictions of the decentralized exchange process. The paper shows that money is capable of influencing the patterns of trade in decentralized markets to promote both economic growth and welfare. In contrast to conventional money-growth models which do not model why money arises endogenously as a medium of exchange, an inflation-tax may encourage higher growth and welfare.

ISBN: 0591903717Subjects--Topical Terms:

1017424
Economics, General.

Essays on dynamic macroeconomics with heterogeneity.
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035 $a (UnM)AAI9836750
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100 1 $a Reed, Robert R., III. $3 1949265
245 1 0 $a Essays on dynamic macroeconomics with heterogeneity.
300 $a 174 p.
500 $a Source: Dissertation Abstracts International, Volume: 59-06, Section: A, page: 2117.
500 $a Advisers: Derek Laing; Ping Wang.
502 $a Thesis (Ph.D.)--The Pennsylvania State University, 1998.
520 $a This dissertation consists of three essays on dynamic macroeconomics with heterogeneous agents. The first essay seeks to examine the links between fiat currency and economic growth. Previous work examining the relationship between money and growth simply imposes a transactions role for money exogenously in a Walrasian environment without any market frictions. This, of course, compromises the functions of money in these models since money is a channel to overcome the frictions of the decentralized exchange process. The paper shows that money is capable of influencing the patterns of trade in decentralized markets to promote both economic growth and welfare. In contrast to conventional money-growth models which do not model why money arises endogenously as a medium of exchange, an inflation-tax may encourage higher growth and welfare.
520 $a The second essay (joint with Marcus Berliant and Ping Wang) aims to establish a microeconomic underpinning for spillovers of knowledge that have been important for explaining sustained economic growth and development. Agents possessing heterogeneous types of knowledge, search for partners with whom to exchange ideas and create new knowledge to improve production efficacy. If agents' expertise are too different, communication is difficult and knowledge creation is not effective. In addition to illustrating the mechanisms leading to knowledge transfer across agents, the paper demonstrates that knowledge spillovers are an important agglomerative force.
520 $a The final essay (joint with Derek Laing) looks at the implications of product market reputations for labor market behavior. Previous research, such as efficiency wage models, contends that the labor market is the source of observed labor market distortions. In contrast, this paper demonstrates that these features may arise from informational imperfections in the product market. Wages depend upon product quality and upon features of the product market that affect the option value of retaining a customer. The paper also provides insights into the business cycle properties of markups and wage differentials. At higher demand frequencies, markups and inter-industry wage differentials fall since the option value of retaining customers is higher.
590 $a School code: 0176.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Theory. $3 1017575
650 4 $a Economics, Labor. $3 1019135
690 $a 0501
690 $a 0511
690 $a 0510
710 2 0 $a The Pennsylvania State University. $3 699896
773 0 $t Dissertation Abstracts International $g 59-06A.
790 1 0 $a Laing, Derek, $e advisor
790 1 0 $a Wang, Ping, $e advisor
790 $a 0176
791 $a Ph.D.
792 $a 1998
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9836750