東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Essays in Macroeconomics and Finance.

Martenet, Frederic.

FindBook

Google Book

Amazon

博客來

Essays in Macroeconomics and Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Macroeconomics and Finance./
作者:	Martenet, Frederic.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
面頁冊數:	270 p.
附註:	Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
Contained By:	Dissertations Abstracts International84-12A.
標題:	Demographics. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30462658
ISBN:	9798379651572

Essays in Macroeconomics and Finance.
Martenet, Frederic.

Essays in Macroeconomics and Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 270 p.

Source: Dissertations Abstracts International, Volume: 84-12, Section: A.

Thesis (Ph.D.)--Stanford University, 2023.

This item must not be sold to any third party vendors.

This thesis consists of three chapters on macroeconomics and finance.The first chapter investigates the effects of large swings in the exchange rate on aggregate economic activity and inequality among households. The literature lacks a consensus on these questions. I document new stylized facts from Swiss administrative data on how the large and unexpected appreciation of the Swiss Franc in January 2015 affected households across income and wealth distributions. I then develop a quantitative model consistent with these facts to measure the welfare implications of this appreciation across the distribution and evaluate the effects of alternative monetary policy actions by the Swiss National Bank around this event.The second chapter is co-authored with Adrien Auclert, Hannes Malmberg and Matthew Rognlie. We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging: how a changing age distribution affects wealth-to-GDP, holding the age profiles of assets and labor income fixed. In a baseline overlapping generations model this statistic, in conjunction with cross-sectional information and two standard macro parameters, pins down general equilibrium outcomes. Since the compositional effect is positive, large, and heterogeneous across countries, our model predicts that population aging will increase wealth-to-GDP ratios, lower asset returns, and widen global imbalances through the twenty-first century. These conclusions extend to a richer model in which bequests, individual savings, and the tax-and-transfer system all respond to demographic change.The final chapter provides a historical decomposition of business cycles in Switzerland. First, I construct historical national accounts data from 1890 to 2018. Second, I apply the business cycle accounting procedure to decompose economic fluctuations into four wedges that capture different underlying frictions. In the Great Depression and the 1920 recession, the efficiency wedge helped the economy escape a massive downturn implied by the labor wedge. The reverse was observed during the 1990 recession, when the efficiency wedge implied a strong recession limited by the action of the labor wedge. The 1973 recession can primarily be explained by the efficiency wedge and, less importantly, by the investment wedge. Surprisingly, the government spending wedge, which includes fluctuations in net exports, plays a minor role in explaining business cycle fluctuations in Switzerland.

ISBN: 9798379651572Subjects--Topical Terms:

3540640
Demographics.

Essays in Macroeconomics and Finance.
LDR:03865nmm a2200373 4500 001 2398015
005 20240711092043.5
006 m o d
007 cr#unu||||||||
008 251215s2023 ||||||||||||||||| ||eng d
020 $a 9798379651572
035 $a (MiAaPQ)AAI30462658
035 $a (MiAaPQ)STANFORDbh752cs4256
035 $a AAI30462658
040 $a MiAaPQ $c MiAaPQ
100 1 $a Martenet, Frederic. $3 3767923
245 1 0 $a Essays in Macroeconomics and Finance.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2023
300 $a 270 p.
500 $a Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
500 $a Advisor: Kehoe, Patrick J.;Bocola, Luigi;di Tella, Sebastian T.;Tonetti, Christopher;Auclert, Adrien.
502 $a Thesis (Ph.D.)--Stanford University, 2023.
506 $a This item must not be sold to any third party vendors.
520 $a This thesis consists of three chapters on macroeconomics and finance.The first chapter investigates the effects of large swings in the exchange rate on aggregate economic activity and inequality among households. The literature lacks a consensus on these questions. I document new stylized facts from Swiss administrative data on how the large and unexpected appreciation of the Swiss Franc in January 2015 affected households across income and wealth distributions. I then develop a quantitative model consistent with these facts to measure the welfare implications of this appreciation across the distribution and evaluate the effects of alternative monetary policy actions by the Swiss National Bank around this event.The second chapter is co-authored with Adrien Auclert, Hannes Malmberg and Matthew Rognlie. We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging: how a changing age distribution affects wealth-to-GDP, holding the age profiles of assets and labor income fixed. In a baseline overlapping generations model this statistic, in conjunction with cross-sectional information and two standard macro parameters, pins down general equilibrium outcomes. Since the compositional effect is positive, large, and heterogeneous across countries, our model predicts that population aging will increase wealth-to-GDP ratios, lower asset returns, and widen global imbalances through the twenty-first century. These conclusions extend to a richer model in which bequests, individual savings, and the tax-and-transfer system all respond to demographic change.The final chapter provides a historical decomposition of business cycles in Switzerland. First, I construct historical national accounts data from 1890 to 2018. Second, I apply the business cycle accounting procedure to decompose economic fluctuations into four wedges that capture different underlying frictions. In the Great Depression and the 1920 recession, the efficiency wedge helped the economy escape a massive downturn implied by the labor wedge. The reverse was observed during the 1990 recession, when the efficiency wedge implied a strong recession limited by the action of the labor wedge. The 1973 recession can primarily be explained by the efficiency wedge and, less importantly, by the investment wedge. Surprisingly, the government spending wedge, which includes fluctuations in net exports, plays a minor role in explaining business cycle fluctuations in Switzerland.
590 $a School code: 0212.
650 4 $a Demographics. $3 3540640
650 4 $a Aging. $3 543123
650 4 $a Decomposition. $3 3561186
650 4 $a Fertility. $3 832956
650 4 $a Time series. $3 3561811
650 4 $a Households. $3 579926
650 4 $a Demography. $3 614991
650 4 $a Sociology. $3 516174
690 $a 0493
690 $a 0938
690 $a 0501
690 $a 0338
690 $a 0626
710 2 $a Stanford University. $3 754827
773 0 $t Dissertations Abstracts International $g 84-12A.
790 $a 0212
791 $a Ph.D.
792 $a 2023
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30462658