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The Arms Industry is an area that is of huge concern to many people around the world. The economics of this hugely important industry are a vital strand that needs to be understood. This volume brings together contributors from all over the globe, such as Todd Sandler and Keith Hartley, and focuses on the important issues surrounding the Arms Trade such as:*the determinants of US military expenditure*alliance formation and expansion*new challenges to export controlsThis well-rounded, comprehensive book will be of huge interest to students and academics involved in the econo
ARMS TRANSFERS --- WEAPONS INDUSTRY --- Arms transfers --- Defense industries --- National security --- Armaments industries --- Arms sales --- Military sales --- Military supplies industry --- Munitions --- Sale of military equipment --- Arms traffic --- Foreign military sales --- Industries --- International trade --- Arms race --- Military assistance
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We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such monetary-fiscal rules need to be adjusted to accommodate specific features of emerging market economies. The model takes the form of two-blocs, a DSGE emerging small open economy interacting with the rest of the world and features, in particular, financial frictions It is calibrated using Chile and US data. Alongside the optimal Ramsey policy benchmark, we model the three pillars as simple monetary and fiscal rules including and both domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to partially or implicitly (through a CPI inflation target) or fully attempting to stabilizing the exchange rate. Financial frictions require fiscal policy to play a bigger role and lead to an increase in the costs associated with simple rules as opposed to the fully optimal policy.
Finance --- Business & Economics --- Money --- Monetary policy --- Fiscal policy --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Fiscal Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Consumption --- Fiscal rules --- Zero lower bound --- Currencies --- Economics --- Interest rates --- Chile
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"If you are already familiar with MIDAS and interested in rediscovering the powerful trading method developed by the late Paul Levine, then this will become your book of reference. The authors walk you through the wonderful MIDAS world and explain its variations with copious charts and examples. If you are new to the MIDAS method, I recommend first reading the introductory chapters, then jumping to the very practical, money-making Chapter 8, then applying the principles yourself (computer code is provided in the appendices). Armed with 'hands-on' knowledge, you will then access the wealth of i
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We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both at the intensive as well as the extensive margin. The combination of deep habits and CES technology is crucial. The presence of deep habits magnifies the responses of macroeconomic variables to a fiscal stimulus, while an elasticity of substitution between capital and labour in the range of available estimates allows the model to produce a scenario compatible with the observed jobless recovery.
Fiscal policy --- Labor --- Unemployment --- Joblessness --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Underemployment --- Labor and laboring classes --- Manpower --- Work --- Working class --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Econometric models. --- Government policy --- Econometric models --- E-books --- Macroeconomics --- Public Finance --- Employment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Fiscal Policy --- Labor Economics: General --- National Government Expenditures and Related Policies: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Unemployment: Models, Duration, Incidence, and Job Search --- Labour --- income economics --- Public finance & taxation --- Expenditure --- Fiscal stimulus --- Consumption --- National accounts --- Labor economics --- Expenditures, Public --- Economics --- United States
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