We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. The money wage is fixed for two periods, and is chosen according to...
i Maximum Sustainable Government Debt in the Overlapping Generations Model* (2007)
Neil Rankin, Coventry Cv Al, Barbara Roffia, Marcus Miller, O Pereira
* We are grateful for conversations with, and comments from, Gianluca Femminis, Laurence
Exporting from Manufacturing Firms in Sub-Saharan Africa (2006)
Rankin, Neil, Söderbom, Måns, Teal, Francis
The poor performance of many African economies has been associated with low growth of exports in general and of manufacturing exports in particular. In this paper, we draw on micro-evidence of...
Alderman, Harold, Allen, Robert, Allingham, Michael, Altavilla, Carlo, Altenburg, Lutz, Anand, Paul, ...
Alderman, Harold, Allen, Robert, Allingham, Michael, Altavilla, Carlo, Altenburg, Lutz, Anand, Paul, ...
Staggered wages and output dynamics under disinflation (2000)
We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. The money wage is fixed for two periods, and is chosen according to...
Maximum sustainable government debt in the overlapping generations model (1999)
The theoretical determinants of maximum sustainable government debt are investigated using Diamond’s overlapping-generations model. A level of debt is defined to be ‘sustainable’ if a steady...
The effectiveness of fiscal policy : an application of the new macroeconomics of rationing / (1981)
Rankin, Neil., Nuffield College. Thesis (M.Phil., Economics)
Thesis (M.Phil.)--University of Oxford, 1981.
Is Delegating Half of Demand Management Sensible?
One objection to delegating monetary policy to an independent central bank is that it causes lack of coordination with fiscal policy. Nordhaus has recently shown, in a simple game-theoretic model,...
The microeconomic foundations provided by the 'disequilibrium' macro- modelling approach of Barro-Grossman-Malinvaud are used to compare the performance of government spending and taxation as...
Monetary, fiscal and exchange intervention policy are examined in a symmetric, two-country, two-period model. Money wages are rigid in period one, causing unemployment. In each period there is a...
As a companion to a previous paper, monetary and fiscal policy are analyzed in (a) a small open economy and (b) a two-country world, where in addition to a fixed wage causing unemployment, countries...
Monetary and Fiscal Policy in a `Hartian' Model of Imperfect Competition
Monetary and fiscal policy are introduced into a version of Hart's `Keynesian features' model of imperfect competition. Individuals' labour supply is exogenous, so, under perfect competition, output...
Imperfect Competition, Expectations and the Effectiveness of Monetary Policy
A monetary overlapping generations model with oligopolistic imperfect competition is constructed. In general, output and employment are below their full employment levels. Three alternative...
We re-examine optimal monetary policy when lump-sum taxes are unavailable. Under commitment, we show that, with alternative utility functions to that considered in Nicolini’s related analysis, the...
A dynamic general equilibrium model of an open economy with staggered wages is constructed. We analyse disinflation through pegging the exchange rate. In accordance with the stylised facts, an...
The Regulatory Environment and SMMEs. Evidence from South African Firm Level Data
Abstract: The paper specifically examines: labour regulations and their relationship with employment and investment; trade regulations; permits and licences for businesses; visa regulations; the...
Staggered Wages and Disinflation Dynamics: What can More Microfoundations Tell Us.
We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. As in John Taylor's approach, the money wage is fixed for two periods, but in...
How Does Uncertainty About Future Fiscal Policy Affect Current Macroeconomic Variables?
A macromodel is constructed based on risk-averse, dynamically-optimising, wage-setting households. The money is set one period in advance, so that randomness in future fiscal policy causes randomness...
Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth.
In a monetary overlapping generations model with an imperfectly competitive labor market in which output is below its full-employment level, it is shown that different backward-looking rules for...
A Small Open Economy with Staggered Wage Setting and Intertemporal Optimization: The Basic Analytics
We develop a model of a small open economy with optimizing, infinitely lived agents. They have monopoly power over the price of their labour, and wage setting is staggered. We consider the effects of...
Maximum Sustainable Government Debt in the Overlapping Generations Model
The theoretical determinants of maximum sustainable government debt are investigated using Diamond's overlapping generations model. A level of debt is defined to be 'sustainable' if a steady state...
How Does Uncertainty about Future Fiscal Policy Affect Current Macroeconomic Variables?
A dynamic stochastic general equilibrium macromodel is constructed, based on infinitely lived, dynamically optimizing households with labor market monopoly power. Randomness in future government...
Taylor Rules Cause Fiscal Policy Ineffectiveness
With the aim of constructing a dynamic general equilibrium model where fiscal policy can operate as a demand management tool, we develop a framework which combines staggered prices and overlapping...
Perpetual youth and endogenous labour supply: a problem and a possible solution.
In the “perpetual youth” overlapping-generations model of Blanchard and Yaari, if leisure is a “normal” good then some agents will have negative labour supply. We suggest a solution to this...
Maximum Sustainable Government Debt in the Overlapping Generations Model
The theoretical determinants of maximum sustainable government debt are investigated using Diamond's overlapping-generations model. A level of debt is defined to be 'sustainable' if a steady state...
Disequilibrium and the Welfare-Maximising Levels of Government Spending, Taxation and Debt.
A "disequilibrium" framework, which extends that of R. J. Barro and H. I. Grossman_(1971) and E. Malinvaud_(1977) to include overlapping generations and dynamics due to perfect foresight and t he...
The microeconomic foundations provided by the 'disequilibrium' macro-modelling approach of Barro-Grossman-Malinvaud are used to compare the performance of government spending and taxation as...
Monetary, fiscal and exchange intervention policy are examined in a symmetric, two-country, two-period model. Money wages are rigid in period one, causing unemployment. In each period there is a...
As a companion to a previous paper, monetary and fiscal policy are analyzed in (a) a small open economy and (b) a two-country world, where in addition to a fixed wage causing unemployment, countries...
Monetary and Fiscal Policy in a `Hartian' Model of Imperfect Competition
Monetary and fiscal policy are introduced into a version of Hart's "Keynesian features" model of imperfect competition. Individuals' labour supply is exogenous, so, under perfect competition, output...
Imperfect Competition, Expectations and the Effectiveness of Monetary Policy
A monetary overlapping generations model with oligopolistic imperfect competition is constructed. In general, output and employment are below their full employment levels. Three alternative...
Exchange Rate Risk and Imperfect Capital Mobility in an Optimizing Macromodel
A stochastic two-period model of a small open economy with optimizing consumption and portfolio choice is constructed. Exchange rate risk means domestic-currency bonds are imperfect substitutes for...
Imperfect Competition and Macroeconomics: A Survey
Dixon, Huw David, Rankin, Neil
This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which...
Nominal Rigidity and Monetary Uncertainty
A dynamic, stochastic optimizing macromodel with predetermined money wages and labour market monopoly power is used to examine the effect on current macroeconomic variables of a temporary increase in...
Nominal Rigidity and Monetary Uncertainty in a Small Open Economy
A dynamic stochastic model of a small open monetary economy with infinitely-lived optimizing households is constructed. There are temporary nominal rigidities in the labour market, while in goods and...
Staggered Wages and Disinflation Dynamics: What Can More Microfoundations Tell Us?
We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. As in John Taylor’s approach, the money wage is fixed for two periods, but...
We re-examine optimal monetary policy in a dynamic general equilibrium model where open market operations are the only policy instrument. The government optimizes purely over private agents’...
Imperfect Competition and Macroeconomics: A Survey.
Dixon, Huw David, Rankin, Neil
This survey outlines the general lessons of recent literature on imperfectly competitive macroeconomics for the theory of monetary and fiscal policy. A general framework is presented which nests most...
Imperfect competition and the modelling of expectations in macroeconomics
Imperfect competition, Macroeconomics, Rationality of expectations, E20, D84,
Is Delegating Half of Demand Management Sensible?
A 1990s view is that inflation is best avoided by delegating monetary policy to an independent central bank. However most analyses overlook fiscal policy, which cannot be delegated. Here we make a...
Exporting from Manufacturing Firms in Sub-Saharan Africa
Neil Rankin, Måns Söderbom, Francis Teal
The poor performance of many African economies has been associated with low growth of exports in general and of manufacturing exports in particular. In this paper, we draw on micro-evidence of...
This book focuses on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading...
Output Persistence from Monetary Shocks with Staggered Prices or Wages under a Taylor Rule
We analytically examine output persistence from monetary shocks in a DSGE model with staggered prices or wages under a Taylor Rule for monetary policy. The best known such model assumes Calvo-style...