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New Keynesian Economics through the Extensive Margin

Bigio, Saki; Ishide, Akira - National Bureau of Economic Research - 2025

This paper reformulates the New Keynesian model to incorporate output adjustments through the extensive margin. Shifting from adjustments through the intensive to the extensive employment margin, the model introduces predetermined output, altering key properties of the New Keynesian framework....

Persistent link: https://www.econbiz.de/10015194977

Adaptation to Climate Change

Carleton, Tamma A.; Duflo, Esther; Jack, B. Kelsey; … - National Bureau of Economic Research - 2024

Mounting costs of anthropogenic climate change reveal that adaptation will be essential to human well-being in coming … decades. At the same time, the literature on the economics of adaptation offers relatively little guidance for emerging policy …. In this chapter, we review the existing literature, focusing on how it can better inform adaptation policy design and …

Persistent link: https://www.econbiz.de/10015171667

Partial Adjustment without Apology

King, Robert G. - 2003

Many kinds of economic behavior appear to be governed by discrete and occasional individual choices. Despite this, econometric partial adjustment models perform relatively well at the aggregate level. Analyzing the classic employment adjustment problem, we show how discrete and occasional...

Persistent link: https://www.econbiz.de/10012468751

Do You Know That I Know That You Know...? Higher-Order Beliefs in Survey Data

Coibion, Olivier - 2018

We implement a new survey of firms, focusing on their higher-order macroeconomic expectations. The survey provides a novel set of stylized facts regarding the relationship between first-order and higher-order expectations of economic agents, including how they adjust their beliefs in response to...

Persistent link: https://www.econbiz.de/10012480640

International Financial Adjustment in a Canonical Open Economy Growth Model

Clarida, Richard H. - 2016

Gourinchas and Rey (2007) have shown that international financial adjustment (IFA) in the path of expected future returns on a country's international investment portfolio can complement or even substitute for the traditional adjustment channel via a narrowing of country's current account...

Persistent link: https://www.econbiz.de/10012455922

Deriving Risk Adjustment Payment Weights to Maximize Efficiency of Health Insurance Markets

Layton, Timothy J. - 2016

Risk adjustment of payments to health plans is fundamental to regulated competition among private insurers, which serves as the basis of national health policy in many countries. To date, estimation and evaluation of a risk adjustment model has been a two-step process. In a first step, the...

Persistent link: https://www.econbiz.de/10012456038

Climate Change Adaptation : Lessons from Urban Economics

Kahn, Matthew E. - 2014

In an urbanizing world economy featuring thousands of cities, households and firms have strong incentives to make locational investments and self protection choices to reduce their exposure to new climate change induced risks. This pursuit of self interest reduces the costs imposed by climate...

Persistent link: https://www.econbiz.de/10012457950

How Firms Respond to Business Cycles : The Role of Firm Age and Firm Size

Fort, Teresa C. - 2013

There remains considerable debate in both the theoretical and empirical literature about the differences in the cyclical dynamics of firms by firm size. Some have hypothesized that small firms are more sensitive to cycles while others have posited that larger firms are more sensitive....

Persistent link: https://www.econbiz.de/10012459526

Temperature, Human Health, and Adaptation : A Review of the Empirical Literature

Deschenes, Olivier - 2012

, and adaptation to temperature extremes. The objective of the paper is to highlight the many remaining gaps in the … to incorporate human health and adaptation in its framework. I begin by presenting the conceptual and methodological … issues associated with the measurement of the effect of temperature extremes on health, and the role of adaptation in …

Persistent link: https://www.econbiz.de/10012460319

On the Connections between Intertemporal and Intra-temporal Trades

Ju, Jiandong - 2011

This paper develops a new theory of international economics by introducing Heckscher-Ohlin features of intra-temporal trade into an intertemporal trade approach of current account. To do so, we consider a dynamic general equilibrium model with tradable sectors of different factor intensities,...

Persistent link: https://www.econbiz.de/10012461109