How good is the Cobb-Douglas production function at describing the real world?
Berthold Herrendorf, Christopher Herrington, and Akos Valentinyi, "Sectoral Technology and Structural Transformation" (working paper)
They use three different functions, one each for ag, manufacturing, and services and they add imported intermediate inputs to the model we use. If they allow each one to have different technology growth, they can "capture the main technological forces behind the postwar US structural transformation" from ag/manufacturing to a services-oriented economy. They tested letting each sector have a different alpha, but it turns out that doesn't make much of a difference.
Permanent and transitory income shocks
Christian Bayer and Falko Juessen, "Happiness and the Persistence of Income Shocks" (2013 draft)
Persistent income changes "have a significant impact on happiness while transitory shocks do not."
The Trilemma
Michael Klein and Jay Shambaugh, "Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy" ungated
My time in Nigeria gave me some interesting insights on some of our macro models. While I can easily wave my hands a bit and put the US, Germany/Greece/any EU country, and China on the three edges of the impossible trilemma, Nigeria tried to have it all. They don't have free capital mobility, and their controls have been getting tighter over the last ten years; they try to have a fixed exchange rate, but they are classified as free because sometimes they have to let it fluctuate wildly before reeling it back in; and they want a central bank that can still impact the economy, but it's pretty weak.This paper asks if Nigeria's strategy could be effective: "whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies."
Forming an LLC is one of the most important steps that you can take towards having the asset protection, management, and growth potential of your business assets protected. Source for more about LLC knowledgebase.
ReplyDeleteBefore you file your taxes, you should consider some factors that could impact your tax filing. For example, if you own stocks, most taxpayers have their holdings in tax-advantaged accounts, which allow them to grow tax-free. For more information on business sevices read here.
ReplyDeleteThanks for sharing such information. Digital Marketing is rapidly growing day by day. Know more Digital Marketing Course in Gurgaon
ReplyDelete