Essays on finance and macroeconomics

The classical tradition of partial equilibrium theory had been to split the economy into separate markets, each of whose equilibrium conditions could be stated as a single equation determining a single variable. The theoretical apparatus of supply and demand curves developed by Fleeming Jenkin and Alfred Marshall provided a unified mathematical basis for this approach, which the Lausanne School generalized to general equilibrium theory. For macroeconomics the relevant partial theories were:

Essays on finance and macroeconomics

Gomes Abstract This dissertation consists of two essays on macroeconomics and finance. Chapter 1 develops a novel theory of "bubble" dynamics in a tractable noisy rational expectations model with endogenous capital flows.

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I show that the unique linear partially revealing rational expectations equilibrium features a dramatic non-fundamental rise and fall of asset prices driven by speculation. Specifically, two layers of uncertaintyuncertainty about the fundamental value and uncertainty regarding the probability with which the fundamental value is fully revealed in each period, generate the hump shape in prices; gradual capital inflows lead to dramatic price movements and also trading frenzies.

Simulation results show that the model equilibrium can produce various realistic bubble episodes. In Chapter 2, I investigate the role of business deregulation and financial reform in both stock and credit market in explaining the rapid growth of China in the past twenty years. To do so, I build a dynamic general equilibrium growth model with heterogeneous consumers and firms, and I show that structural reforms that facilitated business formation and growth lead to a significant increase in the aggregate output.

The reason is resource reallocation resulting from stronger market competition, in particular caused by a massive influx of new firms. Quantitative results using firm-level data find a sizable effect of these reforms, especially through the extensive margin, and counterfactual experiments show that different policies aiming to promote entry and post-entry growth have very distinct impacts on the economic performance.

Publicly Accessible Penn Dissertations.GIUSEPPE FONTANA is an expert on Endogenous Money theory and the New Consensus macroeconomics theory. He has recently been awarded the first G.L.S.

Fundamental Economics

Shackle Prize, St. Edmunds College (University of Cambridge, UK).

Essays on finance and macroeconomics

Essays in Macroeconomics, Finance and Growth Abstract This dissertation studies the growth process from two different approaches. First, the measurement of. This thesis studies the role of the financial system in the amplification and propagation of business cycles. Chapter 1 studies the origin and propagation of balance sheet recessions.

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OwnEssays is a perfect place to purchase custom papers and make your academic life easier. Essays in Macroeconomics and Finance by Congyan Tan A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy. Macroeconomics (from the Greek prefix makro-meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

Essays on finance and macroeconomics

This includes regional, national, and global economies. Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the.

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