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Long-run Growth and Short-run Stabilization

Essays in Memory of Albert Ando Edited by the late Lawrence R. Klein, former Benjamin Franklin Professor of Economics Emeritus, University of Pennsylvania, US and 1980 Nobel Laureate in Economic Sciences
There is much confusion in the economics literature on wage determination and the employment–inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.
Extent: 424 pp
Hardback Price: $173.00 Web: $155.70
Publication Date: 2006
ISBN: 978 1 84376 643 8
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There is much confusion in the economics literature on wage determination and the employment–inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.

Some of the issues discussed include long-run properties of dynamic econometric models, demographic issues of modern times, stabilization policies – especially for Japan – and interaction between monetary and real economy issues, as well as life-cycle behavior patterns, and the appropriate role of the Phillips Curve and the determination of prices.

Paying close attention to the concepts and properties of models, Long-run Growth and Short Run Stabilization is for those interested in the macroeconomics of the US, Italy, and Japan. Scholars of aggregative dynamic models based on realistic reasoning will benefit from the information imparted, as will policymakers who want to understand the functioning of the modern economy.
Contributors: F. Altissimo, I. Angeloni, A.J. Auerbach, G. Cagliesi, F.X. Diebold, M. Ehrmann, L. Guiso, F. Hayashi, C.Y. Horioka, T. Jappelli, L. Ji, N. Kiyotaki, L.R. Klein, C. Li, F. Modigliani, S. Nicoletti-Altimari, M. Obstfeld, M. Paiella, R.J. Shiller, S. Siviero, D. Terlizzese, M. Tivegna, I. Visco, K.D. West
Contents:
Preface
1. The Economics Legacy of Albert Ando
Lawrence R. Klein
2. The Age–Saving Profile and the Life-Cycle Hypothesis
Tullio Jappelli and Franco Modigliani
3. Do Capital Gains Affect Consumption? Estimates of Wealth Effects from Italian Households’ Behavior
Luigi Guiso, Monica Paiella and Ignazio Visco
4. Demographic Changes, Reforms to the Social Security System and Private Savings in Italy
Sergio Nicoletti-Altimari
5. Do the Elderly Dissave in Japan?
Charles Yuji Horioka
6. On Robust Monetary Policy
Filippo Altissimo, Stefano Siviero and Daniele Terlizzese
7. The Euro and the Transmission of Monetary Policy
Ignazio Angeloni and Michael Ehrmann
8. Monetary and Fiscal Policy in a Liquidity Trap
Alan J. Auerbach and Maurice Obstfeld
9. A Three-Factor Yield Curve Model: Non-Affine Structure, Systematic Risk Sources and Generalized Duration
Francis X. Diebold, Lei Ji and Canlin Li
10. The Over-Investment Hypothesis
Fumio Hayashi
11. Designing Indexed Units of Account
Robert J. Shiller
12. Land Prices and Business Fixed Investment in Japan
Nobuhiro Kiyotaki and Kenneth D. West
13. Rationality, Behavior and Switching Idiosyncracies in the Euro–Dollar Exchange Rate
Gabriella Cagliesi and Massimo Tivegna
Index