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monetary policyindirect inferencedynamisches gleichgewichtdynamic equilibriumdsge modeldsge modelleu countrieseu staatenvar modelvar modellbootstrap verfahrenbootstrap approachstatistical inferenceinduktive statistikneoklassische syntheseneoclassical synthesisrational expectationsstatistischer teststatistical testrationale erwartungbusiness cyclemonte carlo simulationopen economyestimation theoryoffene volkswirtschaftfiscal policytaylor rule
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Years of publications: 1975 - 2024

246 records from EconBiz based on author Name Information logo


1. Taxation of Capital : Capital Levies and Commitment

abstract

Chamley and Judd argued that optimal taxation dictates zero long-run tax rates on capital income, but Straub and Werning found that tax rates may be positive even in the steady state. These models feature a "period-zero problem" in the underlying Ramsey formulation, which omits past commitments but includes future ones. The period-zero policymaker then imposes capital levies on initial assets--directly or indirectly through positive tax rates on future asset income and non-constant tax rates on consumption. Chari, Nicolini, and Teles add commitment by the period-zero policymaker to households' initial wealth in utility units. In this case, a nonzero capital levy may apply in period zero, future tax rates on asset income equal zero, and tax rates on consumption are constant. Time-consistency fails if future policymakers are unconstrained but holds if commitments to initial wealth in utility units are strict enough each period to motivate each policymaker to choose zero direct capital levies. In that case, a timeless perspective applies where period zero is not special, tax rates on asset income are always zero, and tax rates on consumption are constant. Introduction of uncertainty generates state-contingent levies on assets and random-walk-like variations in consumption tax rates

Barro, Robert J.; Chari, Varadarajan V.;
2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

2. On the efficiency of competitive equilibria with pandemics

Chari, Varadarajan V.; Kirpalani, Rishabh; Pérez, Luis;
2023
Type: Graue Literatur; Non-commercial literature;
Availability: The PDF logo Link Link Link

3. On the Efficiency of Competitive Equilibria with Pandemics

abstract

The epidemiological literature suggests that virus transmission occurs only when individuals are in relatively close contact. We show that if society can control the extent to which economic agents are exposed to the virus and agents can commit to contracts, virus externalities are local, and competitive equilibria are efficient. The Second Welfare Theorem also holds. These results still apply when infection status is imperfectly observed and when agents are privately informed about their infection status. If society cannot control virus exposure, then virus externalities are global and competitive equilibria are inefficient, but the policy implications are very different from those in the literature. Economic activity in this version of our model can be inefficiently low, in contrast to the conventional wisdom that viruses create global externalities and result in inefficiently high economic activity. If agents cannot commit, competitive equilibria are inefficient because of a novel pecuniary externality

Chari, Varadarajan V.; Kirpalani, Rishabh; Pérez, Luis;
2023
Availability: Link

4. The Hammer and the Scalpel : On the Economics of Indiscriminate versus Targeted Isolation Policies during Pandemics

abstract

We develop a simple dynamic economic model of epidemic transmission designed to be consistent with widely used SIR biological models of the transmission of epidemics, while incorporating economic benefits and costs as well. Our main finding is that targeted testing and isolation policies deliver large welfare gains relative to optimal policies when these tools are not used. Specifically, we find that when testing and isolation are not used, optimal policy delivers a welfare gain equivalent to a 0.6% permanent increase in consumption relative to no intervention. The welfare gain arises because under the optimal policy, the planner engineers a sharp recession that reduces aggregate output by about 40% for about 3 months. This sharp contraction in economic activity reduces the rate of transmission and reduces cumulative deaths by about 0.1%. When testing policies are used, optimal policy delivers a welfare gain equivalent to a 3% permanent increase in consumption. The associated recession is milder in that aggregate output declines by about 15% and cumulative deaths are reduced by .3%. Much of this welfare gain comes from isolating infected individuals. When individuals who are suspected to be infected are isolated without any testing, optimal policy delivers a welfare gain equivalent to a 2% increase in permanent consumption

Chari, Varadarajan V.; Kirpalani, Rishabh; Phelan, Christopher;
2020
Availability: Link Link
Citations: 4 (based on OpenCitations)

5. The hammer and the scalpel : on the economics of indiscriminate versus targeted isolation policies during pandemics

Chari, Varadarajan V.; Kirpalani, Rishabh; Phelan, Christopher;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

6. Optimal cooperative taxation in the global economy

Chari, Varadarajan V.; Nicolini, Juan Pablo; Teles, Pedro;
2022
Type: Graue Literatur; Non-commercial literature;
Availability: The PDF logo Link
Citations: 1 (based on OpenCitations)

7. Appendix for: Optimal cooperative taxation in the global economy

Chari, Varadarajan V.; Nicolini, Juan Pablo; Teles, Pedro;
2022
Type: Graue Literatur; Non-commercial literature;
Availability: The PDF logo Link Link

8. The Hammer and the Scalpel : On the Economics of Indiscriminate Versus Targeted Isolation Policies During Pandemics

abstract

We develop a simple dynamic economic model of epidemic transmission designed to be consistent with widely used SIR biological models of the transmission of epidemics, while incorporating economic benefits and costs as well. Our main finding is that targeted testing and isolation policies deliver large welfare gains relative to optimal policies when these tools are not used. Specifically, we find that when testing and isolation are not used, optimal policy delivers a welfare gain equivalent to a 0.6% permanent increase in consumption relative to no intervention. The welfare gain arises because under the optimal policy, the planner engineers a sharp recession that reduces aggregate output by about 40% for about 3 months. This sharp contraction in economic activity reduces the rate of transmission and reduces cumulative deaths by about 0.1%. When testing policies are used, optimal policy delivers a welfare gain equivalent to a 3% permanent increase in consumption. The associated recession is milder in that aggregate output declines by about 15% and cumulative deaths are reduced by .3%. Much of this welfare gain comes from isolating infected individuals. When individuals who are suspected to be infected are isolated without any testing, optimal policy delivers a welfare gain equivalent to a 2% increase in permanent consumption

Chari, Varadarajan V.; Kirpalani, Rishabh; Phelan, Christopher;
2022
Availability: Link

9. The Poverty of Nations : A Quantitative Exploration

abstract

We document regularities in the distribution of relative incomes and patterns of investment in countries and over time. We develop a quantitative version of the neoclassical growth model with a broad measure of capital in which investment decisions are affected by distortions. These distortions follow a stochastic process which is common to all countries. Our model generates a panel of outcomes which we compare to the data. In both the model and the data, there is greater mobility in relative incomes in the middle of the income distribution than at the extremes. The 10 fastest growing countries and the 10 slowest growing countries in the model have growth rates and investment-output ratios similar to those in the data. In both the model and the data, the `miracle' countries have nonmonotonic investment-output ratios over time. The main quantitative discrepancy between the model and the data is that there is more persistence in growth rates of relative incomes in the model than in the data

Chari, Varadarajan V.; Kehoe, Patrick J.; McGrattan, Ellen R.;
2022
Availability: Link

10. Business Cycle Accounting

abstract

We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges which resemble productivity, labor and investment taxes, and government consumption. Wedges corresponding to these variables -- effciency, labor, investment, and government consumption wedges -- are measured and then fed back into the model in order to assess the fraction of various fluctuations they account for. Applying this method to U.S. data for the Great Depression and the 1982 recession reveals that the effciency and labor wedges together account for essentially all of the fluctuations; the investment wedge plays a decidedly tertiary role, and the government consumption wedge, none. Analyses of the entire postwar period and alternative model specifications support these results. Models with frictions manifested primarily as investment wedges are thus not promising for the study of business cycles

Chari, Varadarajan V.; Kehoe, Patrick J.; McGrattan, Ellen R.;
2022
Availability: Link
Total Citations: 0
h Index: 0
i10: 0
Source: CitEc

The information on the author is retrieved from: Entity Facts (by DNB = German National Library data service), DBPedia and Wikidata

Patrick Minford


Prof.

Alternative spellings:
A. P. L. Minford
A. Patrick L. Minford
A. P. Minford
A. Patrick Minford
P. Minford

B: 1943
Biblio: Prof. of Applied Economics; tätig am Dep. of Economics, Univ. of Liverpool
The image of the author or topic
Source: Wikimedia Commons

Information about the license status of integrated media files (e.g. pictures or videos) can usually be called up by clicking on the Wikimedia Commons URL above.

Anthony Patrick Leslie Minford CBE (born 17 May 1943) is a British macroeconomist who is professor of applied economics at Cardiff Business School, Cardiff University, a position he has held since 1997. He was Edward Gonner Professor of Applied Economics at the University of Liverpool from 1976 to 1997. In 2016, Minford was a notable member of the Economists for Brexit group which, in opposition to the consensus view of economists, advocated the UK leaving the European Union. (Source: DBPedia)

Profession

  • Economist
  • Affiliations

  • Liverpool Business School
  • Cardiff Business School
  • Centre for Economic Policy Research
  • University of Liverpool. Department of Economics and Accounting
  • University of Wales (Cardiff)
  • External links

  • Gemeinsame Normdatei (GND) im Katalog der Deutschen Nationalbibliothek
  • Bibliothèque nationale de France
  • Wikipedia (English)
  • NACO Authority File
  • Virtual International Authority File (VIAF)
  • Wikidata
  • International Standard Name Identifier (ISNI)

  • REPEC logo RePEc
    SSRN logo SSRN

    Publishing years

    6
      2024
    18
      2023
    14
      2022
    20
      2021
    10
      2020
    9
      2019
    10
      2018
    12
      2017
    16
      2016
    15
      2015
    15
      2014
    12
      2013
    13
      2012
    4
      2011
    13
      2010
    17
      2009
    16
      2008
    12
      2007
    21
      2006
    11
      2005
    6
      2004
    6
      2003
    7
      2002
    3
      2001
    4
      2000
    7
      1999
    5
      1998
    8
      1997
    6
      1996
    5
      1995
    6
      1994
    9
      1993
    4
      1992
    7
      1991
    10
      1990
    5
      1989
    12
      1988
    6
      1987
    8
      1986
    2
      1985
    3
      1983
    1
      1980
    2
      1978

    Series

    1. Cardiff economics working papers (105)
    2. Discussion paper / Centre for Economic Policy Research (71)
    3. Discussion papers / CEPR (6)
    4. Institute of Economic Affairs Monographs (2)
    5. Hobart paperback (2)
    6. IEA readings (2)
    7. Studies in international economics (2)
    8. Current controversies paper (1)
    9. Edward Elgar E-Book Archive (1)
    10. Occasional paper / IEA (1)
    11. FMF monograph (1)
    12. Unemployment: is economics helpless? (1)
    13. El SME ante la Unión Económica y Monetaria Europea (1)
    14. Working paper / Trade Union Institute for Economic Research (1)
    15. International finance discussion papers (1)