107,567 research outputs found
The Dynamics of the Romer R&D Growth Model with Quality Upgrading
No full textThis paper replaces increasing product variety with quality upgrading in the Romer (1990) model. We show that the range of parameters for which a steady state exists can be divided into two subspaces with well-behaved comparative statics and saddle-point dynamics in one subspace, but with “perverse” comparative-statics properties and either equilibrium indeterminacy or instability in the other subspace. In the latter subspace, a parameter change possibly leads to a Hopf bifurcation. Using a theorem in Arnold (in press), these results for the closed economy can also be used to characterize the dynamics of the M-country open-economy version of the model
Keynesian economics without the LM and IS curves: a dynamic generalization of the Taylor-Romer model
No full textJohn Taylor and David Romer champion an approach to teaching undergraduate macroeconomics that dispenses with the LM half of the IS-LM model and replaces it with a rule for setting the interest rate as a function of inflation and the output gap - i.e., a Taylor rule. But> the IS curve is problematic, too. It is consistent with the permanent-income hypothesis only when the interest rate that enters the IS equation is a long-term rate - not the short-term rate controlled by the monetary authority. This article shows how the Taylor-Romer framework can be readily modified to eliminate this maturity mismatch. The modified model is a dynamic system in output and inflation, with a unique stable path that behaves very much like Taylor and Romer's aggregate demand (AD) schedule. Many - but not all - of the original Taylor-Romer model’s predictions carry over to the new framework. It helps bridge the gap between the Taylor-Romer analysis and the more sophisticated models taught in graduate-level courses.Economics - Study and teaching ; Taylor's rule ; Interest rates ; Macroeconomics ; Monetary policy
A Study of the Romer and Romer Monetary Policy Shocks Using Revised Data
No full textRomer and Romer (2004) propose a simple method to estimate monetary policy shocks using forecasts and real-time data. However, such data is not always (publicly) available, especially in a historical context. We explore the consequences of using revised data instead of the original forecast and real-time data when estimating policy shocks using the Romer and Romer framework. To this end, we estimate policy shocks for the same period as Romer and Romer. We find that using revised data has little impact on actual shock estimates, and the estimated effects of monetary policy shocks are similar
Dynamic Scoring in a Romer-style Economy
No full textThis paper explores the dynamic behavior of a Romer-style endogenous growth model, analyzing how changes in tax rates affect government revenue in the short run and the long run. I show that in this environment lowering taxes on financial income is unlikely to stimulate tax revenue in the long run and has modest effects on the tax base, contrary to some other studies of the dynamic response of revenue to tax rates. Calibrations of the model that suggest Laffer curve effects can be substantial require implausibly low values for the elasticity of substitution between varieties of intermediate goods. For more plausible parameter values, I find that around 20% of a tax cut would be self-financing due to an expansion in the tax base.
A Study of the Romer and Romer Monetary Policy Shocks Using Revised Data [Elektronisk resurs]
No full textRomer and Romer (2004) propose a simple method to estimate monetary policy shocks using forecasts and real-time data. However, such data is not always (publicly) available, especially in a historical context. We explore the consequences of using revised data instead of the original forecast and real-time data when estimating policy shocks using the Romer and Romer framework. To this end, we estimate policy shocks for the same period as Romer and Romer. We find that using revised data has little impact on actual shock estimates, and the estimated effects of monetary policy shocks are similar
How large are the effects of tax changes?
No full textWe use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation and the nominal interest rate) does not rely upon the assumption that tax shocks are orthogonal to each other as well as to lagged values of other macro variables. Our estimated multiplier is much smaller: one, rather than three at a three-year horizon. When we split the sample in two sub-samples (before and after 1980) we find, before 1980, a multiplier whose size is never greater than one, after 1980 a multiplier not significantly different from zero. Following the findings in Bohn (1998), we also experiment with a model that includes debt and the non-linear government budget constraint. We find that, while in general not very important, the non-linearity that arises from the budget constraint makes a difference after 1980, when the response of fiscal variables to the level of the debt becomes stronger.
"Entwicklungspotenzial von Jugendlichen ist wichtigster therapeutischer Verbündeter":Tag der Jugend am 12. August: Psychiater Georg Romer spricht über Sorgen und Ängste von Kindern und Jugendlichen
No full textTrotz der bedrohlichen Lage in vielen Regionen der Welt steigt die Zuversicht vieler Kinder und Jugendlicher in die Zukunft der Gesellschaft. Das hängt unter anderem mit dem Vertrauen in das eigene soziale Umfeld zusammen, erklärt Kinder- und Jugendpsychiater Prof. Dr. Georg Romer in der neuen Folge des "Umdenken"-Podcasts. "Das Vertrauen vieler Menschen in Freunde und Familie ist in den vergangenen Jahren gestiegen. Das trägt zur Zuversicht bei", unterstreicht der Wissenschaftler der Medizinischen Fakultät der Universität Münster, der zugleich Direktor der Klinik für Kinder- und Jugendpsychiatrie, -psychosomatik und -psychotherapie des Universitätsklinikums Münster ist. Dennoch gebe es Personengruppen, die insbesondere als Ergebnis der Coronapandemie "den sozialen Anschluss verloren" haben
John Romer, La Bible et l'histoire. Traduit de l'anglais par G. Jackson, Paris, Vernal/Philippe Lebaud, 1994
No full textRobert Philippe de. John Romer, La Bible et l'histoire. Traduit de l'anglais par G. Jackson, Paris, Vernal/Philippe Lebaud, 1994. In: Revue d'histoire et de philosophie religieuses, 77e année n°2, Avril-juin 1997. p. 196
Letter to Felipe Chaves from E. G. Ross
No full textLetter to Felipe Chaves from E. G. Ross, Executive Office, Territory of New Mexico, concerning a misquotation of J. Placido Romer
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