Show simple item record

dc.contributor.advisorSerletis, Apostolos
dc.contributor.authorXu, Libo
dc.date.accessioned2017-05-01T15:36:37Z
dc.date.available2017-05-01T15:36:37Z
dc.date.issued2017
dc.date.submitted2017en
dc.identifier.citationXu, L. (2017). Three Essays in Macroeconomics and Monetary Economics (Unpublished doctoral thesis). University of Calgary, Calgary, AB. doi:10.11575/PRISM/28442en_US
dc.identifier.urihttp://hdl.handle.net/11023/3762
dc.description.abstractAfter the 2008 financial crisis, more and more economists have been concerned with the inability of modern macroeconomics to predict the financial and economic crisis. It is considered that the inability is because of assuming a frictionless economic environment, isolated actions of economic agents, exogenous shocks, and the consistency between statements about individual and the ones about the aggregate. Therefore, it is important to ask whether economic frictions play an important role in the overall economy. This thesis investigates different types of economic frictions and monetary aggregation issues to provide a better understanding of their implications for the economy. The first chapter deals with the fiscal theory of the price level. In this paper, we take a first pass at integrating discussion of financial frictions and the fiscal theory of the price level. We argue that the financial friction, which is related to fiscal policy, provides an additional instrument tool to the fiscal authority and an advantage over the monetary authority in choosing the equilibrium. The second chapter investigates the important role of communication friction in the economy. It is shown that the level of economic activity is a nonlinear and time-varying function of aggregate economic fundamentals and sentiment shocks. It is found that communication frictions have nonlinear effects on the variance of aggregate output, meaning that improving the communication does not always reduce the variance of aggregate output. In the third chapter, an econometric framework that very flexibly allows for changes in the coefficients of the monetary asset demand functions is proposed and used. It is found that the monetary asset demand specifications exhibit instability (in terms of large swings in the elasticities of substitution), and that the monetary assets are in general Morishima substitutes with the Morishima elasticities of substitution always being below unity.en_US
dc.language.isoeng
dc.rightsUniversity of Calgary graduate students retain copyright ownership and moral rights for their thesis. You may use this material in any way that is permitted by the Copyright Act or through licensing that has been assigned to the document. For uses that are not allowable under copyright legislation or licensing, you are required to seek permission.
dc.subjectEconomics
dc.subjectEconomics--Theory
dc.subject.otherCollateral rate
dc.subject.otherFiscal theory of the price level
dc.subject.otherMonetary-fiscal interactions
dc.subject.otherEconomic Fluctuations
dc.subject.otherFrictions
dc.subject.otherSentiments shock
dc.subject.otherFlexible functional forms
dc.subject.otherDemand system
dc.subject.otherMarkov switching
dc.subject.otherDivisia monetary aggregation
dc.titleThree Essays in Macroeconomics and Monetary Economics
dc.typedoctoral thesis
dc.publisher.facultyGraduate Studies
dc.publisher.institutionUniversity of Calgaryen
dc.identifier.doihttp://dx.doi.org/10.11575/PRISM/28442
thesis.degree.nameDoctor of Philosophy
thesis.degree.namePhD
thesis.degree.disciplineEconomics
thesis.degree.grantorUniversity of Calgary
atmire.migration.oldid5525
dc.contributor.committeememberWen, Jean-Francois
dc.contributor.committeememberShadmehr, Mehdi
dc.publisher.placeCalgaryen
ucalgary.item.requestcopytrue


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record