La crisi americana: appunti di viaggio

2009 ◽  
pp. 103-119
Author(s):  
Massimo Florio
Keyword(s):  
New York ◽  
Fiscal Policy ◽  
Income Distribution ◽  
New York Times ◽  
Short Term ◽  
Current Crisis ◽  
Public Intervention ◽  
Long Run ◽  
Monetary And Fiscal Policy ◽  
Bail Out

- This paper comments on an editorial on the American crisis published in the New York Times by Professor Casey Mulligan, University of Chicago. According to Mulligan, the crisis is nothing more than a financial fluctuation: the banks should not be bailed out, other financial actors can take care of business investments, the delay in investment and consumption is not a big problem and public intervention is therefore useless. This paper argues, instead, that the current crisis is not primarily financial but originates from a prolonged shock that hit income distribution. The share of labour declined, while the share of capital increased. To sustain returns on capital it was necessary to force lending to consumers. In the short term both monetary and fiscal policy are needed, but in the mid-to-long run it is necessary to return to a more balanced income distribution.EconLit Classification: E250, E620, E650Keywords: Financial and Economic Crisis, Banks Bail-Out, Income Distribution

scholarly journals The Politics of Surprise Devaluations: Modelling Motives for Giving Up a Peg

2013 ◽  
Vol 233 (5-6) ◽  
Author(s):  
Frank Bohn
Keyword(s):  
Exchange Rate ◽  
Fiscal Policy ◽  
Time Preference ◽  
Political Instability ◽  
Political Stability ◽  
Policy Framework ◽  
Short Term ◽  
Trade Off ◽  
Long Run ◽  
Monetary And Fiscal Policy

SummaryPlanned ‘‘surprise’’ devaluations are often spurred by non-economic circumstances: a rentseeking government; political instability; or the opportunity to put the blame on a predecessor government. In this paper, these aspects are incorporated in the monetary and fiscal policy framework first suggested by Alesina and Tabellini (1987). It is shown that reneging on a fixed exchange rate promise unambiguously produces short term benefits, but long run losses. This leads to a non-straightforward trade-off between greediness (propensity for expropriation) and political stability (which implies a low time preference). The findings are empirically relevant and theoretically robust to extensions.

Nationalizing the “refugee crisis”: A comparative analysis exploring how elite newspapers in four countries framed forced migration during World Refugee Day

2021 ◽  
pp. 073953292110501
Author(s):  
Noam Tirosh ◽  
Steve Bien-Aime ◽  
Akshaya Sreenivasan ◽  
Dennis Lichtenstein
Keyword(s):  
New York ◽  
Media Coverage ◽  
News Coverage ◽  
Forced Migration ◽  
New York Times ◽  
Refugee Crisis ◽  
Long Run ◽  
The Times ◽  
Elite Newspapers ◽  
Refugee Issues

This comparative study examines framing of migration-related stories (focused on media coverage of World Refugee Day [WRD]) between four countries, and framing developments over 18 years, specifically if (and how) the 2015 peak “refugee crisis” altered news coverage of refugee issues. Elite newspapers, the New York Times (USA), the Times of India, Sueddeutsche Zeitung (Germany) and Haaretz (Israel) were content analyzed. Newspapers gave only sparse attention to WRD itself, but WRD was a “temporal opportunity” to discuss migration that increased coverage. But the 2015 peak refugee crisis had little effect on coverage over the long run.

scholarly journals Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

2014 ◽  
Vol 104 (10) ◽  
pp. 3154-3185 ◽  
Author(s):  
Eric T. Swanson ◽  
John C. Williams
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Lower Bound ◽  
Private Sector ◽  
Interest Rates ◽  
Zero Lower Bound ◽  
Short Term ◽  
Macroeconomic Models ◽  
Monetary And Fiscal Policy ◽  
Effectiveness Of Monetary Policy

According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained throughout 2008 to 2010, suggesting that monetary and fiscal policy were about as effective as usual during this period. Only beginning in late 2011 did these yields become more constrained. (JEL E43, E52, E62)

Macropartisanship: A Replication and Critique

1998 ◽  
Vol 92 (4) ◽  
pp. 883-899 ◽  
Author(s):  
Donald Green ◽  
Bradley Palmquist ◽  
Eric Schickler
Keyword(s):  
New York ◽  
Reagan Administration ◽  
Party Identification ◽  
New York Times ◽  
Consumer Sentiment ◽  
Short Term ◽  
Aggregate Distribution ◽  
Partisan Change ◽  
Presidential Popularity ◽  
Partisan Realignment

MacKuen, Erikson, and Stimson (1989, 1992) argue that the aggregate distribution of party identification, or macropartisanship, shifts significantly over short periods in response to changes in presidential popularity and consumer sentiment. Their results are based on a subset of Gallup surveys available from 1953 to 1988 and only those CBS /New York Times surveys conducted during the Reagan administration. We replicate this analysis using a more extensive inventory of Gallup and CBS /New York Times data and find considerably less evidence of partisan fluctuation. The amount of partisan change caused by short-term movements in consumer sentiment and presidential popularity is found to be two to three times smaller than initially reported by MacKuen et al. (1989). Our results indicate that macropartisanship adjusts to short-term shocks in a limited and gradual fashion, consistent with traditional views of partisan realignment.

Question Wording and Macropartisanship

1992 ◽  
Vol 86 (2) ◽  
pp. 475-486 ◽  
Author(s):  
Michael B. MacKuen ◽  
Robert S. Erikson ◽  
James A. Stimson ◽  
Paul R. Abramson ◽  
Charles W. Ostrom
Keyword(s):  
New York ◽  
New York Times ◽  
Presidential Approval ◽  
Short Term ◽  
Telephone Surveys ◽  
Gallup Poll ◽  
Approval Ratings ◽  
Election Results ◽  
Presidential Approval Ratings ◽  
Poll Data

MacKuen, Erikson and Stimson used quarterly Gallup poll data to show in this Review in 1989 that changing levels of macropartisanship, the two-party division of partisans, responded to presidential approval ratings and perceptions of the economy and predicted national election results. In a 1991 Review research note Abramson and Ostrom argued that the NES and GSS questions more commonly used by scholars generated macropartisanship measures less sensitive to short term factors and less predictive of election outcomes. In this Controversy, Erikson and Stimson respond to the challenge and present new data from CBS News and New York Times telephone surveys to buttress their earlier analyses, arguing against substantial effects of the different question wordings. Abramson and Ostrom explain their continuing reservations.

scholarly journals The Roots of Great Innovation

2020 ◽  
Vol 9 (1) ◽  
Author(s):  
B Kathleen Gallagher
Keyword(s):  
New York ◽  
Negative Binomial ◽  
Open Systems ◽  
New York Times ◽  
Negative Binomial Regression ◽  
Public Intervention ◽  
The Arts ◽  
Arts And Culture ◽  
Entrepreneurial Climate ◽  
Nonprofit Arts

What is the relationship between a city’s entrepreneurial climate and the sustainability of arts and culture nonprofits?  Business, the arts, and innovation do not exist in isolation.  New York Times writer David Brooks (2011) opined, “The roots of great innovation are never just in the technology itself.”   The significance and value of the arts as community assets has sparked public intervention to leverage the arts to generate a variety of instrumental benefits. The arts were famously positioned as being of significant value for knowledge workers, the creative class, and the entrepreneurs powering the knowledge economy.  This has been portrayed, largely, as a one-way relationship in which the arts benefit cities economic pursuits.  Such depictions fail to consider the influence of open systems and recognize how communities simultaneously influence the population of arts and culture organizations.  This paper asks, “How do entrepreneurship levels affect the population dynamics of arts and culture nonprofits?”  The interactions between the formation and exit of nonprofit arts organizations and entrepreneurial climate of the 50 US states for the period from 1989 to 2012 are analyzed using negative binomial regression.  Higher entrepreneurial climates are associated with lower incidences of nonprofit arts and culture formations and lower exits.  The implications of this and opportunities for additional research are discussed. 

scholarly journals Friedman Doctrine: Maximizing Profits is Neither Good for Society Nor Even for the Shareholders

2021 ◽  
Vol 7 (3) ◽  
pp. p153
Author(s):  
Y. Datta
Keyword(s):  
New York ◽  
Free Market ◽  
Profit Maximization ◽  
New York Times ◽  
Ronald Reagan ◽  
Short Term ◽  
The Great Depression ◽  
The Social ◽  
Good For

This paper is an attempt at a critique of Milton Friedman’s article titled: “A Friedman doctrine—The Social Responsibility of Business is to Increase Its Profits” published in the New York Times Magazine fifty years ago. The publication of this doctrine sparked a revolution. Ronald Reagan found it a powerful platform from which to launch his radical free-market agenda. The event marked a turning point when America embarked on a journey towards unfettered capitalism.Encouraged by the Friedman doctrine American CEOs chose a path toward profit maximization/maximizing shareholder value: a mindset that favored risk aversion and a short-term focus on cost reduction vs. long-term need for innovation, quality and customer satisfaction. And it is this historic psychological shift that has contributed so much to America’s industrial decline.Economic inequality in America has been going up persistently since 1974, squeezing the middle class. America’s income inequality has now widened so much that it rivals the highest level recorded in 1928 that led to the Great Depression of 1929. Friedman’s essay has three major flaws. First, it is offered as a doctrine not a theorem. Second, it is grounded in the moral philosophy of self-interest—and greed. Third, it does not distinguish between short-term and long-term shareholders.Friedman’s theory of profit maximization is too difficult, too unrealistic--and immoral.Based on an extensive analysis, we have come to the conclusion that profit maximization is neither good for society nor even for the shareholders.

scholarly journals Monetary and fiscal policy mix connectivity towards the business cycle in Indonesia

2021 ◽  
Vol 9 (2) ◽  
pp. 139-152
Author(s):  
Regina Niken Wilantari ◽  
Imro'atul Husna Afriani
Keyword(s):  
Fiscal Policy ◽  
Business Cycle ◽  
Exchange Rates ◽  
Money Supply ◽  
Series Data ◽  
Policy Mix ◽  
Short Term ◽  
The Business Cycle ◽  
Monetary And Fiscal Policy

This research is based on the magnitude of the influence of monetary and fiscal aspects, namely the money supply, exchange rates, government spending, and taxes on the business cycle in Indonesia. This study aims to examine the effect of the connection between the monetary and fiscal policy mix on the business cycle in Indonesia. For analysis purposes, secondary data was used in the form of time-series data from 1970–2017. The method used is the Vector Error Correction Model (VECM) to see long-term and short-term relationships. In the estimation results, it is found that in the long-term period, the monetary variables (money supply and exchange rates) and fiscal variables (government expenditures and taxes) have a significant positive effect on the business cycle in Indonesia.In contrast, the monetary variables that have a significant effect in the short-term period are only the amount variable money supply. There are no fiscal variables that have a significant effect on the business cycle in Indonesia. The interaction of monetary and fiscal policies is still effectively implemented in Indonesia.

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