Malley, James R.
Most widely held works by James R Malley
The specification, estimation, and simulation of a small global macroeconomic model by James R Malley ( Book )
4 editions published between 1990 and 1991 in English and held by 107 libraries worldwide
A simple forecasting model linking macroeconomic policy to industrial employment demand by James R Malley ( Book )
2 editions published in 1988 in English and held by 98 libraries worldwide
Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe by Campbell Leith ( Book )
8 editions published between 2001 and 2002 in English and held by 28 libraries worldwide
A persistent criticism of general equilibrium models of monetary policy which incorporate nominal inertia in the form of the New Keynesian Phillips Curce (NKPC) is that they fail to capture the extent of inflation inertia in the data. In this paper we derive a general equilibrium model based on optimising behaviour, but which also implies a data consistent NKPC. Specifically our model accounts for nominal inertia in both price and wage setting as well for habits in consumption. Using U.S. and European data from 1970 to 1998 our parameter estimates reveal that (i) there is relatively more inertia in pricesetting in Europe; (ii)wage contracts last longer in the US; (iii) the extend of backward-looking behaviour in price and wage setting is statistically significant but small in both the US and Europe; and (iv) significant habits effects are present in European consumption. Finally we simulate the effects of monetary policy and find that while the magnitude of the impact of monetary policy on the endogenous variables in our estimated models are similar to other econometric studies, the dynamic paths for variables display less inertia than is typically found in studies which use output gaps to proxy changes in marginal costs.
Economic growth and endogenous fiscal policy : in search of a data consistent general equilibrium model by Jim Malley ( Book )
6 editions published between 1999 and 2000 in English and held by 26 libraries worldwide
Capital accumulation and unemployment : a tale of two "continents by Jim Malley ( Book )
6 editions published between 1998 and 2000 in English and held by 25 libraries worldwide
Do excessive wage increases raise imports? theory and evidence by James R Malley ( Book )
6 editions published between 2000 and 2001 in English and held by 22 libraries worldwide
Estimated open economy new Keynesian Phillips curves for the G7 by Campbell Leith ( Book )
6 editions published between 2002 and 2003 in English and held by 20 libraries worldwide
In this paper we develop an open economy model of firms' pricing behaviour under imperfect competition. This allows us to introduce various terms of trade effects influencing the firm's pricing decision, in addition to labour costs which dominate most closed-economy specifications of the New Keynesian Phillips (NKPC) curve. Our analysis gives rise to a hybrid open economy NKPC which nests existing closed and open economy specifications adopted in empirical work. We estimate this specification for the G7 economies and find that the US, UK and Canada typically enjoy less inertia in price setting than the European G7 economies and Japan and that these estimates are both plausible and in line with survey evidence. We also find that the proportion of firms which use simple backward-looking rules of thumb in price setting is greater when the frequency of price change is smaller. Finally there is evidence of significant asymmetries in price setting amongst EMU members.
A sectoral analysis of price-setting behavior in US manufacturing industries by Campbell Leith ( Book )
4 editions published in 2003 in English and held by 19 libraries worldwide
Vertical product differentiation and the import demand function : theory and evidence by Jim Malley ( Book )
3 editions published in 2000 in English and held by 19 libraries worldwide
Real wages and the cycle : the view from the frequency domain by Robert A Hart ( Book )
8 editions published in 2001 in English and held by 18 libraries worldwide
In the time domain, the observed cyclical behavior of the real wage hides a range of economic influences that give rise to cycles of differing lengths and amplitudes. This may serve to produce a distorted picture of wage cyclicality. Here, we employ frequency domain methods that allow us decompose wages into cyclical components and to assess the relative contribution of each component. These are discussed in relation to wages alone (the univariate case) and to wages in relation to production or employment-based measures of the cycle (multivariate). In the multivariate dimension, we derive methods for determining whether (i) wage and business cycles cohere (ii) lead-lag or contemporaneous relationships exist and (iii) the degree of coherency between wage and business cycles is time dependent. We establish that real wages are strongly procyclical and that the business cycle is the dominant associated influence.
Fiscal policy and consumption : new evidence from the United States by Julia Darby ( Book )
5 editions published in 1994 in English and German and held by 15 libraries worldwide
On the cyclicality and stability of real earnings by Robert A Hart ( Book )
7 editions published in 1999 in English and held by 13 libraries worldwide
Unemployment and consumption : the case of motor-vehicles by Jim Malley ( Book )
5 editions published in 1993 in English and held by 13 libraries worldwide
Electoral uncertainty, fiscal policy and macroeconomic fluctuations by Jim Malley ( Book )
5 editions published in 2005 in English and held by 12 libraries worldwide
In this paper we study the link between elections, fiscal policy and aggregate fluctuations. The set-up is a stylized dynamic stochastic general equilibrium model incorporating both technology and political re-election shocks. The later are incorporated via a two-party model with elections. The main theoretical prediction is that forward-looking incumbents, with uncertain prospects of re-election, find it optimal to follow relatively shortsighted fiscal policies, and that this hurts capital accumulation. Our econometric estimation, using U.S. data, finds a statistically significant link between electoral uncertainty and policy instruments and in turn macroeconomic outcomes.
Technology shocks and aggregate fluctuations in an estimated hybrid RBC model by James R Malley ( Book )
4 editions published in 2009 in English and held by 11 libraries worldwide
This paper contributes to the on-going empirical debate regarding the role of the RBC model and in particular of technology shocks in explaining aggregate fluctuations. To this end we estimate the model's posterior density using Markov-Chain Monte-Carlo (MCMC) methods. Within this framework we extend Ireland's (2001, 2004) hybrid estimation approach to allow for a vector autoregressive moving average (VARMA) process to describe the movements and co-movements of the model's errors not explained by the basic RBC model. The results of marginal likelihood ratio tests reveal that the more general model of the errors significantly improves the model's fit relative to the VAR and AR alternatives. Moreover, despite setting the RBC model a more difficult task under the VARMA specification, our analysis, based on forecast error and spectral decompositions, suggests that the RBC model is still capable of explaining a significant fraction of the observed variation in macroeconomic aggregates in the post-war U.S. economy.
To react or not? : fiscal policy, volatility and welfare in the EU-3 by Jim Malley ( Book )
5 editions published in 2007 in English and held by 10 libraries worldwide
This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy intervention. We subject the model to productivity shocks and use either government consumption or investment to react to the output gap or the public debt-to-output ratio. If the object of fiscal policy is purely to stabilize output or debt volatility, then our results suggest substantial reductions can be obtained, especially with respect to output. In stark contrast, however, a formal general equilibrium welfare assessment of the volatility implications of these alternative instrument/target combinations reveals the welfare gains from active policy, measured as a share of consumption, to be very modest.
Welfare implications of public education spending rules by Konstantinos Angelopulos ( Book )
3 editions published in 2008 in English and held by 10 libraries worldwide
In this paper, we quantitatively assess the welfare implications of alternative public education spending rules. To this end, we employ a dynamic stochastic general equilibrium model in which human capital externalities and public education expenditures, financed by distorting taxes, enhance the productivity of private education choices. We allow public education spending, as share of output, to respond to various aggregate indicators in an attempt to minimize the market imperfection due to human capital externalities. We also expose the economy to varying degrees of uncertainty via changes in the variance of total factor productivity shocks. Our results indicate that, in the face of increasing aggregate uncertainty, active policy can significantly outperform passive policy (i.e. maintaining a constant public education to output ratio) but only when the policy instrument is successful in smoothing the growth rate of human capital..
Does government employment "crowd-out" private employment? : evidence from Sweden by Jim Malley ( Book )
3 editions published between 1992 and 1995 in English and held by 9 libraries worldwide
Monopolistic competition, efficiency wages and perverse effects of demand shock by James R Malley ( Book )
4 editions published between 2000 and 2001 in English and held by 9 libraries worldwide
The life-cycle-permanent-income model : a reinterpretation and supporting evidence by James R Malley ( Book )
4 editions published between 2002 and 2003 in English and held by 7 libraries worldwide
Business cycles Business cycles--Econometric models Business cycles--Mathematical models Canada Classical school of economics Competition, Imperfect Consumption (Economics)--Mathematical models Demand (Economic theory) Economic development Economic forecasting--Econometric models Economic policy Economic policy--Econometric models Economics Employment forecasting--Mathematical models Equilibrium (Economics) Europe--European Union countries Fiscal policy Fiscal policy--Econometric models Foreign exchange--Mathematical models France Germany Group of Seven countries Imports Industrial productivity--Mathematical models Inflation (Finance)--Forecasting International economic relations--Econometric models International trade--Mathematical models Japan Keynesian economics Labor Labor market--Econometric models Labor supply--Regional disparities--Mathematical models Macroeconomics Macroeconomics--Mathematical models Manpower policy--Econometric models Manufacturing industries Monetary policy--Econometric models Monopolies Overproduction--Econometric models Permanent income theory Phillips curve Pricing Sweden Unemployment Unemployment--Mathematical models United States Wages Wages and labor productivity Wages--Econometric models Wages--Mathematical models
Malley, J. fl.1979-
Malley, James fl.1979-
Malley, Jim fl.1979-