WorldCat Identities

Leith, Campbell

Overview
Works: 51 works in 118 publications in 1 language and 320 library holdings
Classifications: HD5710.2, 332.46
Publication Timeline
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Publications by  Campbell Leith Publications by Campbell Leith
Most widely held works by Campbell Leith
Uncertain fiscal consolidations by Huixin Bi ( )
4 editions published between 2012 and 2013 in English and held by 55 WorldCat member libraries worldwide
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition are uncertain. Drawing on the evidence in Alesina and Ardagna (2010), we emphasize whether or not the fiscal consolidation is driven by tax rises or expenditure cuts. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt and expectations over the likelihood and composition of fiscal consolidations all matter in determining the extent to which a given consolidation is expansionary and/or successful in stabilizing government debt
Monetary and fiscal policy interactions in a new Keynesian model with capital accumulation and non-Ricardian consumers by Campbell Leith ( Book )
12 editions published in 2006 in English and held by 51 WorldCat member libraries worldwide
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption, government debt turns into a relevant state variable which needs to be accounted for in the analysis of equilibrium dynamics. The key analytical finding is that without explicit reference to the level of government debt it is not possible to infer how strongly the monetary and fiscal instruments should be used to ensure determinate equilibrium dynamics. Specifically, we identify in our model discontinuities associated with threshold values of steady-state debt, leading to qualitative changes in the local determinacy requirements. These features extend the logic of Leeper (1991) to an environment in which fiscal policy is non-neutral. Naturally, this non-neutrality increases the importance of fiscal aspects for the design of policy rules consistent with determinate dynamics
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 29 WorldCat member 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
Wage inequality and the effort incentive effects of technological progress by Campbell Leith ( Book )
8 editions published in 2001 in English and held by 22 WorldCat member libraries worldwide
To explain the rise in the college wage premium in developed economies in the past decades, the present paper examines the effects of technological progress on workers' effort incentives, which determine the effective labor supply. Five effort incentive effects of technological progress are identified, and through these we obtain a number of results. Firstly, we establish that wage inequality can increase following an acceleration in skill-neutral technology progress. Secondly, an increase in skill-biased technological progress means, (I) skilled wages overshoot, (II) unskilled wages undershoot, and hence (III) wage inequality overshoots their respective long-run values. Thirdly, endogenising the number of skilled and unskilled workers on the basis of economic incentives does not eliminate wage inequality even in the long run. Fourthly, we can obtain hysteresis effects in the determination of long-run wage inequality. Finally, government policies which raise the equilibrium rate of unemployment are likely to reduce the impact of technical progress on inequality, and this may help to explain the relative increase in inequality in the US and UK compared with other European economies. Our focus on the supply-side complements studies which emphasize the impact of skill-biased technological progress on relative demand for skill workers
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 WorldCat member 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 WorldCat member libraries worldwide
Total cross sections of nuclei for 280 Mev neutrons ( )
3 editions published in 1950 in English and held by 12 WorldCat member libraries worldwide
The measurement of 28O-Mev neutron cross sections of various nuclei is described. The neutron beam used results from 340-Mev protons in the 184-in. cyclotron striking a 2-in. Be target. The neutron detector consists of a double coincidence anthracene scintillation counter telescope which counts recoil protons scattered at 15 deg from a paraffin cylinder placed in the collimated neutron beam. A 2-in. Cu absorber placed between the counters assures that only protons of energy greater than 250 Mev are counted. The cross sections for all nuclei measured from Li to Pb are smaller than the corresponding cross sections measured at 90 Mev by factors between 0.5 and 0.6
Taylor rules in the open economy by Campbell Leith ( Book )
6 editions published in 2002 in English and held by 11 WorldCat member libraries worldwide
Experiments on n-p scattering with 90 and 40 Mev neutrons ( )
2 editions published in 1949 in English and held by 11 WorldCat member libraries worldwide
Compatibility between monetary and fiscal policy under EMU by Simon Wren-Lewis ( Book )
4 editions published in 2001 in English and held by 9 WorldCat member libraries worldwide
Experiments on N-P scattering with 260-Mev Neutrons by Edward N Kelley ( )
2 editions published in 1950 in English and held by 8 WorldCat member libraries worldwide
Neutrons produced by 350 Mev protons impinging on beryllium are scattered by hydrogen. We measure the differential scattering cross section as a function of the scattering angle. Results are summarized here
Unemployment and the productivity slowdown : a labour supply perspective by Campbell Leith ( Book )
3 editions published in 2001 in English and held by 7 WorldCat member libraries worldwide
Interactions between monetary and fiscal policy under flexible exchange rates by Campbell Leith ( Book )
3 editions published in 2002 in English and held by 6 WorldCat member libraries worldwide
Interest rate feedback rules in an open economy with forward looking inflation by Campbell Leith ( Book )
3 editions published between 1997 and 2000 in English and held by 5 WorldCat member libraries worldwide
Optimal monetary policy in a new Keynesian model with habits in consumption by Campbell Leith ( )
3 editions published between 2008 and 2009 in English and held by 4 WorldCat member libraries worldwide
While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we consider the implications of external habits for optimal monetary policy, when those habits either exist at the level of the aggregate basket of consumption goods ('superficial' habits) or at the level of individual goods ('deep' habits: see Ravn, Schmitt-Grohe, and Uribe (2006)). External habits generate an additional distortion in the economy, which implies that the flex-price equilibrium will no longer be efficient and that policy faces interesting new trade-offs and potential stabilisation biases. Furthermore, the endogenous mark-up behaviour, which emerges when habits are deep, can also significantly affect the optimal policy response to shocks, as well as dramatically affecting the stabilising properties of standard simple rules
Aggregate investment, Tobin's q and insolvency risk by Campbell Leith ( Book )
3 editions published between 1998 and 1999 in English and held by 4 WorldCat member libraries worldwide
Debt Stabilization in a Non-Ricardian Economy by Campbell Leith ( )
3 editions published in 2011 in English and held by 3 WorldCat member libraries worldwide
In models with a representative infinitely lived household, modern versions of tax smoothing imply that the steady-state of government debt should follow a random walk. This is unlikely to be the case in OLG economies, where the equilibrium interest rate may differ from the policy-maker's rate of time preference such that it may be optimal to reduce debt today to reduce distortionary taxation in the future. Moreover, the level of the capital stock (and therefore output and consumption) in these economies is likely to be sub-optimally low, and reducing government debt will 'crowd in' additional capital. Using an elaborated version of the model of perpetual youth developed by Blanchard (1985) and Yaari (1985), we derive the optimal steady state level of government assets. We show how and why this level of government assets falls short of the level of debt that achieves the optimal capital stock and the level that eliminates income taxes
Special issue : fiscal policy ( Book )
1 edition published in 2006 in English and held by 3 WorldCat member libraries worldwide
Fiscal Sustainability in a New Keynesian Model by Simon Wren-Lewis ( )
3 editions published between 2006 and 2007 in English and held by 3 WorldCat member libraries worldwide
Most recent work deriving optimal monetary policy utilising New Neo-Classical Synthesis (NNCS) models abstract from the impact of monetary policy on the government's finances, by assuming that any change in the government's budget can be financed through lump sum taxes. In this paper, we assume that the government does not have access to such taxes to satisfy its intertemporal budget constraint in the face of shocks. We then consider optimal monetary and fiscal policies under discretion and commitment in the face of technology, preference and cost-push shocks. We confirm that the optimal precommitment policy implies a random walk in the steady-state level of debt. We also find that the time-inconsistency in the optimal precommitment policy is such that governments are tempted, given inflationary expectations, to utilise their monetary and fiscal instruments in the initial period to change the ultimate debt burden they need to service. We show that this temptation is only eliminated if following shocks, the new steady-state debt is equal to the original (efficient) debt level. This implies that under a discretionary policy the random walk result is overturned: debt will always be returned to this initial steady-state even although there is no explicit debt target in the government's objective function. Analytically and in a series of numerical simulations we show which instrument is used to stabilise the debt depends crucially on the degree of nominal inertia and the size of the debt-stock. We also show that the welfare consequences of introducing debt are negligible for precommitment policy, but can be significant for discretionary policy
Monetary policy and the sterling exchange rate ( )
1 edition published in 2006 in English and held by 3 WorldCat member libraries worldwide
"[This dossier addresses] issues raised by the sterling appreciation of 1996-97 and the subsequent prolonged overvaluation. Cobham discusses the MPC's understanding of exchange rate changes and examines policy makers' responses to the proposal that policy should respond to exchange rate misalignments. Kirsanova, Leith and Wren-Lewis construct a "new open economy macroeconomics" model with international risk sharing shocks, in which the welfare function derived includes a term in the "terms of trade gap". Allsopp, Kara and Nelson investigate the exchange rate-prices pass-through and how imports should be modelled, and draw out the policy implications."--Editor
 
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Alternative Names
Leith, C.
Leith, Campbell
Languages
English (82)