Traditional output dynamics : a structural perspective

Gespeichert in:

Autor*in:	Malikane, Christopher [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	IS curve IS puzzle Rule-of-thumb behavior

Übergeordnetes Werk:	Enthalten in: Journal of macroeconomics - Detroit, Mich. : Wayne State University Press, 1979, 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15
Übergeordnetes Werk:	volume:82 ; year:2024 ; month:12 ; elocationid:103640 ; pages:1-15

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jmacro.2024.103640

Katalog-ID:	1903392810

Internformat


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982			\|2 26 \|1 00 \|x DE-206 \|b We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.

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allfields	10.1016/j.jmacro.2024.103640 doi (DE-627)1903392810 (DE-599)KXP1903392810 DE-627 ger DE-627 rda eng Malikane, Christopher verfasserin (DE-588)1144396662 (DE-627)1004723121 (DE-576)495371831 aut Traditional output dynamics a structural perspective Christopher Malikane 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206 Enthalten in Journal of macroeconomics Detroit, Mich. : Wayne State University Press, 1979 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 Online-Ressource (DE-627)341349631 (DE-600)2067684-0 (DE-576)103116109 0164-0704 nnns volume:82 year:2024 month:12 elocationid:103640 pages:1-15 https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmacro.2024.103640 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 82 2024 12 103640 1-15 26 01 0206 4582975232 x1z 24-09-24 2403 01 DE-LFER 4594993443 00 --%%-- --%%-- n --%%-- l01 14-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmacro.2024.103640 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf 26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.
spelling	10.1016/j.jmacro.2024.103640 doi (DE-627)1903392810 (DE-599)KXP1903392810 DE-627 ger DE-627 rda eng Malikane, Christopher verfasserin (DE-588)1144396662 (DE-627)1004723121 (DE-576)495371831 aut Traditional output dynamics a structural perspective Christopher Malikane 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206 Enthalten in Journal of macroeconomics Detroit, Mich. : Wayne State University Press, 1979 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 Online-Ressource (DE-627)341349631 (DE-600)2067684-0 (DE-576)103116109 0164-0704 nnns volume:82 year:2024 month:12 elocationid:103640 pages:1-15 https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmacro.2024.103640 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 82 2024 12 103640 1-15 26 01 0206 4582975232 x1z 24-09-24 2403 01 DE-LFER 4594993443 00 --%%-- --%%-- n --%%-- l01 14-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmacro.2024.103640 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf 26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.
allfields_unstemmed	10.1016/j.jmacro.2024.103640 doi (DE-627)1903392810 (DE-599)KXP1903392810 DE-627 ger DE-627 rda eng Malikane, Christopher verfasserin (DE-588)1144396662 (DE-627)1004723121 (DE-576)495371831 aut Traditional output dynamics a structural perspective Christopher Malikane 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206 Enthalten in Journal of macroeconomics Detroit, Mich. : Wayne State University Press, 1979 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 Online-Ressource (DE-627)341349631 (DE-600)2067684-0 (DE-576)103116109 0164-0704 nnns volume:82 year:2024 month:12 elocationid:103640 pages:1-15 https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmacro.2024.103640 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 82 2024 12 103640 1-15 26 01 0206 4582975232 x1z 24-09-24 2403 01 DE-LFER 4594993443 00 --%%-- --%%-- n --%%-- l01 14-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmacro.2024.103640 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf 26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.
allfieldsGer	10.1016/j.jmacro.2024.103640 doi (DE-627)1903392810 (DE-599)KXP1903392810 DE-627 ger DE-627 rda eng Malikane, Christopher verfasserin (DE-588)1144396662 (DE-627)1004723121 (DE-576)495371831 aut Traditional output dynamics a structural perspective Christopher Malikane 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206 Enthalten in Journal of macroeconomics Detroit, Mich. : Wayne State University Press, 1979 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 Online-Ressource (DE-627)341349631 (DE-600)2067684-0 (DE-576)103116109 0164-0704 nnns volume:82 year:2024 month:12 elocationid:103640 pages:1-15 https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmacro.2024.103640 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 82 2024 12 103640 1-15 26 01 0206 4582975232 x1z 24-09-24 2403 01 DE-LFER 4594993443 00 --%%-- --%%-- n --%%-- l01 14-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmacro.2024.103640 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf 26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.
allfieldsSound	10.1016/j.jmacro.2024.103640 doi (DE-627)1903392810 (DE-599)KXP1903392810 DE-627 ger DE-627 rda eng Malikane, Christopher verfasserin (DE-588)1144396662 (DE-627)1004723121 (DE-576)495371831 aut Traditional output dynamics a structural perspective Christopher Malikane 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206 Enthalten in Journal of macroeconomics Detroit, Mich. : Wayne State University Press, 1979 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 Online-Ressource (DE-627)341349631 (DE-600)2067684-0 (DE-576)103116109 0164-0704 nnns volume:82 year:2024 month:12 elocationid:103640 pages:1-15 https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jmacro.2024.103640 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 82 2024 12 103640 1-15 26 01 0206 4582975232 x1z 24-09-24 2403 01 DE-LFER 4594993443 00 --%%-- --%%-- n --%%-- l01 14-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.jmacro.2024.103640 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf 26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.
language	English
source	Enthalten in Journal of macroeconomics 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 volume:82 year:2024 month:12 elocationid:103640 pages:1-15
sourceStr	Enthalten in Journal of macroeconomics 82(2024) vom: Dez., Artikel-ID 103640, Seite 1-15 volume:82 year:2024 month:12 elocationid:103640 pages:1-15
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spellingShingle	Malikane, Christopher misc IS curve misc IS puzzle misc Rule-of-thumb behavior Traditional output dynamics a structural perspective
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topic_title	26 00 DE-206 We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share Traditional output dynamics a structural perspective Christopher Malikane IS curve (dpeaa)DE-206 IS puzzle (dpeaa)DE-206 Rule-of-thumb behavior (dpeaa)DE-206
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code="b">4594993443</subfield><subfield code="c">00</subfield><subfield code="f">--%%--</subfield><subfield code="d">--%%--</subfield><subfield code="e">n</subfield><subfield code="j">--%%--</subfield><subfield code="y">l01</subfield><subfield code="z">14-10-24</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://doi.org/10.1016/j.jmacro.2024.103640</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://www.sciencedirect.com/science/article/pii/S0164070424000557/pdfft?md5=118f5de1b764d624e5fec6ab519cc2f2&pid=1-s2.0-S0164070424000557-main.pdf</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">We provide theoretical underpinnings to the traditional IS curve by using the concept of basic and non-basic goods and services in the consumption basket. An extended version of this IS curve incorporates the effects of functional income distribution by appealing to rule-of-thumb behavior. An empirical analysis for both emerging and advanced economies shows that this IS curve does not suffer from the "IS puzzle," a weakness that affects its new Keynesian counterpart, when a measure of the nominal interest rate is used. The interest rate negatively and significantly affects output. Secondly, the second-order term typically specified in the output dynamics does not arise from structural consumption behavior. Thirdly, although we find significant rule-of-thumb behavior in that the labor share is statistically significant, optimal behavior dominates economies. Lastly, basics make up an overwhelming component of the consumption basket, which explains the sluggish response of output to shocks. The implication is that there is a need to extend the basic two-equation model into a 3-equation system by adding the dynamics of the labor share.</subfield></datafield></record></collection>
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Traditional output dynamics : a structural perspective

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