MARC 主機 00000nam  2200337   4500 
001    AAI3131854 
005    20050629130840.5 
008    050629s2004                        eng d 
020    0496790945 
035    (UnM)AAI3131854 
040    UnM|cUnM 
100 1  Gumbau-Brisa, Fabia 
245 10 Essays in macroeconomics and innovation 
300    144 p 
500    Source: Dissertation Abstracts International, Volume: 65-
       05, Section: A, page: 1879 
500    Chairman: David Laibson 
502    Thesis (Ph.D.)--Harvard University, 2004 
520    The first two chapters of this dissertation analyze a 
       monetary policy framework with monopolistic competition 
       and Imperfect Common Knowledge in general equilibrium. In 
       particular, it studies inflation persistence and the 
       dynamics of output and inflation, within a rational 
       expectations model, where monetary policy is set through a
       Taylor rule that is subject to shocks. Monetary non-
       neutralities and inflation persistence are endogenous, 
       even though prices can adjust in every period. Stronger 
       anti-inflationary systematic policy or weaker sensitivity 
       to the output gap reduce the extent of strategic 
       complementarities in pricing, leading to a reduction in 
       nominal rigidities and inflation inertia. A simple 
       calibration exercise finds that around 30% of the relevant
       quarterly monetary policy information is processed by 
       price-setters. Chapter 1 also derives the implied rational
       expectations backward-looking Phillips Curve. Credibly pre
       -announced deflations are not expansive and may result in 
       recessions when they take place. Better monetary policy 
       information reduces inertia by making households' beliefs 
       more homogeneous. This reduces the sacrifice ratio from 
       disinflations, and the dispersion of both individual 
       inflation forecasts and relative prices. Chapter 2 extends
       the model presented in Chapter 1, adding realism to the 
       dynamics of output and inflation generated after a 
       monetary policy shock. This is done by introducing habit-
       formation in consumption, which smooths the output 
       response over time, and establishes interdependence of 
       current aggregate demand on past market conditions, 
       resulting in increased inflation inertia 
520    The third and last chapter, joint with Michael Kremer, 
       studies the relative efficiency of two broad types of 
       intervention geared towards promoting R&D. The two types 
       of subsidies are pull mechanisms, which provide funding 
       once the innovation has taken place, and push mechanisms, 
       which finance research along the innovation process. It is
       shown that despite push mechanisms always dominate in the 
       absence of moral hazard and access problems, once those 
       two problems are accounted for, the result is likely to be
       reversed. Additionally, unlike with push programs, pull 
       subsidies provide incentives to improve the technology 
       used to generate the innovation, since the subsidy is 
       contingent on success 
590    School code: 0084 
590    DDC 
650  4 Economics, General 
650  4 Economics, Theory 
690    0501 
690    0511 
710 20 Harvard University 
773 0  |tDissertation Abstracts International|g65-05A 
856 40 |u