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Randall Wright
Randall D. Wright (born August 4, 1956) is a Canadian academic macroeconomist who advanced the fields of monetary economics and labor economics through his role in the development of matching theory. Biography Wright obtained a B.A. in Economics at the University of Manitoba in 1979 and a Ph.D. in Economics at the University of Minnesota in 1986. He was awarded an honorary M.A. by the University of Pennsylvania in 1990. His first position was as an assistant professor at Cornell from 1984 to 1987. He then moved to the University of Pennsylvania, where he became a full professor in 1994, later becoming the James Joo-Jin Kim Professor of Economics. In 2009, Wright accepted a position in the Economics Department at University of Wisconsin–Madison. He is at the same time the Ray B. Zemon Chair in Liquid Assets in the Wisconsin School of Business' Department of Finance, Investment and Banking. In addition to his academic position, Wright is a research associate at the Federal Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wisconsin School Of Business
The Wisconsin School of Business (WSB) is the business school of the University of Wisconsin–Madison, a public research university in Madison, Wisconsin and consistently ranks among the top business schools in the world. Founded in 1900, it has more than 45,000 living alumni. The undergraduate program prepares students for business careers, while its Master of Business Administration (MBA) program is based on focused career specializations, and its PhD program prepares students for careers in academia. The school offers student services, such as Accenture Leadership Center, The Huber Business Analytics Lab and International Programs. In the 2019 ''U.S. News & World Report'' rankings, the Wisconsin School of Business's undergraduate program was ranked 18th overall among business schools. The University of Wisconsin-Madison currently has the most Fortune 500 CEOs alumni of any school in the world, with 14. School name In 2005 the Wisconsin School of Business Dean Michael Knette ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank Of Philadelphia
The Federal Reserve Bank of Philadelphia — also known as the Philadelphia Fed or the Philly Fed — headquartered at 10 Independence Mall in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern and central Pennsylvania, the nine southern counties of New Jersey, and Delaware. Its geographical territory is by far the smallest in the system, and its population base is the second-smallest (next to the Federal Reserve Bank of Minneapolis). The current President of the Philadelphia Fed is Patrick T. Harker. The Philadelphia Fed conducts research on both the national and regional economy. Its regional manufacturing index is the second of the regional manufacturing reports released every month (the New York Fed's Empire State Index is now released earlier), but it is still very important to the financial community as a proxy for nationwide manufacturing conditions. The Federal Reserve Bank of Philadelphia publishes a quarterly s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exogenous And Endogenous Variables
In an economic model, an exogenous variable is one whose measure is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable.Mankiw, N. Gregory. ''Macroeconomics'', third edition, 1997.Varian, Hal R., ''Microeconomic Analysis'', third edition, 1992.Chiang, Alpha C. ''Fundamental Methods of Mathematical Economics'', third edition, 1984. In contrast, an endogenous variable is a variable whose measure is determined by the model. An endogenous change is a change in an endogenous variable in response to an exogenous change that is imposed upon the model. The term endogeneity in econometrics has a related but distinct meaning. An endogenous random variable is correlated with the error term in the econometric model, while an exogenous variable is not. Examples In the LM model of interest rate determination, the supply of and demand for money determine the interest rate contingent on the level of the money supply, so the mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Division Of Labour
The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation). Individuals, organizations, and nations are endowed with, or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialised capabilities may include equipment or natural resources as well as skills, and training and combinations of such assets acting together are often important. For example, an individual may specialise by acquiring tools and the skills to use them effectively just as an organization may specialise by acquiring specialised equipment and hiring or training skilled operators. The division of labour is the motive for trade and the source of economic interdependence. Historically, an increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash-in-advance Constraint
The cash-in-advance constraint, also known as the Clower constraint after American economist Robert W. Clower, is an idea used in economic theory to capture monetary phenomena. In the most basic economic models (such as the Walras model or the Arrow–Debreu model) there is no role for money, as these models are not sufficiently detailed to consider how people pay for goods, other than to say everyone has a budget constraint. To be able to say anything about the money supply, inflation, monetary policy and so on, economists must therefore introduce additional assumptions into their models. One possibility, and the more popular one, is to introduce a cash-in-advance constraint i.e. a requirement that each consumer or firm must have sufficient cash available before they can buy goods. An alternative assumption would be a 'Money-in-the-Utility-Function' assumption pioneered by Miguel Sidrauski, which states that people have a tendency to hold a certain amount of cash because they der ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility Function
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reduced Form
In statistics, and particularly in econometrics, the reduced form of a system of equations is the result of solving the system for the endogenous variables. This gives the latter as functions of the exogenous variables, if any. In econometrics, the equations of a structural form model are estimated in their theoretically given form, while an alternative approach to estimation is to first solve the theoretical equations for the endogenous variables to obtain reduced form equations, and then to estimate the reduced form equations. Let ''Y'' be the vector of the variables to be explained (endogeneous variables) by a statistical model and ''X'' be the vector of explanatory (exogeneous) variables. In addition let \varepsilon be a vector of error terms. Then the general expression of a structural form is f(Y, X, \varepsilon) = 0 , where ''f'' is a function, possibly from vectors to vectors in the case of a multiple-equation model. The reduced form of this model is given by Y = g(X, \ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Search Theory
In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting. Search theory clarifies how buyers and sellers choose when to acknowledge a coordinating offer for a transaction. Search theory also provides an explanation for why frictional unemployment happens as people look for jobs and corporations look for new employees. Search theory has been used primarily to explain labor market inefficiencies, but also for all forms of "buyers" and "sellers", whether products, homes or even spouses/partners. It can be applied. The clearing price will be met quickly as supply and demand react freely. However, this does not happen in the real world. Search theory tries to explain how. Search theory has been applied in labor economics to analyze frictional unemployment resulting from job hunting by workers. In consumer theory, it has been applied to analyze purchasing decisions. From a wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobuhiro Kiyotaki
(born June 24, 1955) is a Japanese economist and the Harold H. Helms '20 Professor of Economics and Banking at Princeton University. He is especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics. Career He received a B.A. from University of Tokyo in 1978. After receiving his doctorate in economics from Harvard University in 1985, Kiyotaki held faculty positions at the Univ. of Wisconsin–Madison, the Univ. of Minnesota, and the London School of Economics before moving to Princeton. He is a fellow of the Econometric Society, was awarded the 1997 Nakahara Prize of the Japan Economics Association and the 1999 Yrjö Jahnsson Award of the European Economic Association, the latter together with John Moore. In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences. He is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Economic Review
The ''International Economic Review'', (IER) is a quarterly peer-reviewed scientific journal in economics published by the Economics Department of the University of Pennsylvania and Osaka University. The journal's focus is wide and includes many areas of economics, including econometrics, economic theory, macroeconomics, and applied economics. IER was started in 1960 by Michio Morishima, at Osaka University's Institute of Social Economic Research (ISER), and Lawrence R. Klein, at the University of Pennsylvania's Wharton School and Department of Economics. The Kansai Economic Federation of Osaka materially and financially supported the IER at its initial stages. In the present, the IER is run as a non-profit joint academic venture between ISER and the Department of Economics at the University of Pennsylvania. The journal is currently edited by Harold L. Cole of the Pennsylvania Editorial Office and co-edited by Charles Yuji Horioka of the Osaka Editorial Office. The chair of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometric Society
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. It was founded on December 29, 1930, at the Statler Hotel in Cleveland, Ohio. Its first president was Irving Fisher. As of 2014, there are about 700 Elected Fellows of the Econometric Society, making it one of the most prevalent research affiliations. New fellows are elected each year by the current fellows. The sixteen founding members were Ragnar Frisch, Charles F. Roos, Joseph A. Schumpeter, Harold Hotelling, Henry Schultz, Karl Menger, Edwin B. Wilson, Frederick C. Mills, William F. Ogburn, J. Harvey Rogers, Malcolm C. Rorty, Carl Snyder, Walter A. Shewhart, Øystein Ore, Ingvar Wedervang and Norbert Wiener. The first president was Irving Fisher. The Econometric Society sponsors the Economics academic journal ''Economet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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