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The chapter surveys the current disconnect between academic economics and the economic analysis that is conducted at policy institutions. It argues that microfoundations and general equilibrium theory are not useful for thinking about important questions in macroeconomics, and assesses some alternative approaches that have been proposed. The usefulness of aggregate data for empirical analyses is briefly discussed.
In its 75th anniversary year, this book examines the history, evolution and future of the NHS. With contributions from leading researchers and experts across a range of fields, it provides a long-term critical review of the NHS and key themes in health policy.
Based on in-depth interviews with over eighty precarious workers in Korea, this book introduces the concept of 'melting labour' and provides a real depiction of how workers lose control over their lives and experience precariousness in labour markets.
We show that trade credit contracts between sectors can provide a useful alternative to fiscal transfers during a major productivity shock. Defaults in credit contracts function as transfers between sectors, which can be implemented through a bankruptcy law or through credit renegotiation. Transfers implemented through defaults allow for a reduction in the size of the fiscal policy that restores the economy to the optimal allocation, constituting a relevant alternative to economies without an available fiscal space to implement the optimal policy.
There is an uncomfortably large gulf between academic research and what policy economists use to understand the economy. A Practical Guide to Macroeconomics shows how economists at policy institutions approach important real-world questions and explains why existing academic work – theoretical and empirical – has little to offer them. It argues that this disconnect between theory and practice is problematic for policymaking and the economics profession and looks at what's needed to make academic research more relevant for policy. The book also covers topics related to economic measurement and provides a compact overview of US macroeconomic statistics that will help researchers use these data in a better-informed way.
Drawing on a wealth of qualitative longitudinal evidence, this book casts light on women's lived experiences of welfare and work. It uncovers the hidden gendered bias of conditional welfare reforms to challenge dominant political discourses, policy design and practice norms.
By introducing automation development into a labor search model, this paper obtains that the increasing importance of automation in production may be responsible for the reduction in job reallocation along the transitional dynamics path. In the long run, we find automation also increases the total unemployment rate and reduces overall labor force participation. In addition, decreasing any disparity between differently skilled labor is detrimental to job reallocation along the transitional dynamics path, and both the long-run total unemployment rate and overall labor market participation will fall. Nevertheless, appropriate government subsidy policies can improve business dynamics across the labor market.