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Romer, David

Works: 96 works in 613 publications in 7 languages and 10,583 library holdings
Genres: Conference papers and proceedings  History  Periodicals 
Roles: Author, Editor, Other, Contributor
Classifications: HB172.5, 339
Publication Timeline
Publications about David Romer
Publications by David Romer
Most widely held works by David Romer
Advanced macroeconomics by David Romer( Book )
109 editions published between 1996 and 2014 in 8 languages and held by 1,653 libraries worldwide
Revised topics in this textbook cover immigrants' wages, geography affecting income, cyclical income changes, credit limits and borrowing. Dozens of models help to illustrate numerous disagreements over answers to research questions
New Keynesian economics by N. Gregory Mankiw( Book )
64 editions published between 1991 and 1998 in English and held by 747 libraries worldwide
Reducing inflation : motivation and strategy by Christina Romer( Book )
17 editions published between 1997 and 2007 in English and held by 450 libraries worldwide
In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss strategies for reducing inflation. The authors investigate both day-to-day issues in the conduct of monetary policy and fundamental reforms of monetary institutions. Using a wide range of data and analytical techniques, these papers seek to answer important questions about the wisdom and methods of reducing inflation. Section I explores inflation's effects and costs. Essays in this section investigate the reasons that inflation causes so much unhappiness to ordinary people, the potentially large benefits of reducing inflation to zero through its impact on the tax system, and inflation's effects on the efficiency of the labor market and the equilibrium unemployment rate
Trade and growth in East Asian countries : cause and effect? by Jeffrey A Frankel( Book )
18 editions published between 1995 and 1996 in English and held by 82 libraries worldwide
Estimates of growth equations have found a role for openness, particularly in explaining rapid growth among East Asian countries. But major concerns of simultaneous causality between growth and trade have been expressed. This study aims to deal with the endogeneity of trade by using as instrumental variables the exogenous determinants from the gravity model of bilateral trade, such as proximity to trading partners. We find that the effect of openness on growth is even stronger when we correct for the endogeneity of openness than in standard OLS estimates. We conclude with estimates of how much has been contributed to East Asian growth both by the exogenous or geographical component of openness and by the residual or policy component
Monetary policy and the well-being of the poor by Christina Romer( Book )
12 editions published in 1998 in English and held by 78 libraries worldwide
This paper investigates monetary policy's influence on poverty and inequality in both the short run and the long run. We find that the short-run and long-run relationships go in opposite directions. The time-series evidence from the United States shows that a cyclical boom created by expansionary monetary policy is associated with improved conditions for the poor in the short run. The cross-section evidence from a large sample of countries, however, shows that low inflation and stable aggregate demand growth are associated with improved well-being of the poor in the long run. Both the short-run and long-run relationships are quantitatively large, statistically significant, and robust. But because the cyclical effects of monetary policy are inherently temporary, we conclude that monetary policy that aims at low inflation and stable aggregate demand is the most likely to permanently improve conditions for the poor
Misconceptions and political outcomes by David Romer( Book )
13 editions published in 1997 in English and held by 75 libraries worldwide
A large recent literature shows that strategic interactions among actors with conflicting objectives can produce inefficient political decisions. This paper investigates an alternative explanation of such decisions: if individuals' errors in assessing the likely effects of proposed policies are correlated, democratic decision-making can produce inefficient outcomes even in the absence of distributional conflicts or heterogeneous preferences. Choosing candidates from among the best informed members of the population does not remedy the problems created by such errors, but subsidizing information and exposing representatives to information after their election do. Concentration of power has ambiguous effects. Finally, the presence of correlated errors tends to create multiple equilibria in political institutions
Trade and growth : an empirical investigation by Jeffrey A Frankel( Book )
14 editions published in 1996 in English and held by 66 libraries worldwide
Abstract: Countries' geographic characteristics have important effects on their trade, and are plausibly uncorrelated with other determinants of their incomes. This paper therefore constructs measures of the geographic component of countries' trade and uses those measures to obtain instrumental variables estimates of the effect of trade on income. The results suggest that ordinary least squares estimates understate the effects of trade, and that trade has a quantitatively large, significant, and robust positive effect on income
What ends recessions? by Christina Romer( Book )
11 editions published in 1994 in English and held by 65 libraries worldwide
This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in economic activity, and even then the responses are usually small. Simulations using multipliers from both simple regressions and a large macroeconomic model show that the interest rate falls account for nearly all of the above-average growth that occurs early in recoveries. Our estimates also indicate that on several occasions expansionary policies have contributed substantially to above-normal growth outside of recoveries. Finally, the results suggest that the persistence of aggregate output movements is largely the result of the extreme persistence of the contribution of policy changes
Institutions for monetary stability by Christina Romer( Book )
12 editions published between 1996 and 1997 in English and held by 64 libraries worldwide
This paper demonstrates that failures in monetary policy arise not just from dynamic inconsistency, but more importantly, from imperfect understanding of the economy and the effects of policy. Using recent and historic episodes from the United States and abroad, we show that limited knowledge on the part of economists, policymakers, elected leaders, and voters has been an important source of monetary policy mistakes. We then analyze what institutions of monetary policy could address the problems of both dynamic inconsistency and limited knowledge. Our analysis suggests that one set of institutions that could do this is a highly independent central bank with discretion about both the goals and the conduct of policy, combined with a two-level structure where elected leaders appoint a board of trustees for the central bank, which in turn selects the actual policymakers. We conclude by discussing recent and proposed reforms in monetary policy and institutions in industrialized countries in light of this analysis
Federal Reserve private information and the behavior of interest rates by Christina Romer( Book )
11 editions published in 1996 in English and held by 63 libraries worldwide
Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about inflation beyond what is known to commercial forecasters. We also provide evidence that monetary policy actions provide signals of the Federal Reserve's private information and that commercial forecasters modify their forecasts in response to those signals. These findings may explain why long-term interest rates typically rise in response to shifts to tighter monetary policy
Keynesian macroeconomics without the LM curve by David Romer( Book )
14 editions published between 1999 and 2000 in English and held by 54 libraries worldwide
Abstract: Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money supply with an assumption that it follows a simple interest rate rule. The resulting model is simpler, more realistic, and more coherent than IS-LM-AS, not just in its treatment of monetary policy but in many other ways. The paper also discusses other alternatives to IS-LM-AS
A rehabilitation of monetary policy in the 1950s by Christina Romer( Book )
12 editions published in 2002 in English and held by 50 libraries worldwide
Monetary policy in the United States in the 1950s was remarkably modern. Analysis of Federal Reserve records shows that policymakers had an overarching aversion to inflation and were willing to accept significant costs to prevent it from rising to even moderate levels. This aversion to inflation was the result of policymakers' beliefs that higher inflation could not raise output in the long run, that the level of output that would trigger increases in inflation was only moderate, and that inflation had large real costs in the medium and long runs. Furthermore, both narrative and empirical analysis indicates that policymakers were not wedded to free reserves or other faulty indicators in their implementation of policy. Empirical estimates of a forward-looking Taylor rule show that policymakers in the 1950s raised nominal interest rates more than one-for-one with increases in expected inflation, and suggests that monetary policy in the 1950s was more similar to policy in the 1980s and 1990s than to that in the late 1960s and 1970s. One implication of these findings is that the inflation of the late 1960s and 1970s must have been the result of a change in the conduct of policy
It's fourth down and what does the Bellman equation say? : a dynamic-programming analysis of football strategy by David Romer( Book )
12 editions published in 2002 in English and held by 49 libraries worldwide
Abstract: This paper uses play-by-play accounts of virtually all regular season National Football League games for 1998-2000 to analyze teams' choices on fourth down between trying for a first down and kicking. Dynamic programming is used to estimate the values of possessing the ball at different points on the field. These estimates are combined with data on the results of kicks and conventional plays to estimate the average payoffs to kicking and going for it under different circumstances. Examination of teams' actual decisions shows systematic, overwhelmingly statistically significant, and quantitatively large departures from the decisions the dynamic-programming analysis implies are preferable
The evolution of economic understanding and postwar stabilization policy by Christina Romer( Book )
11 editions published in 2002 in English and held by 47 libraries worldwide
There have been large changes in the conduct of aggregate demand policy in the United States over the past fifty years. This paper shows that these changes in policy have resulted largely from changes in policymakers' beliefs about the functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve's internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the evidence reveals an evolution from a fairly crude but basically sound worldview in the 1950s, to a more sophisticated but deeply flawed model in the 1960s, to uncertainty and fluctuating beliefs in the 1970s, and finally to the modern worldview of the 1980s and 1990s. We establish a link between policymakers' beliefs and aggregate demand policy by examining narrative evidence on the motivation for key policy choices. We also compare monetary policymakers' choices with the implications of a modern estimated policy rule and show that the main differences are consistent with the changes in beliefs that we observe
Choosing the federal reserve chair : lessons from history by Christina Romer( Book )
11 editions published in 2003 in English and held by 42 libraries worldwide
This paper uses the lessons of history to identify the sources of monetary policy successes and failures in the past and to suggest a strategy for choosing successful Federal Reserve chairs in the future. It demonstrates that since at least the mid-1930s, the key determinant of the quality of monetary policy has been policymakers' beliefs about how the economy functions and what monetary policy can accomplish. When the Federal Reserve chairman and other policymakers have believed that inflation is costly, that inflation responds to the deviation of output from a moderate estimate of capacity, and that monetary policy can affect output and prices, as was the case in the 1950s and the 1980s and beyond, policy was well tempered and macroeconomic outcomes were desirable. When policymakers held other beliefs, such as the view that monetary policy cannot stimulate a depressed economy or that slack is ineffective in reducing inflation, as was the case in the 1930s and the 1970s, policy and outcomes were undesirable. This finding suggests that the key characteristic to look for in future Federal Reserve chairs is a sound economic framework. The paper shows that the best predictor of the beliefs previous chairmen held while in office are their prior writings, speeches, and confirmation hearings. Therefore, in choosing future chairs, it is crucial to evaluate the intellectual frameworks of potential nominees, and to reject candidates whose views are worrisome
Brookings papers on economic activity : Spring 2009 by Justin Wolfers( Book )
9 editions published between 2009 and 2010 in English and Undetermined and held by 10 libraries worldwide
Tentative contents include The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation Sumit Agarwal (Federal Reserve Bank Of Chicago), Xavier Gabaix (New York University), and David Laibson (Harvard University) Heeding Daedalus: Optimal Inflation and the Zero Lower Bound John C. Williams (Federal Reserve Bank of San Francisco) By How Much Does GDP Rise If the Government Buys More Output? Robert E. Hall (Stanford University) Interpreting the Unconventional U.S. Monetary Policy of 2007-09 Ricardo Reis (Columbia University) When the North Heads South: The World in Crisis Carmen M. Reinhart (University of Maryland), and Vincent Reinhart (American Enterprise Institute)
What have we learned? : macroeconomic policy after the crisis ( Book )
4 editions published in 2014 in English and held by 8 libraries worldwide
Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume’s editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights.0The editors and contributors - who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer - consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements
Brookings papers on economic activity : fall 2010 by David Romer( Book )
10 editions published between 2009 and 2011 in English and Undetermined and held by 4 libraries worldwide
Annotation Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues. Contents:Editors' SummaryThe Labor Market in the Great RecessionBy Michael W.L. Elsby (University of Michigan), Bart Hobijn (Federal Reserve Bank of San Francisco), and Aysegül Sahin (Federal Reserve Bank of New York)The Income- and Expenditure- Side Estimates of U.S. Output GrowthBy Jeremy J. Nalewaik (Board of Governors of the Federal Reserve System)The Rug Rat RaceBy Garey Ramey and Valerie A. Ramey (University of California, San Diego)The CrisisBy Alan Greenspan (Greenspan Associates LLC)The Initial Impact of the Crisis on Emerging Market CountriesBy Olivier J. Blanchard (International Monetary Fund and MIT), Mitali Das (International Monetary Fund), and Hamid Faruqee (International Monetary Fund)Geographic Variation in Health Care: The Role of Private MarketsBy Tomas J. Philipson (University of Chicago), Seth A. Seabury (RAND Corporation), Lee M. Lockwood (University of Chicago), Dana P. Goldman (University of Southern California), and Darius Lakdawalla (Univeresity of Southern California)
Brookings Papers on Economic Activity Spring 2011 by David Romer( file )
7 editions published between 2010 and 2011 in English and held by 0 libraries worldwide
The Brookings Papers on Economic Activity publishes research in macroeconomics, broadly defined, with an emphasison analysis that is empirical, focuses on real-world events and institutions, and is relevant to economic policy
In the wake of the crisis : leading economists reassess economic policy by Joseph E Stiglitz( file )
1 edition published in 2012 in English and held by 0 libraries worldwide
In 2011, the International Monetary Fund invited prominent economists and economic policy makers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. For instance, to what extent are financial markets efficient and self-correcting? How crucial is low and stable inflation for growth and the real stability of the economy? How strong is the case for open capital markets? Too often, the standard models provided insufficient guidance on how to respond to the unprecedented situations created by the crisis. As a result, policy makers have been forced to improvise. What to do when interest rates reach the zero floor? How best to provide liquidity to segmented financial institutions and markets? How much to use fiscal policy starting from high levels of debt? These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital account management, growth strategies, and the international monetary system, and the economic models that should underpin thinking about critical policy choices. Among the new realities they consider are the swing of the pendulum toward regulation; the need for new theoretical approaches, incorporating advances in agency theory, behavioral economics, and understanding of credit markets and finance based on theories of imperfect information; and the importance for macroeconomic policy to target not just inflation but also output and financial stability. This title is copublished with The MIT Press
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Alternative Names
David Romer Amerikaans econoom
David Romer US-amerikanischer Ökonom, Professor für Politische Ökonomie an der University of California, Berkeley
Hibbins Romer, David 1958-
Romer, D. 1958-
Romer, D. H.
Romer, D. H. 1958-
Romer, David H. 1958-
Romer, David Hibbard 1958-
Romer, David Hibbins 1958-
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