We tackle two important theoretical problems in macroeconomics and international economics. First, in macroeconomics, especially monetary economics, the models with a standard Taylor rule have multiple equilibria. This multiplicity is problematic since we do not have a theory to determine a price level. We propose a theory to pin down a price level, and discuss how our policy selects a unique equilibrium.', 'Second, we propose a unified framework which nests quantitative gravity models used in international trade. The unified approach allows us to derive counterfactual predictions independent of micro-foundations. We characterize our framework based on two key parameters, estimate them, and quantify the cost of trade war between China and US.

Last modified

• 10/28/2019

Creator

• Yuta Takahashi

DOI

• https://doi.org/10.21985/n2-9xcj-dx04

Subject

• Economics

Keyword

• Economics

Date created

• 2018-01-01

Resource type

• Dissertation

Rights statement

• In Copyright