PRIVATE CAPITAL FLOWS AND THE REAL EXCHANGE RATE IN
... with the appreciation of the real exchange rate. However, other case studies do not conclude to a real appreciation of the exchange rate associated with public flows [Bandara (1995) in Sri Lanka; Nyoni (1998) and Li and Rowe (2007) in Tanzania; Aiyar et al., (2007) in Ethiopia, Ghana, Mozambique, Ta ...
... with the appreciation of the real exchange rate. However, other case studies do not conclude to a real appreciation of the exchange rate associated with public flows [Bandara (1995) in Sri Lanka; Nyoni (1998) and Li and Rowe (2007) in Tanzania; Aiyar et al., (2007) in Ethiopia, Ghana, Mozambique, Ta ...
NBER WORKING PAPER SERIES GROWTH ACCOUNTING Charles R. Hulten Working Paper 15341
... Income per capita and the closely related output per worker are key determinants of national living standards, and the field of growth accounting evolved as an attempt to explain these historical patterns. It grew out of the convergence of national income accounting and growth theory, and, in its s ...
... Income per capita and the closely related output per worker are key determinants of national living standards, and the field of growth accounting evolved as an attempt to explain these historical patterns. It grew out of the convergence of national income accounting and growth theory, and, in its s ...
Effectiveness of the Australian Fiscal Stimulus Package
... This study is the first to evaluate the Australian fiscal stimulus package using a DSGE analysis. It belongs to a recent literature that seeks to evaluate a particular fiscal initiative in response to the GFC using a DSGE framework. Davig and Leeper (2009) estimate the fiscal multiplier in a model w ...
... This study is the first to evaluate the Australian fiscal stimulus package using a DSGE analysis. It belongs to a recent literature that seeks to evaluate a particular fiscal initiative in response to the GFC using a DSGE framework. Davig and Leeper (2009) estimate the fiscal multiplier in a model w ...
The Effects of Macroeconomic Aggregates on Fertility Decisions
... fertility decisions; above-trend urbanization rate is associated with below-trend TFR and BR in all specifications considered. Short run fluctuations in female life expectancy have also been found to be important in explaining the behavior of fertility decisions, particularly when BR is considered a ...
... fertility decisions; above-trend urbanization rate is associated with below-trend TFR and BR in all specifications considered. Short run fluctuations in female life expectancy have also been found to be important in explaining the behavior of fertility decisions, particularly when BR is considered a ...
2014-15 Budget medium-term economic projections
... operating at or near its long-run sustainable growth path (i.e., at the level of potential output), which led to growth rate rules that assume all real variables grow at their trend growth rate over the projection period. The measured cyclical weakness of recent years, which is expected to continue ...
... operating at or near its long-run sustainable growth path (i.e., at the level of potential output), which led to growth rate rules that assume all real variables grow at their trend growth rate over the projection period. The measured cyclical weakness of recent years, which is expected to continue ...
THE COLOMBIAN ECONOMY IN THE NINETIES: CAPITAL FLOWS
... interest rates that could be charged on loans by the financial system. Those controls reduced the whole structure of interest rates but only temporarily. ...
... interest rates that could be charged on loans by the financial system. Those controls reduced the whole structure of interest rates but only temporarily. ...
Melbourne Institute: Home
... unemployment benefits, government regulation and minimum wage laws). Many economists believe that these and other structural factors fail to account for the magnitude of increased actual and equilibrium rates of unemployment in recent times. Thus, the idea has arisen that the natural rate may depend ...
... unemployment benefits, government regulation and minimum wage laws). Many economists believe that these and other structural factors fail to account for the magnitude of increased actual and equilibrium rates of unemployment in recent times. Thus, the idea has arisen that the natural rate may depend ...
Optimal fiscal and monetary policy in a medium
... contingent and that regular taxes are distortionary, makes it attractive for the Ramsey planner to use unexpected variations in inflation as a lump-sum tax on private holdings of nominal government liabilities. This is indeed the reason why in flexible price environments the optimal inflation volati ...
... contingent and that regular taxes are distortionary, makes it attractive for the Ramsey planner to use unexpected variations in inflation as a lump-sum tax on private holdings of nominal government liabilities. This is indeed the reason why in flexible price environments the optimal inflation volati ...
Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
... In this paper, we extend the base model by introducing intangible investment and non-neutral technology change with respect to producing intangible investment goods and find that, in light of this new theory, the 1990s are not puzzling. Intangible investment is excluded from GDP because it is diffic ...
... In this paper, we extend the base model by introducing intangible investment and non-neutral technology change with respect to producing intangible investment goods and find that, in light of this new theory, the 1990s are not puzzling. Intangible investment is excluded from GDP because it is diffic ...
NBER WORKING PAPER SERIES FIRM-SPECIFIC CAPITAL, NOMINAL RIGIDITIES AND THE BUSINESS CYCLE
... In our model aggregate inflation is inertial despite the fact that firms change prices frequently. The inertia reflects that when they do change prices, they do so by a small amount. Firms change prices by a small amount because each firm’s short run marginal cost curve is increasing in its own outp ...
... In our model aggregate inflation is inertial despite the fact that firms change prices frequently. The inertia reflects that when they do change prices, they do so by a small amount. Firms change prices by a small amount because each firm’s short run marginal cost curve is increasing in its own outp ...
Exchange Rate Developments and Fundamentals in Four
... This paper aims at assessing the suitability of exchange rate strategies and identifying possible currency misalignments since the beginning of the 1990s. An exchange rate is regarded as misaligned if its realized values continually deviate from its equilibrium trend. Strong and persistent exchange ...
... This paper aims at assessing the suitability of exchange rate strategies and identifying possible currency misalignments since the beginning of the 1990s. An exchange rate is regarded as misaligned if its realized values continually deviate from its equilibrium trend. Strong and persistent exchange ...
Document
... So if the Fed keeps the interest rate at 6%, the increase in government purchases raises output above potential (an expansionary gap, remember Y*=40,000). To keep the economy at full employment (and reduce inflation), the Fed has to offset the increase in government purchases with a higher real inte ...
... So if the Fed keeps the interest rate at 6%, the increase in government purchases raises output above potential (an expansionary gap, remember Y*=40,000). To keep the economy at full employment (and reduce inflation), the Fed has to offset the increase in government purchases with a higher real inte ...
Investment Hangover and the Great Recession
... such as equipment and machines— which were not necessarily overbuilt but which are used in the production of overbuilt capital. Thus, other types of investment can also decline, in line with the acceleration principle of investment (see, for instance, Samuelson (1939)), despite the low cost of capi ...
... such as equipment and machines— which were not necessarily overbuilt but which are used in the production of overbuilt capital. Thus, other types of investment can also decline, in line with the acceleration principle of investment (see, for instance, Samuelson (1939)), despite the low cost of capi ...
NBER WORKING PAPER SERIES REAL EXCHANGE RATES AND PRODUCTIVITY GROWTH IN THE
... Because the price equations are dual to the production functions, the same production parameters appear in the production and price equations. These equations suggest that gross output prices can diverge from their value added counterparts either because of price developments in the other sector or ...
... Because the price equations are dual to the production functions, the same production parameters appear in the production and price equations. These equations suggest that gross output prices can diverge from their value added counterparts either because of price developments in the other sector or ...
somel on surplus
... Lippit (1985) criticised the various variants of the surplus proposed by Baran (1967) and showed cogently that the definition ‘net domestic product minus essential consumption’ is the most useful one. But at the same time, Lippit implicated the concept in the modernisation versus dependency debate. ...
... Lippit (1985) criticised the various variants of the surplus proposed by Baran (1967) and showed cogently that the definition ‘net domestic product minus essential consumption’ is the most useful one. But at the same time, Lippit implicated the concept in the modernisation versus dependency debate. ...
macroeconomic effects of exchange rate volatility in zambia
... which in turn generates negative economic welfare effects (Bergin, 2004; Obstfeld and Rogoff, 1998). Further, fluctuations in the exchange rate affect consumer goods prices which in turn affect demand and consequently consumption. Monetary policy is also affected by currency fluctuations especially ...
... which in turn generates negative economic welfare effects (Bergin, 2004; Obstfeld and Rogoff, 1998). Further, fluctuations in the exchange rate affect consumer goods prices which in turn affect demand and consequently consumption. Monetary policy is also affected by currency fluctuations especially ...
When are the Effects of Fiscal Policy Uncertainty Large?
... and investment and, in turn, causes a further increase in inflation. In equilibrium, the initial increase in government spending causes a large increase in output. However, if the expansion of the economy is large enough so that the ZLB no longer binds (or is binding for a shorter period of time), t ...
... and investment and, in turn, causes a further increase in inflation. In equilibrium, the initial increase in government spending causes a large increase in output. However, if the expansion of the economy is large enough so that the ZLB no longer binds (or is binding for a shorter period of time), t ...
Fiscal Rules for Resource Windfall Allocation: The Case of
... version of the model developed in Agénor (2016) to the Trinidad and Tobago economy. The contribution of this research is that it is the …rst country application of the Agénor framework. This paper is also the …rst attempt to provide a rigorous assessment of how much of the resource windfall should b ...
... version of the model developed in Agénor (2016) to the Trinidad and Tobago economy. The contribution of this research is that it is the …rst country application of the Agénor framework. This paper is also the …rst attempt to provide a rigorous assessment of how much of the resource windfall should b ...
TRYM - Treasury archive
... example, the household sector in TRYM makes five decisions relating to consumption or saving, rental against non-rental consumption, dwelling investment, labour supply and wages demands. Aggregative consumer behaviour may be affected by underlying changes in the demographic composition of the popula ...
... example, the household sector in TRYM makes five decisions relating to consumption or saving, rental against non-rental consumption, dwelling investment, labour supply and wages demands. Aggregative consumer behaviour may be affected by underlying changes in the demographic composition of the popula ...
The Industrial Revolution in Theory and in History
... some surplus from the knowledge (see Jones (2002)). Also intellectual property rights last only for a few years under most patent systems, even though the knowledge produced may increase in value steadily over time. In addition other producers often circumvent patents by mimicking the original innov ...
... some surplus from the knowledge (see Jones (2002)). Also intellectual property rights last only for a few years under most patent systems, even though the knowledge produced may increase in value steadily over time. In addition other producers often circumvent patents by mimicking the original innov ...
the macroeconomics of the trym model of the
... example, the household sector in TRYM makes five decisions relating to consumption or saving, rental against non-rental consumption, dwelling investment, labour supply and wages demands. Aggregative consumer behaviour may be affected by underlying changes in the demographic composition of the popula ...
... example, the household sector in TRYM makes five decisions relating to consumption or saving, rental against non-rental consumption, dwelling investment, labour supply and wages demands. Aggregative consumer behaviour may be affected by underlying changes in the demographic composition of the popula ...
Macroeconomic Shocks and Monetary Policy
... during the studied time period. The absence of excessive fluctuations in the macro economy of these two inflation targeters implies that they have stable monetary systems. Second, they are both small open economies and net importers of commodities meaning that they participate in the international t ...
... during the studied time period. The absence of excessive fluctuations in the macro economy of these two inflation targeters implies that they have stable monetary systems. Second, they are both small open economies and net importers of commodities meaning that they participate in the international t ...
NBER WORKING PAPER SERIES Alejandro Justiniano
... output ‡uctuations experienced by the U.S. economy in the postwar period represents changes in its degree of ine¢ ciency, rather than movements of the e¢ cient frontier. Second, we …nd that a signi…cant reduction in these ine¢ cient output ‡uctuations would have been compatible with more stable in‡a ...
... output ‡uctuations experienced by the U.S. economy in the postwar period represents changes in its degree of ine¢ ciency, rather than movements of the e¢ cient frontier. Second, we …nd that a signi…cant reduction in these ine¢ cient output ‡uctuations would have been compatible with more stable in‡a ...