Inflation, Disinflation, and Deflation
... supply on the aggregate price level takes place instantaneously rather than over a long period of time. You might be concerned about this assumption given that in previous chapters we’ve emphasized the difference between the short run and the long run. However, for reasons we’ll explain shortly, thi ...
... supply on the aggregate price level takes place instantaneously rather than over a long period of time. You might be concerned about this assumption given that in previous chapters we’ve emphasized the difference between the short run and the long run. However, for reasons we’ll explain shortly, thi ...
Inflation: Causes and Consequences
... curve shifts upward from SRAS0 to SRAS1 (quickly, in the new classical approach), and the economy’s equilibrium shifts from E0 to E1. As the nominal money supply increases again, the AD curve shifts to the right from AD1 to AD2. The process then repeats as the SRAS curve shifts upward from SRAS1 to ...
... curve shifts upward from SRAS0 to SRAS1 (quickly, in the new classical approach), and the economy’s equilibrium shifts from E0 to E1. As the nominal money supply increases again, the AD curve shifts to the right from AD1 to AD2. The process then repeats as the SRAS curve shifts upward from SRAS1 to ...
Trying to Make Sense of the Principle of Effective Demand
... assuming that what has fought its way into those textbooks is regarded as “conventional wisdom” by the discipline’s mainstream. Perhaps the most influential textbook ever written is Paul A. Samuelson’s Economics. But although the macroeconomic framework of Economics evolves from a simple IncomeExpe ...
... assuming that what has fought its way into those textbooks is regarded as “conventional wisdom” by the discipline’s mainstream. Perhaps the most influential textbook ever written is Paul A. Samuelson’s Economics. But although the macroeconomic framework of Economics evolves from a simple IncomeExpe ...
Monetary Policy Transparency - Faculty of Economics
... mation processing. So central banks use carefully crafted communications (such as policy announcements and monetary policy reports) to transmit relevant information and achieve greater transparency. But these communications may not be received or correctly understood by everyone due to frictions in ...
... mation processing. So central banks use carefully crafted communications (such as policy announcements and monetary policy reports) to transmit relevant information and achieve greater transparency. But these communications may not be received or correctly understood by everyone due to frictions in ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... informs us that existing research may not be able to address this fundamental issue without first confronting the observational equivalence problem. Until we tackle this formidable empirical challenge, we cannot use data to distinguish perceptions from misperceptions about fiscal inflation. This cha ...
... informs us that existing research may not be able to address this fundamental issue without first confronting the observational equivalence problem. Until we tackle this formidable empirical challenge, we cannot use data to distinguish perceptions from misperceptions about fiscal inflation. This cha ...
Institutionalism and the `Common Man` through the Lens of Philip
... occasions, mostly between 1984 and 1990. Much of his attention focused on monetarism, supply-side economics, and new classical economics, traditions that gained substantial ground in the 1970s and signaled the end of the Age of Keynes. Although the essays broke little new ground, his discussions of ...
... occasions, mostly between 1984 and 1990. Much of his attention focused on monetarism, supply-side economics, and new classical economics, traditions that gained substantial ground in the 1970s and signaled the end of the Age of Keynes. Although the essays broke little new ground, his discussions of ...
DRAFT A Review of High School Economics Textbooks
... analysis we also refer to A Framework for Teaching Basic Economic Concepts, first published in 1977 but revised in 1984 and 1993, which preceded the standards and which also recommends key content for inclusion in the high school economics course. In its later editions, the Framework identifies 22 i ...
... analysis we also refer to A Framework for Teaching Basic Economic Concepts, first published in 1977 but revised in 1984 and 1993, which preceded the standards and which also recommends key content for inclusion in the high school economics course. In its later editions, the Framework identifies 22 i ...
Strategies for Controlling Inflation
... forecasting the economy and predicting the effect of policy has not been as good as the ...
... forecasting the economy and predicting the effect of policy has not been as good as the ...
FISCAL AND MONETARY POLICY INTERACTIONS: A GAME
... Equilíbrio de Stackelberg, Cooperação, Brasil. ...
... Equilíbrio de Stackelberg, Cooperação, Brasil. ...
Inflation Targeting
... which was approved by the DBCC on 9 July 2010 under Resolution No. 2010-3. This shift from a range target to a point target with a tolerance interval effectively widens the BSP’s target band. A broader target band is seen to provide added flexibility to monetary authorities in steering inflation. It ...
... which was approved by the DBCC on 9 July 2010 under Resolution No. 2010-3. This shift from a range target to a point target with a tolerance interval effectively widens the BSP’s target band. A broader target band is seen to provide added flexibility to monetary authorities in steering inflation. It ...
PL 1 - Alvinisd.net
... inverse relationship between money wage changes and unemployment in the British economy over the period examined ...
... inverse relationship between money wage changes and unemployment in the British economy over the period examined ...
- Strathprints - University of Strathclyde
... (1988), all writing on the development of Keynes’s thinking on the rate of interest, draw no connection to Sraffa. Maclachlan (1993) sees a tenuous link. Lord Skidelsky (1992, p. 458) does hint at the possibility of an important Sraffian influence on Keynes’s thinking. In discussing progress toward ...
... (1988), all writing on the development of Keynes’s thinking on the rate of interest, draw no connection to Sraffa. Maclachlan (1993) sees a tenuous link. Lord Skidelsky (1992, p. 458) does hint at the possibility of an important Sraffian influence on Keynes’s thinking. In discussing progress toward ...
Swedish Institute for Social Research (SOFI)
... at low inflation, the implication is that low inflation targeting may give rise to unemployment above the NAIRU level. Akerlof, Dickens and Perry (2000) presented a model in which firms’ wage and price setting is different at low inflation than at high in the sense that inflation tends to be disrega ...
... at low inflation, the implication is that low inflation targeting may give rise to unemployment above the NAIRU level. Akerlof, Dickens and Perry (2000) presented a model in which firms’ wage and price setting is different at low inflation than at high in the sense that inflation tends to be disrega ...
What Explains Inflation in China?
... examined the nature and causes of inflation evolution in China. The findings indicated that from demand pull perspective, the Quantity Theory of Money offers a sensible explanation of inflation trends in China than the New Keynesian Phillips Curve; and from cost push perspective, the Structuralist C ...
... examined the nature and causes of inflation evolution in China. The findings indicated that from demand pull perspective, the Quantity Theory of Money offers a sensible explanation of inflation trends in China than the New Keynesian Phillips Curve; and from cost push perspective, the Structuralist C ...
NBER WORKING PAPER SERIES COMPARING TWO VARIANTS OF CALVO-TYPE WAGE STICKINESS
... or the EHL mechanism is not limited to econometric studies estimating the wage Phillips curve in isolation, but extends to studies estimating the deep structural parameters of the model from the complete set of log-linearized equilibrium conditions (such as Altig et al., 2005, Levin et al., 2006, a ...
... or the EHL mechanism is not limited to econometric studies estimating the wage Phillips curve in isolation, but extends to studies estimating the deep structural parameters of the model from the complete set of log-linearized equilibrium conditions (such as Altig et al., 2005, Levin et al., 2006, a ...
inflation modeling for the sudan 1970-2002
... acceleration of inflation throughout the world.” Schultz 1969 2.1.5. Theories of Inflation: The debate on the causes of inflation has assumed special significance since policy makers should have to face the severe impact of accelerating inflation. To reduce the rate of inflation is rapidly becoming ...
... acceleration of inflation throughout the world.” Schultz 1969 2.1.5. Theories of Inflation: The debate on the causes of inflation has assumed special significance since policy makers should have to face the severe impact of accelerating inflation. To reduce the rate of inflation is rapidly becoming ...
Inflation First Pages
... If you are a lender and have assets in fixedinterest-rate mortgages or long-term bonds, the shoe is on the other foot. An unexpected rise in prices will leave you the poorer because the dollars repaid to you are worth much less than the dollars you lent. If an inflation persists for a long time, peo ...
... If you are a lender and have assets in fixedinterest-rate mortgages or long-term bonds, the shoe is on the other foot. An unexpected rise in prices will leave you the poorer because the dollars repaid to you are worth much less than the dollars you lent. If an inflation persists for a long time, peo ...
Inflation First Pages
... If you are a lender and have assets in fixedinterest-rate mortgages or long-term bonds, the shoe is on the other foot. An unexpected rise in prices will leave you the poorer because the dollars repaid to you are worth much less than the dollars you lent. If an inflation persists for a long time, peo ...
... If you are a lender and have assets in fixedinterest-rate mortgages or long-term bonds, the shoe is on the other foot. An unexpected rise in prices will leave you the poorer because the dollars repaid to you are worth much less than the dollars you lent. If an inflation persists for a long time, peo ...
Edmund Phelps
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation—one featuring imperfect information, incomplete knowledge and expectations about wages and prices—to support a macroeconomic theory of employment determination and price-wage dynamics. This led to his development of the natural rate of unemployment—its existence and the mechanism governing its size.Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.