Capitalist Revolutionary: John Maynard Keynes
... buys it ‘for keeps,’ but with what the market will value it at, under the influence of mass psychology, three months or a year hence.” He went on: “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. The actual, private object of ...
... buys it ‘for keeps,’ but with what the market will value it at, under the influence of mass psychology, three months or a year hence.” He went on: “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. The actual, private object of ...
Economic Theories of Deflation
... 2 Economic Theories of Deflation want and the industriousness of wage earners must stop before the established market price can be reduced. ([1761] 1971, p. 90) ...
... 2 Economic Theories of Deflation want and the industriousness of wage earners must stop before the established market price can be reduced. ([1761] 1971, p. 90) ...
A Detailed Analysis of the Productivity Performance of Canadian
... capital towards assets with shorter service lives have increased capital intensity, which has increased labour productivity. Capital services intensity increased at an average annual rate of 2.68 per cent per year in food manufacturing from 1961 through 2007, a rate faster than manufacturing (2.57 p ...
... capital towards assets with shorter service lives have increased capital intensity, which has increased labour productivity. Capital services intensity increased at an average annual rate of 2.68 per cent per year in food manufacturing from 1961 through 2007, a rate faster than manufacturing (2.57 p ...
am13 Ghosal 19077375 en
... The importance of small businesses is a global phenomenon. As noted in ACCA (2010) and di Giovanni et al. (2010), for example, the vast majority of businesses globally are very small. They note that small businesses are special because they have several important characteristics: they contribute dis ...
... The importance of small businesses is a global phenomenon. As noted in ACCA (2010) and di Giovanni et al. (2010), for example, the vast majority of businesses globally are very small. They note that small businesses are special because they have several important characteristics: they contribute dis ...
The Effectiveness of Monetary Policy
... explicit numeric inflation targets. Our list of the countries in this group is shown in Table 1. We have identified a total of 21 countries that continue to pursue such targets. 11 The initial inflation under which the target was adopted by each of these countries is graphed against the year of ado ...
... explicit numeric inflation targets. Our list of the countries in this group is shown in Table 1. We have identified a total of 21 countries that continue to pursue such targets. 11 The initial inflation under which the target was adopted by each of these countries is graphed against the year of ado ...
Tracking the Middle-Income Trap
... In the simple neoclassical growth model, an economy that begins with a stock of capital per worker below its steady state value will experience growth in both its capital and output per worker along the transition path to the steady state. Over time, however, growth slows down as the economy approac ...
... In the simple neoclassical growth model, an economy that begins with a stock of capital per worker below its steady state value will experience growth in both its capital and output per worker along the transition path to the steady state. Over time, however, growth slows down as the economy approac ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... isolation of monetary shocks. Inherently, there cannot be a completely mechanical rule for determining when the historical record indicates that a shock has occurred. Moreover, the identification of shocks generally occurs retrospectively, and thus the researcher may know the subsequent behavior of ...
... isolation of monetary shocks. Inherently, there cannot be a completely mechanical rule for determining when the historical record indicates that a shock has occurred. Moreover, the identification of shocks generally occurs retrospectively, and thus the researcher may know the subsequent behavior of ...
The Common Origin of Uncertainty Shocks
... not address. The model in this paper pushes that idea further: It adds heterogeneous information and then builds a production economy with these dispersed beliefs at its core. The new insight is that time-varying disaster risk, when paired with heterogeneous signals, can explain fluctuations in beli ...
... not address. The model in this paper pushes that idea further: It adds heterogeneous information and then builds a production economy with these dispersed beliefs at its core. The new insight is that time-varying disaster risk, when paired with heterogeneous signals, can explain fluctuations in beli ...
Issuer Guide Government Bonds Eurozone (EU19)
... corner. Last year, it posted economic growth of 4.8% and, in this respect, was only exceeded by Luxembourg (5.5%) within the eurozone. However, the burdens resulting from the measures to rescue the country’s banks are making themselves felt in the Irish budget, which is creaking under a heavy debt b ...
... corner. Last year, it posted economic growth of 4.8% and, in this respect, was only exceeded by Luxembourg (5.5%) within the eurozone. However, the burdens resulting from the measures to rescue the country’s banks are making themselves felt in the Irish budget, which is creaking under a heavy debt b ...
The Effectiveness of Monetary Policy
... facilitate rather than retard the expansionary process which the tax program is designed to launch. (Council of Economic Advisers, 1963, p. 55) ...
... facilitate rather than retard the expansionary process which the tax program is designed to launch. (Council of Economic Advisers, 1963, p. 55) ...
NBER WORKING PAPER SERIES INFLATION TARGETING Lars E.O. Svensson Working Paper 16654
... and a weight times the squared output gap, and possibly also a weight times squared policy-rate changes (the last part corresponding to a preference for interest-rate smoothing).2 However, for new inflation-targeting regimes, where the establishment of “credibility” is a priority, stabilizing the re ...
... and a weight times the squared output gap, and possibly also a weight times squared policy-rate changes (the last part corresponding to a preference for interest-rate smoothing).2 However, for new inflation-targeting regimes, where the establishment of “credibility” is a priority, stabilizing the re ...
Greater Vancouver Economic Scorecard 2016
... sector has dominated the labour market—both on the high and lower end of the skills spectrum. In recent years, professional, scientific, and technical services employment—largely knowledge-based occupations—has been on the rise. Today, this broad sector is Greater Vancouver’s third largest employer. ...
... sector has dominated the labour market—both on the high and lower end of the skills spectrum. In recent years, professional, scientific, and technical services employment—largely knowledge-based occupations—has been on the rise. Today, this broad sector is Greater Vancouver’s third largest employer. ...
Imperfect Knowledge, Inflation Expectations, and Monetary Policy
... rational expectations that nests the latter as a limiting case. We show that the resulting process of perpetual learning introduces an additional layer of interaction between monetary policy and economic outcomes that has important implications for macroeconomic dynamics and for monetary policy desi ...
... rational expectations that nests the latter as a limiting case. We show that the resulting process of perpetual learning introduces an additional layer of interaction between monetary policy and economic outcomes that has important implications for macroeconomic dynamics and for monetary policy desi ...
NBER WORKING PAPER SERIES IMPERFECT KNOWLEDGE, INFLATION EXPECTATIONS, AND MONETARY POLICY Athanasios Orphanides
... macroeconomic stability. In this paper, we investigate the macroeconomic implications of a process of “perpetual learning.” Our work builds on the extensive literature relating rational expectations with learning and the adaptive formation of expectations (Bray 1982, Bray and Savin 1984, Marcet and ...
... macroeconomic stability. In this paper, we investigate the macroeconomic implications of a process of “perpetual learning.” Our work builds on the extensive literature relating rational expectations with learning and the adaptive formation of expectations (Bray 1982, Bray and Savin 1984, Marcet and ...
Crisis Politics: IMF Programs in Latin America and Eastern Europe
... Finally, these snapshots also question the Fund’s own conception of its mission: if the IMF really lives up to its stated goal of providing technocratic policy advice and financial and technical support for troubled developing countries, then why do IMF programs spark such intense domestic political ...
... Finally, these snapshots also question the Fund’s own conception of its mission: if the IMF really lives up to its stated goal of providing technocratic policy advice and financial and technical support for troubled developing countries, then why do IMF programs spark such intense domestic political ...
Stadt Zürich
... Zürich’s geographical location is also an integral factor in the city’s excellent quality of life. Lake Zürich, the Limmat and Sihl rivers, generous green tracts of land and of course the panorama of the Alps all offer an attractive natural backdrop and a multitude of opportunities for recreation an ...
... Zürich’s geographical location is also an integral factor in the city’s excellent quality of life. Lake Zürich, the Limmat and Sihl rivers, generous green tracts of land and of course the panorama of the Alps all offer an attractive natural backdrop and a multitude of opportunities for recreation an ...
Evolving Macroeconomic Dynamics and Structural Change: Applications and Policy Implications Luca Gambetti
... labor productivity using postwar US quarterly data. We find that, under both specifications for hours (levels and growth rates), (i) hours fall, and (ii) technology shocks explain about 11-23% of total aggregate fluctuations giving rise to positive but small correlations between output and hours. Di ...
... labor productivity using postwar US quarterly data. We find that, under both specifications for hours (levels and growth rates), (i) hours fall, and (ii) technology shocks explain about 11-23% of total aggregate fluctuations giving rise to positive but small correlations between output and hours. Di ...
DOC 3212 KB - budget.govt.nz
... is weaker than previously forecast. China’s growth slowed as the economy transitions from investment to more consumption as the key driver of growth, weighing on growth in other Asian trading partners and Australia. Annual average GDP growth in New Zealand is expected to accelerate from 2.6% in Ju ...
... is weaker than previously forecast. China’s growth slowed as the economy transitions from investment to more consumption as the key driver of growth, weighing on growth in other Asian trading partners and Australia. Annual average GDP growth in New Zealand is expected to accelerate from 2.6% in Ju ...
grad-Macroeconomics-ISET2
... - instead of renting the capital good next year, for example, you could buy it on credit today, use it for one year and then sell it off. ...
... - instead of renting the capital good next year, for example, you could buy it on credit today, use it for one year and then sell it off. ...
Post–World War II economic expansion
""Golden Age of capitalism"" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque.The post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Narrowly defined, the period spanned from 1945 to 1952, with overall growth lasting well until 1971, though there are some debates on dating the period, and booms in individual countries differed, some starting as early as 1945, and overlapping the rise of the East Asian economies into the 1980s or 1990s.During this time there was high worldwide economic growth; Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Greece (Greek economic miracle), West Germany (Wirtschaftswunder), France (Trente Glorieuses), Japan (Japanese post-war economic miracle), and Italy (Italian economic miracle).