University of Toronto Department of Economics Factor Misallocation
... or enforcement can also create idiosyncratic effects. For instance, Banerjee and Duflo (2005) emphasize the role of credit constraints in generating a wide dispersion in the marginal product of capital across firms in India as a likely explanation for low aggregate TFP in that country. Buera, Kabosk ...
... or enforcement can also create idiosyncratic effects. For instance, Banerjee and Duflo (2005) emphasize the role of credit constraints in generating a wide dispersion in the marginal product of capital across firms in India as a likely explanation for low aggregate TFP in that country. Buera, Kabosk ...
Real Exchange Rate Undervaluation: Static Losses, Dynamic Gains
... policy may not be implementable in most contexts, due to budgetary and targeting issues, or distributional concerns. Furthermore, our model of capital includes intangible forms of capital, which may make it even less feasible to directly target subsidies on capital. We therefore proceed to analyzing ...
... policy may not be implementable in most contexts, due to budgetary and targeting issues, or distributional concerns. Furthermore, our model of capital includes intangible forms of capital, which may make it even less feasible to directly target subsidies on capital. We therefore proceed to analyzing ...
Porter BJE 1983 A Study of Cartel Stability: The Joint
... • Evidence that workers care more about nominal wage • Savings = Investment • The problem here is people may stick their money under their mattress • It’s hard to generate “structural” unemployment Longwell ...
... • Evidence that workers care more about nominal wage • Savings = Investment • The problem here is people may stick their money under their mattress • It’s hard to generate “structural” unemployment Longwell ...
centre for economic history the australian national university
... to the role of monetary and fiscal policies policy in speeding up or slowing down the recovery. Here too, historical comparisons are instructive (Crafts and Fearon, 2010). However, a sustained recovery depends not just on aggregate demand effects but also on how well the supply side responds. As the ...
... to the role of monetary and fiscal policies policy in speeding up or slowing down the recovery. Here too, historical comparisons are instructive (Crafts and Fearon, 2010). However, a sustained recovery depends not just on aggregate demand effects but also on how well the supply side responds. As the ...
Cross-national studies of academic achievement have
... efforts in the United States and around the world did not focus substantially on educational improvement (Tyack, Lowe, and Hansot 1984; Dobbin 1993). The great Sputnik crisis of 1957 did generate educational reform efforts in the United States, but this crisis was defined more in military and politi ...
... efforts in the United States and around the world did not focus substantially on educational improvement (Tyack, Lowe, and Hansot 1984; Dobbin 1993). The great Sputnik crisis of 1957 did generate educational reform efforts in the United States, but this crisis was defined more in military and politi ...
National Income: Concept and measurement
... Personal Income = National Income – Corporate income taxes – undistributed corporate profits-social security contributions + transfer payments. The concept of personal income is a useful concept. It helps in estimating the potential purchasing power of the households in an economy. The weakness of t ...
... Personal Income = National Income – Corporate income taxes – undistributed corporate profits-social security contributions + transfer payments. The concept of personal income is a useful concept. It helps in estimating the potential purchasing power of the households in an economy. The weakness of t ...
When can changes in expectations cause business cycle
... the booms and busts observed in the late 1990s in Asia. Given the plausibility that at least some business cycle episodes are driven by expectations, it is relevant to circumscribe the classes of models which are capable of generating such phenomena. The object of this paper is to examine whether, a ...
... the booms and busts observed in the late 1990s in Asia. Given the plausibility that at least some business cycle episodes are driven by expectations, it is relevant to circumscribe the classes of models which are capable of generating such phenomena. The object of this paper is to examine whether, a ...
Economic Growth with Bubbles
... increase enough, bubbly episodes expand the capital stock and output. This turns out to be the case under a wide range of parameter values.10 To understand these effects of bubbly episodes, it is useful to analyze the set of transfers that bubbles implement. Remember that a bubble is nothing but a p ...
... increase enough, bubbly episodes expand the capital stock and output. This turns out to be the case under a wide range of parameter values.10 To understand these effects of bubbly episodes, it is useful to analyze the set of transfers that bubbles implement. Remember that a bubble is nothing but a p ...
Text of Chapter 4 from Perman et al
... as constraints. That kind of approach would identify one of C(1), C(2), C(3) or C(4) as ‘best’. Given that along C(3) consumption is at every point in time higher than on any of the other three paths, and is nowhere declining, that kind of approach with a utilitarian social welfare function of the s ...
... as constraints. That kind of approach would identify one of C(1), C(2), C(3) or C(4) as ‘best’. Given that along C(3) consumption is at every point in time higher than on any of the other three paths, and is nowhere declining, that kind of approach with a utilitarian social welfare function of the s ...
Understanding Non-Inflationary Demand Driven Business Cycles
... In particular, using a standard calibration of a New Keynesian Phillips curve we will show that actual inflation exhibited a level of volatility 9 to 18 times smaller than that predicted by the model. In other words, over this period, the economy has experienced demand driven business cycles with es ...
... In particular, using a standard calibration of a New Keynesian Phillips curve we will show that actual inflation exhibited a level of volatility 9 to 18 times smaller than that predicted by the model. In other words, over this period, the economy has experienced demand driven business cycles with es ...
Corporate governance and the governance of knowledge
... system by which firms are owned and managed. On the other hand, the governance of knowledge is concerned with how actors (i.e., individuals and organisations) can generate new knowledge in specific domains and fields where they have accumulated sufficient levels of competences and experience. We arg ...
... system by which firms are owned and managed. On the other hand, the governance of knowledge is concerned with how actors (i.e., individuals and organisations) can generate new knowledge in specific domains and fields where they have accumulated sufficient levels of competences and experience. We arg ...
Bubbly Collateral and Economic Activity
... our model is also related to the vast work on macroeconomic models with financial frictions, in which asset prices play an important role in determining the level of financial intermediation and economic activity.3 Our theory differs from these models in that asset prices are not only a channel thro ...
... our model is also related to the vast work on macroeconomic models with financial frictions, in which asset prices play an important role in determining the level of financial intermediation and economic activity.3 Our theory differs from these models in that asset prices are not only a channel thro ...
Velocity: Money`s Second Dimension
... exchange. The speculative motive for holding money is not directly related to expenditures, according to Keynes, but depends instead on the "liquidity preference" of asset holders. The amount of money held in speculative balances, Keynes hypothesized, depends on the anticipated direction and magnitu ...
... exchange. The speculative motive for holding money is not directly related to expenditures, according to Keynes, but depends instead on the "liquidity preference" of asset holders. The amount of money held in speculative balances, Keynes hypothesized, depends on the anticipated direction and magnitu ...
www.nuff.ox.ac.uk - Nuffield College
... I used to say as we came out of the pit at the end of a day’s shift - I used to call them pigeons - there’d be twenty pigeons sat on the railings waiting for a job. So you had to cooperate with the management, or they weren’t long at getting you out. By increasing the cost of job loss, a high unempl ...
... I used to say as we came out of the pit at the end of a day’s shift - I used to call them pigeons - there’d be twenty pigeons sat on the railings waiting for a job. So you had to cooperate with the management, or they weren’t long at getting you out. By increasing the cost of job loss, a high unempl ...
Expanding the Economic Base Model to Include Nonwage Income
... ways (e.g., sales or revenues) but most textbooks recommend using employment3 (Blair, 1995; Blakely and Bradshaw, 2002; Isard, 1960; Isard et al., 1998; Klosterman, 1990; Malizia and Feser, 1999; Richardson, 1979). The implicit idea behind this is that companies (or industries) producing more goods ...
... ways (e.g., sales or revenues) but most textbooks recommend using employment3 (Blair, 1995; Blakely and Bradshaw, 2002; Isard, 1960; Isard et al., 1998; Klosterman, 1990; Malizia and Feser, 1999; Richardson, 1979). The implicit idea behind this is that companies (or industries) producing more goods ...
PDF
... marketed farm products (USDA, 2007). These marketing cooperatives are further classified into 13 commodities or commodity groups that they market. Although farmers’ decisions to contract with cooperatives are more complex because of the necessary membership capital requirements, cooperatives offer m ...
... marketed farm products (USDA, 2007). These marketing cooperatives are further classified into 13 commodities or commodity groups that they market. Although farmers’ decisions to contract with cooperatives are more complex because of the necessary membership capital requirements, cooperatives offer m ...
The Depressing Effect of Agricultural Institutions on the Prewar
... barrier is superimposed on it, can account for the relative stagnation of prewar Japan. We then lift the labor barrier to predict what would have happened to the prewar Japanese economy. This counterfactual simulation shows that prewar GNP per worker would have been higher by about 32 percent, which ...
... barrier is superimposed on it, can account for the relative stagnation of prewar Japan. We then lift the labor barrier to predict what would have happened to the prewar Japanese economy. This counterfactual simulation shows that prewar GNP per worker would have been higher by about 32 percent, which ...
HWPS#2
... Thus, in the case of labor, the MC is the real wage and the MB is the marginal product of the worker; the firm employs workers up to the point where the real wage equals the marginal product of labor. For capital, it would be demanded and used up to the point where the real rental price equals the ...
... Thus, in the case of labor, the MC is the real wage and the MB is the marginal product of the worker; the firm employs workers up to the point where the real wage equals the marginal product of labor. For capital, it would be demanded and used up to the point where the real rental price equals the ...
NBER WORKING PAPER SERIES INDUSTRY DYNAMICS WITH ADJUSTMENT COSTS Robert E. Hall 8849
... changes in labor and capital input in the short run. In such an economy, an increase in demand for an industry’s product causes an extended period of rents, as the industry moves up its supply curve and prices rise. I find that adjustment costs are modest for both labor and capital. The supply funct ...
... changes in labor and capital input in the short run. In such an economy, an increase in demand for an industry’s product causes an extended period of rents, as the industry moves up its supply curve and prices rise. I find that adjustment costs are modest for both labor and capital. The supply funct ...
Complete Student Study Guide
... This chapter introduces you to the basic concepts that underlie the study of economics. It discusses economic goals, essential economic activities, and economic tradeoffs. Goals are divided into intermediate and final goals. The four essential economic activities are resource maintenance, the produc ...
... This chapter introduces you to the basic concepts that underlie the study of economics. It discusses economic goals, essential economic activities, and economic tradeoffs. Goals are divided into intermediate and final goals. The four essential economic activities are resource maintenance, the produc ...
From Capital Control to Capital`s Control : Political Economy of
... we will examine next section. In addition, capital controls have been implemented effectively in reality even in the 90s in Chile and Malaysia.4 Of course, faced with this critic and reality that mere financial opening and international capital flows are apt to destabilize economies, neoclassicals ...
... we will examine next section. In addition, capital controls have been implemented effectively in reality even in the 90s in Chile and Malaysia.4 Of course, faced with this critic and reality that mere financial opening and international capital flows are apt to destabilize economies, neoclassicals ...
Costly capital reallocation and the effects of government spending
... investment goods or used capital from the other sector. New and used capital are both available with the same lag. New capital is not productive until one period after it is produced; in order to be shifted across sectors, used capital must spend one period being unproductive. We add a further restr ...
... investment goods or used capital from the other sector. New and used capital are both available with the same lag. New capital is not productive until one period after it is produced; in order to be shifted across sectors, used capital must spend one period being unproductive. We add a further restr ...
Deficit Financing
... the LDCs have very low infrastructure facilities like highways, banks, education etc. a big sum is required by the government in providing such facilities like construction of highways, provision of electricity, water & gas, provision of health facilities. In such situations, when the revenue of the ...
... the LDCs have very low infrastructure facilities like highways, banks, education etc. a big sum is required by the government in providing such facilities like construction of highways, provision of electricity, water & gas, provision of health facilities. In such situations, when the revenue of the ...
Economic Impact and Use of Natural Resources
... • Illustrate and communicate the full scope of the golf industry • Create a context for golf’s economic impact in a state (relative to other industries and consumers of natural resources) • Employ multiple data sources and measures to capture the industry from both internal and external perspectives ...
... • Illustrate and communicate the full scope of the golf industry • Create a context for golf’s economic impact in a state (relative to other industries and consumers of natural resources) • Employ multiple data sources and measures to capture the industry from both internal and external perspectives ...