Lecture 11: Real Business Cycles - personal.kent.edu
... A Summing Up Of course, these are the key facts that we know about business cycles. Thus we can restate our key conclusion. ...
... A Summing Up Of course, these are the key facts that we know about business cycles. Thus we can restate our key conclusion. ...
Privatizating the Public Business Sector in the Eighties: Economic Performance, Partisan Responses and Divided Governments
... conservative and centre-to-the-right parties into the arms of Keynesian demand management and limited public intervention during the first part of the postwar period. Conservative and moderate parties accepted, broadly speaking, the thrust of the policies that characterized the so-called 'postwar c ...
... conservative and centre-to-the-right parties into the arms of Keynesian demand management and limited public intervention during the first part of the postwar period. Conservative and moderate parties accepted, broadly speaking, the thrust of the policies that characterized the so-called 'postwar c ...
HUMAN CAPITAL AND THE FUTURE OF TRANSITION
... are out of all proportion per capita GDP. Educational levels are as high or even higher than in many rich countries yet the typical transition economies has a per capita GDP similar to that of a middle income developing country.1 The empirical growth literature [e.g., Barro and Sala-i-Martin (1995)] ...
... are out of all proportion per capita GDP. Educational levels are as high or even higher than in many rich countries yet the typical transition economies has a per capita GDP similar to that of a middle income developing country.1 The empirical growth literature [e.g., Barro and Sala-i-Martin (1995)] ...
New Zealand’s productivity performance and prospects Aaron Drew
... when measured as GDP per worker, the historic growth performance has also been relatively poor. The apparently poor performance is a key concern for policymakers and has attracted much research attention. The focus has been to understand why performance has not been better, given that cross-country ...
... when measured as GDP per worker, the historic growth performance has also been relatively poor. The apparently poor performance is a key concern for policymakers and has attracted much research attention. The focus has been to understand why performance has not been better, given that cross-country ...
Macroeconomic crises and Macroeconomic Models Daniel Heymann July- August 2010
... overpredict the steady state output of T, but underestimate the rate of convergence, there may be “positive surprises” in observed output, leading to increases in already too high estimates of consumption capacity. ...
... overpredict the steady state output of T, but underestimate the rate of convergence, there may be “positive surprises” in observed output, leading to increases in already too high estimates of consumption capacity. ...
Answers to Homework #3
... Choice of base year for the CPI changes the CPI index numbers but does not alter the rate of inflation over the time period. Your answers should be the same and if they are different (more than expected from rounding error) you have made a mistake. 5. Suppose an economy’s aggregate production functi ...
... Choice of base year for the CPI changes the CPI index numbers but does not alter the rate of inflation over the time period. Your answers should be the same and if they are different (more than expected from rounding error) you have made a mistake. 5. Suppose an economy’s aggregate production functi ...
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... influences on the budget balances resulting from the divergence between actual and potential output (the output gap), from those which are non-cyclical. Changes in the latter can be seen as a cause rather than an effect of output fluctuations and may be interpreted as a proxy for discretionary polic ...
... influences on the budget balances resulting from the divergence between actual and potential output (the output gap), from those which are non-cyclical. Changes in the latter can be seen as a cause rather than an effect of output fluctuations and may be interpreted as a proxy for discretionary polic ...
In Search of Potential GDP
... and targeted immigration policies) we employ baseline, upside and downside scenarios for the labor force to working age population ratio. In the baseline scenario, the ratio for the extrapolated 10-year average normalizes around 81.6%. In the downside scenario, it continues to decline to an average ...
... and targeted immigration policies) we employ baseline, upside and downside scenarios for the labor force to working age population ratio. In the baseline scenario, the ratio for the extrapolated 10-year average normalizes around 81.6%. In the downside scenario, it continues to decline to an average ...
Corruption's Reflection: Iraq's Shadow Economy; Strategic Insights, v. 6, issue 3
... by the informal economy[16], (b) the difference between actual and expected holding of currency[17], or (c) linkages with the use of physical inputs such as electricity[18]. Data on the Shadow Economy At the present time, the dearth of Iraqi data in each area rules out the use of these methods. In t ...
... by the informal economy[16], (b) the difference between actual and expected holding of currency[17], or (c) linkages with the use of physical inputs such as electricity[18]. Data on the Shadow Economy At the present time, the dearth of Iraqi data in each area rules out the use of these methods. In t ...
East Asia and Africa growth
... African continent in a broader cross‐section model, controlling for further variables which should determine economic growth. Hoeffler [2001] shows that an augmented Solow model, which takes into consideration the specific country effects, can account for the differences ...
... African continent in a broader cross‐section model, controlling for further variables which should determine economic growth. Hoeffler [2001] shows that an augmented Solow model, which takes into consideration the specific country effects, can account for the differences ...
Questions
... of holding a constant interest rate. Compare the impact of the tax cut on income and interest rates in the two countries. 43. In the IS-LM model when M remains constant but P rises, in short-run equilibrium, in the usual case, the interest rate ______ and output ______. A) rises; falls B) rises; ris ...
... of holding a constant interest rate. Compare the impact of the tax cut on income and interest rates in the two countries. 43. In the IS-LM model when M remains constant but P rises, in short-run equilibrium, in the usual case, the interest rate ______ and output ______. A) rises; falls B) rises; ris ...
presentation to mict on digital economy 6 sept 2012 final
... • Amend VISON 2030 to address the knowledge-based economy ...
... • Amend VISON 2030 to address the knowledge-based economy ...
Opinion Notes Preliminary Draft OECD/ESCAP/ADB Regional Consultation
... 6.5 percent between 1969-1998, supported by increased investment and exports. With this development, per capita income continued to rise, the poverty rate declined from about 60 percent in 1970 to around 12 percent in 1996. Unemployment was maintained at a low level, however, we did not see the nece ...
... 6.5 percent between 1969-1998, supported by increased investment and exports. With this development, per capita income continued to rise, the poverty rate declined from about 60 percent in 1970 to around 12 percent in 1996. Unemployment was maintained at a low level, however, we did not see the nece ...
Chapter 23: Why Do Economies Grow?
... Human Capital • Human capital is an investment in human beings—in their knowledge, skills and health. • In terms of understanding economic growth, human capital investment has two implications: • Not all labor is equal. Individuals with more education will, on average, be more productive. • Health ...
... Human Capital • Human capital is an investment in human beings—in their knowledge, skills and health. • In terms of understanding economic growth, human capital investment has two implications: • Not all labor is equal. Individuals with more education will, on average, be more productive. • Health ...
AP review wk 3
... – Results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate. – Occurs when the wage rate is, for ...
... – Results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate. – Occurs when the wage rate is, for ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).