Real Business Cycle Theory
... 1. Incorporating a source of shocks We need some mechanism for output to deviate from its balanced growth path (this is consistent with 4.1.1 and 4.1.3 above). Since technology is exogenous in the neoclassical growth model, this is a natural place to start. Government purchases is another possible s ...
... 1. Incorporating a source of shocks We need some mechanism for output to deviate from its balanced growth path (this is consistent with 4.1.1 and 4.1.3 above). Since technology is exogenous in the neoclassical growth model, this is a natural place to start. Government purchases is another possible s ...
Does the Composition of Government Expenditure Matter for
... there is a general consensus that governments will put regulations in place to avert economic disasters such as high, and escalating debt and debt default. It is assumed that one such regulation - fiscal policy, should in effect help governments stabilize their economies and facilitate growth. Fisca ...
... there is a general consensus that governments will put regulations in place to avert economic disasters such as high, and escalating debt and debt default. It is assumed that one such regulation - fiscal policy, should in effect help governments stabilize their economies and facilitate growth. Fisca ...
Employment Growth in North America since NAFTA: What Has Changed
... investment, and smaller deficits and lower interest rates stopped the public debt from increasing as a percentage of GDP. ...
... investment, and smaller deficits and lower interest rates stopped the public debt from increasing as a percentage of GDP. ...
AD - Andre R. Neveu
... Keynesian economics was developed during the Great Depression (1930s). Keynesian theory provided an explanation for the severe and prolonged unemployment of the 1930s. Keynes argued that wages and prices were highly inflexible, particularly in a downward direction. Thus, he did not think changes in ...
... Keynesian economics was developed during the Great Depression (1930s). Keynesian theory provided an explanation for the severe and prolonged unemployment of the 1930s. Keynes argued that wages and prices were highly inflexible, particularly in a downward direction. Thus, he did not think changes in ...
in search for new sources of growth
... sub-processes – outsourcing – is abundant and there are many grids for assessing a country’s attractiveness as an outsourcing destination. The standard factors taken into account when measuring outsourcing attractiveness are: labor force costs, quality of the labor force, labor regulations, geograph ...
... sub-processes – outsourcing – is abundant and there are many grids for assessing a country’s attractiveness as an outsourcing destination. The standard factors taken into account when measuring outsourcing attractiveness are: labor force costs, quality of the labor force, labor regulations, geograph ...
Attachment A: Forecast growth in nominal GDP
... Solid growth in household consumption is also expected to underpin economic growth across the forecast period. Over the past year, the combination of solid growth in disposable income and weak consumer price inflation enabled households to enjoy above-trend growth in real consumption, while maintain ...
... Solid growth in household consumption is also expected to underpin economic growth across the forecast period. Over the past year, the combination of solid growth in disposable income and weak consumer price inflation enabled households to enjoy above-trend growth in real consumption, while maintain ...
Part I
... above) is expected to rise from 11.5% of the total population in 2013 to 14.6% in 2018, and continue rising in subsequent years. At the same time, the working-age population (defined as age 15 to 64), is expected to shrink from 74% of total population in 2013 to 72.7% in 2018. The old-age dependency ...
... above) is expected to rise from 11.5% of the total population in 2013 to 14.6% in 2018, and continue rising in subsequent years. At the same time, the working-age population (defined as age 15 to 64), is expected to shrink from 74% of total population in 2013 to 72.7% in 2018. The old-age dependency ...
Growth or Stagnation? The Role of Public Education
... single-valued policy function 1/Jmapping from the unit interval into itself. Whether the policy function is continuous in [0,1] depends on the exact specification of u. It is possible that 1/J(7') -* 1 as 7' -* 1 while 1/J(1) = O. That is, a young agent's best policy response to a forecast of 7' = 1 ...
... single-valued policy function 1/Jmapping from the unit interval into itself. Whether the policy function is continuous in [0,1] depends on the exact specification of u. It is possible that 1/J(7') -* 1 as 7' -* 1 while 1/J(1) = O. That is, a young agent's best policy response to a forecast of 7' = 1 ...
Economic Outlook
... to employment gains in the education and healthcare sectors. While a high level of public employment, notably at the state capital and the University of South Carolina, normally would provide some insulation to job losses, the state’s budget shortfall and poor tax collections will be damaging. The u ...
... to employment gains in the education and healthcare sectors. While a high level of public employment, notably at the state capital and the University of South Carolina, normally would provide some insulation to job losses, the state’s budget shortfall and poor tax collections will be damaging. The u ...
The Business Cycle and Interest Rates
... Rising unemployment and business failures Savings may increase as people fear unemployment Business activity slows down ...
... Rising unemployment and business failures Savings may increase as people fear unemployment Business activity slows down ...
Debt, inequality and economic stability Steve Keen www.debtdeflation.com/blogs www.debunkingeconomics.com
... – Patient generally lenders—high interest rate encourages high volume of Loanable Funds – Impatient generally borrowers—demand rises as interest rate falls ...
... – Patient generally lenders—high interest rate encourages high volume of Loanable Funds – Impatient generally borrowers—demand rises as interest rate falls ...
Abstract (100 to 250 words)
... hydropower) of accumulated registered capital, 18.3% of the total. The mining sector has considerable consequences for Laos’ economic development, directly affecting the economy via four main routes (Kyophilavong, 2009a). Firstly, this sector contributes to demand- and supply-side GDP though increas ...
... hydropower) of accumulated registered capital, 18.3% of the total. The mining sector has considerable consequences for Laos’ economic development, directly affecting the economy via four main routes (Kyophilavong, 2009a). Firstly, this sector contributes to demand- and supply-side GDP though increas ...
View/Open
... some developing economies, especially China and India, are in fact gaining on importance in international trade of high-tech products and knowledge-intensive business services, even having become more effective competitors to the post-industrial economies in so-called creative industries. Such an ou ...
... some developing economies, especially China and India, are in fact gaining on importance in international trade of high-tech products and knowledge-intensive business services, even having become more effective competitors to the post-industrial economies in so-called creative industries. Such an ou ...
Security Scenarios And The Global Economy
... • Challenges to American manufacturing have grown as less developed economies have become more adept • Mexico each auto worker earned $7.80 hour in 2012 • Productivity as high as in the U.S. where total compensation costs were $45.34 per hour • No surprise in 2013 Mexican automobile production 50 pe ...
... • Challenges to American manufacturing have grown as less developed economies have become more adept • Mexico each auto worker earned $7.80 hour in 2012 • Productivity as high as in the U.S. where total compensation costs were $45.34 per hour • No surprise in 2013 Mexican automobile production 50 pe ...
Vienna 2008 - National Transfer Accounts
... • Apply the population estimates from the UN to data from NTA. • Observe changes in Transfer Dependency Ratio: the ratio of aggregate benefits relative to aggregate taxes. • Observe changes in Family Dependency Ratio and in Public Sector Dependency Ratio. ...
... • Apply the population estimates from the UN to data from NTA. • Observe changes in Transfer Dependency Ratio: the ratio of aggregate benefits relative to aggregate taxes. • Observe changes in Family Dependency Ratio and in Public Sector Dependency Ratio. ...
Growth versus development: different patterns of industrial growth in Latin America
... innovation, i.e. the expansion of the technological frontier, in developing countries it tends to rely more on changing the structure of production towards activities with higher levels of productivity and faster productivity growth. According to this view, changing the structure of production —i.e. ...
... innovation, i.e. the expansion of the technological frontier, in developing countries it tends to rely more on changing the structure of production towards activities with higher levels of productivity and faster productivity growth. According to this view, changing the structure of production —i.e. ...
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).