Working Paper No. 514 The Continuing Legacy of John Maynard
... argued, his favorite explanation of equilibrium with unemployment utilized a static model in which expectations—both short-run and long-run—are held constant, uninfluenced by outcome. Again, firms produce only what they expect to sell at profit, and it is not necessary for them to have been disappoi ...
... argued, his favorite explanation of equilibrium with unemployment utilized a static model in which expectations—both short-run and long-run—are held constant, uninfluenced by outcome. Again, firms produce only what they expect to sell at profit, and it is not necessary for them to have been disappoi ...
Public Finance - Uniwersytet Warszawski
... introduced the flat-rate tax, is mixed and does not give any clear proof that flat-rate taxes lead to faster growth. Although many of those countries have experienced high growth rates, the introduction of flat-rate tax was connected with other reforms and it is very difficult to identify the effect ...
... introduced the flat-rate tax, is mixed and does not give any clear proof that flat-rate taxes lead to faster growth. Although many of those countries have experienced high growth rates, the introduction of flat-rate tax was connected with other reforms and it is very difficult to identify the effect ...
The Great Depression in Italy - USC Price School of Public Policy
... To close the model, we need to specify the demand of exports from the foreign sector. We assume that the real demand of exports is always equal to the real demand of imports, that is, X = M . One way to interpret this restriction is by assuming the existence of two symmetric countries both affected ...
... To close the model, we need to specify the demand of exports from the foreign sector. We assume that the real demand of exports is always equal to the real demand of imports, that is, X = M . One way to interpret this restriction is by assuming the existence of two symmetric countries both affected ...
Unemployed
... and you can’t leave your sick mother or you can’t afford the moving expense • There is always a component of structural unemployment present in the unemployment rate ...
... and you can’t leave your sick mother or you can’t afford the moving expense • There is always a component of structural unemployment present in the unemployment rate ...
The Great Depression in Italy: Trade Restrictions and
... To close the model, we need to specify the demand of exports from the foreign sector. We assume that the real demand of exports is always equal to the real demand of imports, that is, X = M . One way to interpret this restriction is by assuming the existence of two symmetric countries both affected b ...
... To close the model, we need to specify the demand of exports from the foreign sector. We assume that the real demand of exports is always equal to the real demand of imports, that is, X = M . One way to interpret this restriction is by assuming the existence of two symmetric countries both affected b ...
Session 5 Economic cycles
... In Session 4, we discussed endogenous growth theory which says that there is no automatic catching up by poorer countries because of the role of human capital and technological innovation in growth. Developing countries have to make a big effort to catch up. This effort involves investment in physic ...
... In Session 4, we discussed endogenous growth theory which says that there is no automatic catching up by poorer countries because of the role of human capital and technological innovation in growth. Developing countries have to make a big effort to catch up. This effort involves investment in physic ...
PDF
... structural change of Indonesian macro economy. This can be seen from a decrease on the private role and an increase of government role (i.e. fiscal expansion). The impact of economic crisis on the banking sector is manifested in the form of bank collapses and the cost of bank restructuring. Total ba ...
... structural change of Indonesian macro economy. This can be seen from a decrease on the private role and an increase of government role (i.e. fiscal expansion). The impact of economic crisis on the banking sector is manifested in the form of bank collapses and the cost of bank restructuring. Total ba ...
Aggregate Supply, Aggregate Demand, Classical, Keynesian
... Real Interest Rates (rates high- not much I taking place) ...
... Real Interest Rates (rates high- not much I taking place) ...
President’s Report Board Directors
... months were revised higher. However, the unemployment rate ticked up one-tenth of a percentage point from the three-year low seen in September. Initial claims for unemployment insurance eased a bit in October, but remain above their pre-recession levels. The growth in real GDP in the third quarter p ...
... months were revised higher. However, the unemployment rate ticked up one-tenth of a percentage point from the three-year low seen in September. Initial claims for unemployment insurance eased a bit in October, but remain above their pre-recession levels. The growth in real GDP in the third quarter p ...
PDF
... can be obtained by disaggregation given that an aggregate variable, Wt, appears in the disaggregated relations, as shown in (3). With disaggregation, there are more observations to estimate parameters and given that the dissagregated relations are reasonably specified, it is possible to obtain impro ...
... can be obtained by disaggregation given that an aggregate variable, Wt, appears in the disaggregated relations, as shown in (3). With disaggregation, there are more observations to estimate parameters and given that the dissagregated relations are reasonably specified, it is possible to obtain impro ...
FedViews
... The views expressed are those of the author, with input from the forecasting staff of the Federal Reserve Bank of San Francisco. They are not intended to represent the views of others within the Bank or within the Federal Reserve System. FedViews generally appears around the middle of the month. The ...
... The views expressed are those of the author, with input from the forecasting staff of the Federal Reserve Bank of San Francisco. They are not intended to represent the views of others within the Bank or within the Federal Reserve System. FedViews generally appears around the middle of the month. The ...
Truly endogenous growth
... • Country by country tendency: population growth decreases and economic growth increases from the first to the second subperiod. This speaks against semiendogenous growth. • However, in an even wider, global perspective, one can counterargue that the last 200 years form both the period in which the ...
... • Country by country tendency: population growth decreases and economic growth increases from the first to the second subperiod. This speaks against semiendogenous growth. • However, in an even wider, global perspective, one can counterargue that the last 200 years form both the period in which the ...
PDF
... firm level decision making) and the general economic conditions influencing affecting macro level activity (e.g., stimuli generated at micro levels income a plant that affect areawide disposable corporate decisions to relocate and tax support for public services). ...
... firm level decision making) and the general economic conditions influencing affecting macro level activity (e.g., stimuli generated at micro levels income a plant that affect areawide disposable corporate decisions to relocate and tax support for public services). ...
Chapter 7 Income Disparity Among Countries and Endogenous
... A) the country with the greater initial level of output per worker will grow more rapidly than the country with the smaller initial level of output per worker. B) the country with the smaller initial level of output per worker will grow more rapidly than the country with the greater initial level of ...
... A) the country with the greater initial level of output per worker will grow more rapidly than the country with the smaller initial level of output per worker. B) the country with the smaller initial level of output per worker will grow more rapidly than the country with the greater initial level of ...
16.3 the process of economic growth
... The two main approaches to macroeconomics are based on two schools of thought: • Classical macroeconomics • Keynesian macroeconomics ...
... The two main approaches to macroeconomics are based on two schools of thought: • Classical macroeconomics • Keynesian macroeconomics ...
Dumenil Neoliberalism
... scenario similar to the Great Depression was avoided, but macro policies cannot remedy a structural crisis. As of the 2010s, the “world” is no longer in crisis, but the United States and, even more, Europe are not out of crisis, with low growth rates—what is now denoted as “stagnation”—and skyrocket ...
... scenario similar to the Great Depression was avoided, but macro policies cannot remedy a structural crisis. As of the 2010s, the “world” is no longer in crisis, but the United States and, even more, Europe are not out of crisis, with low growth rates—what is now denoted as “stagnation”—and skyrocket ...
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).