Long-run Unemployment and Macroeconomic Volatility
... contributions on wage rigidities focus on their relevance in explaining the business cycle ‡uctuations with labor markets featured by search and matching frictions, as in Hall (2005) and Shimer (2005).5 As regards instead the assumption of growing dynamics of price and productivity levels, it is in ...
... contributions on wage rigidities focus on their relevance in explaining the business cycle ‡uctuations with labor markets featured by search and matching frictions, as in Hall (2005) and Shimer (2005).5 As regards instead the assumption of growing dynamics of price and productivity levels, it is in ...
NBER WORKING PAPER SERIES TAX POLICY AND INTERNATIONAL COMPETATIVENESS Lawrence H. Summers
... I have benefited from useful discussions with Richard Cooper, Rudi Dornbusch, and Jeff Sachs. This paper draws in part on earlier joint work with John Earle. I am indebted to Fernando Ramos and Mark Sundberg for valuable research assistance. This paper is forthcoming in the NBER conference volume In ...
... I have benefited from useful discussions with Richard Cooper, Rudi Dornbusch, and Jeff Sachs. This paper draws in part on earlier joint work with John Earle. I am indebted to Fernando Ramos and Mark Sundberg for valuable research assistance. This paper is forthcoming in the NBER conference volume In ...
Investment Hangover and the Great Recessionâ
... asymmetric recovery. Our key observation is that the housing bubble was an investment bubble as much as an asset price bubble. Overbuilding during the bubble years created excess supply of housing capital by 2007, especially certain types of capital such as owner occupied housing. Between 1996 and 2 ...
... asymmetric recovery. Our key observation is that the housing bubble was an investment bubble as much as an asset price bubble. Overbuilding during the bubble years created excess supply of housing capital by 2007, especially certain types of capital such as owner occupied housing. Between 1996 and 2 ...
Database of Global Economic Indicators
... We are mindful that the reliability and interpretability of the aggregate indicators we produce very much depends on the implementation process we detail here. DGEI depends crucially on the methodology described in this document, to explain what the indicators capture and what these aggregates can t ...
... We are mindful that the reliability and interpretability of the aggregate indicators we produce very much depends on the implementation process we detail here. DGEI depends crucially on the methodology described in this document, to explain what the indicators capture and what these aggregates can t ...
CHAP1.WP (Word5)
... single increase. Inflation is measured by the (percentage) rate of change of the GDP deflator, and Section 8-1 explains with numerical example how sustaining inflation may erode the purchasing power of the economic agents and its adverse effect on the economy. Gordon explains that a central objectiv ...
... single increase. Inflation is measured by the (percentage) rate of change of the GDP deflator, and Section 8-1 explains with numerical example how sustaining inflation may erode the purchasing power of the economic agents and its adverse effect on the economy. Gordon explains that a central objectiv ...
w=0.9*sd*(n
... • World Bank uses those means to estimate income inequality (Milanovic (2001)) and Poverty (Chen and Ravallion (2001)) • But this mean is much smaller than Per Capita income (or Consumption) from the National Accounts • Moreover, the ratio of Survey Mean to National Account mean tends to go down ove ...
... • World Bank uses those means to estimate income inequality (Milanovic (2001)) and Poverty (Chen and Ravallion (2001)) • But this mean is much smaller than Per Capita income (or Consumption) from the National Accounts • Moreover, the ratio of Survey Mean to National Account mean tends to go down ove ...
Evaluating starting point output gap estimate errors Editor’s note
... revisions in output gap estimates…the bulk of the problem is due to the pervasive unreliability of end-of-sample estimates”. Though generally smaller in absolute magnitude than errors due to data issues, the contribution of other issues to the bias has been consistently one-sided, making them a key ...
... revisions in output gap estimates…the bulk of the problem is due to the pervasive unreliability of end-of-sample estimates”. Though generally smaller in absolute magnitude than errors due to data issues, the contribution of other issues to the bias has been consistently one-sided, making them a key ...
2015/1 An analysis of the Okun`s law for the Spanish provinces
... The strong impact of business cycles on unemployment is a Spanish particular feature. The high increase in unemployment during the current economic downturn is a clear example of this great variability of the unemployment rate. Since 2008 and in just six years the unemployment rate has more than tri ...
... The strong impact of business cycles on unemployment is a Spanish particular feature. The high increase in unemployment during the current economic downturn is a clear example of this great variability of the unemployment rate. Since 2008 and in just six years the unemployment rate has more than tri ...
Chapter 3 A R :
... annual growth rates during the VIII and IX Plans were also lower than GDP growth rates. The most recent two years, however, witnessed reversal of this trend and rate of growth of total disbursements exceeded the GDP growth. Trend growth rates of the three components of total disbursements, viz., act ...
... annual growth rates during the VIII and IX Plans were also lower than GDP growth rates. The most recent two years, however, witnessed reversal of this trend and rate of growth of total disbursements exceeded the GDP growth. Trend growth rates of the three components of total disbursements, viz., act ...
World Economic Situation and Prospects 2016
... element for harvesting this potential. However, the Doha Round has made limited progress in the last fifteen years. At the same time, there has been an increasing prevalence of new-generation regional trade agreements (RTAs). Mega-RTAs can diminish incentives for universal negotiations, and may have ...
... element for harvesting this potential. However, the Doha Round has made limited progress in the last fifteen years. At the same time, there has been an increasing prevalence of new-generation regional trade agreements (RTAs). Mega-RTAs can diminish incentives for universal negotiations, and may have ...
2016 World Economic Situation
... element for harvesting this potential. However, the Doha Round has made limited progress in the last fifteen years. At the same time, there has been an increasing prevalence of new-generation regional trade agreements (RTAs). Mega-RTAs can diminish incentives for universal negotiations, and may have ...
... element for harvesting this potential. However, the Doha Round has made limited progress in the last fifteen years. At the same time, there has been an increasing prevalence of new-generation regional trade agreements (RTAs). Mega-RTAs can diminish incentives for universal negotiations, and may have ...
How Growth Deceleration in the People`s Republic of China Affects
... factors are playing a significant role in the PRC slowdown. Above all, the PRC may be a victim of its past success. Its world-beating double-digit economic growth rate since the market reforms of 1978 has transformed the PRC into an upper-middle-income country by the World Bank’s definition. Even hi ...
... factors are playing a significant role in the PRC slowdown. Above all, the PRC may be a victim of its past success. Its world-beating double-digit economic growth rate since the market reforms of 1978 has transformed the PRC into an upper-middle-income country by the World Bank’s definition. Even hi ...
Comment on “Identifying the Interdependence between US
... The stability of the results in terms of the country dimension is tested by alternately removing countries with the highest and the lowest privatisation revenues. The EU member country with the highest privatisation proceeds in relation to GDP is Portugal. The “new” results show many similarities wi ...
... The stability of the results in terms of the country dimension is tested by alternately removing countries with the highest and the lowest privatisation revenues. The EU member country with the highest privatisation proceeds in relation to GDP is Portugal. The “new” results show many similarities wi ...
WORD - UNCTAD Virtual Institute
... Box 7: The World Bank report on East Asian economic growth and public policies ................ 113 Box 8: The role of Japan’s Ministry of International Trade and Industry .................................. 115 Box 9: Measures of state capacity ....................................................... ...
... Box 7: The World Bank report on East Asian economic growth and public policies ................ 113 Box 8: The role of Japan’s Ministry of International Trade and Industry .................................. 115 Box 9: Measures of state capacity ....................................................... ...
1 Impact of the Clean Development Mechanism on Host
... choose this approach in order to avoid the underestimation of the on-going effects for those countries having hosted a small number of important size projects. Thus, we aim to obtain some clear insights on the mechanisms that would involve greater economic impacts for host countries. The absorption ...
... choose this approach in order to avoid the underestimation of the on-going effects for those countries having hosted a small number of important size projects. Thus, we aim to obtain some clear insights on the mechanisms that would involve greater economic impacts for host countries. The absorption ...
NBER WORKING PAPER SERIES WHAT'S A RECESSION, ANYWAY? Edward E. Leamer
... production. The Bureau of Economic Analysis of the Commerce Department compiles the first and the Federal Reserve Board the second. Because manufacturing is a relatively small part of the economy, the movements of these indicators often differ from those reflecting other sectors. Although the four i ...
... production. The Bureau of Economic Analysis of the Commerce Department compiles the first and the Federal Reserve Board the second. Because manufacturing is a relatively small part of the economy, the movements of these indicators often differ from those reflecting other sectors. Although the four i ...
$doc.title
... There is now a large and influential literature on the determinants of the aggregate technical progress (see, among others, Romer (1990), Segerstrom, Anant and Dinopoulos (1990), Grossman and Helpman (1991), Aghion and Howitt (1992), Young (1993)). This literature does not address questions related ...
... There is now a large and influential literature on the determinants of the aggregate technical progress (see, among others, Romer (1990), Segerstrom, Anant and Dinopoulos (1990), Grossman and Helpman (1991), Aghion and Howitt (1992), Young (1993)). This literature does not address questions related ...
Economic growth
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita, which is also called per capita income). An increase in growth caused by more efficient use of inputs (such as physical capital, population, or territory) is referred to as intensive growth. GDP growth caused only by increases in the amount of inputs available for use is called extensive growth.In economics, ""economic growth"" or ""economic growth theory"" typically refers to growth of potential output, i.e., production at ""full employment"". As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic development process particularly in low-income countries.Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.