The Zero Lower Bound and Endogenous Uncertainty
... bank to stabilize the economy. In our model, the ZLB arises in states where the discount factor or technology are high (i.e., low demand or high supply). In those states, firms reduce their prices, which leads to a higher real interest rate and lower output than would occur in the absence of a ZLB c ...
... bank to stabilize the economy. In our model, the ZLB arises in states where the discount factor or technology are high (i.e., low demand or high supply). In those states, firms reduce their prices, which leads to a higher real interest rate and lower output than would occur in the absence of a ZLB c ...
Chapter 8 - The Citadel
... compare them on an international basis. There is a positive correlation between selfreported measures of life satisfaction and per capita real GDP. Some economists point to this as evidence that GDP is a good proxy measure for overall well-being. Slide 8-66 ...
... compare them on an international basis. There is a positive correlation between selfreported measures of life satisfaction and per capita real GDP. Some economists point to this as evidence that GDP is a good proxy measure for overall well-being. Slide 8-66 ...
Towards Wealth Accounting - Natural Capital within Comprehensive
... In an attempt to broaden the perspective of well-being beyond economic growth and income, the Human Development Index (HDI) was developed. The HDI added literacy and mortality to the equation of income; however, HDI was not a perfect measure to capture sustainability. Sagar and Najam (1998) suggeste ...
... In an attempt to broaden the perspective of well-being beyond economic growth and income, the Human Development Index (HDI) was developed. The HDI added literacy and mortality to the equation of income; however, HDI was not a perfect measure to capture sustainability. Sagar and Najam (1998) suggeste ...
A Post-Keynesian model of the business cycle Pedro Leão ISEG
... models were abandoned because of the lack of realism of that rigid form of the accelerator and because they failed to reproduce the main features of real-world cycles. In contrast, our investment function relies on a more flexible form of the accelerator, which is more in line with the empirical evi ...
... models were abandoned because of the lack of realism of that rigid form of the accelerator and because they failed to reproduce the main features of real-world cycles. In contrast, our investment function relies on a more flexible form of the accelerator, which is more in line with the empirical evi ...
`Beyond GDP` indicators?
... while a recent international survey showed that 68% of respondents favoured replacing GDP with a broader indicator that also incorporates health, social and environmental statistics. • Widening the debate – The measurement of progress is no longer just a topic for economists. Other disciplines are n ...
... while a recent international survey showed that 68% of respondents favoured replacing GDP with a broader indicator that also incorporates health, social and environmental statistics. • Widening the debate – The measurement of progress is no longer just a topic for economists. Other disciplines are n ...
Resource efficiency for sustainable growth: global trends and
... arguments from a macroeconomic and industry perspective include the following. Industrial development and economic growth are tightly linked to resource use and contribute to rising commodity prices. The rapidly increasing demand for resources has already caused a boost in certain resource prices, e ...
... arguments from a macroeconomic and industry perspective include the following. Industrial development and economic growth are tightly linked to resource use and contribute to rising commodity prices. The rapidly increasing demand for resources has already caused a boost in certain resource prices, e ...
Taylor Economics Chapter 28 Test Bank
... Neoclassical economics argues that over time, the economy adjusts back to its potential GDP level of output. The neoclassical approach is based on two key building blocks. First, over the long term the expansion of potential GDP due to economic growth will determine the size of the economy. Second, ...
... Neoclassical economics argues that over time, the economy adjusts back to its potential GDP level of output. The neoclassical approach is based on two key building blocks. First, over the long term the expansion of potential GDP due to economic growth will determine the size of the economy. Second, ...
Problem Statement - Caribbean Development Bank
... compares some selected socioeconomic indicators in 1966; the parallels between the two countries are striking. What is most revealing is that at the end of the colonial period, some of the important preconditions for future growth and development were in place in both countries. Relatively high savi ...
... compares some selected socioeconomic indicators in 1966; the parallels between the two countries are striking. What is most revealing is that at the end of the colonial period, some of the important preconditions for future growth and development were in place in both countries. Relatively high savi ...
a new emerging reality
... financial transactions more efficient. Montero (2008; 2009) agrees, claiming that regime type, political violence, and human rights violations are not statistically significant predictors of FDI. Instead, he claims, economic drivers and countries’ overall macroeconomic balance attracts investment. ...
... financial transactions more efficient. Montero (2008; 2009) agrees, claiming that regime type, political violence, and human rights violations are not statistically significant predictors of FDI. Instead, he claims, economic drivers and countries’ overall macroeconomic balance attracts investment. ...
Assessment of the 2015 Convergence Programme for CROATIA
... statistical reclassification of (one-off) revenue from the transfer of pension fund assets from the second to the first pillar (0.8 pp., which under ESA95, counted as an incoming capital transfer, but under the current ESA 2010 is no longer affecting the deficit). Most of the remaining part reflects ...
... statistical reclassification of (one-off) revenue from the transfer of pension fund assets from the second to the first pillar (0.8 pp., which under ESA95, counted as an incoming capital transfer, but under the current ESA 2010 is no longer affecting the deficit). Most of the remaining part reflects ...
research paper series No Miracles Here: Trade Policy, Fiscal Policy and
... (hereafter DDR). The control group is chosen as those countries that remain closed to international trade according to SW during the 1975 to 1993 time period. From simple first difference regressions we find for both the SW and DDR measures that the average growth rate in the time periods after trad ...
... (hereafter DDR). The control group is chosen as those countries that remain closed to international trade according to SW during the 1975 to 1993 time period. From simple first difference regressions we find for both the SW and DDR measures that the average growth rate in the time periods after trad ...
Why Has the Cyclicality of Productivity Changed? What Does It Mean?
... In this paper, we seek to understand empirically the forces behind the changing cyclicality of productivity. Methodologically, we rely on growth accounting to derive and decompose productivity measures. We focus primarily on correlation with inputs and output to measure cyclicality, though we also i ...
... In this paper, we seek to understand empirically the forces behind the changing cyclicality of productivity. Methodologically, we rely on growth accounting to derive and decompose productivity measures. We focus primarily on correlation with inputs and output to measure cyclicality, though we also i ...
PDF
... likely effects of the integration on tax revenue, consumption, exports and imports, exchange rate, the trade deficit, investment among others in Uganda? What will be the growth patterns of the different sectors, especially the manufacturing sector? Will Uganda’s manufacturing sector experience the r ...
... likely effects of the integration on tax revenue, consumption, exports and imports, exchange rate, the trade deficit, investment among others in Uganda? What will be the growth patterns of the different sectors, especially the manufacturing sector? Will Uganda’s manufacturing sector experience the r ...
Technology di¤usion and increasing income inequality
... The US economy experienced a continuous increase in income inequality over the past three decades. During the same period, a major technological change took place. Information and Communication Technologies (henceforth ICT) spread into the economy. Macroeconomic literature provided the link between ...
... The US economy experienced a continuous increase in income inequality over the past three decades. During the same period, a major technological change took place. Information and Communication Technologies (henceforth ICT) spread into the economy. Macroeconomic literature provided the link between ...
Urbanization with and without Industrialization
... exports and show they have a causal effect on urbanization rates. We then construct a model that can account for these facts. We adapt a standard model of structural change to explain how resource endowments can lead to urbanization as well as affect the sectoral composition of the urban labor force ...
... exports and show they have a causal effect on urbanization rates. We then construct a model that can account for these facts. We adapt a standard model of structural change to explain how resource endowments can lead to urbanization as well as affect the sectoral composition of the urban labor force ...
Growth and Change in the Vietnamese Labour Market:
... of the economy. This paper describes the development and application of such a large-scale CGE model for Vietnam, one which places particular emphasis on the role of the demand for, and supply of, labour distinguished by occupation and level of educational attainment. Hereafter, we refer to this mod ...
... of the economy. This paper describes the development and application of such a large-scale CGE model for Vietnam, one which places particular emphasis on the role of the demand for, and supply of, labour distinguished by occupation and level of educational attainment. Hereafter, we refer to this mod ...
Inflation targeting vs. nominal GDP targeting
... are several reasons to set the target above zero. First, policy makers are not omnipotent people who will always achieve their target. With target inflation at 0% level, deflation becomes more likely. Deflation can be especially harmful to economy and we saw a big fear of it in recent times in the USA ...
... are several reasons to set the target above zero. First, policy makers are not omnipotent people who will always achieve their target. With target inflation at 0% level, deflation becomes more likely. Deflation can be especially harmful to economy and we saw a big fear of it in recent times in the USA ...
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.