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NBER WORKING PAPER SERIES RULE-OF-THUMB CONSUMERS AND THE Jordi Galí
... (2003c), the introduction of labor market frictions can generate fluctuations in hours of rule of thumb consumers, thus implying a second margin of variation in disposable income. In that context, it may be possible to preserve our findings even in the presence of wage stickiness (nominal or real). ...
... (2003c), the introduction of labor market frictions can generate fluctuations in hours of rule of thumb consumers, thus implying a second margin of variation in disposable income. In that context, it may be possible to preserve our findings even in the presence of wage stickiness (nominal or real). ...
6285 (9) Cost Cutting or Stagflation?
... “Some holders of this view [cost push] attribute the push to wage boosts engineered unilaterally by strong unions. But others give as much or more weight to the co-operative action of all sellers –organized and unorganized labor, semimonopolistic managements, oligopolistic sellers in imperfect commo ...
... “Some holders of this view [cost push] attribute the push to wage boosts engineered unilaterally by strong unions. But others give as much or more weight to the co-operative action of all sellers –organized and unorganized labor, semimonopolistic managements, oligopolistic sellers in imperfect commo ...
human needs hierarchy and happiness
... affords subsistence, must, necessarily, be prior to the increase of the town, which furnishes only the means of conveniency and luxury" (1776, p. 377). This implies that not only the consumption of necessary goods is firstly fulfilled, but also the primary sector of economy is firstly advanced befor ...
... affords subsistence, must, necessarily, be prior to the increase of the town, which furnishes only the means of conveniency and luxury" (1776, p. 377). This implies that not only the consumption of necessary goods is firstly fulfilled, but also the primary sector of economy is firstly advanced befor ...
Lecture 5 - The Digital Economist
... A positive relationship exists among these inputs and the output such that greater availability of any of these factors will lead to a greater potential for producing output. In addition, all factors are assumed to be essential for production to take place. The functional relationship f(.) represent ...
... A positive relationship exists among these inputs and the output such that greater availability of any of these factors will lead to a greater potential for producing output. In addition, all factors are assumed to be essential for production to take place. The functional relationship f(.) represent ...
Appendix THE GREEK ECONOMY MODEL
... Lolos and Zonzilos (1992) reach different conclusions by choosing to include a real wage term that affects negatively the demand for dependent employment, and ignore the role of labour-saving progress. Real wage elasticity is found to be very strong (0.70), while output elasticity is now 1.10 sugges ...
... Lolos and Zonzilos (1992) reach different conclusions by choosing to include a real wage term that affects negatively the demand for dependent employment, and ignore the role of labour-saving progress. Real wage elasticity is found to be very strong (0.70), while output elasticity is now 1.10 sugges ...
Real Exchange Rate Undervaluation: Static Losses, Dynamic Gains
... ment in the economy is to subsidize the accumulation of capital. Such a policy may not be implementable in most contexts, due to budgetary and targeting issues, or distributional concerns. Furthermore, our model of capital includes intangible forms of capital, which may make it even less feasible t ...
... ment in the economy is to subsidize the accumulation of capital. Such a policy may not be implementable in most contexts, due to budgetary and targeting issues, or distributional concerns. Furthermore, our model of capital includes intangible forms of capital, which may make it even less feasible t ...
The Financial Accelerator in a Quantitative Business Cycle Framework
... The canonical real business cycle model and the textbook Keynesian IS-LM model differ in many fundamental ways. However, these two standard frameworks for macroeconomic analysis do share one strong implication: Except for the term structure of real interest rates, which, together with expectations o ...
... The canonical real business cycle model and the textbook Keynesian IS-LM model differ in many fundamental ways. However, these two standard frameworks for macroeconomic analysis do share one strong implication: Except for the term structure of real interest rates, which, together with expectations o ...
Macro2
... country with GDP in another country is problematic because prices of particular products in one country may be much less or much more than in the other country. – For example, using the market exchange rate to value Chinese GDP in dollars leads to an estimate that in 2006, U.S. real GDP per person w ...
... country with GDP in another country is problematic because prices of particular products in one country may be much less or much more than in the other country. – For example, using the market exchange rate to value Chinese GDP in dollars leads to an estimate that in 2006, U.S. real GDP per person w ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... rates. The magnitude of the adjustment and its persistence demonstrate that the Bretton Woods system had led to a cumulative overvaluation of the dollar. Even after the rapid appreciation of the dollar in the early 1980s the real exchange rate is still well above its 1970 level. Tables 8.4 and 8.5 s ...
... rates. The magnitude of the adjustment and its persistence demonstrate that the Bretton Woods system had led to a cumulative overvaluation of the dollar. Even after the rapid appreciation of the dollar in the early 1980s the real exchange rate is still well above its 1970 level. Tables 8.4 and 8.5 s ...
The Open Economy: Implications for Monetary and Fiscal Policy
... rates. The magnitude of the adjustment and its persistence demonstrate that the Bretton Woods system had led to a cumulative overvaluation of the dollar. Even after the rapid appreciation of the dollar in the early 1980s the real exchange rate is still well above its 1970 level. Tables 8.4 and 8.5 s ...
... rates. The magnitude of the adjustment and its persistence demonstrate that the Bretton Woods system had led to a cumulative overvaluation of the dollar. Even after the rapid appreciation of the dollar in the early 1980s the real exchange rate is still well above its 1970 level. Tables 8.4 and 8.5 s ...
Topic 5 Money & Investment HO
... That is, the demand for money depends on the level of real income and the NOMINAL interest rate Why Nominal? Because lose R on all money held ...
... That is, the demand for money depends on the level of real income and the NOMINAL interest rate Why Nominal? Because lose R on all money held ...
Miller2008-ProductionFunctions.pdf
... national accounts data. The most important of these is the elasticity of substitution between capital and labor. Elasticity of substitution in production is a measure of how easy it is to shift between factor inputs, typically labor and capital. This measure is defined as the percentage change in fa ...
... national accounts data. The most important of these is the elasticity of substitution between capital and labor. Elasticity of substitution in production is a measure of how easy it is to shift between factor inputs, typically labor and capital. This measure is defined as the percentage change in fa ...
DOCUMENTOS DE TRABAJO Serie Economía EPL AND CAPITAL-LABOR RATIOS
... An expanding literature investigates the role of employment regulations on labor market outcomes as well as other dimensions such as investment in physical capital, human capital, productivity, innovation and growth. Labor studies have shown that a particular component of these regulations, employme ...
... An expanding literature investigates the role of employment regulations on labor market outcomes as well as other dimensions such as investment in physical capital, human capital, productivity, innovation and growth. Labor studies have shown that a particular component of these regulations, employme ...
The Role of Expectations in the FRB/US Macroeconomic Model
... have been induced by changes in expectations and responses to expectations that have been delayed because of adjustment costs. This separation rests on 5. In recent years, the view that information about the economy is costly to obtain and analyze has spurred some economists to study how individuals ...
... have been induced by changes in expectations and responses to expectations that have been delayed because of adjustment costs. This separation rests on 5. In recent years, the view that information about the economy is costly to obtain and analyze has spurred some economists to study how individuals ...
economics notes
... itself depended on 'irrational' expectations. An attractive belief that suggested that demand could be manipulated to avoid 'intolerable' unemployment. Matthews described the consensus theory in 1959 - 'The Trade Cycle'. Model building behaviour - consumption then extend to other expenditure functio ...
... itself depended on 'irrational' expectations. An attractive belief that suggested that demand could be manipulated to avoid 'intolerable' unemployment. Matthews described the consensus theory in 1959 - 'The Trade Cycle'. Model building behaviour - consumption then extend to other expenditure functio ...