![Capital-Skill Complementarity and Economic Development](http://s1.studyres.com/store/data/007817867_1-f8ed8e29ba614e7b6a975f284df1e9b1-300x300.png)
Capital-Skill Complementarity and Economic Development
... Our work complements earlier quantitative research on the role of capital accumulation for growth. Young (1994, 1995) documents increasing investment rates and the important contribution of factor input accumulation to growth in the Asian ‘growth miracles.’ Hayashi (1986) documents the hump-shaped s ...
... Our work complements earlier quantitative research on the role of capital accumulation for growth. Young (1994, 1995) documents increasing investment rates and the important contribution of factor input accumulation to growth in the Asian ‘growth miracles.’ Hayashi (1986) documents the hump-shaped s ...
South Korea
... Against this backdrop, the short-term policy objective is to close cyclical gap through proactive macroeconomic policies. The IMF forecasted that negative output gap remains at 0.6% in 2013 and 0.5% in 2014. The medium-term policy objective is to boost potential growth from around 3% in 2013 to arou ...
... Against this backdrop, the short-term policy objective is to close cyclical gap through proactive macroeconomic policies. The IMF forecasted that negative output gap remains at 0.6% in 2013 and 0.5% in 2014. The medium-term policy objective is to boost potential growth from around 3% in 2013 to arou ...
in 2005 to 3 per cent GDP in 2006 and... that there was a greater measure of structural
... Vanuatu, their development strategy has to focus on the rural sector. Investment must be aimed at improving agricultural productivity to increase rural people’s incomes and savings so that they can be invested in activities servicing the rural sector. Increased research in new and improved varieties ...
... Vanuatu, their development strategy has to focus on the rural sector. Investment must be aimed at improving agricultural productivity to increase rural people’s incomes and savings so that they can be invested in activities servicing the rural sector. Increased research in new and improved varieties ...
Intermediate Macroeconomics: Economic Growth and the Solow
... as given as growing over time, the model does a very good job at explaining the time series facts. The model has the important implication that the primary determinant of growth is productivity. Saving, which leads to more capital accumulation, cannot sustain growth. On its surface, the Solow model ...
... as given as growing over time, the model does a very good job at explaining the time series facts. The model has the important implication that the primary determinant of growth is productivity. Saving, which leads to more capital accumulation, cannot sustain growth. On its surface, the Solow model ...
NBER WORKING PAPER SERIES --THE PREVAILING "EXPORT OVERSHOOTING" PHENOMENON
... exports of other Asian countries such as Malaysia and the Philippines, which are part of the integrated ICT supply chain in the region, were also negatively affected. China, meanwhile, still managed to experience positive growth in exports as the volume of Chinese high-tech exports constituted only ...
... exports of other Asian countries such as Malaysia and the Philippines, which are part of the integrated ICT supply chain in the region, were also negatively affected. China, meanwhile, still managed to experience positive growth in exports as the volume of Chinese high-tech exports constituted only ...
Price Elasticity of Demand
... there are in the market, the more elastic is demand because consumers find it easy to switch. E.g. Air travel and train travel are weak substitutes for inter-continental flights but closer substitutes for journeys of around 200400km e.g. between major cities in a large country. 2. The cost of switch ...
... there are in the market, the more elastic is demand because consumers find it easy to switch. E.g. Air travel and train travel are weak substitutes for inter-continental flights but closer substitutes for journeys of around 200400km e.g. between major cities in a large country. 2. The cost of switch ...
NBER WORKING PAPER SERIES PRODUCTIVITY AND THE EURO-DOLLAR EXCHANGE RATE PUZZLE
... specific statistical sense; in other words the real exchange rate appears to be cointegrated with a broad productivity differential. Over a number of specifications, sample periods, and estimation techniques, one finds that each one percentage point increase in the U.S.-Euro area productivity differ ...
... specific statistical sense; in other words the real exchange rate appears to be cointegrated with a broad productivity differential. Over a number of specifications, sample periods, and estimation techniques, one finds that each one percentage point increase in the U.S.-Euro area productivity differ ...
Accounting for Breakout in Britain: The Industrial Revolution through
... modern technologies like corrugated steel building materials, cell phones, cars and the use of fossil fuels, yet their economies remain as stagnant as ever. The inspiration for this paper is the natural question these observations invite: why, when both the theory and casual observation suggest that ...
... modern technologies like corrugated steel building materials, cell phones, cars and the use of fossil fuels, yet their economies remain as stagnant as ever. The inspiration for this paper is the natural question these observations invite: why, when both the theory and casual observation suggest that ...
Accounting for Breakout in Britain: The Industrial Revolution through
... modern technologies like corrugated steel building materials, cell phones, cars and the use of fossil fuels, yet their economies remain as stagnant as ever. The inspiration for this paper is the natural question these observations invite: why, when both the theory and casual observation suggest that ...
... modern technologies like corrugated steel building materials, cell phones, cars and the use of fossil fuels, yet their economies remain as stagnant as ever. The inspiration for this paper is the natural question these observations invite: why, when both the theory and casual observation suggest that ...
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... transactions in different ways, but all (at least in theory) adding to the same total. Two of the most common aggregations are that focused on expenditures (based on the standard national income accounting identity of C + I + G + X - M) and that based on revenues, or incomes. The two methods should, ...
... transactions in different ways, but all (at least in theory) adding to the same total. Two of the most common aggregations are that focused on expenditures (based on the standard national income accounting identity of C + I + G + X - M) and that based on revenues, or incomes. The two methods should, ...
Document
... quantity of the nation's output when price levels are high. At lower price levels, people feel wealthier and thus demand more of a nation's goods and services. (This is similar to the income effect which explains the downward sloping demand curve). The interest rate effect: In response to a rise in ...
... quantity of the nation's output when price levels are high. At lower price levels, people feel wealthier and thus demand more of a nation's goods and services. (This is similar to the income effect which explains the downward sloping demand curve). The interest rate effect: In response to a rise in ...
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... magnitude, and was paralleled only by Bulgaria and Ireland among the other EU countries. Growth rates in house prices were also of a similar magnitude across the Baltics, and were not matched by those recorded in any other EU country undergoing similar boom-bust episodes. ...
... magnitude, and was paralleled only by Bulgaria and Ireland among the other EU countries. Growth rates in house prices were also of a similar magnitude across the Baltics, and were not matched by those recorded in any other EU country undergoing similar boom-bust episodes. ...
Chapter 26
... model, assume the economy is in equilibrium on the intermediate portion of the aggregate supply curve. A decrease in the money supply will decrease the price level and a. lower the interest rate and the real GDP. b. raise both the interest rate and real GDP. c. lower the interest rate and raise real ...
... model, assume the economy is in equilibrium on the intermediate portion of the aggregate supply curve. A decrease in the money supply will decrease the price level and a. lower the interest rate and the real GDP. b. raise both the interest rate and real GDP. c. lower the interest rate and raise real ...
`UK Economic Performance Since 1997: Growth, Productivity and
... We argue that it is more likely that some policies of the Labour government drove some of the productivity improvement. In particular, the strengthening of competition policy, the support for innovation, the expansion of university education and better regulation in telecoms and elsewhere played a p ...
... We argue that it is more likely that some policies of the Labour government drove some of the productivity improvement. In particular, the strengthening of competition policy, the support for innovation, the expansion of university education and better regulation in telecoms and elsewhere played a p ...
somel on surplus
... rate instability also increases the perceived risks of investment projects. Both exchange rate instability and high interest rates discourage investment, constraining the rate of capital formation in underdeveloped countries.1 (4) The sectoral composition of investment in underdeveloped countries is ...
... rate instability also increases the perceived risks of investment projects. Both exchange rate instability and high interest rates discourage investment, constraining the rate of capital formation in underdeveloped countries.1 (4) The sectoral composition of investment in underdeveloped countries is ...
Chapter 14: Aggregate Demand and Supply
... Listen to the Ask the Instructor Video Clip” titled “Can the Aggregate Supply Curve Take on Different Shapes?” You will learn the conditions that determine the three ranges of the aggregate supply curve. ...
... Listen to the Ask the Instructor Video Clip” titled “Can the Aggregate Supply Curve Take on Different Shapes?” You will learn the conditions that determine the three ranges of the aggregate supply curve. ...
NBER WORKING PAPER SERIES OF THE CHINESE ECONOMY
... has become a formidable producer and exporter of manufactured goods, with real Gross Domestic Product growing at or near double digit rates. At this pace, it will soon become the world’s largest economy. At the same time, China remains a relatively poor country by world standards. According to World ...
... has become a formidable producer and exporter of manufactured goods, with real Gross Domestic Product growing at or near double digit rates. At this pace, it will soon become the world’s largest economy. At the same time, China remains a relatively poor country by world standards. According to World ...
NBER WORKING PAPER SERIES INTERNATIONAL LENDING AND BORROWING IN A STOCHASTIC SEQUENCE EQUILIBRIUM
... I would like to thank Truman Bowley, Willem Buiter, Russ Cooper, Roger Farmer, Tom Sargent as well as members of workshops at Harvard, the Cowles Foundation, and Penn for their comments on an earlier draft. Financial support from the National Science Foundation Grant SES-642g227 is acknowledged with ...
... I would like to thank Truman Bowley, Willem Buiter, Russ Cooper, Roger Farmer, Tom Sargent as well as members of workshops at Harvard, the Cowles Foundation, and Penn for their comments on an earlier draft. Financial support from the National Science Foundation Grant SES-642g227 is acknowledged with ...
MB-Ch.19
... Since interest rates fluctuate, then velocity must too. • In fact, velocity and interest rates will move in the same direction. Both are procyclical, rising with expansions and falling during recessions. • A rise in i encourages people to hold lower real money balances for a given level of Y. Theref ...
... Since interest rates fluctuate, then velocity must too. • In fact, velocity and interest rates will move in the same direction. Both are procyclical, rising with expansions and falling during recessions. • A rise in i encourages people to hold lower real money balances for a given level of Y. Theref ...
Ragnar Nurkse's balanced growth theory
The balanced growth theory is an economic theory pioneered by the economist Ragnar Nurkse (1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. This will enlarge the market size, increase productivity, and provide an incentive for the private sector to invest.Nurkse was in favour of attaining balanced growth in both the industrial and agricultural sectors of the economy. He recognised that the expansion and inter-sectoral balance between agriculture and manufacturing is necessary so that each of these sectors provides a market for the products of the other and in turn, supplies the necessary raw materials for the development and growth of the other.Nurkse and Paul Rosenstein-Rodan were the pioneers of balanced growth theory and much of how it is understood today dates back to their work.Nurkse's theory discusses how the poor size of the market in underdeveloped countries perpetuates its underdeveloped state. Nurkse has also clarified the various determinants of the market size and puts primary focus on productivity. According to him, if the productivity levels rise in a less developed country, its market size will expand and thus it can eventually become a developed economy. Apart from this, Nurkse has been nicknamed an export pessimist, as he feels that the finances to make investments in underdeveloped countries must arise from their own domestic territory. No importance should be given to promoting exports.