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The weakness of business investment in the
... and it only returned to its pre-crisis level more than six years after the start of the crisis. This behaviour masks a high degree of heterogeneity across countries, as seen in the lefthand panel of Chart 2, which shows the magnitude of the decline and subsequent recovery in a selection of developed ...
... and it only returned to its pre-crisis level more than six years after the start of the crisis. This behaviour masks a high degree of heterogeneity across countries, as seen in the lefthand panel of Chart 2, which shows the magnitude of the decline and subsequent recovery in a selection of developed ...
Answers to Text Questions and Problems in
... of setting up active auction markets for such goods usually exceed the costs. Goods such as clothing items, which are not standardized (they vary in size, colour, style) and which are usually sold in retail stores one by one, tend to have prices that are changed less frequently. 3. Planned aggregate ...
... of setting up active auction markets for such goods usually exceed the costs. Goods such as clothing items, which are not standardized (they vary in size, colour, style) and which are usually sold in retail stores one by one, tend to have prices that are changed less frequently. 3. Planned aggregate ...
In Search of General Patterns of Manufacturing Development
... suggests that the share of manufacturing industry increases at a faster rate than that of S-C pattern during the early stages of industrialization. Moreover, although the process of deindustrialization sets in after reaching a high income level, it is only an indication of how manufacturing industry ...
... suggests that the share of manufacturing industry increases at a faster rate than that of S-C pattern during the early stages of industrialization. Moreover, although the process of deindustrialization sets in after reaching a high income level, it is only an indication of how manufacturing industry ...
Durable Goods, Financial Frictions, and Business Cycles in
... To this end, we first study the observed cyclical behavior of disaggregated consumption in emerging and developed economies. We collect data on output, investment, exports, imports, and consumption of both durable and nondurable goods for a set of 32 countries, of which 14 are emerging economies. Ou ...
... To this end, we first study the observed cyclical behavior of disaggregated consumption in emerging and developed economies. We collect data on output, investment, exports, imports, and consumption of both durable and nondurable goods for a set of 32 countries, of which 14 are emerging economies. Ou ...
The Shadow Economy and Work in the Shadow: What Do We
... and services mostly consumed within the household.8 The following analysis focuses on both types, but tries to exclude illegal activities such as drug production, crime and human trafficking. The production of goods and services, consumed within the household, or childcare are not part of this analy ...
... and services mostly consumed within the household.8 The following analysis focuses on both types, but tries to exclude illegal activities such as drug production, crime and human trafficking. The production of goods and services, consumed within the household, or childcare are not part of this analy ...
The Modern Macroeconomic Debate
... When Canada’s trading partners go into a recession, the demand for Canadian goods (exports) will fall, causing the Canadian AD curve to shift to the left. A rise in foreign income leads to an increase in Canadian exports and a rightward shift of the Canadian AD ...
... When Canada’s trading partners go into a recession, the demand for Canadian goods (exports) will fall, causing the Canadian AD curve to shift to the left. A rise in foreign income leads to an increase in Canadian exports and a rightward shift of the Canadian AD ...
Government Size and Automatic Stabilizers: International and
... government size and this third factor. Indeed, several recent papers analyze carefully the determination of the size of government from different viewpoints. As it is mentioned in Section 2, the size of government might be determined by social insurance motifs or by politico-economic arguments. In t ...
... government size and this third factor. Indeed, several recent papers analyze carefully the determination of the size of government from different viewpoints. As it is mentioned in Section 2, the size of government might be determined by social insurance motifs or by politico-economic arguments. In t ...
Asymmetric Effects of Uncertainty over the Business Cycle: A
... In addition, as the present methodology analyzes interdependencies over the business cycle, it is also related to Markov switching (MS)-VAR models that were first introduced by Hamilton (1989). Markov switching models assume that the economy is governed by regimes that can be related to booms or bu ...
... In addition, as the present methodology analyzes interdependencies over the business cycle, it is also related to Markov switching (MS)-VAR models that were first introduced by Hamilton (1989). Markov switching models assume that the economy is governed by regimes that can be related to booms or bu ...
A.1. Reflecting on new developmentalism and classical
... Alternatively, it will fall into recurrent balance of payment crises if it either adopts irresponsible developmental policies (usually, abusive expansionary policies), or if it submits to the neoliberal or Washington consensus policies and decides to grow with foreign savings, that is, with high cu ...
... Alternatively, it will fall into recurrent balance of payment crises if it either adopts irresponsible developmental policies (usually, abusive expansionary policies), or if it submits to the neoliberal or Washington consensus policies and decides to grow with foreign savings, that is, with high cu ...
vsi11 ge Fidrmuc 16149159 en
... Second, we explore the determinants of the correlations of shocks obtained in the …rst step of our analysis using a stylized version of the gravity model (broadly in line with Artis and Okubo, 2008, although they use a di¤erent methodology for estimating business-cycle correlations). In particular, ...
... Second, we explore the determinants of the correlations of shocks obtained in the …rst step of our analysis using a stylized version of the gravity model (broadly in line with Artis and Okubo, 2008, although they use a di¤erent methodology for estimating business-cycle correlations). In particular, ...
Combining zero and sign restrictions in VAR models: identifying
... (the Structural part). Looking only at the relationship between our variables over time (VAR part), it is hard to make inferences on which macroeconomic shocks have driven movements in those variables. Therefore, we need to use economic intuition to explain macroeconomic changes. Economic theory is ...
... (the Structural part). Looking only at the relationship between our variables over time (VAR part), it is hard to make inferences on which macroeconomic shocks have driven movements in those variables. Therefore, we need to use economic intuition to explain macroeconomic changes. Economic theory is ...
the significance of global resource availability to swiss
... All in all, it becomes clear that a nuanced view must be taken of Swiss competitiveness. Switzerland currently enjoys an excellent competitive situation, which is reflected in its robust economic position, its resource-efficient technologies, its trading opportunities, its efficient sector mix, and ...
... All in all, it becomes clear that a nuanced view must be taken of Swiss competitiveness. Switzerland currently enjoys an excellent competitive situation, which is reflected in its robust economic position, its resource-efficient technologies, its trading opportunities, its efficient sector mix, and ...
ppt
... Are We There Yet? What the Long Run Really Means • Because the economy always tends to return to potential output in the long run, actual aggregate output fluctuates around potential output, rarely getting too far from it. • As a result, the economy’s rate of growth over long periods—say, decades—is ...
... Are We There Yet? What the Long Run Really Means • Because the economy always tends to return to potential output in the long run, actual aggregate output fluctuates around potential output, rarely getting too far from it. • As a result, the economy’s rate of growth over long periods—say, decades—is ...
Technology Diffusion and Postwar Growth
... 1960 to return to their prewar growth paths. The second is that, in contrast to the United States, both Germany and Japan did not converge to this prewar path but instead busted through it and converged to a growth path that was substantially higher than that in the prewar period. Just as for the de ...
... 1960 to return to their prewar growth paths. The second is that, in contrast to the United States, both Germany and Japan did not converge to this prewar path but instead busted through it and converged to a growth path that was substantially higher than that in the prewar period. Just as for the de ...
Income Distribution and Current Account Imbalances
... has led to a deterioration of national saving-investment balances, as the poor and middle classes borrowed from the rich and from foreign lenders to nance consumption. ...
... has led to a deterioration of national saving-investment balances, as the poor and middle classes borrowed from the rich and from foreign lenders to nance consumption. ...
An assessment of the dynamics between the permanent and transitory components
... and labour market institutions.5 Labour demand, on the other hand, depends on technical progress and on the conditions prevailing in the goods market. In the short run, actual employment would also depend on firms’ capacity to adjust the number of hours put in by workers and their work force’s produ ...
... and labour market institutions.5 Labour demand, on the other hand, depends on technical progress and on the conditions prevailing in the goods market. In the short run, actual employment would also depend on firms’ capacity to adjust the number of hours put in by workers and their work force’s produ ...
Document
... • Asia Pacific: markets will continue to grow • Acquisition in Australia will make a solid contribution • The cost advantages realized will be retained • Focus remains on process efficiency and strengthening ...
... • Asia Pacific: markets will continue to grow • Acquisition in Australia will make a solid contribution • The cost advantages realized will be retained • Focus remains on process efficiency and strengthening ...
Government and economic growth: Does size matter?
... The economic cost or ‘deadweight loss’ created from these disincentives will vary significantly. It will depend upon the tax rate and the responsiveness of individuals or businesses to the tax (known as the elasticity). However, the deadweight loss from taxation rises more than proportionately with ...
... The economic cost or ‘deadweight loss’ created from these disincentives will vary significantly. It will depend upon the tax rate and the responsiveness of individuals or businesses to the tax (known as the elasticity). However, the deadweight loss from taxation rises more than proportionately with ...
1 Principles of Macroeconomics, 9e
... A) in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading. B) of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nations. C) of ...
... A) in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading. B) of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nations. C) of ...
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.