![NBER WORKING PAPER SERIES NEW-KEYNESIAN ECONOMICS: AN AS-AD VIEW Pierpaolo Benigno](http://s1.studyres.com/store/data/008233967_1-7f5d0d38ebf3bf65485bf41178caf741-300x300.png)
NBER WORKING PAPER SERIES NEW-KEYNESIAN ECONOMICS: AN AS-AD VIEW Pierpaolo Benigno
... This work presents a simple New-Keynesian model illustrated by Aggregate Demand (AD) and Aggregate Supply (AS) graphical analysis. In its simplicity, the framework features most of the main characteristics emphasized in the recent literature. The AD and AS equations are derived from an intertemporal ...
... This work presents a simple New-Keynesian model illustrated by Aggregate Demand (AD) and Aggregate Supply (AS) graphical analysis. In its simplicity, the framework features most of the main characteristics emphasized in the recent literature. The AD and AS equations are derived from an intertemporal ...
Did inequality cause the US financial crisis? - Hans-Böckler
... wages at the bottom of the distribution, mainly as a result of government transfers (see Heathcote et al., 2010). Figure 5 shows the rate of growth of real family incomes for two time periods. Real pre-tax income growth (excluding capital gains) has been considerably lower in 1977-2007 as compared t ...
... wages at the bottom of the distribution, mainly as a result of government transfers (see Heathcote et al., 2010). Figure 5 shows the rate of growth of real family incomes for two time periods. Real pre-tax income growth (excluding capital gains) has been considerably lower in 1977-2007 as compared t ...
structural transformation in developing countries - UN
... economy’s structure from low-productivity, labourintensive activities to higher productivity, capital and skill intensive activities.7 It is a long-term shift in the fundamental institutions of an economy and this explain the pathways of economic growth and development.8 In technical terms, four ess ...
... economy’s structure from low-productivity, labourintensive activities to higher productivity, capital and skill intensive activities.7 It is a long-term shift in the fundamental institutions of an economy and this explain the pathways of economic growth and development.8 In technical terms, four ess ...
Executive Secretary Deputy Executive Secretary Economic Commission for Latin America and the Caribbean
... fall short of his expectations. Finally, by way of a brief conclusion, I will say a few words about the present situation of Latin America, which is where I come from and where I hope to be living again very soon and to keep on collaborating with ECLAC from closer at hand. GATT ...
... fall short of his expectations. Finally, by way of a brief conclusion, I will say a few words about the present situation of Latin America, which is where I come from and where I hope to be living again very soon and to keep on collaborating with ECLAC from closer at hand. GATT ...
convergence of real gdp per capita in the eu15
... Solow’s growth model does not predict absolute convergence, but it does predict that per capita income in any given country converges on that country’s steady-state value. Yet, if we control for the determinants of the steady state, we get ‘conditional convergence’ (Mankiw et al., 1992). According t ...
... Solow’s growth model does not predict absolute convergence, but it does predict that per capita income in any given country converges on that country’s steady-state value. Yet, if we control for the determinants of the steady state, we get ‘conditional convergence’ (Mankiw et al., 1992). According t ...
The rise of the BRIC countries and its impact on the Dutch
... Since the end of the Cold War, the political and economic world landscape has undergone a tremendous transformation. Following several decades of relative stability, with economic dominance of the US and to a lesser extent Western Europe and Japan, we have seen dramatic transformations in the past t ...
... Since the end of the Cold War, the political and economic world landscape has undergone a tremendous transformation. Following several decades of relative stability, with economic dominance of the US and to a lesser extent Western Europe and Japan, we have seen dramatic transformations in the past t ...
Asia Pacific Regional Economic Outlook, May 9, 2017
... covered in Chapters 2 and 3. Chapter 2 highlights the demographic challenges facing Asia—namely that parts of Asia risk “growing old before becoming rich.” The speed of aging is especially notable compared to the experience in Europe and the United States. For many countries in the region, on curren ...
... covered in Chapters 2 and 3. Chapter 2 highlights the demographic challenges facing Asia—namely that parts of Asia risk “growing old before becoming rich.” The speed of aging is especially notable compared to the experience in Europe and the United States. For many countries in the region, on curren ...
Asia and Pacific Preparing for Choppy Seas
... covered in Chapters 2 and 3. Chapter 2 highlights the demographic challenges facing Asia—namely that parts of Asia risk “growing old before becoming rich.” The speed of aging is especially notable compared to the experience in Europe and the United States. For many countries in the region, on curren ...
... covered in Chapters 2 and 3. Chapter 2 highlights the demographic challenges facing Asia—namely that parts of Asia risk “growing old before becoming rich.” The speed of aging is especially notable compared to the experience in Europe and the United States. For many countries in the region, on curren ...
Aghion Notes 2013
... not fall to zero because as capital accumulates, the tendency for the output/capital ratio to fall because of diminishing returns to capital is continually oset by technological progress. ...
... not fall to zero because as capital accumulates, the tendency for the output/capital ratio to fall because of diminishing returns to capital is continually oset by technological progress. ...
Monetary policy with uncertain estimates of potential output
... by the Council of Economic Advisors (CEA) and published in the Economic Report of the President was probably the most prominent; since then, a number of competing measures have appeared. The first section of this article discusses in greater detail what it is that potential output is supposed to mea ...
... by the Council of Economic Advisors (CEA) and published in the Economic Report of the President was probably the most prominent; since then, a number of competing measures have appeared. The first section of this article discusses in greater detail what it is that potential output is supposed to mea ...
Investment frictions and the relative price of investment goods in an
... Among these two nominal bonds, we assume that home bonds are only traded nationally. On the other hand, foreign residents can allocate their wealth only in bonds denominated in the foreign currency. This asymmetry in the …nancial market structure is made for simplicity. The results would not change ...
... Among these two nominal bonds, we assume that home bonds are only traded nationally. On the other hand, foreign residents can allocate their wealth only in bonds denominated in the foreign currency. This asymmetry in the …nancial market structure is made for simplicity. The results would not change ...
Did the introduction of the 48 hour week in 1919
... taken as evidence of a major negative productivity shock from the 48 hour week. 21 Nor did he examine alternative explanations for this fall in output per man-year, despite the presence of obvious candidates. An upsurge in industrial disputes during 1919 cost 34,969,000 working days lost through str ...
... taken as evidence of a major negative productivity shock from the 48 hour week. 21 Nor did he examine alternative explanations for this fall in output per man-year, despite the presence of obvious candidates. An upsurge in industrial disputes during 1919 cost 34,969,000 working days lost through str ...
1999 South-Western College Publishing
... Duesenberry’s Friedman’s Permanent Relative Income Income TheAutonomous Case for Income Investment Inequality Hypothesis Hypothesis to Consume Save ©1999 South-Western College Publishing ...
... Duesenberry’s Friedman’s Permanent Relative Income Income TheAutonomous Case for Income Investment Inequality Hypothesis Hypothesis to Consume Save ©1999 South-Western College Publishing ...
Intra-national Purchasing Power Parity and Balassa
... hypothesis includes studies that use time-series data. Finally, a third group has recently emerged and includes studies that use panel data and provide strong support for the hypothesis”. On the other hand, the Kaldorian tradition postulates that output growth is positively connected to labour prod ...
... hypothesis includes studies that use time-series data. Finally, a third group has recently emerged and includes studies that use panel data and provide strong support for the hypothesis”. On the other hand, the Kaldorian tradition postulates that output growth is positively connected to labour prod ...
Textbook of Economics
... To produce things we need usually all three kinds of the means of production. If you operate vending machines, you need some staff to service the machines, you need to rent some area where the machine is placed, and you need the machines. If you operate u bus from Prague to Brno, you need a driver, ...
... To produce things we need usually all three kinds of the means of production. If you operate vending machines, you need some staff to service the machines, you need to rent some area where the machine is placed, and you need the machines. If you operate u bus from Prague to Brno, you need a driver, ...
nec07 Fogel 5896746 en
... Rugman (2000) and others suggest large business enterprises create and capture various economies of scale and scope. In each of these views, a positive feedback ensues, with the dominance of large businesses enhancing their economic fortunes, which further heightens their dominance. This feedback, i ...
... Rugman (2000) and others suggest large business enterprises create and capture various economies of scale and scope. In each of these views, a positive feedback ensues, with the dominance of large businesses enhancing their economic fortunes, which further heightens their dominance. This feedback, i ...
The Cyclicality of the Income Elasticity of Trade
... di¤erences across countries — a possible source of balance-of-payments problems in oldKeynesian approaches. Their empirical analysis documented that the income elasticity of imports was larger than 1 for essentially all the countries included in their sample, ...
... di¤erences across countries — a possible source of balance-of-payments problems in oldKeynesian approaches. Their empirical analysis documented that the income elasticity of imports was larger than 1 for essentially all the countries included in their sample, ...
Economics R. Glenn Hubbard, Anthony Patrick O'Brien, 2e.
... © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O’Brien, 2e. ...
... © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O’Brien, 2e. ...
effects of government spending on economic
... measured by GNP or rise in per capital income. However, economic growth does not translate to economic development. Economic growth depends on productivity and investment by using obtainable resources more efficiently and investing in new resources. Success in this course creates increased incomes w ...
... measured by GNP or rise in per capital income. However, economic growth does not translate to economic development. Economic growth depends on productivity and investment by using obtainable resources more efficiently and investing in new resources. Success in this course creates increased incomes w ...
department of economics yale university
... expectations of recipients. If they have positive expectations about the future and if the risks are perceived as low, then they are likely to invest the remittances. However, it is also possible that recipients are overly dependent on remittances for consumption purposes. So, the higher income will ...
... expectations of recipients. If they have positive expectations about the future and if the risks are perceived as low, then they are likely to invest the remittances. However, it is also possible that recipients are overly dependent on remittances for consumption purposes. So, the higher income will ...
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.