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the growth response to natural disasters
... help mitigate the effects of natural disasters. Using a panel vector auto-regression model, Raddatz (2007) examined the dynamic impacts of external shocks, including natural disasters, on the volatility of output. Focusing on low-income countries, he uses a sample of 40 countries over the period fro ...
... help mitigate the effects of natural disasters. Using a panel vector auto-regression model, Raddatz (2007) examined the dynamic impacts of external shocks, including natural disasters, on the volatility of output. Focusing on low-income countries, he uses a sample of 40 countries over the period fro ...
Inequality and Injustice in our Global Economy
... empirical work on inequality and development, much of it ably reviewed in major reports from the United Nations Development Programme (UNDP), Inter-American Development Bank (IDB), and recently by the World Bank.4 Still there is no agreement among economists, and no particular attention among develo ...
... empirical work on inequality and development, much of it ably reviewed in major reports from the United Nations Development Programme (UNDP), Inter-American Development Bank (IDB), and recently by the World Bank.4 Still there is no agreement among economists, and no particular attention among develo ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Exchange Rate Theory and Practice
... provide an interesting analysis of how indexation behavior may respond to the choice of exchange rate regime. Because in many countries indexation behavior is governed by institutional or legal constraints, however, I prefer to assume that the degree of indexation remains the same when the exchange ...
... provide an interesting analysis of how indexation behavior may respond to the choice of exchange rate regime. Because in many countries indexation behavior is governed by institutional or legal constraints, however, I prefer to assume that the degree of indexation remains the same when the exchange ...
Productivity measures and analysis: ONS work plan
... status to be conferred) was met in the first instance by publication of an article on new labour productivity statistics in 2013 (Allen and Franklin 2013). That article described the development of new labour statistics to meet ONS’s outstanding obligations under European regulations, and how ONS pr ...
... status to be conferred) was met in the first instance by publication of an article on new labour productivity statistics in 2013 (Allen and Franklin 2013). That article described the development of new labour statistics to meet ONS’s outstanding obligations under European regulations, and how ONS pr ...
nber working paper series a theory of aggregate supply and
... In both models, there are two endogenous variables—a quantity and a price—in each market. These variables are determined in equilibrium by the equality of supply and demand. Our model remains an equilibrium model which avoids the pairwise Pareto inefficiencies that arise in many New Keynesian models. ...
... In both models, there are two endogenous variables—a quantity and a price—in each market. These variables are determined in equilibrium by the equality of supply and demand. Our model remains an equilibrium model which avoids the pairwise Pareto inefficiencies that arise in many New Keynesian models. ...
Labour reallocation and productivity dynamics: financial causes, real
... delve into the effect of US cross-state banking deregulation on the allocation of output and employment across sectors at the state level. Gorton and Ordoñez (2014) find that credit booms can have negative implications for aggregate TFP: in their model this results from agents not producing informat ...
... delve into the effect of US cross-state banking deregulation on the allocation of output and employment across sectors at the state level. Gorton and Ordoñez (2014) find that credit booms can have negative implications for aggregate TFP: in their model this results from agents not producing informat ...
ECS1601 –SECTION A 1.16 Which of the following statements are
... 2.11 Which one of the following is most likely to increase the demand for US dollar on the South African foreign exchange market? [1] A fall in the interest rates in the United States. [2] An expected decline of the value of the rand relative to the dollar. [3] A recession in South Africa. [4] A dec ...
... 2.11 Which one of the following is most likely to increase the demand for US dollar on the South African foreign exchange market? [1] A fall in the interest rates in the United States. [2] An expected decline of the value of the rand relative to the dollar. [3] A recession in South Africa. [4] A dec ...
03/2015 The Impacts of the 2008 Global Financial Crisis most affected countries
... growth in the pre-crisis period. However, the exceptional growth performance of countries was significant related to the positive global outlook after 2001.13 In general, the growth was fuelled by a mix of four ingredients: 1) high global demand, 2) exceptional financing, 3) high commodity prices an ...
... growth in the pre-crisis period. However, the exceptional growth performance of countries was significant related to the positive global outlook after 2001.13 In general, the growth was fuelled by a mix of four ingredients: 1) high global demand, 2) exceptional financing, 3) high commodity prices an ...
Technology, Employment, and the Business Cycle: DO Technology
... sign of the (also transitory) response of labor productivity x depends on the size of w, and is positive whenever w ú 1. As made clear by (11), the latter condition corresponds to the notion of ‘‘short-run increasing returns to labor’’ emphasized in the literature on the cyclical behavior of product ...
... sign of the (also transitory) response of labor productivity x depends on the size of w, and is positive whenever w ú 1. As made clear by (11), the latter condition corresponds to the notion of ‘‘short-run increasing returns to labor’’ emphasized in the literature on the cyclical behavior of product ...
Mark scheme - June
... This question requires a discussion of the merits of taxation as a means of dealing with the market failures that arise when there are negative externalities. The use of 'most effective' in the question implies that other means are available and should be discussed. No specific context is given in t ...
... This question requires a discussion of the merits of taxation as a means of dealing with the market failures that arise when there are negative externalities. The use of 'most effective' in the question implies that other means are available and should be discussed. No specific context is given in t ...
NBER WORKING PAPER SERIES TECHNOLOGY DIFFUSION AND POSTWAR GROWTH Diego A. Comin
... to their prewar growth paths. The second is that, contrary to the U.S., 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 like for the declines during WWII, the p ...
... to their prewar growth paths. The second is that, contrary to the U.S., 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 like for the declines during WWII, the p ...
When can changes in expectations cause business cycle
... driven business cycles can arise in simple neo-classical settings. That is, we will examine whether changes in expectations alone could cause booms or busts—defined as positive co-movement in consumption, investment and employment—in a setting with constant returns to scale technology and perfect mar ...
... driven business cycles can arise in simple neo-classical settings. That is, we will examine whether changes in expectations alone could cause booms or busts—defined as positive co-movement in consumption, investment and employment—in a setting with constant returns to scale technology and perfect mar ...
1 - Index Measures
... Laspeyres non-petroleum import price index is also shown in Figure 1. Our Laspeyres terms-oftrade index does not exactly match the one constructed from published BLS indexes due to missing data for some industries, but the difference is immaterial. The finding that the U.S. terms of trade began to i ...
... Laspeyres non-petroleum import price index is also shown in Figure 1. Our Laspeyres terms-oftrade index does not exactly match the one constructed from published BLS indexes due to missing data for some industries, but the difference is immaterial. The finding that the U.S. terms of trade began to i ...
Privatization Effects on Economic Growth
... policies and lagging banking sector reform” (World Bank, 2002). It becomes evident once again that a potentially successful economic policy fails due to the lack of institutional changes and other appropriate economic policies (World Bank, 2002). Internal privatization, also know as “employee or man ...
... policies and lagging banking sector reform” (World Bank, 2002). It becomes evident once again that a potentially successful economic policy fails due to the lack of institutional changes and other appropriate economic policies (World Bank, 2002). Internal privatization, also know as “employee or man ...
Testing Capital Accumulation-Driven Growth Models in a
... How does Jones’s test apply to an economy with two steady-state growth regimes: one a slow-growing regime and the other a faster-growing one? The existence of steady-state regimes by construction implies that output growth in each regime shows no persistent trend movements. To support the AK model, ...
... How does Jones’s test apply to an economy with two steady-state growth regimes: one a slow-growing regime and the other a faster-growing one? The existence of steady-state regimes by construction implies that output growth in each regime shows no persistent trend movements. To support the AK model, ...
The Changing Dynamics of the Global Business Cycle
... capita. Most analysis in this chapter therefore adopts the concept of the “classical” business cycle as discussed in, for example, Artis, Marcellino, and Proietti (2004) and Harding and Pagan (2001)—see Appendix 5.1 for details. Expansions are identified using annual data and in per capita terms to ...
... capita. Most analysis in this chapter therefore adopts the concept of the “classical” business cycle as discussed in, for example, Artis, Marcellino, and Proietti (2004) and Harding and Pagan (2001)—see Appendix 5.1 for details. Expansions are identified using annual data and in per capita terms to ...
Chapter 12 - Dr. George Fahmy
... sloped, increases in aggregate demand raise both output and the price level. A. W. Phillips, investigating unemployment and price/wage increases over time, found that low rates of unemployment in Great Britain were associated with high rates of price/wage rate increase, while higher levels of unempl ...
... sloped, increases in aggregate demand raise both output and the price level. A. W. Phillips, investigating unemployment and price/wage increases over time, found that low rates of unemployment in Great Britain were associated with high rates of price/wage rate increase, while higher levels of unempl ...
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.