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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 ...
Franchise Business Economic Outlook for 2015
... This report presents a forecast of the franchise sector of the U.S. economy in 2015 prepared by IHS Economics for the International Franchise Association Educational Foundation. As projected in our forecast report at the beginning of the year, 2014 proved to be a year of solid growth for the franchi ...
... This report presents a forecast of the franchise sector of the U.S. economy in 2015 prepared by IHS Economics for the International Franchise Association Educational Foundation. As projected in our forecast report at the beginning of the year, 2014 proved to be a year of solid growth for the franchi ...
Long-Run and Short-Run Concerns: Growth, Productivity
... • Part of the reason for the upward trend in productivity is an increase in the amount of capital per worker. With more capital per worker, more output can be produced per year. • The other reason productivity has increased is that the quality of labor and capital has been increasing. ...
... • Part of the reason for the upward trend in productivity is an increase in the amount of capital per worker. With more capital per worker, more output can be produced per year. • The other reason productivity has increased is that the quality of labor and capital has been increasing. ...
Long-Run and Short-Run Concerns: Growth, Productivity
... • Part of the reason for the upward trend in productivity is an increase in the amount of capital per worker. With more capital per worker, more output can be produced per year. • The other reason productivity has increased is that the quality of labor and capital has been increasing. ...
... • Part of the reason for the upward trend in productivity is an increase in the amount of capital per worker. With more capital per worker, more output can be produced per year. • The other reason productivity has increased is that the quality of labor and capital has been increasing. ...
The Impact of a Reduced Rate of VAT on Restaurants 3
... a negative value indicates that it is an inferior good. Income elasticity greater than unity characterizes luxury goods where budget shares increase with increases in income, while necessities, having elasticity values between zero and less than one, experience falls in their budget shares with incr ...
... a negative value indicates that it is an inferior good. Income elasticity greater than unity characterizes luxury goods where budget shares increase with increases in income, while necessities, having elasticity values between zero and less than one, experience falls in their budget shares with incr ...
Chapter 9 Aggregate Demand and Aggregate Supply
... prices of all goods and services rise in the United States, Americans will buy more imported products and foreigners will buy fewer American exports products. Both of these changes will reduce aggregate demand (that is, the demand for goods and services produced in the United States). Second, in Cha ...
... prices of all goods and services rise in the United States, Americans will buy more imported products and foreigners will buy fewer American exports products. Both of these changes will reduce aggregate demand (that is, the demand for goods and services produced in the United States). Second, in Cha ...
Objectives for Chapter 9 Aggregate Demand and Aggregate Supply
... prices of all goods and services rise in the United States, Americans will buy more imported products and foreigners will buy fewer American exports products. Both of these changes will reduce aggregate demand (that is, the demand for goods and services produced in the United States). Second, in Cha ...
... prices of all goods and services rise in the United States, Americans will buy more imported products and foreigners will buy fewer American exports products. Both of these changes will reduce aggregate demand (that is, the demand for goods and services produced in the United States). Second, in Cha ...
chapter 3 – interdependence between major sectors
... 2.6 The supply of money (chapter 15-6 and box 15-4) The reserve asset position and the credit multiplier: Each bank has to ensure that it always has sufficient cash reserves available to provide for cash withdrawals, must provide for the claims of other banks, which may exceed its own claims. Confi ...
... 2.6 The supply of money (chapter 15-6 and box 15-4) The reserve asset position and the credit multiplier: Each bank has to ensure that it always has sufficient cash reserves available to provide for cash withdrawals, must provide for the claims of other banks, which may exceed its own claims. Confi ...
Coordinating Business Cycles ∗ Edouard Schaal Mathieu Taschereau-Dumouchel
... relies on coordination failures, our theory suggests a role for government intervention. We study various policies and find, in particular, that government spending, while generally detrimental to coordination, may sometimes raise welfare by successfully preventing the economy from falling to the lo ...
... relies on coordination failures, our theory suggests a role for government intervention. We study various policies and find, in particular, that government spending, while generally detrimental to coordination, may sometimes raise welfare by successfully preventing the economy from falling to the lo ...
Fabrizio Carmignani School of Economics The University of Queensland
... then test for the sensitivity of the results to changes in the basic specification of the model. In line with this approach, the following variables are used as controls: (i) the lagged value of per-capita GDP to account for the relative convergence hypothesis, (ii) average inflation rate and govern ...
... then test for the sensitivity of the results to changes in the basic specification of the model. In line with this approach, the following variables are used as controls: (i) the lagged value of per-capita GDP to account for the relative convergence hypothesis, (ii) average inflation rate and govern ...
Circular flow and quantitative elements
... l The pattern of behaviour is then stated as a theory, i.e. ‘as the price of a good rises so the quantity demanded thereof will fall’. But, this theory is also based on two key assumptions. Firstly, that humans behave rationally. Secondly, that all other things remain the same or constant. The assu ...
... l The pattern of behaviour is then stated as a theory, i.e. ‘as the price of a good rises so the quantity demanded thereof will fall’. But, this theory is also based on two key assumptions. Firstly, that humans behave rationally. Secondly, that all other things remain the same or constant. The assu ...
DETERMINANTS OF FOREIGN DIRECT INVESTMENT FLOWS TO
... openness, which is measured mostly by the ratio of exports plus imports to GDP, in determining FDI, as well. The maintained hypothesis is: given that most investment projects are directed towards the tradable sector, a country’s degree of openness to international trade should be a relevant factor i ...
... openness, which is measured mostly by the ratio of exports plus imports to GDP, in determining FDI, as well. The maintained hypothesis is: given that most investment projects are directed towards the tradable sector, a country’s degree of openness to international trade should be a relevant factor i ...
NBER WORKING PAPERS SERIES Aiwyn Young
... production processes involved. At any time t, however, actual unit labour requirements are a(s,t).'3 I assume that a(s,t) is continuous in s and that urn, .,_a (s, 1) = ,,16 The latter assumption reflects the notion that although the blueprints of all future technologies are available at each time t ...
... production processes involved. At any time t, however, actual unit labour requirements are a(s,t).'3 I assume that a(s,t) is continuous in s and that urn, .,_a (s, 1) = ,,16 The latter assumption reflects the notion that although the blueprints of all future technologies are available at each time t ...
Forecasting the economy - Office for Budget Responsibility
... the Government’s fiscal mandate targets a cyclically-adjusted measure of the current budget balance – in other words, an estimate of what the balance would be if output in the economy was equal to the level consistent with stable inflation (i.e. the ‘output gap’ was zero). This again makes the forec ...
... the Government’s fiscal mandate targets a cyclically-adjusted measure of the current budget balance – in other words, an estimate of what the balance would be if output in the economy was equal to the level consistent with stable inflation (i.e. the ‘output gap’ was zero). This again makes the forec ...
NBER WORKING PAPER SERIES PRODUCTIVITY, EXTERNAL BALANCE AND
... We verify the robustness of our results along di¤erent dimensions, particularly by modelling in levels (rather than …rst di¤erences) all the variables for which unit-root tests give contrasting results. For the US and Japan, our results are unchanged under this alternative speci…cation. However, we ...
... We verify the robustness of our results along di¤erent dimensions, particularly by modelling in levels (rather than …rst di¤erences) all the variables for which unit-root tests give contrasting results. For the US and Japan, our results are unchanged under this alternative speci…cation. However, we ...
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.