Kondratiev type cyclicality of the Romanian economy, grounded in
... After 1930, when Kondratiev cycles had been widely recognised in world literature, many of modern economics theorists noted and emphasized no fewer 19 Kondratiev type cycles, or waves, suggesting the collapse of the myth of economic supercycle, strictly limited in duration to about half a century. ...
... After 1930, when Kondratiev cycles had been widely recognised in world literature, many of modern economics theorists noted and emphasized no fewer 19 Kondratiev type cycles, or waves, suggesting the collapse of the myth of economic supercycle, strictly limited in duration to about half a century. ...
Comparative Macroeconomic Frameworks
... Hayek’s vision of the economy suggests a means-ends framework—in which the means of production are transformed over time into consumable output. Graphically, the means and ends appear as the Hayekian triangle, the triangle’s shape depicting the intertemporal pattern of investment. In equilibrium, th ...
... Hayek’s vision of the economy suggests a means-ends framework—in which the means of production are transformed over time into consumable output. Graphically, the means and ends appear as the Hayekian triangle, the triangle’s shape depicting the intertemporal pattern of investment. In equilibrium, th ...
INDICATOR APPROACH TO BUSINESS CYCLE FORECASTING IN
... and price led to the resurgence of interest in the business cycles and growth cycles. This is the time when a greater variability in real income growth rates were experienced by the major market economies, putting an end to the long sustained growth and uninterrupted growth after World War 2. The le ...
... and price led to the resurgence of interest in the business cycles and growth cycles. This is the time when a greater variability in real income growth rates were experienced by the major market economies, putting an end to the long sustained growth and uninterrupted growth after World War 2. The le ...
Revolving credit card information sheet
... Other important legal aspects Right of withdrawal yes The consumer may withdraw from a consumer credit agreement within 14 days. Early repayment of credit yes You are entitled to the partial or complete early repayment of the credit at any time. Inquiries from databases The creditor must immediately ...
... Other important legal aspects Right of withdrawal yes The consumer may withdraw from a consumer credit agreement within 14 days. Early repayment of credit yes You are entitled to the partial or complete early repayment of the credit at any time. Inquiries from databases The creditor must immediately ...
The Misperceptions Theory and the Nonneutrality of Money
... – A major element of RBC theory is that it attempts to make quantitative, not just qualitative, predictions about the business cycle – RBC theorists use the method of calibration to work out a detailed numerical example of the theory • First they write down specific functions explaining the behavior ...
... – A major element of RBC theory is that it attempts to make quantitative, not just qualitative, predictions about the business cycle – RBC theorists use the method of calibration to work out a detailed numerical example of the theory • First they write down specific functions explaining the behavior ...
The post-Keynesian economics of credit and debt Marc Lavoie
... the work of Hyman Minsky. Other works are gaining credence among a number of young researchers: I think here of the work of Wynne Godley, which Dirk Bezemer (2010) has called the post-Keynesian accounting approach. There are also some other works, not necessarily mentioned by Bezemer, which follow t ...
... the work of Hyman Minsky. Other works are gaining credence among a number of young researchers: I think here of the work of Wynne Godley, which Dirk Bezemer (2010) has called the post-Keynesian accounting approach. There are also some other works, not necessarily mentioned by Bezemer, which follow t ...
A Case Study of Germany - Forschungszentrum Jülich GmbH
... for example the lack of a tendency toward a ‘normal’ rate of capacity utilisation. However, virtually all post-Keynesians agree that economy dynamics are very much governed by path dependence and hysteresis. What this means is that if the economy is shocked by some exogenous disturbance, it will not ...
... for example the lack of a tendency toward a ‘normal’ rate of capacity utilisation. However, virtually all post-Keynesians agree that economy dynamics are very much governed by path dependence and hysteresis. What this means is that if the economy is shocked by some exogenous disturbance, it will not ...
Intermediate Macroeconomics: The Real Business Cycle Model
... Nobel Prize for its two main developers, Edward Prescott and Finn Kydland. Prior to their work in the late 1970s and early 1980s, economists essentially assumed that movements in output about trend were necessarily bad from a welfare perspective, and that policy (both fiscal and monetary) should try ...
... Nobel Prize for its two main developers, Edward Prescott and Finn Kydland. Prior to their work in the late 1970s and early 1980s, economists essentially assumed that movements in output about trend were necessarily bad from a welfare perspective, and that policy (both fiscal and monetary) should try ...
The Future of Monetary Policy - Federal Reserve Bank of Minneapolis
... past prices, would obviously do much better. In adaptive forecasting schemes, agents also fail to optimize in the wage bargaining process. If workers or their unions use only historical data to forecast future inflation, they can easily be misled into working for wages with lower purchasing power th ...
... past prices, would obviously do much better. In adaptive forecasting schemes, agents also fail to optimize in the wage bargaining process. If workers or their unions use only historical data to forecast future inflation, they can easily be misled into working for wages with lower purchasing power th ...
(1 - t)y + A - College of Business Administration @ Kuwait University
... to fall and r to rise (B to C). This dampens excess demand and → I ↓. At C there remains some excess demand due to ↑ consumption associated with the multiplier effect. The adjustment process continues until A’. The full multiplier expansion doesn’t occur because there is a fiscal expansion without a ...
... to fall and r to rise (B to C). This dampens excess demand and → I ↓. At C there remains some excess demand due to ↑ consumption associated with the multiplier effect. The adjustment process continues until A’. The full multiplier expansion doesn’t occur because there is a fiscal expansion without a ...
° Money and Inflation Introduction Quantity Equation elQuantity
... money is related to the number of pounds exchanged in transactions. The link between transactions and money is expressed in the quantity equation. On the left hand side, "M" is the quantity of money, "V" is the velocity of money, and "V.111" is essentially a measure of how the money is used to make ...
... money is related to the number of pounds exchanged in transactions. The link between transactions and money is expressed in the quantity equation. On the left hand side, "M" is the quantity of money, "V" is the velocity of money, and "V.111" is essentially a measure of how the money is used to make ...
Powerpoint - DebtDeflation
... • “This period can be seen as close to the modern endogenous-money account”, but Dow cautions that • “even then, banks could not be said to have been passive, in that they themselves were creating much of the credit demand by opening up speculative opportunities in the wholesale market. • Further, a ...
... • “This period can be seen as close to the modern endogenous-money account”, but Dow cautions that • “even then, banks could not be said to have been passive, in that they themselves were creating much of the credit demand by opening up speculative opportunities in the wholesale market. • Further, a ...
Chapter 28: Monetary Policy in the Short Run
... Monetary Policy in the Short Run • In the short run, when prices don’t have enough time to change, the Federal Reserve can influence the level of interest rates in the economy. • In the short run, interest rates are determined by the supply and demand for money. The Fed can change the interest rate ...
... Monetary Policy in the Short Run • In the short run, when prices don’t have enough time to change, the Federal Reserve can influence the level of interest rates in the economy. • In the short run, interest rates are determined by the supply and demand for money. The Fed can change the interest rate ...
Chap30
... money supply causes a rightward shift of the aggregate demand curve, which increases the price level but leaves output unchanged at potential GDP: the economy’s potential output level is not affected by changes in the money supply •The implication of this exhibit is that in the long run, increases i ...
... money supply causes a rightward shift of the aggregate demand curve, which increases the price level but leaves output unchanged at potential GDP: the economy’s potential output level is not affected by changes in the money supply •The implication of this exhibit is that in the long run, increases i ...
Keynes was a liberal economist whose theory revolutionized
... interest and money, Keynes believed the two are closely related. He surmised that the quantity of money played a key role in determining the rate of interest in the economy (Froyen 99). For all financial assets, he believed, they can be separated into two groups: money and bonds. The demand for one ...
... interest and money, Keynes believed the two are closely related. He surmised that the quantity of money played a key role in determining the rate of interest in the economy (Froyen 99). For all financial assets, he believed, they can be separated into two groups: money and bonds. The demand for one ...
The Quantity Theory of Money
... circulation are the effects of variation in business cycle, rather than the cause as opined by the monetarists. Some of the earlier works conducting an empirical testing of the quantity theory of money include those of Friedman and Schwartz (1982), Sims (1972), Bhattacharya (1972), and Brahmananda ( ...
... circulation are the effects of variation in business cycle, rather than the cause as opined by the monetarists. Some of the earlier works conducting an empirical testing of the quantity theory of money include those of Friedman and Schwartz (1982), Sims (1972), Bhattacharya (1972), and Brahmananda ( ...
Garrison Lect-1. 1 Capital Theory
... If we burn through the casing of the Knightian Black Box, we see the Hayekian temporal structure of capital that allows for differential interest-rate sensitivity and hence reveals the market mechanism that tailors production plans to intertemporal preferences. If interest rates are telling the trut ...
... If we burn through the casing of the Knightian Black Box, we see the Hayekian temporal structure of capital that allows for differential interest-rate sensitivity and hence reveals the market mechanism that tailors production plans to intertemporal preferences. If interest rates are telling the trut ...
Money in the Economy
... repurchase agreements + overnight Eurodollars + money market mutual fund balances • M3:M2 + large denomination time deposits + term repurchase agreements + term Eurodollars + institutions only money market fund balances ...
... repurchase agreements + overnight Eurodollars + money market mutual fund balances • M3:M2 + large denomination time deposits + term repurchase agreements + term Eurodollars + institutions only money market fund balances ...
Business Cycles II: Theories
... cycles were dead. More recently a majority of economists believe that demand fluctuations, although important, cause fluctuations in productions that are short lived, while supply shocks cause more sustained fluctuations and so that an effective stabilization policy should focus more on the producti ...
... cycles were dead. More recently a majority of economists believe that demand fluctuations, although important, cause fluctuations in productions that are short lived, while supply shocks cause more sustained fluctuations and so that an effective stabilization policy should focus more on the producti ...
Oeconomicus Winter 2001 - UMKC`s College of Arts and Sciences
... effort to stabilize the economy, policies are implemented. If policies are successful, the economy booms. Expectations about the expected future returns become increasingly optimistic. As mentioned before, riskier behavior is awarded. This leads to fragility in the economy. This differs from the ort ...
... effort to stabilize the economy, policies are implemented. If policies are successful, the economy booms. Expectations about the expected future returns become increasingly optimistic. As mentioned before, riskier behavior is awarded. This leads to fragility in the economy. This differs from the ort ...
MS Word - U of T : Economics
... impossible (in the short run). Keynes, writing during the Great Depression years, argued that underemployment of resources was more often the normal state; and that an increase in monetized spending would induce the productive employment of further resources, resulting in an increased output and tra ...
... impossible (in the short run). Keynes, writing during the Great Depression years, argued that underemployment of resources was more often the normal state; and that an increase in monetized spending would induce the productive employment of further resources, resulting in an increased output and tra ...
Richard PAPER SERIES
... macroeconomic aggregates in CPEs, because relative prices are so distorted, and in practice the aggregates are meaningless, because any total of expenditures will include many items bought only because the buyers could not find what ...
... macroeconomic aggregates in CPEs, because relative prices are so distorted, and in practice the aggregates are meaningless, because any total of expenditures will include many items bought only because the buyers could not find what ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... two dimensions: they affect labor demand and they affect the wage determination process. First, consider the effect on labor demand. Matching frictions act like an adjustment cost to labor. Hence, if the arrival of news causes a boom in employment next period, then this creates a need to hire more w ...
... two dimensions: they affect labor demand and they affect the wage determination process. First, consider the effect on labor demand. Matching frictions act like an adjustment cost to labor. Hence, if the arrival of news causes a boom in employment next period, then this creates a need to hire more w ...
Implications-of-diff..
... This project has received funding from the European Union’s Seventh Framework Programme for research, technological development and demonstration under grant agreement no 266800 ...
... This project has received funding from the European Union’s Seventh Framework Programme for research, technological development and demonstration under grant agreement no 266800 ...
UNDERSTANDING LIQUIDITY CRISES: THE THEORY OF HYMAN MINSKY M B
... money in his possession; second, of the money at his banker’s, and all the other money due to him and payable on demand; thirdly of whatever credit he happens to possess’ (ibid: 61). Minsky focused on the pro-cyclical nature of the credit supply as the source of economic instability, reflecting his ...
... money in his possession; second, of the money at his banker’s, and all the other money due to him and payable on demand; thirdly of whatever credit he happens to possess’ (ibid: 61). Minsky focused on the pro-cyclical nature of the credit supply as the source of economic instability, reflecting his ...