NBER WORKING PAPER SERIES RECENT DEVELOPMENTS IN MACROECONOMICS Working Paper No. 2473
... should have produced a greater than one—for—one effect of inflation on nominal ...
... should have produced a greater than one—for—one effect of inflation on nominal ...
unemployment rate
... government policies designed to help laid-off workers result in a situation in which there is a surplus of labor at the market wage rate, creating structural unemployment. As a result, the natural rate of unemployment, the sum of frictional and structural employment, is well above zero, even when jo ...
... government policies designed to help laid-off workers result in a situation in which there is a surplus of labor at the market wage rate, creating structural unemployment. As a result, the natural rate of unemployment, the sum of frictional and structural employment, is well above zero, even when jo ...
ECONOMIC OUTLOOK
... back to 9.6 percent. Our assumption is that private households will initially save part of the real growth in purchasing power delivered this year by factors such as low inflation and additional state transfer payments. They will not spend it on consumer items until next year, when real disposable i ...
... back to 9.6 percent. Our assumption is that private households will initially save part of the real growth in purchasing power delivered this year by factors such as low inflation and additional state transfer payments. They will not spend it on consumer items until next year, when real disposable i ...
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... cycle frequencies, real wages in the US are strongly procyclical (Hart et al., 2002). The approach adopted in this paper is dierent: if we accept the possibility that the real wage is in uenced by factors which can either lead to a pro- or a countercyclical response, we can also expect dierent dyn ...
... cycle frequencies, real wages in the US are strongly procyclical (Hart et al., 2002). The approach adopted in this paper is dierent: if we accept the possibility that the real wage is in uenced by factors which can either lead to a pro- or a countercyclical response, we can also expect dierent dyn ...
RSS - irss.academyirmbr.com
... The existence of the Chinese could not be avoided and many of them were focussed in the cities and along the port (Hugo, 2004). Migration has been a norm since the beginning of the history of human existence itself. Even then, the term migration was only introduced in the government‟s policy when a ...
... The existence of the Chinese could not be avoided and many of them were focussed in the cities and along the port (Hugo, 2004). Migration has been a norm since the beginning of the history of human existence itself. Even then, the term migration was only introduced in the government‟s policy when a ...
Schmidt, Ingo_Luxemburg_Accumulation of
... unlimited growth, and was eventually constrained by insufficient growth of effective demand. Can this industrializing one country at a time model continue until the whole world reaches some kind of industrial maturity? This is the impression one could get from reading through Luxemburg’s three round ...
... unlimited growth, and was eventually constrained by insufficient growth of effective demand. Can this industrializing one country at a time model continue until the whole world reaches some kind of industrial maturity? This is the impression one could get from reading through Luxemburg’s three round ...
Aggregate Supply and Demand Analysis revisited - E
... Chick (1983, ch. 6). Our presentation relies heavily on the first two contributions. As argued above, at each level of employment there is a flow of money payments from firms to households. These payments, which are the incomes of individuals, the propensities to consume of the different income grou ...
... Chick (1983, ch. 6). Our presentation relies heavily on the first two contributions. As argued above, at each level of employment there is a flow of money payments from firms to households. These payments, which are the incomes of individuals, the propensities to consume of the different income grou ...
Chapter 11
... unions prevent wages from being reduced – But most U.S. workers aren't minimum wage workers, nor are they in unions – The minimum wage would explain why the nominal wage is rigid, but not why the real wage is rigid – This might be a better explanation in Europe, where unions are far more powerful ...
... unions prevent wages from being reduced – But most U.S. workers aren't minimum wage workers, nor are they in unions – The minimum wage would explain why the nominal wage is rigid, but not why the real wage is rigid – This might be a better explanation in Europe, where unions are far more powerful ...
The Future of the Capitalist State
... about opportunities for profit from different patterns of investment and production. Profit depends not only on the demand for different commodities (reflecting their prevailing use-value) but also on the rate of economic exploitation in different branches of production. It is therefore crucially re ...
... about opportunities for profit from different patterns of investment and production. Profit depends not only on the demand for different commodities (reflecting their prevailing use-value) but also on the rate of economic exploitation in different branches of production. It is therefore crucially re ...
Reflections on the Social Democratic Tradition
... capitalism into what might be termed democratic capitalism wherein the market economy is partly de-commodified, where wage labour coexists with and is tempered by full employment, regulation of business in the public interest and effective recognition of a wide range of social and economic rights, i ...
... capitalism into what might be termed democratic capitalism wherein the market economy is partly de-commodified, where wage labour coexists with and is tempered by full employment, regulation of business in the public interest and effective recognition of a wide range of social and economic rights, i ...
The Role of Demand Management Policies in Reducing
... promptly, then they can stabilize activity and unemployment around its equilibrium level. However, while this analysis might be accepted in principle, in practice most policymakers today would take the view that uncertainty about where the economy is today, let alone where it is going, coupled with ...
... promptly, then they can stabilize activity and unemployment around its equilibrium level. However, while this analysis might be accepted in principle, in practice most policymakers today would take the view that uncertainty about where the economy is today, let alone where it is going, coupled with ...
The Canadian Productivity Stagnation, 2002-2014
... between 2002 and 2009, with an average fall of 0.99% per year, and growth at 1.16% afterwards. Performing the same exercise for the period 1970-2002 implies a TFP growth of 1.34% in Canada, while the figures for the U.S. are 1.45% for the period 1970-2002 and 1.47% for 2002-2014. In the second block ...
... between 2002 and 2009, with an average fall of 0.99% per year, and growth at 1.16% afterwards. Performing the same exercise for the period 1970-2002 implies a TFP growth of 1.34% in Canada, while the figures for the U.S. are 1.45% for the period 1970-2002 and 1.47% for 2002-2014. In the second block ...
The Labor Productivity Puzzle - Federal Reserve Bank of Minneapolis
... while output is low if some output is not included in the statistic but all hours of work are included. The specific pattern of labor productivity over the business cycle depends in large part on the nature of the comovement of relative TFPs in production of final goods and services (that is, GDP) a ...
... while output is low if some output is not included in the statistic but all hours of work are included. The specific pattern of labor productivity over the business cycle depends in large part on the nature of the comovement of relative TFPs in production of final goods and services (that is, GDP) a ...
Indeterminacy with Progressive Taxation and Sector
... lower threshold level of increasing returns-to-scale in investment when the tax schedule becomes more progressive, regardless of whether the household’s utility function is separable or non-separable between consumption and labor hours. Intuitively, progressive income taxation generates a leftward s ...
... lower threshold level of increasing returns-to-scale in investment when the tax schedule becomes more progressive, regardless of whether the household’s utility function is separable or non-separable between consumption and labor hours. Intuitively, progressive income taxation generates a leftward s ...
Monetary Integration, Partisanship, and
... bank, as is typically the case, then the CB can undermine accommodating fiscal policies by raising interest rates (Scharpf 1991; Tabellini 1990). This gives the government an incentive not to engage in accommodating policies. Once the government is committed to a particular set of fiscal and moneta ...
... bank, as is typically the case, then the CB can undermine accommodating fiscal policies by raising interest rates (Scharpf 1991; Tabellini 1990). This gives the government an incentive not to engage in accommodating policies. Once the government is committed to a particular set of fiscal and moneta ...
The Italian pension system in the european context
... security system, which are not eliminated once we correct for classification issues, and which can generate transfers of substantially different dimensions. In order to assess the role of classification issues in determining the Italian anomaly, we first observe that the level of disability and unem ...
... security system, which are not eliminated once we correct for classification issues, and which can generate transfers of substantially different dimensions. In order to assess the role of classification issues in determining the Italian anomaly, we first observe that the level of disability and unem ...
Porter BJE 1983 A Study of Cartel Stability: The Joint
... Buried in the RBC model are several problematic assumptions, first noted by Keynes himself • Real wage = marginal disutility of working, always • The real wage is constantly fluctuating due to price changes • Evidence that workers care more about nominal wage • Savings = Investment • The problem her ...
... Buried in the RBC model are several problematic assumptions, first noted by Keynes himself • Real wage = marginal disutility of working, always • The real wage is constantly fluctuating due to price changes • Evidence that workers care more about nominal wage • Savings = Investment • The problem her ...
Principles of Economics, Case and Fair,8e
... EXPLAINING THE EXISTENCE OF UNEMPLOYMENT Social, or Implicit, Contracts social, or implicit, contracts Unspoken agreements between workers and firms that firms will not cut wages. ...
... EXPLAINING THE EXISTENCE OF UNEMPLOYMENT Social, or Implicit, Contracts social, or implicit, contracts Unspoken agreements between workers and firms that firms will not cut wages. ...
Labor Market Equilibrium and the FE curve
... employment is determined, output can be found. • How is this labor market equilibrium effected by interest rates? – Is labor demand influenced by rising/falling interest rates? NO – Is labor supply influenced by rising/falling interest rates? NO ...
... employment is determined, output can be found. • How is this labor market equilibrium effected by interest rates? – Is labor demand influenced by rising/falling interest rates? NO – Is labor supply influenced by rising/falling interest rates? NO ...
Reformulating the Support Ratio to Reflect Asset Income and Transfers
... retirees use asset income and the sale of assets to finance their consumption fully. Now suppose that population aging leads to a doubling of the ratio of older retirees to workers. The standard support ratio drops in this case, indicating that per capita consumption will fall, other things equal. B ...
... retirees use asset income and the sale of assets to finance their consumption fully. Now suppose that population aging leads to a doubling of the ratio of older retirees to workers. The standard support ratio drops in this case, indicating that per capita consumption will fall, other things equal. B ...
The Changing Contours of Long-Term Unemployment The Need for
... Daniel Aaronson, Bhashkar Mazumder, and Shani Schechter (2010) note that on entering 2010 the average length of an ongoing unemployment spell was more than 30 weeks. More than 40 percent of the labor force, and more than 40 percent of the unemployed were out of work for more than 26 weeks. The last ...
... Daniel Aaronson, Bhashkar Mazumder, and Shani Schechter (2010) note that on entering 2010 the average length of an ongoing unemployment spell was more than 30 weeks. More than 40 percent of the labor force, and more than 40 percent of the unemployed were out of work for more than 26 weeks. The last ...
AM II Basic Macroeconomic Model
... concentrates on the behavior of the macroeconomic variables within a time horizon of a few years. focuses on mechanisms that determine how fully an economy uses its productive capacity and are typically demand dominated. shifts in aggregate demand tend to be accommodated by changes in the prod ...
... concentrates on the behavior of the macroeconomic variables within a time horizon of a few years. focuses on mechanisms that determine how fully an economy uses its productive capacity and are typically demand dominated. shifts in aggregate demand tend to be accommodated by changes in the prod ...
research paper series Research Paper 2008/28
... A key advantage of the oligopoly framework is to allow for strategic interactions between firms and unions within an industry, and to investigate how these interactions are affected by lower trade barriers. An important shortcoming of that modelling approach, however, is that it abstracts from gene ...
... A key advantage of the oligopoly framework is to allow for strategic interactions between firms and unions within an industry, and to investigate how these interactions are affected by lower trade barriers. An important shortcoming of that modelling approach, however, is that it abstracts from gene ...