Chapter 4
... A) needs to measure the absolute level of happiness. B) needs to measure relative amounts of happiness for a single individual. C) helps compare the relative happiness of two separate consumers. D) is most useful if it can be influenced by others. Answer: B Question Status: Previous Edition ...
... A) needs to measure the absolute level of happiness. B) needs to measure relative amounts of happiness for a single individual. C) helps compare the relative happiness of two separate consumers. D) is most useful if it can be influenced by others. Answer: B Question Status: Previous Edition ...
THE KEYNESIAN CROSS Preliminaries Macro Dynamics Aggregate
... - an increase in consumer confidence (raises C0) - a stock market or real estate bubble (raises consumer wealth, thus C0) - tax rebate/autonomous cut/rise in exemption (fall in TX0) - introduction of a new government transfer program (TR, can be positive or negative - increase in government spending ...
... - an increase in consumer confidence (raises C0) - a stock market or real estate bubble (raises consumer wealth, thus C0) - tax rebate/autonomous cut/rise in exemption (fall in TX0) - introduction of a new government transfer program (TR, can be positive or negative - increase in government spending ...
Sticky Price Models, Durable Goods, and Real Wage
... needs to be reconciled with these facts. We do so simply by introducing real wage rigidities into an otherwise standard two sector New Keynesian model. One supporting argument for the existence of real wage rigidities flows from the Dunlop-Tarshis observation –that hours worked and real wages are un ...
... needs to be reconciled with these facts. We do so simply by introducing real wage rigidities into an otherwise standard two sector New Keynesian model. One supporting argument for the existence of real wage rigidities flows from the Dunlop-Tarshis observation –that hours worked and real wages are un ...
Functional income distribution and aggregate demand in the Euro
... for capacity utilisation, which is a misleading indicator for European countries with a high persistence of unemployment. Gordon (1995A) estimates consumption and investment as a function of income distribution for the USA. In a vector autoregression (VAR) model, various exogenous shocks are simulat ...
... for capacity utilisation, which is a misleading indicator for European countries with a high persistence of unemployment. Gordon (1995A) estimates consumption and investment as a function of income distribution for the USA. In a vector autoregression (VAR) model, various exogenous shocks are simulat ...
Working Paper 325 - Center For Global Development
... costs in Africas structural transformation. It is natural to assume that industrial labor in Sub-Saharan Africa, still the poorest region in the world in terms of average economic output and the percentage of people living below $1.25 a day, is substantially less costly but also less productive. Th ...
... costs in Africas structural transformation. It is natural to assume that industrial labor in Sub-Saharan Africa, still the poorest region in the world in terms of average economic output and the percentage of people living below $1.25 a day, is substantially less costly but also less productive. Th ...
Industrial Districts and Economic Decline in Italy
... Section 3 focuses on what allows IDs to be competitive, to achieve economic growth and to reproduce themselves as a socio-economic system. It contends that the key issue is that IDs must comply with stringent requirements for social cohesion: economic activity must interact with the social and cultu ...
... Section 3 focuses on what allows IDs to be competitive, to achieve economic growth and to reproduce themselves as a socio-economic system. It contends that the key issue is that IDs must comply with stringent requirements for social cohesion: economic activity must interact with the social and cultu ...
NBER WORKING PAPER SERIES PROPAGATION OF SECTORAL SHOCKS Russell Cooper John Haltiwanger
... good, in part, as a proxy for future consumption in an infinite horizon setting. ...
... good, in part, as a proxy for future consumption in an infinite horizon setting. ...
NBER WORKING PAPER SERIES LABOR-MARKET HETEROGENEITY, AGGREGATION, AND THE LUCAS CRITIQUE
... The Lucas (1976) critique of econometric policy evaluation argues that if econometric models do not capture the primitive parameters of preferences and technology, their coefficients can be expected to vary with changes in policy regimes. The quantitative work inspired by the Lucas critique has proc ...
... The Lucas (1976) critique of econometric policy evaluation argues that if econometric models do not capture the primitive parameters of preferences and technology, their coefficients can be expected to vary with changes in policy regimes. The quantitative work inspired by the Lucas critique has proc ...
Document
... • Berman-Bound-Griliches (1994) found that labor movement between industries are smaller than those within industries. • Given that intra-industry trade only accounts for 25% of world trade. • Therefore, trade cannot be a dominant explanation for wage & employment shifts. ...
... • Berman-Bound-Griliches (1994) found that labor movement between industries are smaller than those within industries. • Given that intra-industry trade only accounts for 25% of world trade. • Therefore, trade cannot be a dominant explanation for wage & employment shifts. ...
Slides - Cerge-Ei
... Rise in savings implied by rise in risk translates into a rise in capital in benchmark closed economy. In an open economy, fraction of the rise in savings may be absorbed by foreign countries. In a calibrated open economy exercise, skill premium increases by 8 pp. in return to the rise in risk. ...
... Rise in savings implied by rise in risk translates into a rise in capital in benchmark closed economy. In an open economy, fraction of the rise in savings may be absorbed by foreign countries. In a calibrated open economy exercise, skill premium increases by 8 pp. in return to the rise in risk. ...
TRANSACTION COSTS, MULTIPLE EQUILIBRIA, AND THE
... Marston (1982), Lai (1993), and Chang et al. (1999) dealt with labor market explicitly. Marston (1982) assumed that the wage is determined by the rule of indexation and that employment is unilaterally determined by the firm. Lai (1993) used the efficiency wage hypothesis to describe the labor market ...
... Marston (1982), Lai (1993), and Chang et al. (1999) dealt with labor market explicitly. Marston (1982) assumed that the wage is determined by the rule of indexation and that employment is unilaterally determined by the firm. Lai (1993) used the efficiency wage hypothesis to describe the labor market ...
NBER WORKING PAPER SERIES STICKY INFORMATION: N. Gregory Mankiw
... world? These questions are at the center of macroeconomic research, as well as at the center of much of Ned Phelps's formidable research career. Early in his career Phelps (1967, 1968), together with Milton Friedman (1968), gave us the natural rate hypothesis, which remains the benchmark for underst ...
... world? These questions are at the center of macroeconomic research, as well as at the center of much of Ned Phelps's formidable research career. Early in his career Phelps (1967, 1968), together with Milton Friedman (1968), gave us the natural rate hypothesis, which remains the benchmark for underst ...
PDF of this page
... Americans generally don't like to talk or think about social class, and until quite recently we've been especially allergic to "working class" as a term or label. In the 2008 presidential election, the term "working class" was used quite a lot, but usually only to refer only to white men in bluecoll ...
... Americans generally don't like to talk or think about social class, and until quite recently we've been especially allergic to "working class" as a term or label. In the 2008 presidential election, the term "working class" was used quite a lot, but usually only to refer only to white men in bluecoll ...
The Industrialization and Economic Development of Russia through
... issued a series of decrees in 1906-1910 that allowed individual sales of land and greatly facilitated exit from the repartition communes. Stolypin was assassinated in 1911, and his reforms largely failed to take off. Even by 1914, only 10 percent of households in European Russia lived in farms indep ...
... issued a series of decrees in 1906-1910 that allowed individual sales of land and greatly facilitated exit from the repartition communes. Stolypin was assassinated in 1911, and his reforms largely failed to take off. Even by 1914, only 10 percent of households in European Russia lived in farms indep ...
Social Provisioning, Embeddedness and Modeling the Economy
... definition of economics as “the study of mankind in the ordinary business of life” reflects his concern with the problem of material provisioning, and the attention he paid to the institutional framework is evidence of his recognition that the structural features of the economy are crucial to the pr ...
... definition of economics as “the study of mankind in the ordinary business of life” reflects his concern with the problem of material provisioning, and the attention he paid to the institutional framework is evidence of his recognition that the structural features of the economy are crucial to the pr ...
Neoliberal Political Economy and the Working Classes
... debt-fueled financialized economy and the laws and public policies that made this possible. This article argues that neoliberalism, a reorganization of capitalism to secure hegemony of finance capital, 3 is a project of the wealth-owning classes to reverse the setbacks they had suffered during the e ...
... debt-fueled financialized economy and the laws and public policies that made this possible. This article argues that neoliberalism, a reorganization of capitalism to secure hegemony of finance capital, 3 is a project of the wealth-owning classes to reverse the setbacks they had suffered during the e ...
Chapter 3
... of labor required to produce one unit of output. ◦ aLW is the unit labor requirement for wine in the domestic country. For example, if aLW = 2, then it takes 2 hours of labor to produce one liter of wine in the domestic country. ◦ aLC is the unit labor requirement for cheese in the domestic country. ...
... of labor required to produce one unit of output. ◦ aLW is the unit labor requirement for wine in the domestic country. For example, if aLW = 2, then it takes 2 hours of labor to produce one liter of wine in the domestic country. ◦ aLC is the unit labor requirement for cheese in the domestic country. ...
A disaggregated approach to the government spending shocks: an
... structure is not applicable directly to all types of government spending.6 Instead, it ...
... structure is not applicable directly to all types of government spending.6 Instead, it ...
Catching Up with the Leaders
... and the very high recorded rates of output growth in the subsequent fifteen years reflect a strong improvement in competitiveness (measured as wage rates relative to those of Ireland’s trading partners, expressed in a common currency), partly associated with a successful process of centralized wage ...
... and the very high recorded rates of output growth in the subsequent fifteen years reflect a strong improvement in competitiveness (measured as wage rates relative to those of Ireland’s trading partners, expressed in a common currency), partly associated with a successful process of centralized wage ...
Point_Made - University of California, Berkeley
... production (wages and profits), and then income. Comments: Wage convergence occurs only if human capital is the same; education can retain advantage. Profit convergence requires same entrepreneurial talent (including venture capital assets). US business culture (rule of law, risk-taking, accep ...
... production (wages and profits), and then income. Comments: Wage convergence occurs only if human capital is the same; education can retain advantage. Profit convergence requires same entrepreneurial talent (including venture capital assets). US business culture (rule of law, risk-taking, accep ...
Economics Example 1: Calculation Based
... Capital is by definition, a physical object; either plants, machinery, or equipment, that can be used to produce other goods. Capital is human-made, which means that it does not occur naturally on earth. Computer software adheres to this definition. ...
... Capital is by definition, a physical object; either plants, machinery, or equipment, that can be used to produce other goods. Capital is human-made, which means that it does not occur naturally on earth. Computer software adheres to this definition. ...
Miller2008-ProductionFunctions.pdf
... conditions is met. Since these conditions aren’t satisfied in real economies, it is likely that the good fit observed in empirical studies of aggregate production functions is the result of a statistical artifact. Aggregate production functions rely heavily on the use of marginal products and facto ...
... conditions is met. Since these conditions aren’t satisfied in real economies, it is likely that the good fit observed in empirical studies of aggregate production functions is the result of a statistical artifact. Aggregate production functions rely heavily on the use of marginal products and facto ...
How Trade Unions Increase Welfare A. Donado and K. Wälde
... due to the widespread use of new technologies and fast economic growth. These movements and associated political pressure caused Bismarck, the German chancellor, to put - inter alia - statutory accident insurance in force in 1884. The upshot of this discussion about historical episodes of advanced O ...
... due to the widespread use of new technologies and fast economic growth. These movements and associated political pressure caused Bismarck, the German chancellor, to put - inter alia - statutory accident insurance in force in 1884. The upshot of this discussion about historical episodes of advanced O ...
The German Labour Market Puzzle in the Great
... The repercussions of the Great Recession of 2008/2009 have been discussed diligently in the past years and have renewed the focus on the question of nations’ productivity development. While substantial inequalities in the level, as well as the development, of productivity in European Union countries ...
... The repercussions of the Great Recession of 2008/2009 have been discussed diligently in the past years and have renewed the focus on the question of nations’ productivity development. While substantial inequalities in the level, as well as the development, of productivity in European Union countries ...
Real-Wage Rigidity - Pearson Higher Education
... © 2008 Pearson Addison-Wesley. All rights reserved ...
... © 2008 Pearson Addison-Wesley. All rights reserved ...