An interest rate rule to uniquely implement the optimal equilibrium in
... Communicating the rule should also be relatively easy. The rule involves a familiar Taylor rule and a form of uncomplicated rule-based forward guidance that requires interest rates to stay at zero for longer in the presence of higher past inflation. Using a standard calibration, we show that the beha ...
... Communicating the rule should also be relatively easy. The rule involves a familiar Taylor rule and a form of uncomplicated rule-based forward guidance that requires interest rates to stay at zero for longer in the presence of higher past inflation. Using a standard calibration, we show that the beha ...
Biographical Information Curriculum Vitae of Willem H. Buiter General
... 2013 Foreign member, Koninklijke Hollandsche Maatschappij der Wetenschappen (Royal Society of Sciences of Holland). ...
... 2013 Foreign member, Koninklijke Hollandsche Maatschappij der Wetenschappen (Royal Society of Sciences of Holland). ...
Stabilization Theory and Policy: 50 Years after the Phillips
... The second contribution relates to the celebrated Phillips curve (1958). While this was originally proposed as an empirical relationship between (wage) inflation and unemployment and has spawned generations of empirical research in this area, its introduction into the macroeconomic system turns out ...
... The second contribution relates to the celebrated Phillips curve (1958). While this was originally proposed as an empirical relationship between (wage) inflation and unemployment and has spawned generations of empirical research in this area, its introduction into the macroeconomic system turns out ...
Is Europe going far enough? Reflections on the Stability and Growth
... system is supposed to work. Yet, one needs to emphasise that its logic is based on the interaction between the single monetary policy and the European aggregate fiscal stance. Under Europe’s present day economic governance, this aggregate is only indirectly defined by the SGP, which stipulates one b ...
... system is supposed to work. Yet, one needs to emphasise that its logic is based on the interaction between the single monetary policy and the European aggregate fiscal stance. Under Europe’s present day economic governance, this aggregate is only indirectly defined by the SGP, which stipulates one b ...
Sachs and Warner_1995_Development Economics
... main industrial powers. A major push toward industrialization, especially in east-central Europe, followed the unification of Germany. Russia began a period of rapid industrialization, partly through the building of foreign-financed railways across Russian Eurasia. Japan had begun its dramatic openi ...
... main industrial powers. A major push toward industrialization, especially in east-central Europe, followed the unification of Germany. Russia began a period of rapid industrialization, partly through the building of foreign-financed railways across Russian Eurasia. Japan had begun its dramatic openi ...
Real Fluctuations at the Zero Lower Bound
... I show that a moderate amount of history-dependence in the central bank’s policy rule can dramatically alter the effects of real shocks at the zero lower bound. To analyze the quantitiatve impact of history-dependence, I calibrate and solve a general-equilibrium model with nominal price rigidity and ...
... I show that a moderate amount of history-dependence in the central bank’s policy rule can dramatically alter the effects of real shocks at the zero lower bound. To analyze the quantitiatve impact of history-dependence, I calibrate and solve a general-equilibrium model with nominal price rigidity and ...
John Gowdy CV 2-5-08 - Rensselaer Polytechnic Institute
... June 1991, 86-90. _____ and Jack Miller. "An Input-Output Approach to Energy Efficiency in the USA and Japan (1960-1980),"Energy-The International Journal 16, 1991, 897-902. _____. "Bioeconomics and Post Keynesian Economics: A Search for Common Ground," Ecological Economics 3, 1991, 77-87. _____. "T ...
... June 1991, 86-90. _____ and Jack Miller. "An Input-Output Approach to Energy Efficiency in the USA and Japan (1960-1980),"Energy-The International Journal 16, 1991, 897-902. _____. "Bioeconomics and Post Keynesian Economics: A Search for Common Ground," Ecological Economics 3, 1991, 77-87. _____. "T ...
Peter Nedergaard: The Influence of Ordoliberalism in European
... processes we see few attempts to gain a deeper understanding of what kind of economic philosophy ordoliberalism actually is. In this section I remedy this flaw and I compare ordoliberalism with laissez-faire liberalism, Keynesianism, and (French type) interventionism, which I argue are the strongest ...
... processes we see few attempts to gain a deeper understanding of what kind of economic philosophy ordoliberalism actually is. In this section I remedy this flaw and I compare ordoliberalism with laissez-faire liberalism, Keynesianism, and (French type) interventionism, which I argue are the strongest ...
And Yet It Grows: Crisis, Ideology, and Interventionist Policy
... dynamics, may prevent crisis policies from being rolled back when the crisis is over. Tullock (1975) argued that any policy by government benefitting a particular industry with monopoly power will inevitably create a dynamic, where the short-run transitional losses from renewed deregulation exceed t ...
... dynamics, may prevent crisis policies from being rolled back when the crisis is over. Tullock (1975) argued that any policy by government benefitting a particular industry with monopoly power will inevitably create a dynamic, where the short-run transitional losses from renewed deregulation exceed t ...
The Effectiveness of Monetary and Fiscal Policy in
... Conversely, in recent years more consideration has been given to the possible influence of fiscal policy on the monetary policy. For example, expansionary fiscal policy may potentially jeopardize the stability of prices if it results in the economy overheating, thus demanding offsetting monetary int ...
... Conversely, in recent years more consideration has been given to the possible influence of fiscal policy on the monetary policy. For example, expansionary fiscal policy may potentially jeopardize the stability of prices if it results in the economy overheating, thus demanding offsetting monetary int ...
DISCRETIONARY POLICY VERSUS NON
... if the government notices that the proportion of the informal economy increased, then it can take the decision to decrease the fiscal pressure (or to make a convenient reorganisation of the general taxation). In other words, an explicit PP presumes to take formal decisions (an implement them) into t ...
... if the government notices that the proportion of the informal economy increased, then it can take the decision to decrease the fiscal pressure (or to make a convenient reorganisation of the general taxation). In other words, an explicit PP presumes to take formal decisions (an implement them) into t ...
the value of two survey-based indicators in south africa
... of the rand exchange rate during the final quarter of 2001, manufacturing production was stimulated strongly by increased export sales and orders, as well as increased domestic sales and orders as importers switched to local suppliers. This stimulus came to an abrupt end a year later when the rand a ...
... of the rand exchange rate during the final quarter of 2001, manufacturing production was stimulated strongly by increased export sales and orders, as well as increased domestic sales and orders as importers switched to local suppliers. This stimulus came to an abrupt end a year later when the rand a ...
Caution or Activism? Monetary Policy Strategies in an Open Economy
... in a two-country environment. A central bank contemplating an activist policy must therefore take into account that information generated by its own policy will also be used in the learning process of the other central bank. When there is policy coordination this is not a problem as informational sp ...
... in a two-country environment. A central bank contemplating an activist policy must therefore take into account that information generated by its own policy will also be used in the learning process of the other central bank. When there is policy coordination this is not a problem as informational sp ...
HOW I TAUGHT THE HISTORY OF ECONOMIC THOUGHT
... did write one it would cover the original materials plus the interpretive literature in detail). Alas, as must be the case with such notes, they embody and make use of sources that arguably should be cited. I regret my inability to give credit where credit is due. Surely the influence of the half-do ...
... did write one it would cover the original materials plus the interpretive literature in detail). Alas, as must be the case with such notes, they embody and make use of sources that arguably should be cited. I regret my inability to give credit where credit is due. Surely the influence of the half-do ...
Neoliberal Economic Policies and Post- Conflict Peace
... peace-building approach is not well suited to tackling socio-economic grievances. Consequently a question mark hangs over the long-term prospects for durable peace in many post-conflict countries where the international community has engaged in peacebuilding. Why focus on economic policy? Although t ...
... peace-building approach is not well suited to tackling socio-economic grievances. Consequently a question mark hangs over the long-term prospects for durable peace in many post-conflict countries where the international community has engaged in peacebuilding. Why focus on economic policy? Although t ...
economics bulletin
... then she/he must complete whatever revisions the thesis committee suggests. It is possible to complete all requirements in one academic year, though it is normally best to plan on finishing in the second year of study. Dual or Joint Degree Programs Applicants may also apply for a flexible dual-degre ...
... then she/he must complete whatever revisions the thesis committee suggests. It is possible to complete all requirements in one academic year, though it is normally best to plan on finishing in the second year of study. Dual or Joint Degree Programs Applicants may also apply for a flexible dual-degre ...
Economic Systems of OECD Nations: Impact and Evolution
... is exactly counterbalanced by the increase in complexity.5 A computer program (written by Bruce Maxwell and described in Maxwell, Pryor, and Smith, 2002) allows an easy calculation of the MDL over a range of numbers of clusters. Once the optimal number of clusters (the number of economic systems) is ...
... is exactly counterbalanced by the increase in complexity.5 A computer program (written by Bruce Maxwell and described in Maxwell, Pryor, and Smith, 2002) allows an easy calculation of the MDL over a range of numbers of clusters. Once the optimal number of clusters (the number of economic systems) is ...
VOLUME 1, ISSUE 1, March 2016 - Oradea Journal of Business and
... as self-control, habit, concerns for the lives of other people, and fashion. There are empirical studies which confirm existence of interdependent relations between preference changes and other changes in social and economic conditions (Fuchs, 1982; Horioka; 1990; Olsen, 1993; Sheldon, 1997, 1998; B ...
... as self-control, habit, concerns for the lives of other people, and fashion. There are empirical studies which confirm existence of interdependent relations between preference changes and other changes in social and economic conditions (Fuchs, 1982; Horioka; 1990; Olsen, 1993; Sheldon, 1997, 1998; B ...
2012-2016 - Ghana - Country Strategy Paper
... This report aims to propose a Bank Group’s strategy for supporting Ghana’s development efforts over the period 2012 – 2016. Several factors make a new Bank country strategy for Ghana particularly timely at this moment. These include the enormous challenges the country still faces in its development ...
... This report aims to propose a Bank Group’s strategy for supporting Ghana’s development efforts over the period 2012 – 2016. Several factors make a new Bank country strategy for Ghana particularly timely at this moment. These include the enormous challenges the country still faces in its development ...
chapter 17
... wide range of other occurrences. But policy makers themselves may also be the cause of disturbances. If policy measures are based on short-term political goals or simply on poor information, they may actually destabilize the economy. Policy makers face a variety of problems that should be pointed ou ...
... wide range of other occurrences. But policy makers themselves may also be the cause of disturbances. If policy measures are based on short-term political goals or simply on poor information, they may actually destabilize the economy. Policy makers face a variety of problems that should be pointed ou ...
The effects of Monetary Policy shocks across the Greek Regions
... mechanism suggests that regions with more export-intensive industries may be more responsive to monetary policy innovations (see, for example, Hayo and Uhlenbrock, 2000). Ber et al. (2001) find that export-intensive firms are cushioned from monetary policy shocks. When domestic interest rates are ti ...
... mechanism suggests that regions with more export-intensive industries may be more responsive to monetary policy innovations (see, for example, Hayo and Uhlenbrock, 2000). Ber et al. (2001) find that export-intensive firms are cushioned from monetary policy shocks. When domestic interest rates are ti ...
6010 T : M
... argues that economic agents form expectations about future events. These expectations are rational in the sense that they combine all the available information and therefore do not lead to systematic forecasting errors. The implication of the rational expectations hypothesis is that policies will on ...
... argues that economic agents form expectations about future events. These expectations are rational in the sense that they combine all the available information and therefore do not lead to systematic forecasting errors. The implication of the rational expectations hypothesis is that policies will on ...
6010 - Reference
... argues that economic agents form expectations about future events. These expectations are rational in the sense that they combine all the available information and therefore do not lead to systematic forecasting errors. The implication of the rational expectations hypothesis is that policies will on ...
... argues that economic agents form expectations about future events. These expectations are rational in the sense that they combine all the available information and therefore do not lead to systematic forecasting errors. The implication of the rational expectations hypothesis is that policies will on ...
Nixon`s Use of Civil Religion to Justify Economic
... that, “It is generally said that a country is on a gold standard when gold is used as the ultimate numeraire of that country‟s monetary system, and/or when other means of payment in use there, Government IOUs or banks‟ notes, are readily redeemable in gold at their bearers‟ request.” In other words, ...
... that, “It is generally said that a country is on a gold standard when gold is used as the ultimate numeraire of that country‟s monetary system, and/or when other means of payment in use there, Government IOUs or banks‟ notes, are readily redeemable in gold at their bearers‟ request.” In other words, ...
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... political ideologies influence the political process [Slembeck 2003]. Ideological positions may be attached to individual economists and have a cumulative effect when economists with similar views work at the same institution. In the United States, it is well-known that thinktanks have ideological p ...
... political ideologies influence the political process [Slembeck 2003]. Ideological positions may be attached to individual economists and have a cumulative effect when economists with similar views work at the same institution. In the United States, it is well-known that thinktanks have ideological p ...
American School (economics)
See also American System (economic plan).The American School, also known as the ""National System"", represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1860s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War until the mid-twentieth century. Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)government investments in infrastructure creating targeted internal improvements (especially in transportation)a national bank with policies that promote the growth of productive enterprises rather than speculation.It is a capitalist economic school based on the Hamiltonian economic program. The American School of capitalism was intended to allow the United States to become economically independent and nationally self-sufficient.The American School's key elements were promoted by John Q. Adams and his National Republican Party, Henry Clay and the Whig Party, and Abraham Lincoln through the early Republican Party which embraced, implemented, and maintained this economic system.During its American System period the United States grew into the largest economy in the world with the highest standard of living, surpassing the British Empire by the 1880s.