Haberler, the League of Nations, and the Quest for
... which comprises almost half of the fifty-page survey, is divided into five sections on monetary and non-monetary theories (respectively), on over-investment resulting from changes in the demand for consumers’ goods, on the principle of the acceleration of derived demand, and on the course of the dep ...
... which comprises almost half of the fifty-page survey, is divided into five sections on monetary and non-monetary theories (respectively), on over-investment resulting from changes in the demand for consumers’ goods, on the principle of the acceleration of derived demand, and on the course of the dep ...
Effects of Fiscal Stimulus in Structural Models
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the institutions with which the authors are affiliated. Working Papers describe research in progress by the a ...
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the institutions with which the authors are affiliated. Working Papers describe research in progress by the a ...
Price Level Targeting - The Market Monetarist
... optimal commitment is letting the market do some of the stabilisation. However, because commitment remains an obstacle for the central bank, a number of alternative policies, which implement a history dependent policy without the central bank having to commit, are brie y reviewed. These include a p ...
... optimal commitment is letting the market do some of the stabilisation. However, because commitment remains an obstacle for the central bank, a number of alternative policies, which implement a history dependent policy without the central bank having to commit, are brie y reviewed. These include a p ...
Indicators of Fiscal Impulse for New Zealand
... long-term fiscal objectives. The Government formulates its budget to ensure that aggregate levels of taxation and spending, including forecast new operating and capital spending, are consistent with progress towards its long-term fiscal objectives. Adjustment towards the objectives may result in cha ...
... long-term fiscal objectives. The Government formulates its budget to ensure that aggregate levels of taxation and spending, including forecast new operating and capital spending, are consistent with progress towards its long-term fiscal objectives. Adjustment towards the objectives may result in cha ...
Rethinking Monetary–Fiscal Policy Coordination
... touch on these themes in general terms. Policymakers in the euro area face considerable challenges in fostering sustained strong growth, price stability and financial stability. Following the onset of the global financial crisis, economic recovery has been slow and growth remains lacklustre. Inflati ...
... touch on these themes in general terms. Policymakers in the euro area face considerable challenges in fostering sustained strong growth, price stability and financial stability. Following the onset of the global financial crisis, economic recovery has been slow and growth remains lacklustre. Inflati ...
macroeconomics
... INSTRUCTOR SUPPLEMENTS A number of resources are available, including a full set of slides for instructors and students. These are available in their original format, and consequently can be further adapted by instructors. An Exam Builder tool is also available allowing instructors to easily create ...
... INSTRUCTOR SUPPLEMENTS A number of resources are available, including a full set of slides for instructors and students. These are available in their original format, and consequently can be further adapted by instructors. An Exam Builder tool is also available allowing instructors to easily create ...
Macroeconomics
... papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural chan ...
... papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural chan ...
How Independent Should a Central Bank Be?
... rate), even in the long run. If so, monetary policy may wish to balance its effects on inflation and output variability. The Taylor paper provides a simple motivation for the long-run trade-off. The motivation is based on a textbook macroeconomic model in which output depends on real interest rates, ...
... rate), even in the long run. If so, monetary policy may wish to balance its effects on inflation and output variability. The Taylor paper provides a simple motivation for the long-run trade-off. The motivation is based on a textbook macroeconomic model in which output depends on real interest rates, ...
II. IMF Macroeconomic Policy Advice in the Financial Crisis
... starting in early 2008. Its own work on the topic over the course of 2008 positioned itself to be a leading proponent of a global fiscal stimulus at G-20 meetings, as well as in the public discourse. The IMF also appropriately supported the aggressive interventions led by the U.S. Federal Reserve an ...
... starting in early 2008. Its own work on the topic over the course of 2008 positioned itself to be a leading proponent of a global fiscal stimulus at G-20 meetings, as well as in the public discourse. The IMF also appropriately supported the aggressive interventions led by the U.S. Federal Reserve an ...
Principles of Macroeconomics
... Principles of Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attent ...
... Principles of Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attent ...
Fiscal policy to stabilise the economy in the EMU
... falling. Japan is a recent example (see EEAG, 2003). But also in more normal situations, there can be limitations to monetary policy, because central banks may be reluctant to change interest rates by much in the short run, as this would imply large variations in the prices of outstanding debt. It h ...
... falling. Japan is a recent example (see EEAG, 2003). But also in more normal situations, there can be limitations to monetary policy, because central banks may be reluctant to change interest rates by much in the short run, as this would imply large variations in the prices of outstanding debt. It h ...
The Government Transfer Multiplier
... response of output to an increase in government purchases: the government purchases multiplier. Despite the focus on the government purchase multiplier in the literature (Woodford 2010, Christiano et al 2011, Cogan et al 2010), the majority of the increase in government spending during the global fi ...
... response of output to an increase in government purchases: the government purchases multiplier. Despite the focus on the government purchase multiplier in the literature (Woodford 2010, Christiano et al 2011, Cogan et al 2010), the majority of the increase in government spending during the global fi ...
MacroPolicy - Purdue Agriculture
... 2. A one dollar silver certificate from 1890, issued during the bimetallism debate. Chapter 4. 3. A 20 yuan bill from China, worth $3.26 in June 2013, and rising. Chapters 12. 4. A one hundred trillion dollar note from the hyperinflation in Zimbabwe, 2008. Chapter 4. 5. A one dollar Federal Reserve ...
... 2. A one dollar silver certificate from 1890, issued during the bimetallism debate. Chapter 4. 3. A 20 yuan bill from China, worth $3.26 in June 2013, and rising. Chapters 12. 4. A one hundred trillion dollar note from the hyperinflation in Zimbabwe, 2008. Chapter 4. 5. A one dollar Federal Reserve ...
Monetary Policy and the Economy Q3/04 – Expansionary Fiscal
... to introduce fiscal adjustments because standard Keynesian textbook analysis indicates that a fiscal contraction will have a dampening effect on private consumption, output and employment. Yet, there is no consensus on the size or even the sign of the effects that fiscal policy has on economic activ ...
... to introduce fiscal adjustments because standard Keynesian textbook analysis indicates that a fiscal contraction will have a dampening effect on private consumption, output and employment. Yet, there is no consensus on the size or even the sign of the effects that fiscal policy has on economic activ ...
1 M.A.PART - I ECONOMIC PAPER
... 1.7 MEANING AND IMPORTANCE OF INVESTMENT The concept of Investment has much significance in macro economic analysis. Investment is linked to the concept of savings. This concept of Investment has different meanings. Generally, it is considered as that part of money which is used for purchasing asset ...
... 1.7 MEANING AND IMPORTANCE OF INVESTMENT The concept of Investment has much significance in macro economic analysis. Investment is linked to the concept of savings. This concept of Investment has different meanings. Generally, it is considered as that part of money which is used for purchasing asset ...
1 Principles of Macroeconomics, 9e
... 32) It is difficult to test whether the velocity of money is constant over time, because A) there has been very little variation in the money supply over time. B) there may be a time lag between a change in the money supply and its effects on nominal GDP. C) there is only one definition of the money ...
... 32) It is difficult to test whether the velocity of money is constant over time, because A) there has been very little variation in the money supply over time. B) there may be a time lag between a change in the money supply and its effects on nominal GDP. C) there is only one definition of the money ...
Fiscal Rules and Resource Funds in Nonrenewable Resource
... sample countries. Using a uniform intertemporal welfare criterion for all the countries, the authors concluded that long-term sustainability had deteriorated between 2003 and 2009 in many countries, in spite of the fact that the price of oil had doubled during the period. This surprising result is m ...
... sample countries. Using a uniform intertemporal welfare criterion for all the countries, the authors concluded that long-term sustainability had deteriorated between 2003 and 2009 in many countries, in spite of the fact that the price of oil had doubled during the period. This surprising result is m ...
Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers
... revived the classic debate on the effectiveness of fiscal policy as an instrument of macroeconomic stabilization (van der Ploeg, 2005). On the theory side, the rapid development of micro-founded general equilibrium models with non-Ricardian features has allowed researchers to assess the benefits of ...
... revived the classic debate on the effectiveness of fiscal policy as an instrument of macroeconomic stabilization (van der Ploeg, 2005). On the theory side, the rapid development of micro-founded general equilibrium models with non-Ricardian features has allowed researchers to assess the benefits of ...
Advanced Macroeconomics - Juridica – Kolegji Evropian
... factors responsible for creating the equilibrium of the balance of payments, interest rates and inflation. It is hoped that this book’s contents will help students to think, analyze and apply what they have learned. Various industry-related examples such as exchange rate, inflation, domestic output ...
... factors responsible for creating the equilibrium of the balance of payments, interest rates and inflation. It is hoped that this book’s contents will help students to think, analyze and apply what they have learned. Various industry-related examples such as exchange rate, inflation, domestic output ...
Monetary–Fiscal Interactions: How to Improve Policy Outcomes?* Jan Libich, James Savage
... equal the present discounted value of future primary surpluses. Shifts in the demand for either money or the government’s debt can have consequences for aggregate demand if these shifts are not appropriately accommodated. As a second question, Carl asked: ‘‘Does central bank independence forgo poten ...
... equal the present discounted value of future primary surpluses. Shifts in the demand for either money or the government’s debt can have consequences for aggregate demand if these shifts are not appropriately accommodated. As a second question, Carl asked: ‘‘Does central bank independence forgo poten ...
Is discretionary fiscal policy a mitigating mechanism that coun
... mechanism to counteract business cycle fluctuations. It has been argued that the fiscal policy might be a prominent alternative. Buti, In’t and Roeger (2001) emphasize the role of fiscal policy as a stabilizing actor for the economy as a complement to monetary policy in a union that is characterized ...
... mechanism to counteract business cycle fluctuations. It has been argued that the fiscal policy might be a prominent alternative. Buti, In’t and Roeger (2001) emphasize the role of fiscal policy as a stabilizing actor for the economy as a complement to monetary policy in a union that is characterized ...
** Complementary Credit Networks and Macro-Economic Stability * * uses data from a Swiss barter network to argue that large scale internet barter helps to stabilize the business cycle. My paper was recently invited for a 2nd presentation to the Central Bank of Brazil, and is in the
... as Clower calls them, cannot all be effective (backed by actual spending power) if prices are not in fact market-clearing. This, says Clower, is the idea behind the Keynesian consumption function, with demand contingent on currently realized income. An early attempt to build micro-foundations for ma ...
... as Clower calls them, cannot all be effective (backed by actual spending power) if prices are not in fact market-clearing. This, says Clower, is the idea behind the Keynesian consumption function, with demand contingent on currently realized income. An early attempt to build micro-foundations for ma ...
Monetary Science, Fiscal Alchemy
... rarely discuss it.3 In normal times, fiscal alchemy poses no insurmountable problems for central banks. Even if policy institutions do not firmly anchor fiscal expectations, people can use past fiscal behavior to guide their beliefs about the future. But normal times may be nearing their end. The In ...
... rarely discuss it.3 In normal times, fiscal alchemy poses no insurmountable problems for central banks. Even if policy institutions do not firmly anchor fiscal expectations, people can use past fiscal behavior to guide their beliefs about the future. But normal times may be nearing their end. The In ...