A Theory of Macroprudential Policies in the Presence of Nominal Rigidities ∗
... direction of the best intervention. The formula delivers the implicit taxes needed in financial markets as a function of primitives and sufficient statistics. In particular, within each state of the world there is a sub-equilibrium in goods and labor markets affected by nominal rigidities. One can d ...
... direction of the best intervention. The formula delivers the implicit taxes needed in financial markets as a function of primitives and sufficient statistics. In particular, within each state of the world there is a sub-equilibrium in goods and labor markets affected by nominal rigidities. One can d ...
Germany`s social market economy
... economy (economic institutions) and also within policy making (political institutions). Institutional economics does not only analyze the influence of different institutions on human behavior in a positive perspective but also looks for adequately designed institutions to influence human behavior in ...
... economy (economic institutions) and also within policy making (political institutions). Institutional economics does not only analyze the influence of different institutions on human behavior in a positive perspective but also looks for adequately designed institutions to influence human behavior in ...
Volume XIII - UMKC College of Arts and Sciences
... life; as individuals interact with their environment and with each other, they learn and share this knowledge with each other. As this communal knowledge grows, we learn how to use various resources, thus making them useful to us. In this way, resources do not simply exist in their final form. They ...
... life; as individuals interact with their environment and with each other, they learn and share this knowledge with each other. As this communal knowledge grows, we learn how to use various resources, thus making them useful to us. In this way, resources do not simply exist in their final form. They ...
Economic Strategies For Sustainability
... profits and the outputs of the existing firms but at their foundations and their very lives" (84). Indeed, Schumpeter foresaw that capitalism itself would fall victim to the turbulent task environment of its own making: The capitalist process not only destroys its own institutional framework but it ...
... profits and the outputs of the existing firms but at their foundations and their very lives" (84). Indeed, Schumpeter foresaw that capitalism itself would fall victim to the turbulent task environment of its own making: The capitalist process not only destroys its own institutional framework but it ...
On the Problematic State of Economic `Science`
... also be examined. Under these circumstances, alternative approaches such as the Marxian and Austrian paradigms, and contemporary institutionalism, will also be examined in terms of theory and practice. A final section will make the recommendation that economics is most effective as an explanatory so ...
... also be examined. Under these circumstances, alternative approaches such as the Marxian and Austrian paradigms, and contemporary institutionalism, will also be examined in terms of theory and practice. A final section will make the recommendation that economics is most effective as an explanatory so ...
Behavioral economics and macroeconomic models1
... and implications for changes in tax policy. In the “catching up with the Joneses”-formulation of Ljungqvist and Uhlig (2000), optimal tax policy is procyclical. The idea is that in booms caused by a positive productivity shock, consumption will be higher than the socially efficient level (the econom ...
... and implications for changes in tax policy. In the “catching up with the Joneses”-formulation of Ljungqvist and Uhlig (2000), optimal tax policy is procyclical. The idea is that in booms caused by a positive productivity shock, consumption will be higher than the socially efficient level (the econom ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... costs-shortfalls of actual from potential output in the overall Swedish economy. These policies accomplish other social goals in Sweden, but their economic efficiency costs must be considered in any thoroughgoing cost-benefit analysis of the welfare state. The estimated costs cover a broad range, de ...
... costs-shortfalls of actual from potential output in the overall Swedish economy. These policies accomplish other social goals in Sweden, but their economic efficiency costs must be considered in any thoroughgoing cost-benefit analysis of the welfare state. The estimated costs cover a broad range, de ...
Tutorial on Partial Equilibrium Modeling: The Case of an
... 2. The lower domestic price in the exporting country is an income transfer to domestic consumers from domestic producers. 3. If quota rents go to the exporting country, then the higher world price is a tax on importing country consumers who cross-subsidize exporting country consumers. Rents are coll ...
... 2. The lower domestic price in the exporting country is an income transfer to domestic consumers from domestic producers. 3. If quota rents go to the exporting country, then the higher world price is a tax on importing country consumers who cross-subsidize exporting country consumers. Rents are coll ...
United States Studies Unit 4
... In this unit students deepen their understanding of economic principles and examine how an economic system works using the United States as an example. They begin the unit by engaging in a scarcity simulation designed to review economic concepts from previous grades. Students then explore the charac ...
... In this unit students deepen their understanding of economic principles and examine how an economic system works using the United States as an example. They begin the unit by engaging in a scarcity simulation designed to review economic concepts from previous grades. Students then explore the charac ...
Consumers and Demand 1 Ben Fine
... automaton. In short, the emphasis is upon individual subjectivity but it is a predetermined and heavily reduced subjectivity. This lack of genuine subjectivity is reflected in four aspects. First, as is already apparent, is in the narrowness of motivation and capabilities underpinning the consumer – ...
... automaton. In short, the emphasis is upon individual subjectivity but it is a predetermined and heavily reduced subjectivity. This lack of genuine subjectivity is reflected in four aspects. First, as is already apparent, is in the narrowness of motivation and capabilities underpinning the consumer – ...
Consumers and Demand (Provisional Title)
... from other social sciences but also from other branches of economics, especially those concerned with the systemic functioning of the economy as a whole. Not surprisingly, then, the explicit distinction between microeconomics and macroeconomics first emerged in the 1930s, with the presumption that ( ...
... from other social sciences but also from other branches of economics, especially those concerned with the systemic functioning of the economy as a whole. Not surprisingly, then, the explicit distinction between microeconomics and macroeconomics first emerged in the 1930s, with the presumption that ( ...
Mutli-Period Model of Consumption and PIH
... • Consumption is smoother than income. • Conflicts with traditional view of the importance of current income. (current income by itself doesn’t matter!) • Statistical estimation of simple consumption functions may not be useful: ...
... • Consumption is smoother than income. • Conflicts with traditional view of the importance of current income. (current income by itself doesn’t matter!) • Statistical estimation of simple consumption functions may not be useful: ...
Here - home
... Expenditure (such as government expenditure, business investment or exports) that is not a direct function of income, but is ' injected ' into the circular flow of income. It increases the level of aggregate demand and expenditure in the economy. Investment is expenditure on goods not for current co ...
... Expenditure (such as government expenditure, business investment or exports) that is not a direct function of income, but is ' injected ' into the circular flow of income. It increases the level of aggregate demand and expenditure in the economy. Investment is expenditure on goods not for current co ...
The world at work: Jobs, pay, and skills for 3.5 billion
... benefit has been the creation of 900 million non‑farm jobs in developing countries, helping lift hundreds of millions of people out of poverty. During this time, advanced economies were able to raise productivity by investing in technology and tapping new sources of low-cost labor, while creating ne ...
... benefit has been the creation of 900 million non‑farm jobs in developing countries, helping lift hundreds of millions of people out of poverty. During this time, advanced economies were able to raise productivity by investing in technology and tapping new sources of low-cost labor, while creating ne ...
DEFLATION – A PROBLEM OF THE SOCIO
... my. Nonetheless, the general opinion prevails that deflation, even when it is still slight, has negative consequences on economic activity both at the macroeconomic as well as microeconomic level. Either is from the long-term point of view unsustainable. Deflation has another, no less significant, n ...
... my. Nonetheless, the general opinion prevails that deflation, even when it is still slight, has negative consequences on economic activity both at the macroeconomic as well as microeconomic level. Either is from the long-term point of view unsustainable. Deflation has another, no less significant, n ...
course developer
... and is done to help students identify what they need to do to attain the maximum benefit from their study of the course. Therefore, assessment for summative reporting to the Tasmanian Qualifications Authority should focus on what both teacher and student understand to reflect end-point achievement. ...
... and is done to help students identify what they need to do to attain the maximum benefit from their study of the course. Therefore, assessment for summative reporting to the Tasmanian Qualifications Authority should focus on what both teacher and student understand to reflect end-point achievement. ...
Preview Sample 1
... they determine the resource mix used in the production process subject to their desire to limit their costs and to maximize their profits. For whom goods and services are produced is largely determined by the distribution of income. If you have more money you get more goods and services. Moreover, y ...
... they determine the resource mix used in the production process subject to their desire to limit their costs and to maximize their profits. For whom goods and services are produced is largely determined by the distribution of income. If you have more money you get more goods and services. Moreover, y ...
Short Run Macroeconomic Equilibrium
... Demand Side Equilibrium and Income Determination (a mathematical treatment) We will start with a very simple economy and work our way up to something a little more complicated. First, a couple of definitions: Leakage: a flow in the circular flow diagram that decreases aggregate demand (S, T, IM). In ...
... Demand Side Equilibrium and Income Determination (a mathematical treatment) We will start with a very simple economy and work our way up to something a little more complicated. First, a couple of definitions: Leakage: a flow in the circular flow diagram that decreases aggregate demand (S, T, IM). In ...
Aalborg Universitet Madsen, Poul Thøis
... different methods and results. 7 The method has mainly been inductive but based on one very general underlying assumption (or in less scientific terms: hunch): that neoclassical theory would be visible in the textbooks in some form. In other words, neoclassical theory has been used as an inroad – or ...
... different methods and results. 7 The method has mainly been inductive but based on one very general underlying assumption (or in less scientific terms: hunch): that neoclassical theory would be visible in the textbooks in some form. In other words, neoclassical theory has been used as an inroad – or ...
Lecture 2
... of D(t): a higher value of either parameter would reflect a greater aversion toward consumption inequality. Which may explain why it hasn't been uncommon to suppose that higher values of * reflect a greater ethical concern for consumption equality. But if g(C(t)) < 0, * and 0 assume diametrically op ...
... of D(t): a higher value of either parameter would reflect a greater aversion toward consumption inequality. Which may explain why it hasn't been uncommon to suppose that higher values of * reflect a greater ethical concern for consumption equality. But if g(C(t)) < 0, * and 0 assume diametrically op ...
How do five American political science textbooks deal with the
... different methods and results. 7 The method has mainly been inductive but based on one very general underlying assumption (or in less scientific terms: hunch): that neoclassical theory would be visible in the textbooks in some form. In other words, neoclassical theory has been used as an inroad – or ...
... different methods and results. 7 The method has mainly been inductive but based on one very general underlying assumption (or in less scientific terms: hunch): that neoclassical theory would be visible in the textbooks in some form. In other words, neoclassical theory has been used as an inroad – or ...
- Prince Edward County Public Schools
... COURSE DESCRIPTION: Students learn how to navigate the financial decisions they must face and to make informed decisions related to career exploration, budgeting, banking, credit, insurance, spending, taxes, saving, investing, buying/leasing a vehicle, living independently, and inheritance. Developm ...
... COURSE DESCRIPTION: Students learn how to navigate the financial decisions they must face and to make informed decisions related to career exploration, budgeting, banking, credit, insurance, spending, taxes, saving, investing, buying/leasing a vehicle, living independently, and inheritance. Developm ...
Whatare the Questions We Should Be Asking in Micro Economics?
... to grasp the reality with our theoretical construction” (Einstein and Leopold, 1938, 296). Theory construction can never be ideologically neutral, for “even if there are phenomena that exist as value-free ‘facts’ they could not be either known or described in a value-free manner since knowing is dep ...
... to grasp the reality with our theoretical construction” (Einstein and Leopold, 1938, 296). Theory construction can never be ideologically neutral, for “even if there are phenomena that exist as value-free ‘facts’ they could not be either known or described in a value-free manner since knowing is dep ...
Aalborg Universitet Neoliberal Globalization Schmidt, Johannes Dragsbæk; Hersh, Jacques
... by the institutionalists. According to the latter, the state had in fact interfered by ‘getting the prices wrong’ (Amsden, 1992) and by ‘governing the market’ (Wade, 1990) in order to gain a better position in the world economy. However, influenced by the neoliberalism of the so-called Washington Co ...
... by the institutionalists. According to the latter, the state had in fact interfered by ‘getting the prices wrong’ (Amsden, 1992) and by ‘governing the market’ (Wade, 1990) in order to gain a better position in the world economy. However, influenced by the neoliberalism of the so-called Washington Co ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: National Economic Planning
... its designs. Here, as in private industry, where it does not permit itself to be persuaded, it must persuade as much as command. Even in the field of private business, the plan's powers declined somewhat between 1958 and the 1963—64 inflation with its profits squeeze. Autofinancing picked up and the ...
... its designs. Here, as in private industry, where it does not permit itself to be persuaded, it must persuade as much as command. Even in the field of private business, the plan's powers declined somewhat between 1958 and the 1963—64 inflation with its profits squeeze. Autofinancing picked up and the ...