Institutional Manipulation in Authoritarian Regimes
... 2009; Beramendi 2012). Based on this finding, I argue that high inter-regional inequality for a country institutionalizing regional autonomy exacerbates policy gridlock (Tsebelis 2002; Tsebelis & Chang 2004). Inter-regional inequality of a federal system, compared to a unitary, should lead to less ...
... 2009; Beramendi 2012). Based on this finding, I argue that high inter-regional inequality for a country institutionalizing regional autonomy exacerbates policy gridlock (Tsebelis 2002; Tsebelis & Chang 2004). Inter-regional inequality of a federal system, compared to a unitary, should lead to less ...
1 KEYNES, MINSKY AND THE POST KEYNESIANS by Paul
... be the result of persistent trade imbalances rather than financial capital flows per se. Nor is there anything in Minsky to suggest how we can build a firewall to prevent financial contagion spreading unemployment and depression across the global economy. ...
... be the result of persistent trade imbalances rather than financial capital flows per se. Nor is there anything in Minsky to suggest how we can build a firewall to prevent financial contagion spreading unemployment and depression across the global economy. ...
Stabilization Policy in the Closed Economy
... • Stabilization policies aim at minimizing changes to real GDP from exogenous Demand Shocks including: – Changes in business and consumer optimism – Changes in net exports – Changes in government spending and/or taxes not related to stabilization policy ...
... • Stabilization policies aim at minimizing changes to real GDP from exogenous Demand Shocks including: – Changes in business and consumer optimism – Changes in net exports – Changes in government spending and/or taxes not related to stabilization policy ...
The Greek debt crisis- using the Solow model to simulate future
... fiscal stimulus to recharge a stagnating economy (Guardian, 2010). Despite these plans the change of regime did not lead to the rejuvenation of the economy that had been hoped, since the new ruling party found that the former government had underestimated the public and fiscal debts of 2008 and 2009 ...
... fiscal stimulus to recharge a stagnating economy (Guardian, 2010). Despite these plans the change of regime did not lead to the rejuvenation of the economy that had been hoped, since the new ruling party found that the former government had underestimated the public and fiscal debts of 2008 and 2009 ...
Minsky`s best-known contribution is his tripartite
... deficits. (Adelman and Minsky 1960*; this is not surprising given that he was a close colleague of Abba Lerner) Further, he also recognized that only national government debt represents net financial wealth to the private sector (in a closed economy), and that a higher percent of national government ...
... deficits. (Adelman and Minsky 1960*; this is not surprising given that he was a close colleague of Abba Lerner) Further, he also recognized that only national government debt represents net financial wealth to the private sector (in a closed economy), and that a higher percent of national government ...
Fiscal policy, long-run growth, and welfare in a stock
... in which the only dated variables are xt and gsft. The constancy of xt and gsft along the optimal path and equation (10) imply that equation (13) continues to hold in the optimum. Since (2), (10), and (13) are satisfied along the optimal path, equation (14) must be, too. Therefore, yt, kt, gst, and ...
... in which the only dated variables are xt and gsft. The constancy of xt and gsft along the optimal path and equation (10) imply that equation (13) continues to hold in the optimum. Since (2), (10), and (13) are satisfied along the optimal path, equation (14) must be, too. Therefore, yt, kt, gst, and ...
Macroeconomics Chapter 13W Disputes Over Macro Theory and
... Real-Business-Cycle View A third modern view of the cause of macroeconomic instability is that business cycles are caused by real factors that affect aggregate supply rather than by monetary, or spending, factors that cause fluctuations in aggregate demand. In the real-business-cycle theory, busines ...
... Real-Business-Cycle View A third modern view of the cause of macroeconomic instability is that business cycles are caused by real factors that affect aggregate supply rather than by monetary, or spending, factors that cause fluctuations in aggregate demand. In the real-business-cycle theory, busines ...
CONTEMPORARY FUNCTIONS OF SMALL AND MEDIUM-SIZED TOWNS IN THE RURAL ECONOMY
... the flows from town to hinterland are twice as big as the flows from hinterland to town which illustrates that the central, servicing, function of towns in Europe still continues to exist. Nevertheless, the importance of towns is different to different actors and in different countries. To household ...
... the flows from town to hinterland are twice as big as the flows from hinterland to town which illustrates that the central, servicing, function of towns in Europe still continues to exist. Nevertheless, the importance of towns is different to different actors and in different countries. To household ...
Illustration of Substitution Effect of Increasing Consumption Tax
... present value of lifetime resources. So, with a temporary consumption tax change, households should respond by working less today - leisure is relatively more enjoyable. I have to work more to get the same amount of consumption as before. Why should I spend all that effort? I will just substitute t ...
... present value of lifetime resources. So, with a temporary consumption tax change, households should respond by working less today - leisure is relatively more enjoyable. I have to work more to get the same amount of consumption as before. Why should I spend all that effort? I will just substitute t ...
Tourism consumption in France rose by 0.9% in 2015
... consumption provided in return for payments made, either by the visitors themselves (most frequent case) or by other agents on their behalf. It is equal to internal tourism consumption minus the “non-market tourism accommodation” item, which covers imputed rents for owners of second homes. The imput ...
... consumption provided in return for payments made, either by the visitors themselves (most frequent case) or by other agents on their behalf. It is equal to internal tourism consumption minus the “non-market tourism accommodation” item, which covers imputed rents for owners of second homes. The imput ...
Equilibrium in the Aggregate Demand
... Raise production costs and reduces the quantity producers are willing to supply at any aggregate price level (leftward shift) POSITIVE SHOCKS Reduce production costs and increase quantity supplied at any given aggregate price (rightward shift) ...
... Raise production costs and reduces the quantity producers are willing to supply at any aggregate price level (leftward shift) POSITIVE SHOCKS Reduce production costs and increase quantity supplied at any given aggregate price (rightward shift) ...
Econ 375 Problem Set 3 Key 1. This one is straight out of the book. 2
... 15. The Lucas critique argues that economic policy based on econometric forecasting models is likely to be erroneous since the key parameter values (such as the MPC) can not be expected to remain constant in the face of expected changes in the policy variables (such as money supply or tax rates). 16 ...
... 15. The Lucas critique argues that economic policy based on econometric forecasting models is likely to be erroneous since the key parameter values (such as the MPC) can not be expected to remain constant in the face of expected changes in the policy variables (such as money supply or tax rates). 16 ...
Chapter 2
... produced domestically (irrespective of ownership); domestic economic activity Gross National Product (GNP) — measures total income earned by nationals domestically or abroad; relates to a country’s standard of living (but ignores inequality; quality of life) GNP = GDP - Net Income of Foreigners ...
... produced domestically (irrespective of ownership); domestic economic activity Gross National Product (GNP) — measures total income earned by nationals domestically or abroad; relates to a country’s standard of living (but ignores inequality; quality of life) GNP = GDP - Net Income of Foreigners ...
MACROECONOMIC PRINCIPLES (ECON
... The income tax is a tax on labor supply. Suppose we have a proportional income tax (flat tax) at rate t. This way we can easily graph it with supply and demand. Your after-tax wage is (1 – t)W. A reduction in t holding W constant raises the after-tax wage, increasing the number of hours people work ...
... The income tax is a tax on labor supply. Suppose we have a proportional income tax (flat tax) at rate t. This way we can easily graph it with supply and demand. Your after-tax wage is (1 – t)W. A reduction in t holding W constant raises the after-tax wage, increasing the number of hours people work ...
10APMacroCh25_26
... (Ford Motor might build a car factory in Mexico) An investment that is financed with foreign money but operated by domestic residents is called foreign portfolio investment. (An American might buy stock in a Mexican corporation) ...
... (Ford Motor might build a car factory in Mexico) An investment that is financed with foreign money but operated by domestic residents is called foreign portfolio investment. (An American might buy stock in a Mexican corporation) ...
Ch 17
... A. the relationship between inflation and unemployment is exploitable in the long run. B. the relationship between inflation and unemployment is exploitable in the short run. C. there is no relationship between inflation and unemployment. D. fluctuations in output are largely caused by supply shocks ...
... A. the relationship between inflation and unemployment is exploitable in the long run. B. the relationship between inflation and unemployment is exploitable in the short run. C. there is no relationship between inflation and unemployment. D. fluctuations in output are largely caused by supply shocks ...
Fiscal Volatility Shocks and Economic Activity
... goal is to investigate a different question: the response of the economy to an unexpected and temporary increase in fiscal policy uncertainty. Next, we estimate a vector autoregression (VAR) of the US economy in the tradition of Christiano, Eichenbaum, and Evans (2005) augmented with the fiscal vola ...
... goal is to investigate a different question: the response of the economy to an unexpected and temporary increase in fiscal policy uncertainty. Next, we estimate a vector autoregression (VAR) of the US economy in the tradition of Christiano, Eichenbaum, and Evans (2005) augmented with the fiscal vola ...
Fiscal Multipliers and Beyond - Instituto de Estudios Fiscales
... on fiscal multipliers conducted by Leeper et al. (2011), the monetary policy regime and, to a slightly lesser extent, the fraction of liquidity-constrained households are the most impor tant factors determining the size of short-term multipliers. As regards the ZLB, for US-calibrated models, Christ ...
... on fiscal multipliers conducted by Leeper et al. (2011), the monetary policy regime and, to a slightly lesser extent, the fraction of liquidity-constrained households are the most impor tant factors determining the size of short-term multipliers. As regards the ZLB, for US-calibrated models, Christ ...
Chapter 14
... • As the government borrows funds to finance the deficit, and domestic private consumption does not decrease, then some of these funds will be borrowed from foreigners • The interest rate paid on bonds will need to be high enough to attract foreign investors ...
... • As the government borrows funds to finance the deficit, and domestic private consumption does not decrease, then some of these funds will be borrowed from foreigners • The interest rate paid on bonds will need to be high enough to attract foreign investors ...
Economic Analysis Old Town San Diego State Park, San Diego National Economy
... Taxable sales decreased by 3.9 percent over the previous fiscal year when measured in constant dollars. The California Taxable Sales Deflator—an index that tracks price changes only for commodities subject to the sales and use tax—showed annual inflation of 1.9 percent. By quarter, the Deflator indi ...
... Taxable sales decreased by 3.9 percent over the previous fiscal year when measured in constant dollars. The California Taxable Sales Deflator—an index that tracks price changes only for commodities subject to the sales and use tax—showed annual inflation of 1.9 percent. By quarter, the Deflator indi ...
The UK Legal Services Sector and the UK: An analysis by Oxford
... • The stronger negative effects on the legal services sector are due to the sector’s reliance on intermediate demand from sectors which are likely to be adversely affected by a UK withdrawal from the EU, particularly the financial services sector and other professional services, and from the subseq ...
... • The stronger negative effects on the legal services sector are due to the sector’s reliance on intermediate demand from sectors which are likely to be adversely affected by a UK withdrawal from the EU, particularly the financial services sector and other professional services, and from the subseq ...
Aggregate Expenditure and Equilibrium Output
... an identity. The equilibrium condition is Y = C + I, but this is not an identity because it does not hold when we are out of equilibrium. By substituting C + S for Y in the equilibrium condition, we can write: • The saving/investment approach to equilibrium is C + S = C + I. Because we can subtract ...
... an identity. The equilibrium condition is Y = C + I, but this is not an identity because it does not hold when we are out of equilibrium. By substituting C + S for Y in the equilibrium condition, we can write: • The saving/investment approach to equilibrium is C + S = C + I. Because we can subtract ...
the impact of changes in military expenditures on the washington
... Arms reductions talks, exemplified by the recently signed Strategic Arms Reduction Treaty (START), could lead to large cuts in real U.S. military spending. For all of these reasons, it appears that funds for military spending are likely to be subject to much greater competition and scrutiny in the f ...
... Arms reductions talks, exemplified by the recently signed Strategic Arms Reduction Treaty (START), could lead to large cuts in real U.S. military spending. For all of these reasons, it appears that funds for military spending are likely to be subject to much greater competition and scrutiny in the f ...
Results - Fiskalrat
... tricht deficit (inaccurate revenue and expenditure estimates) and not by revisions of the output gap or one-off measures.8 Significant increase in budget deficits to be expected in 2016 and 2017; funding measures of the 2015/2016 tax reform below plan Despite the economic recovery, the Fiscal Advis ...
... tricht deficit (inaccurate revenue and expenditure estimates) and not by revisions of the output gap or one-off measures.8 Significant increase in budget deficits to be expected in 2016 and 2017; funding measures of the 2015/2016 tax reform below plan Despite the economic recovery, the Fiscal Advis ...