This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... time series tend to grow over time, both variables must be scaled relative to gross domestic product (GDP). Henceforth, I will use BSUR to denote the ratio of the budget surplus to gross domestic product (also obtained from the OECD National Accounts), and CAS to denote the ratio of the current acco ...
... time series tend to grow over time, both variables must be scaled relative to gross domestic product (GDP). Henceforth, I will use BSUR to denote the ratio of the budget surplus to gross domestic product (also obtained from the OECD National Accounts), and CAS to denote the ratio of the current acco ...
Crisis and consolidation in the public finances
... that they would follow different policies if each was to govern alone. The Conservatives have said that they would look to cut welfare spending by more, so that they could cut public services by less. And the Liberal Democrats have said that they would be willing to borrow more to finance capital sp ...
... that they would follow different policies if each was to govern alone. The Conservatives have said that they would look to cut welfare spending by more, so that they could cut public services by less. And the Liberal Democrats have said that they would be willing to borrow more to finance capital sp ...
the influence of direct democracy on the shadow economy
... capita and reduced per capita debt. Feld and Matsusaka (2003) estimate regressions for Swiss cantons using panel data from 1990 to 1998 and find evidence that mandatory referendums reduce government spending by 19 percent. With regard to the United States, Matsusaka (1995; 2005) analyzes the impact ...
... capita and reduced per capita debt. Feld and Matsusaka (2003) estimate regressions for Swiss cantons using panel data from 1990 to 1998 and find evidence that mandatory referendums reduce government spending by 19 percent. With regard to the United States, Matsusaka (1995; 2005) analyzes the impact ...
Economics R. Glenn Hubbard, Anthony Patrick O'Brien, 2e.
... What Shifts the Aggregate Demand Curve? Changes in Government Policies intended to achieve macroeconomic objectives: high employment, price stability, steady economic growth. •Monetary policy Actions the Federal Reserve takes to manage the money supply and interest rates. •Fiscal policy Changes in f ...
... What Shifts the Aggregate Demand Curve? Changes in Government Policies intended to achieve macroeconomic objectives: high employment, price stability, steady economic growth. •Monetary policy Actions the Federal Reserve takes to manage the money supply and interest rates. •Fiscal policy Changes in f ...
Question Bank in Economics For F.Y.B.A., F.Y.B.Com and S.Y.B.
... Module 3 Production and Cost Analysis 1. Explain the following concepts: a) Production function b) Cobb Douglas production function c) Iso-quants d) Iso-cost line e) Economies of scale f) Money cost g) Real cost g) Opportunity cost i) Social cost j) Private cost k) Fixed cost l) Variable cost 2. Dis ...
... Module 3 Production and Cost Analysis 1. Explain the following concepts: a) Production function b) Cobb Douglas production function c) Iso-quants d) Iso-cost line e) Economies of scale f) Money cost g) Real cost g) Opportunity cost i) Social cost j) Private cost k) Fixed cost l) Variable cost 2. Dis ...
NBER WORKING PAPER SERIES THE BARNETT CRITIQUE AFTER THREE DECADES:
... measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of tastes and technologies an exact aggregate of monetary services is well-defined and observable. Hence, the results presented in section 3 can confirm that Barnett’s critique applies q ...
... measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of tastes and technologies an exact aggregate of monetary services is well-defined and observable. Hence, the results presented in section 3 can confirm that Barnett’s critique applies q ...
A MACROECONOMETRIC MODEL FOR THE ECONOMY OF
... evident that the effectiveness of fiscal policy is not exclusive as monetary policy can still be used to some extent. A salient outcome of the policy simulation experiments is that the stimulation of the economy from the supply side affects key macroeconomic variables such as output and employment i ...
... evident that the effectiveness of fiscal policy is not exclusive as monetary policy can still be used to some extent. A salient outcome of the policy simulation experiments is that the stimulation of the economy from the supply side affects key macroeconomic variables such as output and employment i ...
Practical Guide To Contemporary Economics
... Marginal cost: The cost that arises from a one-unit increase in an activity. The marginal cost of something is what you must give up to get one more unit of it Marginal benefit: The benefit that arises from a one-unit increase in an activity. The marginal benefit of something is measured by what you ...
... Marginal cost: The cost that arises from a one-unit increase in an activity. The marginal cost of something is what you must give up to get one more unit of it Marginal benefit: The benefit that arises from a one-unit increase in an activity. The marginal benefit of something is measured by what you ...
Aggregate Supply
... 3. Definition: The short-run aggregate supply (SRAS) curve shows the relationship between the aggregate price level and the quantity of aggregate output supplied that exists in the short run, the period when many production costs can be taken as fixed. 4. The short-run aggregate supply curve is posi ...
... 3. Definition: The short-run aggregate supply (SRAS) curve shows the relationship between the aggregate price level and the quantity of aggregate output supplied that exists in the short run, the period when many production costs can be taken as fixed. 4. The short-run aggregate supply curve is posi ...
First Pages - Yale Economics
... Bentham’s views about utility seem familiar to many people today. But they were revolutionary 200 years ago because they emphasized that social and economic policies should be designed to achieve certain practical results, whereas legitimacy at that time was usually based on tradition, the divine ri ...
... Bentham’s views about utility seem familiar to many people today. But they were revolutionary 200 years ago because they emphasized that social and economic policies should be designed to achieve certain practical results, whereas legitimacy at that time was usually based on tradition, the divine ri ...
Chapter IV: Regional developments and outlook
... in solid financial positions. For instance, companies in the Standard & Poor’s 500 index have the lowest ratio of net debt to earnings in two decades, more than $3 trillion in cash and record earnings per share. With long-term interest rates at record lows, companies have the potential to boost inve ...
... in solid financial positions. For instance, companies in the Standard & Poor’s 500 index have the lowest ratio of net debt to earnings in two decades, more than $3 trillion in cash and record earnings per share. With long-term interest rates at record lows, companies have the potential to boost inve ...
55838_Ch 07_Executive Board Summary.indd
... growth, particularly where risks of low growth and low inflation have materialized. For example, higher public investment in infrastructure could raise aggregate demand in the short term and increase potential output in the medium term. Countries that are more constrained should pursue more growth-f ...
... growth, particularly where risks of low growth and low inflation have materialized. For example, higher public investment in infrastructure could raise aggregate demand in the short term and increase potential output in the medium term. Countries that are more constrained should pursue more growth-f ...
Multiple-choice questions to accompany
... 4. "This council, an advisory body with business and union representation, decided to rethink the concept of unemployment. It was intent on unraveling the paradox of substantial new job creation coupled with a high and largely unyielding jobless rate." This paradox could come about through a) a fall ...
... 4. "This council, an advisory body with business and union representation, decided to rethink the concept of unemployment. It was intent on unraveling the paradox of substantial new job creation coupled with a high and largely unyielding jobless rate." This paradox could come about through a) a fall ...
NBER WORKING PAPER SERIES MONETARY POLICY MATTER? A NEW TEST IN
... On three occasions the System deliberately took policy steps of major magnitude which cannot be regarded as necessary or inevitable economic consequences of contemporary changes in money income and prices. Like the crucial experiments of the physical scientist, the results are so consistent and shar ...
... On three occasions the System deliberately took policy steps of major magnitude which cannot be regarded as necessary or inevitable economic consequences of contemporary changes in money income and prices. Like the crucial experiments of the physical scientist, the results are so consistent and shar ...
Walentin 2013
... and Boivin, Kiley and Mishkin (2010). The former describes the various ways in which housing in‡uences the monetary transmission mechanism. The latter is a broader analysis of how the monetary transmission mechanism has changed over time. With the above aim in mind, we set up a two sector DSGE model ...
... and Boivin, Kiley and Mishkin (2010). The former describes the various ways in which housing in‡uences the monetary transmission mechanism. The latter is a broader analysis of how the monetary transmission mechanism has changed over time. With the above aim in mind, we set up a two sector DSGE model ...
the role of household consumption
... private plant and equipment investment to the decline in real GDP growth (54.86%) was much larger than the contribution of private housing investment (13.05%), which casts further doubt on my earlier contention that the decline in private housing investment was the primary cause of the prolonged slo ...
... private plant and equipment investment to the decline in real GDP growth (54.86%) was much larger than the contribution of private housing investment (13.05%), which casts further doubt on my earlier contention that the decline in private housing investment was the primary cause of the prolonged slo ...
UNDERGROUND ECONOMY AND FISCAL POLICIES MODELING*
... generally the underground economy to the official economy (private and public). So, the underground exchanges therefore undertake in margin of controls of the State and under two distinct modes: the concealment (occult economy) and the autonomy (autonomous economy) (Rosanvallon, 1980). However, in f ...
... generally the underground economy to the official economy (private and public). So, the underground exchanges therefore undertake in margin of controls of the State and under two distinct modes: the concealment (occult economy) and the autonomy (autonomous economy) (Rosanvallon, 1980). However, in f ...
Paying for Medicare Now and in the Future
... the payment rates to providers that are currently about 67% of private insurance would fall to 40%. Clearly providers would vacate the Medicare business in response to such a draconian reduction in compensation. The CBO baseline allows for the limits included in the ACA to be effective for the next ...
... the payment rates to providers that are currently about 67% of private insurance would fall to 40%. Clearly providers would vacate the Medicare business in response to such a draconian reduction in compensation. The CBO baseline allows for the limits included in the ACA to be effective for the next ...
Questions for Review
... 1. Because every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy. 2. Gross domestic product (GDP) measures an economy’s total expenditure on newly produced goods and services and the total income earned from the production of thes ...
... 1. Because every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy. 2. Gross domestic product (GDP) measures an economy’s total expenditure on newly produced goods and services and the total income earned from the production of thes ...
DOCUMENTOS DE TRABAJO Serie Economía Nº 272
... in the age composition of the labor force account for a significant fraction of the variation in business cycle volatility observed in the U.S. and other G7 economies. Hence, in this article we pose the following question: can the relation between the size of the government and macroeconomic stabili ...
... in the age composition of the labor force account for a significant fraction of the variation in business cycle volatility observed in the U.S. and other G7 economies. Hence, in this article we pose the following question: can the relation between the size of the government and macroeconomic stabili ...
Mongolia: 2015 Article IV Consultation Staff Report
... Tolgoi copper and gold mine now in operation, exports have picked up. The trade balance has thus improved, but with FDI and other financial-account flows still depressed, the overall BOP remains in substantial deficit. In addition, public debt has risen sharply, and bank vulnerabilities are growing. ...
... Tolgoi copper and gold mine now in operation, exports have picked up. The trade balance has thus improved, but with FDI and other financial-account flows still depressed, the overall BOP remains in substantial deficit. In addition, public debt has risen sharply, and bank vulnerabilities are growing. ...
i Maximum Sustainable Government Debt in the Overlapping
... changing government debt. This is in general sufficient to make the maximum sustainable debt well defined. Its value will, indeed, depend on how the tax burden is shared, and in our analysis we will consider the effect of this parameter along with the effects of several other parameters. The questio ...
... changing government debt. This is in general sufficient to make the maximum sustainable debt well defined. Its value will, indeed, depend on how the tax burden is shared, and in our analysis we will consider the effect of this parameter along with the effects of several other parameters. The questio ...
PUBLIC SECTOR SUSTAINABILITY IN
... The debate of the role of the public sector has shifted in recent years towards empirical assessments of the efficiency and usefulness of public sector activities. A growing academic literature has been investigating the stabilisation, allocation and distribution effects of public expenditure (see e ...
... The debate of the role of the public sector has shifted in recent years towards empirical assessments of the efficiency and usefulness of public sector activities. A growing academic literature has been investigating the stabilisation, allocation and distribution effects of public expenditure (see e ...
Economic Statistics in Hong Kong SAR, China
... Administrative Region: Census and Statistics Department; Treasury ○ Hong Kong Monetary Authority ▪ Statistical law protects confidentiality and independence of statistical information ▪ Centralized statistical system ○ Responsibilities are clearly defined for agencies involved in the production of t ...
... Administrative Region: Census and Statistics Department; Treasury ○ Hong Kong Monetary Authority ▪ Statistical law protects confidentiality and independence of statistical information ▪ Centralized statistical system ○ Responsibilities are clearly defined for agencies involved in the production of t ...
The Natural Resource Curse and Fiscal Decentralization
... on the notion that local governments, especially if poorer and in distant regions, can be less e¢cient at providing public goods and fall more easily prey of corruption (e.g., see Rodriquez-Pose and Ezcurra 2011).1 If this is the case, resource windfalls will incentivize rent-seeking behavior of loc ...
... on the notion that local governments, especially if poorer and in distant regions, can be less e¢cient at providing public goods and fall more easily prey of corruption (e.g., see Rodriquez-Pose and Ezcurra 2011).1 If this is the case, resource windfalls will incentivize rent-seeking behavior of loc ...