current_account
... U.S. Gross National Expenditure and Its Components, 1990–2009 The figure shows consumption (C), investment (I), and government purchases (G), in billions of ...
... U.S. Gross National Expenditure and Its Components, 1990–2009 The figure shows consumption (C), investment (I), and government purchases (G), in billions of ...
Remittances and Institutions: Are Remittances a Curse?
... from its consumption. That is, whether provided by the government or by the household, the good is of the same quality. The intention is to capture the fact that many of the services that are provided by the public sector in recipient countries can also be acquired privately. For example, households ...
... from its consumption. That is, whether provided by the government or by the household, the good is of the same quality. The intention is to capture the fact that many of the services that are provided by the public sector in recipient countries can also be acquired privately. For example, households ...
Macroeconomics and Politics in the Accumulation of Greece s Debt: An econometric investigation, 1975-2009
... PASOK won a landslide victory in October 1981, after Greece’s EEC entry, which it had been opposing. Ιn electoral 1981, which was also a year of world recession, the fiscal deficit rose from 2,6% of GDP in 1980 to 9% in 1981. Fiscal deficits remained high throughout the 1980s, and within a few years ...
... PASOK won a landslide victory in October 1981, after Greece’s EEC entry, which it had been opposing. Ιn electoral 1981, which was also a year of world recession, the fiscal deficit rose from 2,6% of GDP in 1980 to 9% in 1981. Fiscal deficits remained high throughout the 1980s, and within a few years ...
Chapter 12 Keynesian Business Cycle Theory: The Sticky Price Model
... 39) Changes in the money supply in the Keynesian sticky wage model is not a likely explanation of the typical business cycle because the model counterfactually predicts that A) consumption is procyclical and the price level is procyclical. B) the price level is procyclical and the real wage is count ...
... 39) Changes in the money supply in the Keynesian sticky wage model is not a likely explanation of the typical business cycle because the model counterfactually predicts that A) consumption is procyclical and the price level is procyclical. B) the price level is procyclical and the real wage is count ...
New Monetary Policy and Keynes
... steps in place the central bank should take; this may include publishing an explanation, or submitting a letter to the government explaining the reasons for missing the target and how to return to target. Given these attributes, two types of IT central banks can be identified: the explicit type, and ...
... steps in place the central bank should take; this may include publishing an explanation, or submitting a letter to the government explaining the reasons for missing the target and how to return to target. Given these attributes, two types of IT central banks can be identified: the explicit type, and ...
Gold Sterilization and the Recession of 1937-38
... sign to the change in gold holdings. In September 1937, at the request of the Federal Reserve, the Treasury desterilized $300 million. It resumed sterilization in October. By this time, the U.S. economy was clearly in a recession, and financial markets became suspicious that the Roosevelt administra ...
... sign to the change in gold holdings. In September 1937, at the request of the Federal Reserve, the Treasury desterilized $300 million. It resumed sterilization in October. By this time, the U.S. economy was clearly in a recession, and financial markets became suspicious that the Roosevelt administra ...
The Aggregate
... on consumption, an interest-rate effect on investment, and an exchange-rate effect on net exports. ...
... on consumption, an interest-rate effect on investment, and an exchange-rate effect on net exports. ...
Assessment of the 2015 Convergence Programme for CROATIA
... statistical reclassification of (one-off) revenue from the transfer of pension fund assets from the second to the first pillar (0.8 pp., which under ESA95, counted as an incoming capital transfer, but under the current ESA 2010 is no longer affecting the deficit). Most of the remaining part reflects ...
... statistical reclassification of (one-off) revenue from the transfer of pension fund assets from the second to the first pillar (0.8 pp., which under ESA95, counted as an incoming capital transfer, but under the current ESA 2010 is no longer affecting the deficit). Most of the remaining part reflects ...
Why Monetary Policy Matters
... without requiring the reader to have any particular expertise in economics. First, what is monetary policy? Second, why have many central banks focused on controlling inflation rather than on other macroeconomic variables? Third, how do the actions of the central bank influence the level of economic ...
... without requiring the reader to have any particular expertise in economics. First, what is monetary policy? Second, why have many central banks focused on controlling inflation rather than on other macroeconomic variables? Third, how do the actions of the central bank influence the level of economic ...
A Post–Keynesian Policy Model
... regime as either profit–led or wage–led, and consequences therefrom for distributive policies. The discussion rests on two strands of literature. First, the Neo–Kaleckian literature on interactions between the rate of capacity utilization and the distribution of income, see Rowthorn (1982), Dutt (198 ...
... regime as either profit–led or wage–led, and consequences therefrom for distributive policies. The discussion rests on two strands of literature. First, the Neo–Kaleckian literature on interactions between the rate of capacity utilization and the distribution of income, see Rowthorn (1982), Dutt (198 ...
Household Debt and Income Inequality, 1963$2003
... At the cross-sectional level, the arguments are di¤erent. Suppose that permanent income does not change, but the individual income patterns become more erratic over time, thus raising earnings dispersion at each point in time. Agents will try to close the gap between actual income (which determines ...
... At the cross-sectional level, the arguments are di¤erent. Suppose that permanent income does not change, but the individual income patterns become more erratic over time, thus raising earnings dispersion at each point in time. Agents will try to close the gap between actual income (which determines ...
Infrastructure
... All this is only about the benefit side of infrastructure – what about the cost? Cost-benefit comparison is needed to assess the extent of under-provision of infrastructure – and whether it is greater than that of other inputs (e.g., human capital) – Limited evidence on this (e.g., Canning and Pedro ...
... All this is only about the benefit side of infrastructure – what about the cost? Cost-benefit comparison is needed to assess the extent of under-provision of infrastructure – and whether it is greater than that of other inputs (e.g., human capital) – Limited evidence on this (e.g., Canning and Pedro ...
Public Sector Stability and Balance of Payments Crises in Selected
... and an increase in them can also have some psychological effect. In addition, financing budget deficits by issuing bonds leads to higher consumption expenditure due to wealth effects and they raise interest rates. Ceteris paribus, these higher interest rates appreciate the currency and, because of t ...
... and an increase in them can also have some psychological effect. In addition, financing budget deficits by issuing bonds leads to higher consumption expenditure due to wealth effects and they raise interest rates. Ceteris paribus, these higher interest rates appreciate the currency and, because of t ...
Public Sector Stability and Balance of Payments Crisis
... and an increase in them can also have some psychological effect. In addition, financing budget deficits by issuing bonds leads to higher consumption expenditure due to wealth effects and they raise interest rates. Ceteris paribus, these higher interest rates appreciate the currency and, because of t ...
... and an increase in them can also have some psychological effect. In addition, financing budget deficits by issuing bonds leads to higher consumption expenditure due to wealth effects and they raise interest rates. Ceteris paribus, these higher interest rates appreciate the currency and, because of t ...
Metroeconomica paper outline proposal (10-04-03)
... adjusting the nominal interest rate to changes in the inflation rate CBs can then bring current output in line with potential output (equation 2).3 There are two essential features of this adjustment process. First, monetary policy affects real variables as long as temporary nominal rigidities give ...
... adjusting the nominal interest rate to changes in the inflation rate CBs can then bring current output in line with potential output (equation 2).3 There are two essential features of this adjustment process. First, monetary policy affects real variables as long as temporary nominal rigidities give ...
Inflation and Hyperinflation
... (7) SE = πL(π). This means that in the long run seigniorage depends only on one variable: the rate of inflation. When inflation rises the rate of the inflation tax (π) increases, but the base (L(π)) on which the tax is levied decreases since the real monetary base is reduced as individual reduce th ...
... (7) SE = πL(π). This means that in the long run seigniorage depends only on one variable: the rate of inflation. When inflation rises the rate of the inflation tax (π) increases, but the base (L(π)) on which the tax is levied decreases since the real monetary base is reduced as individual reduce th ...
Fiscal policy and private saving in Australia
... As mentioned above, it is likely that the Australian economy has been subject to a substantial amount of structural change over the past 50 years. From the 1950s through to the early 1980s, the economy was heavily regulated, with markets subject to price controls and tariff protection, a fixed excha ...
... As mentioned above, it is likely that the Australian economy has been subject to a substantial amount of structural change over the past 50 years. From the 1950s through to the early 1980s, the economy was heavily regulated, with markets subject to price controls and tariff protection, a fixed excha ...
(Spillover) Effects of Labour Market Reforms in Germany and France
... blocks which are of crucial importance for the analysis we carry out. First, it allows for international macroeconomic spillovers through two channels: (i) international goods trade and (ii) international financial assets. To be more specific, each country specializes in the production of her own go ...
... blocks which are of crucial importance for the analysis we carry out. First, it allows for international macroeconomic spillovers through two channels: (i) international goods trade and (ii) international financial assets. To be more specific, each country specializes in the production of her own go ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Monetary Policy Rules
... The model is designed to be representative of recent work on the new neoclassical synthesis, in that New Keynesian-style price stickiness is introduced into an economy with otherwise neoclassical features including intertemporal optimization on the part of households and firms. However, five feature ...
... The model is designed to be representative of recent work on the new neoclassical synthesis, in that New Keynesian-style price stickiness is introduced into an economy with otherwise neoclassical features including intertemporal optimization on the part of households and firms. However, five feature ...
CHAPTER V : MANAGEMENT OF FISCAL IMBALANCE : DEFICITS
... excluding specific elements of public expenditure or receipts. Three types of deficits namely, revenue deficit, fiscal deficit and primary deficit are indicated in the annual budget, while monetised deficit is worked out by the amount of increase in the RBI’s holdings of Government debt plus any dra ...
... excluding specific elements of public expenditure or receipts. Three types of deficits namely, revenue deficit, fiscal deficit and primary deficit are indicated in the annual budget, while monetised deficit is worked out by the amount of increase in the RBI’s holdings of Government debt plus any dra ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Interestingly, the benevolent and cynical views are observationally equivalent. In both of them, the collapse of the bubble is accompanied by a decline in the interest rate and a large fiscal expansion that leads to a high but stable level of debt. In both views, this high level of debt is compatibl ...
... Interestingly, the benevolent and cynical views are observationally equivalent. In both of them, the collapse of the bubble is accompanied by a decline in the interest rate and a large fiscal expansion that leads to a high but stable level of debt. In both views, this high level of debt is compatibl ...
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... institutional settings, the impact of various shocks and the policy reactions. Some countries were less affected e.g. by the Great Recession than others for whom hysteresis could be a serious concern. Another theoretical literature that is also of some relevance for our analysis studies the effect ...
... institutional settings, the impact of various shocks and the policy reactions. Some countries were less affected e.g. by the Great Recession than others for whom hysteresis could be a serious concern. Another theoretical literature that is also of some relevance for our analysis studies the effect ...
No Slide Title
... A phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation ©1999 South-Western College Publishing ...
... A phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation ©1999 South-Western College Publishing ...