Review of Department Wright Report
... fiscal rules, the Stability and Growth Pact, were respected, debt fell and spending appeared to be well below EU levels. The underlying dangers were either missed or ignored. ...
... fiscal rules, the Stability and Growth Pact, were respected, debt fell and spending appeared to be well below EU levels. The underlying dangers were either missed or ignored. ...
PDF - Centre for International Governance Innovation
... even when the contracted interest rate was incorporating the possibility of no repayment in some of those states. A consistent definition of sustainability must take into account that there are tail events in which full debt service will not occur. ...
... even when the contracted interest rate was incorporating the possibility of no repayment in some of those states. A consistent definition of sustainability must take into account that there are tail events in which full debt service will not occur. ...
NBER WORXING PAPER SERIES CURRENT ACCOUNT AND BUDGET DEFICITS IN AN
... finances its budget deficits through external borrowing and does not issue domestic bonds. This simplification does not change any result of the model because in the consolidation of the budget constraint for the entire economy (equation (3) below) domestic bonds issued by the government and held by ...
... finances its budget deficits through external borrowing and does not issue domestic bonds. This simplification does not change any result of the model because in the consolidation of the budget constraint for the entire economy (equation (3) below) domestic bonds issued by the government and held by ...
No Slide Title
... full employment? Can we moderate the inevitable unemployment that occurs when the economy after reaching its peak, begins its slide into recession? ...
... full employment? Can we moderate the inevitable unemployment that occurs when the economy after reaching its peak, begins its slide into recession? ...
Tax mixes and the size of the welfare state: causal mechanisms and
... more focused analysis follows from two problems of the existing literature. The first problem is a form of empirical eclecticism. Because there are many ways in which “regressive taxes” can be thought to be conducive to states’ revenueraising capacity and because there are two main types of such tax ...
... more focused analysis follows from two problems of the existing literature. The first problem is a form of empirical eclecticism. Because there are many ways in which “regressive taxes” can be thought to be conducive to states’ revenueraising capacity and because there are two main types of such tax ...
Macroeconomic Modeling for Monetary Policy
... assess the implications of different policy paths for the economy. Within the last decade, however, quantitative macroeconomic frameworks for monetary policy evaluation have made a comeback. What facilitated the development of these frameworks were two independent literatures that emerged in respons ...
... assess the implications of different policy paths for the economy. Within the last decade, however, quantitative macroeconomic frameworks for monetary policy evaluation have made a comeback. What facilitated the development of these frameworks were two independent literatures that emerged in respons ...
democracy, democratic consolidation and military spending
... Adherents of Immanuel Kant (1724-1804) or Thomas Paine (1737-1809) might argue that there is no paradox. The former argues that the military is a threat to political rights, leading to its circumscription in democracies; the latter that elites cannot easily use military spending as a vehicle for wea ...
... Adherents of Immanuel Kant (1724-1804) or Thomas Paine (1737-1809) might argue that there is no paradox. The former argues that the military is a threat to political rights, leading to its circumscription in democracies; the latter that elites cannot easily use military spending as a vehicle for wea ...
SOLUTIONS TO TEXT PROBLEMS:
... According to the sticky-price theory, the economy is in a recession because not all prices adjust quickly. Over time, firms are able to adjust their prices more fully, and the economy returns to the long-run aggregate-supply curve. According to the misperceptions theory, the economy is in a recessio ...
... According to the sticky-price theory, the economy is in a recession because not all prices adjust quickly. Over time, firms are able to adjust their prices more fully, and the economy returns to the long-run aggregate-supply curve. According to the misperceptions theory, the economy is in a recessio ...
Peculiar Institutions: A British Perspective on Tax Policy
... income).10 Since the US is characterised by relatively high interpersonal income inequality, one might on both counts expect to observe more redistribution in the US than elsewhere: exactly the opposite, that is, of what we actually do seem to observe. In fact, this is but one instance of a more gen ...
... income).10 Since the US is characterised by relatively high interpersonal income inequality, one might on both counts expect to observe more redistribution in the US than elsewhere: exactly the opposite, that is, of what we actually do seem to observe. In fact, this is but one instance of a more gen ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Fiscal Institutions and Fiscal Performance
... come taxation and about half of the general sales taxation (the federal share is the GST, a value-added tax, and the provincial share relates to the point-ofsale retail sales taxes). While most of the remaining detail is left to the reader, the natural resource revenues entry (row 7) is critical for ...
... come taxation and about half of the general sales taxation (the federal share is the GST, a value-added tax, and the provincial share relates to the point-ofsale retail sales taxes). While most of the remaining detail is left to the reader, the natural resource revenues entry (row 7) is critical for ...
How Powerful Is Monetary Policy in the Long Run?
... these high levels of unemployment. Although Keynes’s theory discussed the long-term implications of government policies, his focus was on the short run. And although monetary factors played a role in determining real economic activity in his theory (unlike in classical theory), Keynes’s analysis emp ...
... these high levels of unemployment. Although Keynes’s theory discussed the long-term implications of government policies, his focus was on the short run. And although monetary factors played a role in determining real economic activity in his theory (unlike in classical theory), Keynes’s analysis emp ...
Chapter 11 Economic Performance
... Argued that aggregate demand was unstable, in part because investment decisions were often guided by the unpredictable “animal spirits” of business expectations. If pessimistic cut investment spending This would reduce aggregate demand Would cut output & employment He saw no natural market ...
... Argued that aggregate demand was unstable, in part because investment decisions were often guided by the unpredictable “animal spirits” of business expectations. If pessimistic cut investment spending This would reduce aggregate demand Would cut output & employment He saw no natural market ...
Final Thoughts - The University of Chicago Booth School of Business
... Japanese currency). That means I must be willing to trade dollars for Yen. Likewise, if someone in Japan wanted to buy a U.S. computer, they would have to pay in dollars. That means they must trade their Yen for dollars. If someone in the U.S. wants to buy a Japanese product, they are simultaneously ...
... Japanese currency). That means I must be willing to trade dollars for Yen. Likewise, if someone in Japan wanted to buy a U.S. computer, they would have to pay in dollars. That means they must trade their Yen for dollars. If someone in the U.S. wants to buy a Japanese product, they are simultaneously ...
- Munich Personal RePEc Archive
... flight-from-risk and flight-to-quality 9, yields in peripheral countries fell below nominal GDP 8F ...
... flight-from-risk and flight-to-quality 9, yields in peripheral countries fell below nominal GDP 8F ...
The Aggregate Supply and Aggregate Demand Model
... stickiness in the nominal wage rate – nominal wages are fixed in the short-run and flexible in the long-run. Why are nominal wages sticky? Implicit and explicit contracts; worker resistance to nominal wage cuts;… Note: Although we will focus on nominal wage rigidity the basic story doesn’t change if ...
... stickiness in the nominal wage rate – nominal wages are fixed in the short-run and flexible in the long-run. Why are nominal wages sticky? Implicit and explicit contracts; worker resistance to nominal wage cuts;… Note: Although we will focus on nominal wage rigidity the basic story doesn’t change if ...
macroeconomics-12th-edition-dornbusch-solution
... (consumption, investment, government purchases and net exports) students often give values far from those indicated in Table 2-1. Figure 2-1 also deserves some attention since it shows not only these four components as percentage of GDP, but also the payments to the factors of production as percenta ...
... (consumption, investment, government purchases and net exports) students often give values far from those indicated in Table 2-1. Figure 2-1 also deserves some attention since it shows not only these four components as percentage of GDP, but also the payments to the factors of production as percenta ...
Goals of the Monetary Policy and the Stability of the Purchasing
... The changes in the offer of money, whether it’s about increase or decrease of the offer of money, it affects not only the price stability, but also the level of the interest rates, the employment, the investments and the level of the effective GDP. How the impact of the changes in the offer of money ...
... The changes in the offer of money, whether it’s about increase or decrease of the offer of money, it affects not only the price stability, but also the level of the interest rates, the employment, the investments and the level of the effective GDP. How the impact of the changes in the offer of money ...
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... assumptions. In particular, the results do not change if capital income taxes in addition to labor income taxes are introduced or if the balanced-budget assumption is relaxed. The results are also robust to replacing the endogenous growth specification by one of exogenous growth. In the model, the p ...
... assumptions. In particular, the results do not change if capital income taxes in addition to labor income taxes are introduced or if the balanced-budget assumption is relaxed. The results are also robust to replacing the endogenous growth specification by one of exogenous growth. In the model, the p ...