NBER WORKING PAPER SERIES A RESOURCE BELIEF-CURSE? OIL AND INDIVIDUALISM Juan Dubra
... oil.3 However, it is perhaps signi…cant that oil is visible in political debates and occupies a place of some importance in popular imagination (a¤ecting for example, the perception of whether individuals are living in a rich country), so the dynamics a¤ecting oil might be di¤erent than those a¤ect ...
... oil.3 However, it is perhaps signi…cant that oil is visible in political debates and occupies a place of some importance in popular imagination (a¤ecting for example, the perception of whether individuals are living in a rich country), so the dynamics a¤ecting oil might be di¤erent than those a¤ect ...
Problems with Current EMU Arrangements
... ECB in the long-term link between money (M3 in this case) and inflation. This focus, of course, reflects the notion that inflation is a monetary phenomenon to be tackled by both manipulating the rate of interest and watching movements in M3. Short-term volatility of inflation is allowed but not in t ...
... ECB in the long-term link between money (M3 in this case) and inflation. This focus, of course, reflects the notion that inflation is a monetary phenomenon to be tackled by both manipulating the rate of interest and watching movements in M3. Short-term volatility of inflation is allowed but not in t ...
Resource Rich Countries and Weak Institutions: The Resource
... One of the puzzling regularities of economic growth is that many countries rich in natural resources have such poor growth performance. This occurs because the income from these resources is often misappropriated by corrupt leaders and officials instead of being used to support growth and developme ...
... One of the puzzling regularities of economic growth is that many countries rich in natural resources have such poor growth performance. This occurs because the income from these resources is often misappropriated by corrupt leaders and officials instead of being used to support growth and developme ...
ANSWERS TO HOMEWORK QUESTIONS Chapter 3
... 6. The two components of the user cost of capital are the interest cost and the depreciation cost. The depreciation cost is the value lost as the capital wears out during the period. The interest cost represents the opportunity cost of using the funds to purchase capital instead of another asset, su ...
... 6. The two components of the user cost of capital are the interest cost and the depreciation cost. The depreciation cost is the value lost as the capital wears out during the period. The interest cost represents the opportunity cost of using the funds to purchase capital instead of another asset, su ...
Policy coordination and macroeconomic stability under sovereign risk
... parameter γd . If γd > 0, the government adjusts taxes upward upon an increase in the interest rate, such that the actual budget deficit increases by less than one-forone with the interest rate and, eventually, converges towards its target level, d∗ . A fiscal stance characterised by γd > 0 therefor ...
... parameter γd . If γd > 0, the government adjusts taxes upward upon an increase in the interest rate, such that the actual budget deficit increases by less than one-forone with the interest rate and, eventually, converges towards its target level, d∗ . A fiscal stance characterised by γd > 0 therefor ...
Economics for Today 2nd edition Irvin B. Tucker
... 11. Along the classical or vertical range of the aggregate supply curve, a decrease in the aggregate demand curve will decrease a. both the price level and real GDP. b. only real GDP. c. only the price level. d. real GDP and the price level. C. Along the vertical range of the aggregate supply curve ...
... 11. Along the classical or vertical range of the aggregate supply curve, a decrease in the aggregate demand curve will decrease a. both the price level and real GDP. b. only real GDP. c. only the price level. d. real GDP and the price level. C. Along the vertical range of the aggregate supply curve ...
Stability Bonds for the Euro Area - Peterson Institute for International
... decisions.6 Overall, these proposals would increase funding costs for the weaker sovereigns and the vulnerability of their debt markets, introduce undesirable (and impossible to hedge) breakup and currency risks into euro area banks’ balance sheets, reduce the availability of high-quality collateral ...
... decisions.6 Overall, these proposals would increase funding costs for the weaker sovereigns and the vulnerability of their debt markets, introduce undesirable (and impossible to hedge) breakup and currency risks into euro area banks’ balance sheets, reduce the availability of high-quality collateral ...
Problem Session-2
... investment, such as the purchase of a computer by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russia. (Many other examples are possible.) ...
... investment, such as the purchase of a computer by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russia. (Many other examples are possible.) ...
LCCARL97_en.pdf
... performance of mining responded to increases in productive capacity and improved terms of trade for major export commodities. Tourism benefited from higher levels of external demand, improvement in infrastructure and the steady increase in stay-over arrivals. The construction sector benefited from e ...
... performance of mining responded to increases in productive capacity and improved terms of trade for major export commodities. Tourism benefited from higher levels of external demand, improvement in infrastructure and the steady increase in stay-over arrivals. The construction sector benefited from e ...
... With the recession, increased security spending following the September 11, 2001, terrorist attacks, and the war in Iraq, the federal budget deficit ballooned from $158 billion in federal fiscal year 2001-02 (October through September) to $375 billion in fiscal year 2002-03. According to the Congres ...
Inflation Uncertainty, Investment Spending, and Fiscal Policy
... represents net investment. Net investment is directly related to past changes in the value of output, p Q, and inversely related to past changes in the cost of capital. Thus an increase in anticipated demand, estimated on the basis of past changes in output, Q, or in the anticipated price of output, ...
... represents net investment. Net investment is directly related to past changes in the value of output, p Q, and inversely related to past changes in the cost of capital. Thus an increase in anticipated demand, estimated on the basis of past changes in output, Q, or in the anticipated price of output, ...
Chapter 26
... c. Correct. A shift in aggregate demand from AD1 to AD2 will raise real GDP because the economy is operating below the full-employment level. d. Incorrect. The shift is caused by a decrease in the interest rate. 13. The Monetarist transmission mechanism through which monetary policy affects the pric ...
... c. Correct. A shift in aggregate demand from AD1 to AD2 will raise real GDP because the economy is operating below the full-employment level. d. Incorrect. The shift is caused by a decrease in the interest rate. 13. The Monetarist transmission mechanism through which monetary policy affects the pric ...
Impact of Inflation on Fiscal Aggregates in Austria
... it significantly raises the public debt ratio. Lower inflation moreover depresses the gains made from both bracket creep and the devaluation of nominally fixed transfers, which is, however, somewhat compensated for by decreasing interest payments. Households, by contrast, benefit from lower inflatio ...
... it significantly raises the public debt ratio. Lower inflation moreover depresses the gains made from both bracket creep and the devaluation of nominally fixed transfers, which is, however, somewhat compensated for by decreasing interest payments. Households, by contrast, benefit from lower inflatio ...
Combining Monetary and Fiscal Policy in an SVAR for a Small Open
... identi ed structural shocks by imposing contemporaneous restrictions on their ...
... identi ed structural shocks by imposing contemporaneous restrictions on their ...
macyellow2 - Harper College
... C. an economy's ability to produce is destroyed. D. government takes a less active role in economic matters. 2. Why are economists concerned about inflation? A. Inflation generally causes unemployment rates to rise. B. Real GDP is necessarily falling when there is inflation. C. Inflation lowers the ...
... C. an economy's ability to produce is destroyed. D. government takes a less active role in economic matters. 2. Why are economists concerned about inflation? A. Inflation generally causes unemployment rates to rise. B. Real GDP is necessarily falling when there is inflation. C. Inflation lowers the ...
Chapter 5 Presentation - Kellogg Community College
... structures (all are capital items) in a given time period, plus changes in business inventory. New residential construction is also included in this category. Gross investment is the total expenditure on investment during a given time period. Net investment is equal to gross investment less deprecia ...
... structures (all are capital items) in a given time period, plus changes in business inventory. New residential construction is also included in this category. Gross investment is the total expenditure on investment during a given time period. Net investment is equal to gross investment less deprecia ...
“From a risk perspective, the socially optimal system may be a
... commonsensical economic principles are paramount – what we will call the capacity of parties to passively bear and their capacity to actively manage risk. Other things being equal, particular risks should be borne by the parties with the greatest capacity to passively bear those risks. This can be m ...
... commonsensical economic principles are paramount – what we will call the capacity of parties to passively bear and their capacity to actively manage risk. Other things being equal, particular risks should be borne by the parties with the greatest capacity to passively bear those risks. This can be m ...
ResearchBrief169
... significantly in 2013. This stagnation is not surprising because Turkish Lira depreciated almost 10 percent while GDP increased by 4 percent. Moreover, we asserted that labor productivity did not contribute to the growth while the low growth has been resulted mainly from the increase in employment r ...
... significantly in 2013. This stagnation is not surprising because Turkish Lira depreciated almost 10 percent while GDP increased by 4 percent. Moreover, we asserted that labor productivity did not contribute to the growth while the low growth has been resulted mainly from the increase in employment r ...
Exercises for Chapter 23
... quarter the firm sells the goods at a retail outlet which leaves their inventory diminished. As a result of these actions, what component(s) of real GDP change in the fourth quarter? a. only investment and it decreases b. only consumption and it increases ...
... quarter the firm sells the goods at a retail outlet which leaves their inventory diminished. As a result of these actions, what component(s) of real GDP change in the fourth quarter? a. only investment and it decreases b. only consumption and it increases ...
Infrastructure Investment and Economic Growth: Surveying New Post-Crisis Evidence POLICY MEMO
... The American Recovery and Reinvestment Act (ARRA)—the 2009 stimulus package—for a while offset the decline in state and local spending on transportation infrastructure. In ...
... The American Recovery and Reinvestment Act (ARRA)—the 2009 stimulus package—for a while offset the decline in state and local spending on transportation infrastructure. In ...
NBER WORKING PAPER SERIES MONETARY SCIENCE, FISCAL ALCHEMY Eric M. Leeper
... the economy, discussing explicitly central banks’ objectives, communicating policy intentions to the public, developing operational rules that characterize good monetary policy, and deriving general principles about optimal monetary policy. In a surprising twist of fate, the practice of monetary pol ...
... the economy, discussing explicitly central banks’ objectives, communicating policy intentions to the public, developing operational rules that characterize good monetary policy, and deriving general principles about optimal monetary policy. In a surprising twist of fate, the practice of monetary pol ...
Topic VIII
... Deficits and debt not bad in and of themselves. Balanced budgets not good in and of themselves. Must be judged by their effects on the real economy. ...
... Deficits and debt not bad in and of themselves. Balanced budgets not good in and of themselves. Must be judged by their effects on the real economy. ...
Taxes - University at Buffalo
... larger share of their income in taxes than do those with low incomes, we call the tax system “progressive.” If the rich and poor pay a similar share of their incomes, the tax system is termed “proportional.” If the poor pay a larger share than the rich, the tax system is “regressive.” Income taxes ...
... larger share of their income in taxes than do those with low incomes, we call the tax system “progressive.” If the rich and poor pay a similar share of their incomes, the tax system is termed “proportional.” If the poor pay a larger share than the rich, the tax system is “regressive.” Income taxes ...
19.3 aggregate demand
... When the price level rises, the real interest rate rises. An increase in the price level increases the amount of money that people want to hold—increases the demand for money. When the demand for money increases, the nominal interest rate rises. In the short run, the inflation rate doesn’t change, s ...
... When the price level rises, the real interest rate rises. An increase in the price level increases the amount of money that people want to hold—increases the demand for money. When the demand for money increases, the nominal interest rate rises. In the short run, the inflation rate doesn’t change, s ...