AP 宏觀經濟學講義
... III. National Income and Price Determination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10–15%) This section introduces the aggregate supply and aggregate demand model to explain the determination of equilibrium national output and the general price level, as well as to analyze and ...
... III. National Income and Price Determination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10–15%) This section introduces the aggregate supply and aggregate demand model to explain the determination of equilibrium national output and the general price level, as well as to analyze and ...
Real GDP
... due to normal labour turnover and job search; healthy part of changing economy; not a problem – structural unemployment due to technology or international competition making workers obsolete; healthy part of changing economy; problem requiring retraining – seasonal unemployment due to seasonal chang ...
... due to normal labour turnover and job search; healthy part of changing economy; not a problem – structural unemployment due to technology or international competition making workers obsolete; healthy part of changing economy; problem requiring retraining – seasonal unemployment due to seasonal chang ...
Unemployment - SpencerEconomics
... policies for unemployment. Evidence suggests that most spells are short term, but most unemployment at any given time is long term. This means that many people are unemployed for short periods, but a few people are unemployed for very long periods. Economists think short-term unemployment is much le ...
... policies for unemployment. Evidence suggests that most spells are short term, but most unemployment at any given time is long term. This means that many people are unemployed for short periods, but a few people are unemployed for very long periods. Economists think short-term unemployment is much le ...
Real wages, inflation and labour productivity in Australia
... manufacturing sub-sectors over the period 1980-1996 and found that profit margins (markups) are positively and significantly affected by real wage costs and price inflation; similar conclusions were obtained for Turkey by Blanchard (1985) and Metin-Ozcan et al. (2002). Empirical concerns In relation ...
... manufacturing sub-sectors over the period 1980-1996 and found that profit margins (markups) are positively and significantly affected by real wage costs and price inflation; similar conclusions were obtained for Turkey by Blanchard (1985) and Metin-Ozcan et al. (2002). Empirical concerns In relation ...
THE KEYNESIAN CROSS Preliminaries Macro Dynamics Aggregate
... - an increase in consumer confidence (raises C0) - a stock market or real estate bubble (raises consumer wealth, thus C0) - tax rebate/autonomous cut/rise in exemption (fall in TX0) - introduction of a new government transfer program (TR, can be positive or negative - increase in government spending ...
... - an increase in consumer confidence (raises C0) - a stock market or real estate bubble (raises consumer wealth, thus C0) - tax rebate/autonomous cut/rise in exemption (fall in TX0) - introduction of a new government transfer program (TR, can be positive or negative - increase in government spending ...
Lecture Notes on Macroeconomic Principles
... the prices at which these goods and services sell, we want to correct GDP for the effects of inflation, that is, for rising prices. Real GDP makes this correction, by valuing the goods and services produced this year at constant prices that prevailed during a base year. Nominal GDP does not make ...
... the prices at which these goods and services sell, we want to correct GDP for the effects of inflation, that is, for rising prices. Real GDP makes this correction, by valuing the goods and services produced this year at constant prices that prevailed during a base year. Nominal GDP does not make ...
Measuring the Cost of Living
... • If the quality of a good rises from one year to the next, the value of a dollar rises, even if the price stays the same. • If the quality of a good falls from one year to the next, the value of a dollar falls, even if the price of the good stays the same. • The BLS tries to adjust the price for co ...
... • If the quality of a good rises from one year to the next, the value of a dollar rises, even if the price stays the same. • If the quality of a good falls from one year to the next, the value of a dollar falls, even if the price of the good stays the same. • The BLS tries to adjust the price for co ...
Chap23
... • Policy Responses to Recession • Policymakers may respond to a recession in one of the following ways: • Do nothing and wait for prices and wages to adjust. • Take action to increase aggregate demand by using monetary and fiscal policy. ...
... • Policy Responses to Recession • Policymakers may respond to a recession in one of the following ways: • Do nothing and wait for prices and wages to adjust. • Take action to increase aggregate demand by using monetary and fiscal policy. ...
3.3 Macroeconomic models
... which depresses their sales and leads them to cut back production. The Misperceptions Theory: An unexpectedly low price level leads some suppliers to think their relative prices have fallen, which induces a fall in production. ...
... which depresses their sales and leads them to cut back production. The Misperceptions Theory: An unexpectedly low price level leads some suppliers to think their relative prices have fallen, which induces a fall in production. ...
Chapter 7 The Rational Expectations Hypothesis Munroe Mark
... prices must lead to lower output to keep nominal demand constant. The aggregate supply function is assumed upward sloping drawn for a given level of expected price reflecting the fact that at higher prices the gap between actual and expected prices increases leading to a higher level of output. With ...
... prices must lead to lower output to keep nominal demand constant. The aggregate supply function is assumed upward sloping drawn for a given level of expected price reflecting the fact that at higher prices the gap between actual and expected prices increases leading to a higher level of output. With ...
Can monetary policy affect the real economy
... the growth rates of nominal variables. The third property is the absence of path dependency in these models, whether relating to the experience of unemployment or in terms of investment adding to the capital stock. This leads to the conclusion that the Non Accelerating Rate of Unemployment (NAIRU) i ...
... the growth rates of nominal variables. The third property is the absence of path dependency in these models, whether relating to the experience of unemployment or in terms of investment adding to the capital stock. This leads to the conclusion that the Non Accelerating Rate of Unemployment (NAIRU) i ...
National Saving - Cloudfront.net
... What We Want It To? • It is difficult to distinguish between a person who is unemployed and a person who is not in the labor force. • Discouraged workers, people who would like to work but have given up looking for jobs after an unsuccessful search, don’t show up in unemployment statistics. • Other ...
... What We Want It To? • It is difficult to distinguish between a person who is unemployed and a person who is not in the labor force. • Discouraged workers, people who would like to work but have given up looking for jobs after an unsuccessful search, don’t show up in unemployment statistics. • Other ...
Inflation targeting in Brazil: 1999–2006 - Bresser
... Third, the high real interest rate put an expansionary pressure on the net public debt and this had to be compensated by an increase in the government’s primary surplus, that is, the government budget surplus excluding net interest payments. Fourth, the growth performance of the economy under inflat ...
... Third, the high real interest rate put an expansionary pressure on the net public debt and this had to be compensated by an increase in the government’s primary surplus, that is, the government budget surplus excluding net interest payments. Fourth, the growth performance of the economy under inflat ...
Document
... As P or the price level rises, the real wages (W/P) falls for a given level of W. And thus Nd rises: this is a rightward movement or upward movement of Nd curve. As P rises, say from 1 to 2, while W is held constant, ...
... As P or the price level rises, the real wages (W/P) falls for a given level of W. And thus Nd rises: this is a rightward movement or upward movement of Nd curve. As P rises, say from 1 to 2, while W is held constant, ...
mankiw6e-chap04_2007_
... Y/Y depends on growth in the factors of production and on technological progress (all of which we take as given, for now). Hence, the Quantity Theory predicts a one-for-one relation between changes in the money growth rate and changes in the inflation rate. CHAPTER 4 ...
... Y/Y depends on growth in the factors of production and on technological progress (all of which we take as given, for now). Hence, the Quantity Theory predicts a one-for-one relation between changes in the money growth rate and changes in the inflation rate. CHAPTER 4 ...
NBER WORKING PAPER SERIES INFLATION REPORTS Eric M. Leeper
... information not contained in a single forecasting model.1 As a policymaker, I certainly want to tap into the staff’s expertise and exploit all available information to arrive at accurate inflation forecasts. But I also want to have a clear sense of exactly how the staff’s judgments are affecting the ...
... information not contained in a single forecasting model.1 As a policymaker, I certainly want to tap into the staff’s expertise and exploit all available information to arrive at accurate inflation forecasts. But I also want to have a clear sense of exactly how the staff’s judgments are affecting the ...
Lecture Outline
... dollars, lowering the real exchange rate. U.S. goods become relatively cheaper to foreign goods. Exports rise, imports fall, and net exports increase. Therefore, when a fall in the U.S. price level causes U.S. interest rates to fall, the real exchange rate depreciates, and U.S. net exports rise, ...
... dollars, lowering the real exchange rate. U.S. goods become relatively cheaper to foreign goods. Exports rise, imports fall, and net exports increase. Therefore, when a fall in the U.S. price level causes U.S. interest rates to fall, the real exchange rate depreciates, and U.S. net exports rise, ...
NBER WORKING PAPER SERIES THE PHILLIPS CURVE IS BACK? USING
... To estimate (13), we need data on in ation, unemployment, and the forward discount for a cross section of countries. We use average quarterly CPIs and nonstandardized average quarterly unemployment rates from the OECD, Main Economic Indicators. The unemployment data were assembled by Bianchi and Zoe ...
... To estimate (13), we need data on in ation, unemployment, and the forward discount for a cross section of countries. We use average quarterly CPIs and nonstandardized average quarterly unemployment rates from the OECD, Main Economic Indicators. The unemployment data were assembled by Bianchi and Zoe ...
141topic3-as-ad-ch27-ppt
... aggregate supply and shifts the SAS curve leftward. But it has no effect on long-run aggregate supply, since no change in relative prices. Along the same SAS, money wage rate is constant. Money wage rate is higher on the SAS to the left than on the SAS to the right, given a price ...
... aggregate supply and shifts the SAS curve leftward. But it has no effect on long-run aggregate supply, since no change in relative prices. Along the same SAS, money wage rate is constant. Money wage rate is higher on the SAS to the left than on the SAS to the right, given a price ...
consumer price index
... • If the quality of a good rises from one year to the next, the value of a dollar rises, even if the price of the good stays the same. • If the quality of a good falls from one year to the next, the value of a dollar falls, even if the price of the good stays the same. • The BLS tries to adjust the ...
... • If the quality of a good rises from one year to the next, the value of a dollar rises, even if the price of the good stays the same. • If the quality of a good falls from one year to the next, the value of a dollar falls, even if the price of the good stays the same. • The BLS tries to adjust the ...
www.nuff.ox.ac.uk - Nuffield College
... time t+1, unemployment will remain at a higher level because unemployment at time t+1 is so strongly influenced by unemployment at time t. The unemployment effect persists even though the initial disturbance lasts for only a brief period. Blanchard & Summers found apparently strong evidence for hyst ...
... time t+1, unemployment will remain at a higher level because unemployment at time t+1 is so strongly influenced by unemployment at time t. The unemployment effect persists even though the initial disturbance lasts for only a brief period. Blanchard & Summers found apparently strong evidence for hyst ...
Phillips curve
In economics, the Phillips curve is a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result in an economy. Stated simply, decreased unemployment, (i.e., increased levels of employment) in an economy will correlate with higher rates of inflation.While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run. In 1968, Milton Friedman asserted that the Phillips Curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment. Friedman then correctly predicted that, in the upcoming years after 1968, both inflation and unemployment would increase. The long-run Phillips Curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment. Accordingly, the Phillips curve is now seen as too simplistic, with the unemployment rate supplanted by more accurate predictors of inflation based on velocity of money supply measures such as the MZM (""money zero maturity"") velocity, which is affected by unemployment in the short but not the long term.