Government Spending Multiplier in Turkey June 2015
... can be observed in remarkable improvements in …scal indicators. For instance, General Government budget de…cit to GDP ratio gradually decreased from 11.8 percent in 2001 to 0.1 percent in 20057 . Similarly, EU-de…ned General Government debt stock to GDP ratio showed downward trend and reached 52.7 p ...
... can be observed in remarkable improvements in …scal indicators. For instance, General Government budget de…cit to GDP ratio gradually decreased from 11.8 percent in 2001 to 0.1 percent in 20057 . Similarly, EU-de…ned General Government debt stock to GDP ratio showed downward trend and reached 52.7 p ...
Greek fiscal multipliers revisited Government spending
... government revenue and expenditure categories in Greece and constitutes an important extension of an earlier paper we published last October.1 In our earlier study we utilized the classic SVAR approach developed in Blanchard and Perotti (2002) and extended further in Perotti (2004) for estimating ou ...
... government revenue and expenditure categories in Greece and constitutes an important extension of an earlier paper we published last October.1 In our earlier study we utilized the classic SVAR approach developed in Blanchard and Perotti (2002) and extended further in Perotti (2004) for estimating ou ...
11MONEY, INTEREST, REAL GDP, AND THE PRICE LEVEL*
... 19) In the above figure, suppose the economy is initially on the demand for money curve MD1. What is the effect of an increase in financial innovation such as the introduction of ATMs? A) The demand for money curve would shift rightward to MD2. B) The demand for money curve would shift leftward to M ...
... 19) In the above figure, suppose the economy is initially on the demand for money curve MD1. What is the effect of an increase in financial innovation such as the introduction of ATMs? A) The demand for money curve would shift rightward to MD2. B) The demand for money curve would shift leftward to M ...
NBER WORKING PAPER SERIES BUSINESS CYCLE ACCOUNTING V.V. Chari Patrick J. Kehoe
... episodes: the most extreme in U.S. history, the Great Depression (1929—39), and a downturn less severe and more like those seen since World War II, the 1982 recession. For the Great Depression period, we find that, in combination, the efficiency and labor wedges produce declines in output, labor, and ...
... episodes: the most extreme in U.S. history, the Great Depression (1929—39), and a downturn less severe and more like those seen since World War II, the 1982 recession. For the Great Depression period, we find that, in combination, the efficiency and labor wedges produce declines in output, labor, and ...
Eurosystem Monetary Targeting: Lessons from U.S. Data ¤ Glenn D. Rudebusch
... GDP targeting—a close relative to monetary targeting—would be quite ine¢cient compared to in‡ation targeting. In section 3, we also consider an alternative model that incorporates a P* equation for in‡ation, which has had some empirical success in both the U.S. (Hallman, Porter, and Small [17]) and ...
... GDP targeting—a close relative to monetary targeting—would be quite ine¢cient compared to in‡ation targeting. In section 3, we also consider an alternative model that incorporates a P* equation for in‡ation, which has had some empirical success in both the U.S. (Hallman, Porter, and Small [17]) and ...
Is nominal GDP targeting a suitable tool for ECB monetary policy?
... appears to be less effective than the flexible form of Taylor rule that the ECB now uses. Nominal income targeting may be feasible, but probably not desirable Wolfgang Lechtlaer et al. (Kiel Institute for the World Economy). While it has become popular to discuss NGDP targeting as a radical departur ...
... appears to be less effective than the flexible form of Taylor rule that the ECB now uses. Nominal income targeting may be feasible, but probably not desirable Wolfgang Lechtlaer et al. (Kiel Institute for the World Economy). While it has become popular to discuss NGDP targeting as a radical departur ...
The Safety Trap - The Review of Economic Studies
... in aggregate demand resulting from a reduction in the supply of safe assets lowers output, which further reduces aggregate demand, etc. ad infinitum until the economy reaches a new fixed point with lower output. More precisely, the reduction in the value of safe assets reduces the wealth of Knightia ...
... in aggregate demand resulting from a reduction in the supply of safe assets lowers output, which further reduces aggregate demand, etc. ad infinitum until the economy reaches a new fixed point with lower output. More precisely, the reduction in the value of safe assets reduces the wealth of Knightia ...
interest rate - Universität Bamberg
... Monetary equilibrium under gold standard • Money in excess of M0 translates into balance of payment deficits and gold outflows • If money is in short supply (left of A = M0), balance of payments is in surplus and gold flows in • Point A may correspond to a point with imbalances in current and capita ...
... Monetary equilibrium under gold standard • Money in excess of M0 translates into balance of payment deficits and gold outflows • If money is in short supply (left of A = M0), balance of payments is in surplus and gold flows in • Point A may correspond to a point with imbalances in current and capita ...
Estimating the Average Treatment Effect of Fiscal Policy
... 3 Even on the micro side the uptake wasn’t immediate; Angrist and Pischke (2010) also note (following Meyer 1995) earlier social science research methods seen in texts from the 1960s and 1970s that were “well known in some disciplines, but distinctly outside the econometric canon.” ...
... 3 Even on the micro side the uptake wasn’t immediate; Angrist and Pischke (2010) also note (following Meyer 1995) earlier social science research methods seen in texts from the 1960s and 1970s that were “well known in some disciplines, but distinctly outside the econometric canon.” ...
oecd economic outlook
... reflect the free movement of capital towards the best investment opportunities worldwide, but also to a large extent underlying failures in the area of fiscal, structural and exchange rate policies. A brutal unfolding of such imbalances would hurt the world economy, with perhaps the largest output l ...
... reflect the free movement of capital towards the best investment opportunities worldwide, but also to a large extent underlying failures in the area of fiscal, structural and exchange rate policies. A brutal unfolding of such imbalances would hurt the world economy, with perhaps the largest output l ...
Economics
... effect5 not only valid inside a country, but also between countries: higher standards of living elsewhere encourage levels of consumption which are higher than feasible. Low income, on the other hand, results from low labour productivity, which again is a result of deficient capital. Thus the circle ...
... effect5 not only valid inside a country, but also between countries: higher standards of living elsewhere encourage levels of consumption which are higher than feasible. Low income, on the other hand, results from low labour productivity, which again is a result of deficient capital. Thus the circle ...
ECONOMIC INDICATORS REVIEW – WORKFORCE AND SECTORS
... framework organizes research efforts into four “pillars” – society, culture, the environment, and the economy—each of which have several defined sub-themes (figure 2). ...
... framework organizes research efforts into four “pillars” – society, culture, the environment, and the economy—each of which have several defined sub-themes (figure 2). ...
Three essays about monetary policy in China - ROS Home
... In practice, the monetary policy measures China has used for a similar purpose have varied substantially in different time periods since the 1980s. In the third quarter of 1988, the inflation based on the consumer price index (CPI) soared to 23.1 per cent. Frightened by inflation and other social un ...
... In practice, the monetary policy measures China has used for a similar purpose have varied substantially in different time periods since the 1980s. In the third quarter of 1988, the inflation based on the consumer price index (CPI) soared to 23.1 per cent. Frightened by inflation and other social un ...
Fiscal Shocks and Real Wages Agustín S. Bénétrix IIIS Trinity College Dublin
... government consumption produces a larger increase on impact and in the following five years. In contrast to the evidence reported by Perotti (2007) for the four-country sample, government investment is more effective than government consumption in boosting the GDP of these ...
... government consumption produces a larger increase on impact and in the following five years. In contrast to the evidence reported by Perotti (2007) for the four-country sample, government investment is more effective than government consumption in boosting the GDP of these ...
monetary policy rules and macroeconomic stability: evidence and
... Many economists agree that monetary policy in the United States has been relatively well managed from the time Paul Volcker took over the helm, through the current regime of Alan Greenspan. It is also generally agreed that monetary policy was not so well managed in the fteen or so years prior to Vo ...
... Many economists agree that monetary policy in the United States has been relatively well managed from the time Paul Volcker took over the helm, through the current regime of Alan Greenspan. It is also generally agreed that monetary policy was not so well managed in the fteen or so years prior to Vo ...
13EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL*
... saving part of the allocation; here it is primarily on the consumption part. In Chapter 8, we held disposable income constant and studied the saving supply curve—the relationship between saving and the real interest rate, other things remaining the same. Here, we hold the real interest rate constant ...
... saving part of the allocation; here it is primarily on the consumption part. In Chapter 8, we held disposable income constant and studied the saving supply curve—the relationship between saving and the real interest rate, other things remaining the same. Here, we hold the real interest rate constant ...
Lecture 6 - Universität Bamberg
... changes in = EP/P*: P and P* are sticky • In the long run, is independent of E: P adjusts • If P is fully flexible, the long run comes about immediately and the nominal exchange rate does ...
... changes in = EP/P*: P and P* are sticky • In the long run, is independent of E: P adjusts • If P is fully flexible, the long run comes about immediately and the nominal exchange rate does ...
Monetary Policy According to HANK ∗ Greg Kaplan Benjamin Moll
... income effects on the consumption of rich households. Second, micro survey data on household portfolios show that a sizable fraction of households (between 1/4 and 1/3) hold close to zero liquid wealth and face high borrowing costs (Kaplan et al., 2014). Since these households are at a kink in thei ...
... income effects on the consumption of rich households. Second, micro survey data on household portfolios show that a sizable fraction of households (between 1/4 and 1/3) hold close to zero liquid wealth and face high borrowing costs (Kaplan et al., 2014). Since these households are at a kink in thei ...
Full Employment, Guideposts and Economic Stability
... that the economic expansion which started early in 1961 had already proved more durable than any of its prede cessors under peacetime conditions. Now, despite a tre mendous upsurge of federal expenditure, which is bound to continue for some time on account of the war in Vietnam, many economists ar ...
... that the economic expansion which started early in 1961 had already proved more durable than any of its prede cessors under peacetime conditions. Now, despite a tre mendous upsurge of federal expenditure, which is bound to continue for some time on account of the war in Vietnam, many economists ar ...
John Maynard Keynes
... huge budget deficits that provided strong short-term growth stimulus for the United States economy. Nevertheless, the reintroduction of the classical theory’s laissez-faire approach as an overriding principle for the government relationship toward market behavior reversed the progress that had been ...
... huge budget deficits that provided strong short-term growth stimulus for the United States economy. Nevertheless, the reintroduction of the classical theory’s laissez-faire approach as an overriding principle for the government relationship toward market behavior reversed the progress that had been ...
