Adam Smith`s Invisible Hand versus Government`s Iron Fist
... their research is the same as Weber who “…argued that public administrative organizations characterized by meritocratic recruitment and predictable, long-term career rewards will be more effective at facilitating capitalist growth than other forms of state organizations” (Evans and Rauch 1999, 749). ...
... their research is the same as Weber who “…argued that public administrative organizations characterized by meritocratic recruitment and predictable, long-term career rewards will be more effective at facilitating capitalist growth than other forms of state organizations” (Evans and Rauch 1999, 749). ...
Determinants of Inflation and Feasibility of Inflation Targeting in a
... have generated an interest among policy makers in some emerging market economies to explore the feasibility of adopting the same in order to overcome the recent inflationary trends. Using the data for Pakistan, this study investigates some important issues that the monetary authorities must consider ...
... have generated an interest among policy makers in some emerging market economies to explore the feasibility of adopting the same in order to overcome the recent inflationary trends. Using the data for Pakistan, this study investigates some important issues that the monetary authorities must consider ...
Reasons of the Financial Crisis
... The government had to act and must still act in order to stabilise the economy. The government acted unassertively. But by taking off the ideological blinkers the government decided to switch to an anti-cyclical economic policy. So it prevented a worse economic development. An improved regulation of ...
... The government had to act and must still act in order to stabilise the economy. The government acted unassertively. But by taking off the ideological blinkers the government decided to switch to an anti-cyclical economic policy. So it prevented a worse economic development. An improved regulation of ...
Overborrowing and Systemic Externalities in the Business Cycle
... participants at the University of Maryland for helpful comments. [email protected] ...
... participants at the University of Maryland for helpful comments. [email protected] ...
A History of Economic Thought
... This line of challenge to historical studies is not limited to the discipline of economics. James Bryant Conant dealt with a similar problem when, as President of Harvard, he taught a course in the history of science. He did so, he confessed, with certain misgivings. If he succeeded in conveying to ...
... This line of challenge to historical studies is not limited to the discipline of economics. James Bryant Conant dealt with a similar problem when, as President of Harvard, he taught a course in the history of science. He did so, he confessed, with certain misgivings. If he succeeded in conveying to ...
ECON 202 - Macroeconomic Principles
... The Fed can increase or decrease the total amount of reserves in the banking system through either of the following operations: ...
... The Fed can increase or decrease the total amount of reserves in the banking system through either of the following operations: ...
Unemployment
... Bigger pool of surplus labor is available – but still a problem if there is plenty of structural unemployment Less pressure to pay higher wages Less risk of industrial / strike action – fear of job losses – leading to reduced trade ...
... Bigger pool of surplus labor is available – but still a problem if there is plenty of structural unemployment Less pressure to pay higher wages Less risk of industrial / strike action – fear of job losses – leading to reduced trade ...
PDF Download
... official viewpoint of the Oesterreichische Nationalbank or the Eurosystem. The authors thank Sylvia Frühwirth-Schnatter, Gregor Kastner, Dubravko Mihaljek, Philipp Piribauer and Mike West as well as participants at research seminars at the Norwegian School of Economics, the OeNB, the NBER-NSF 2015 t ...
... official viewpoint of the Oesterreichische Nationalbank or the Eurosystem. The authors thank Sylvia Frühwirth-Schnatter, Gregor Kastner, Dubravko Mihaljek, Philipp Piribauer and Mike West as well as participants at research seminars at the Norwegian School of Economics, the OeNB, the NBER-NSF 2015 t ...
Ten Years of EMU: convergence, divergence and new policy priorities
... oversized government deficit. In other cases, CA deficits are explained by the intensive investment to enhance supply-side capacity especially in periods of transition, as for example in the emerging markets of Eastern Europe. Aristovnik (2006) finds that as potential domestic output exceeds the cu ...
... oversized government deficit. In other cases, CA deficits are explained by the intensive investment to enhance supply-side capacity especially in periods of transition, as for example in the emerging markets of Eastern Europe. Aristovnik (2006) finds that as potential domestic output exceeds the cu ...
Financial Crises in Emerging Market Economies
... and the firms’ net worth declines. The decline in net worth then increases adverse selection and moral hazard problems described earlier. A decline in investment and economic activity then follows (as shown by the Stage Three section of Figure 25.1). We now see how the institutional structure of deb ...
... and the firms’ net worth declines. The decline in net worth then increases adverse selection and moral hazard problems described earlier. A decline in investment and economic activity then follows (as shown by the Stage Three section of Figure 25.1). We now see how the institutional structure of deb ...
Fiscal policy convergence and business cycle
... 2.1 The Theory of Optimum Currency Areas (OCA) In 1961, Robert Mundell published the article “A theory of optimum currency areas” (Mundell, 1961). At this time, participating countries of the Bretton Woods system had pegged their national currencies to the US dollar which again had a fixed exchange ...
... 2.1 The Theory of Optimum Currency Areas (OCA) In 1961, Robert Mundell published the article “A theory of optimum currency areas” (Mundell, 1961). At this time, participating countries of the Bretton Woods system had pegged their national currencies to the US dollar which again had a fixed exchange ...
Chapter 9 Chapter Outline Figure 9.1 The FE line
... – The Federal Reserve Board’s FRB/US model, introduced in 1996, improves on the old model by better handling of expectations, improved modeling of reactions to shocks, and use of newer statistical techniques – The FRB/US model is the workhorse for policy analysis by the Fed’s staff economists – Boar ...
... – The Federal Reserve Board’s FRB/US model, introduced in 1996, improves on the old model by better handling of expectations, improved modeling of reactions to shocks, and use of newer statistical techniques – The FRB/US model is the workhorse for policy analysis by the Fed’s staff economists – Boar ...
Security Scenarios And The Global Economy
... • Contradiction between remarkable advances in technology and declining productivity statistics has been called the “productivity paradox.” • 2. Techno-Optimism School • MIT’s McAfee and Brynjolfsson argue that long lags may occur between the time of new innovations and when they actually start payi ...
... • Contradiction between remarkable advances in technology and declining productivity statistics has been called the “productivity paradox.” • 2. Techno-Optimism School • MIT’s McAfee and Brynjolfsson argue that long lags may occur between the time of new innovations and when they actually start payi ...
CH 9 PDF
... – The real interest rate did not rise during the 1973–1974 oil price shock (though it did during the 1979–1980 shock) • It could be that people expected the 1973–1974 oil price shock to be permanent • In that case the real interest rate would not necessarily rise • If so, people’s expectations were ...
... – The real interest rate did not rise during the 1973–1974 oil price shock (though it did during the 1979–1980 shock) • It could be that people expected the 1973–1974 oil price shock to be permanent • In that case the real interest rate would not necessarily rise • If so, people’s expectations were ...
Chapter 9
... – The real interest rate did not rise during the 1973–1974 oil price shock (though it did during the 1979–1980 shock) • It could be that people expected the 1973–1974 oil price shock to be permanent • In that case the real interest rate would not necessarily rise • If so, people’s expectations were ...
... – The real interest rate did not rise during the 1973–1974 oil price shock (though it did during the 1979–1980 shock) • It could be that people expected the 1973–1974 oil price shock to be permanent • In that case the real interest rate would not necessarily rise • If so, people’s expectations were ...
New Keynesian versus Old Keynesian Government Spending
... Wallace6 pointed out more than thirty years ago, a pure interest rate peg will lead to instability and non-uniqueness in a rational expectations model. Inflation expectations of households and firms become unanchored and unhinged and the price level may explode in an upward spiral. A permanent incr ...
... Wallace6 pointed out more than thirty years ago, a pure interest rate peg will lead to instability and non-uniqueness in a rational expectations model. Inflation expectations of households and firms become unanchored and unhinged and the price level may explode in an upward spiral. A permanent incr ...
History, Expectations and Development
... country. Compare two industrialisation paths: Huge shoe factory, employing all workers => not sustainable: all income needed to be spent on shoes. Divide resources into shoe, cloth and food factories => is sustainable ...
... country. Compare two industrialisation paths: Huge shoe factory, employing all workers => not sustainable: all income needed to be spent on shoes. Divide resources into shoe, cloth and food factories => is sustainable ...
Chapter 16 The long Run AS
... Recall: In microeconomics, the short-run is defined as a period of time in which something remains fixed In Macro: The short-run is a period in which nominal wages (and other input prices) are fixed as the price level changes. Why are wages fixed in the short-run? 1. Fixed wage contracts for manager ...
... Recall: In microeconomics, the short-run is defined as a period of time in which something remains fixed In Macro: The short-run is a period in which nominal wages (and other input prices) are fixed as the price level changes. Why are wages fixed in the short-run? 1. Fixed wage contracts for manager ...
Principles of Economics, Case and Fair,9e
... Velocity has not been constant over the period from 1960 to 2007. There is a long-term trend—velocity has been rising. There are also fluctuations, some of them quite large. ...
... Velocity has not been constant over the period from 1960 to 2007. There is a long-term trend—velocity has been rising. There are also fluctuations, some of them quite large. ...
CHAPTER 29: AGGREGATE DEMAND AND - jb
... imports and foreigners buy fewer U.S. exports. As a result, quantity demanded for U.S. goods falls at higher prices, and at lower prices, the quantity demanded is higher. Bear in Mind The aggregate demand-aggregate supply model is part of a free-response question on almost every AP macroeconomics e ...
... imports and foreigners buy fewer U.S. exports. As a result, quantity demanded for U.S. goods falls at higher prices, and at lower prices, the quantity demanded is higher. Bear in Mind The aggregate demand-aggregate supply model is part of a free-response question on almost every AP macroeconomics e ...
