UK BUSINESS CONFIDENCE MONITOR Q1 2009
... Confidence has fallen to record lows in almost all sectors of the UK economy this quarter. The Property and Construction sectors are the least confident as they face the ongoing effects of weak demand and falling prices in the residential and commercial property markets due to the collapse in bank l ...
... Confidence has fallen to record lows in almost all sectors of the UK economy this quarter. The Property and Construction sectors are the least confident as they face the ongoing effects of weak demand and falling prices in the residential and commercial property markets due to the collapse in bank l ...
On the Desirability of Nominal GDP Targeting
... of wage and price stickiness. While both of these papers include structural models similar to our own, Jensen (2002) does not include wage stickiness and Kim and Henderson (2005) uses one period ahead price and wage contracts rather than the more common staggered price and wage contracts. Moreover, ...
... of wage and price stickiness. While both of these papers include structural models similar to our own, Jensen (2002) does not include wage stickiness and Kim and Henderson (2005) uses one period ahead price and wage contracts rather than the more common staggered price and wage contracts. Moreover, ...
Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers
... limited access to or high cost of self-insurance through credit markets and financial institutions, and the firepower of monetary policy was constrained by the zero-bound on nominal interest rates. In the short term, the stabilizing role of fiscal policy relies on effective automatic stabilizers and ...
... limited access to or high cost of self-insurance through credit markets and financial institutions, and the firepower of monetary policy was constrained by the zero-bound on nominal interest rates. In the short term, the stabilizing role of fiscal policy relies on effective automatic stabilizers and ...
an investigation of the relationship between inflation rates in kenya
... Keynes (1936) was attempting to explain the devastating Great depression of the 1930s through the general theory of employment, interest and money. During the period GDP of the United states declined by more than 25% by 1933 and did not return to its potential level until the United States entered w ...
... Keynes (1936) was attempting to explain the devastating Great depression of the 1930s through the general theory of employment, interest and money. During the period GDP of the United states declined by more than 25% by 1933 and did not return to its potential level until the United States entered w ...
Productivity Concepts and Policy Directions
... lower relative prices for consumers which effectively increase purchasing power; higher real wages for workers; lower unit costs and higher profits for business; and higher tax revenues for governments which can be spent on government services. ...
... lower relative prices for consumers which effectively increase purchasing power; higher real wages for workers; lower unit costs and higher profits for business; and higher tax revenues for governments which can be spent on government services. ...
** Complementary Credit Networks and Macro-Economic Stability * * uses data from a Swiss barter network to argue that large scale internet barter helps to stabilize the business cycle. My paper was recently invited for a 2nd presentation to the Central Bank of Brazil, and is in the
... This balancing of excess demands – at least within WIR – is of macroeconomic significance, since it implies an identity of notional and effective demand. Robert Clower’s best-known essay, “The Keynesian counterrevolution: a theoretical appraisal” (1965), raised this distinction between notional and ...
... This balancing of excess demands – at least within WIR – is of macroeconomic significance, since it implies an identity of notional and effective demand. Robert Clower’s best-known essay, “The Keynesian counterrevolution: a theoretical appraisal” (1965), raised this distinction between notional and ...
T.Y.B.A. Economics Paper - IV
... units (Panel B). He reduces his output from OA to OF units. Total supply then OF + AH = OG and the price per unit is OM. Total profit now increases to OGRM of which A's share is OFTM and B's share is FGRT. Now that A has surprised B by reducing his output, B must reconsider his position. Assuming th ...
... units (Panel B). He reduces his output from OA to OF units. Total supply then OF + AH = OG and the price per unit is OM. Total profit now increases to OGRM of which A's share is OFTM and B's share is FGRT. Now that A has surprised B by reducing his output, B must reconsider his position. Assuming th ...
1. Introduction - Aalborg Universitet
... One first generation scholar that came to have the greatest influence on the 'ideas matter'-debate was Peter A. Hall. His seminal article 'Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain' would be a standard reference for many future ideational studies. ...
... One first generation scholar that came to have the greatest influence on the 'ideas matter'-debate was Peter A. Hall. His seminal article 'Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain' would be a standard reference for many future ideational studies. ...
Price Stability versus Full Employment: The Phillips Curve Dilemma
... Paul Samuelson’s view (in Burns and Samuelson 1967: 54) that the Phillips curve “is one of the most important concepts of our times” (a point of view very recently shared by Snower ...
... Paul Samuelson’s view (in Burns and Samuelson 1967: 54) that the Phillips curve “is one of the most important concepts of our times” (a point of view very recently shared by Snower ...
NBER WORKING PAPER ROLE OF CONSUMPTION IN ECONOMIC FLUCTUATIONS Robert E. Hall
... value of 0.3. The standard deviation of the consumption shift effect on GNP is $26 billion. The shifts in the consumption function are estimated to be smaller in this case, but their contribution to movements in GNP is larger because the multiplier is larger. ...
... value of 0.3. The standard deviation of the consumption shift effect on GNP is $26 billion. The shifts in the consumption function are estimated to be smaller in this case, but their contribution to movements in GNP is larger because the multiplier is larger. ...
UK inflation in the 1970s and 1980s: the role of
... expansionary; it aimed for low inflation, and did not try deliberately to push output above potential. Rather, the problem was that official measures of the output gap were only belatedly revised in response to the slowing in US productivity growth that began in the late 1960s.(2) Consequently, ‘re ...
... expansionary; it aimed for low inflation, and did not try deliberately to push output above potential. Rather, the problem was that official measures of the output gap were only belatedly revised in response to the slowing in US productivity growth that began in the late 1960s.(2) Consequently, ‘re ...
Near-Rational Exuberance - Economic Research
... to the good in macroeconomic forecasting. Models are, of course, crude approximations of reality and must be supplemented with other information not contained in the model.3 While we have motivated our ideas in terms of macroeconomic forecasting, our framework applies more generally to economic envi ...
... to the good in macroeconomic forecasting. Models are, of course, crude approximations of reality and must be supplemented with other information not contained in the model.3 While we have motivated our ideas in terms of macroeconomic forecasting, our framework applies more generally to economic envi ...
Productivity Growth and the New Economy
... First, it lays out a different way of decomposing productivity growth which divides aggregate productivity trends into factors that increase average productivity growth from the changing shares of the sizes of different sectors. Second, it develops an alternative way of measuring aggregate and indu ...
... First, it lays out a different way of decomposing productivity growth which divides aggregate productivity trends into factors that increase average productivity growth from the changing shares of the sizes of different sectors. Second, it develops an alternative way of measuring aggregate and indu ...
The equilibrium approach to money and the business cycle
... In any case, this distinction between statics and dynamics is not equivalent to the one ascribed above to the “Anglo-Saxon-French” tradition, namely of statics as an analysis that abstracts from time, and dynamics as that of (any) movements in time. Thus, following Löwe, the static (or equilibrium) ...
... In any case, this distinction between statics and dynamics is not equivalent to the one ascribed above to the “Anglo-Saxon-French” tradition, namely of statics as an analysis that abstracts from time, and dynamics as that of (any) movements in time. Thus, following Löwe, the static (or equilibrium) ...
Inflation
... The inflation rate and the unemployment rate are two economic indicators that are strongly connected. 1) The business cycle shows that there is a short-run tradeoff between inflation and unemployment. a) If either inflation or unemployment is high, the other is generally low. b) The short-run Philli ...
... The inflation rate and the unemployment rate are two economic indicators that are strongly connected. 1) The business cycle shows that there is a short-run tradeoff between inflation and unemployment. a) If either inflation or unemployment is high, the other is generally low. b) The short-run Philli ...
NBER WORKING PAPER SERIES THE EURO AND FISCAL POLICY Antonio Fatas Ilian Mihov
... in fiscal policy for political reasons or, more generally, for reasons that are not driven by economic conditions, then these changes will lead to fluctuations in output and consumption. In principle, such policies may have a negative effect on the economy if they simply add volatility, which in som ...
... in fiscal policy for political reasons or, more generally, for reasons that are not driven by economic conditions, then these changes will lead to fluctuations in output and consumption. In principle, such policies may have a negative effect on the economy if they simply add volatility, which in som ...
Fiscal Policy in Response to Climate Variability in
... The emergence of non-economic shocks would only aggravate the problem, creating potential for further fiscal imbalances in the future. ...
... The emergence of non-economic shocks would only aggravate the problem, creating potential for further fiscal imbalances in the future. ...
Business Cycle Accounting
... Depression (1929–1939), 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 investment from 1929 to 1933 only slightly more se ...
... Depression (1929–1939), 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 investment from 1929 to 1933 only slightly more se ...
NBER WORKING PAPER SERIES
... aspects of European economic institutions that are different, and hence "worse." ...
... aspects of European economic institutions that are different, and hence "worse." ...
