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... open- minded about the potentialities of alternative policy regimes than is commonly the case. Second, it is important to identify not only the inter-dependencies but also the distinctiveness of the economic as opposed to the political variables that drive the transformatory process in developing so ...
... open- minded about the potentialities of alternative policy regimes than is commonly the case. Second, it is important to identify not only the inter-dependencies but also the distinctiveness of the economic as opposed to the political variables that drive the transformatory process in developing so ...
Abstract - African Development Bank
... (volatility) on the level of GDP. This external commodity price shocks-growth nexus is found to display asymmetric behavior. While positive price shocks have a positive effect on growth, these effects are not significant. Collier and Goderis (2008) argue that this asymmetry is explained by a country ...
... (volatility) on the level of GDP. This external commodity price shocks-growth nexus is found to display asymmetric behavior. While positive price shocks have a positive effect on growth, these effects are not significant. Collier and Goderis (2008) argue that this asymmetry is explained by a country ...
Argentina – Case study of past crises
... equilibrium. Importantly, it encompassed labour market measures that provided income to workers and in turn helped support aggregate demand. The measures were also effective in addressing the poverty effects of the crisis and fostering employability. Indeed, at the beginning of 2003 the economic and ...
... equilibrium. Importantly, it encompassed labour market measures that provided income to workers and in turn helped support aggregate demand. The measures were also effective in addressing the poverty effects of the crisis and fostering employability. Indeed, at the beginning of 2003 the economic and ...
The Fall and Rise of Keynesian Fiscal Policy
... policy, because it does not consider the indirect effects on other sectors of the economy. For the purpose of assessing the overall effectiveness of countercyclical policy, there have generally been three types of models used, with differing strengths and weaknesses: large-scale macroeconomic models ...
... policy, because it does not consider the indirect effects on other sectors of the economy. For the purpose of assessing the overall effectiveness of countercyclical policy, there have generally been three types of models used, with differing strengths and weaknesses: large-scale macroeconomic models ...
How to price carbon_Dec_2014 (opens in new window)
... When a country enters a recession, its GDP declines relative to normal times and vice-versa during periods of boom. The average size of economic fluctuations helps explain how large these departures are from the norm. A convenient statistical measure of this concept is the standard deviation of the ...
... When a country enters a recession, its GDP declines relative to normal times and vice-versa during periods of boom. The average size of economic fluctuations helps explain how large these departures are from the norm. A convenient statistical measure of this concept is the standard deviation of the ...
What`s in Store for Consumer Credit?
... the economy has rebalanced, it is likely that the sequencing will revert to its historic pattern, which would imply that consumer loan growth will decelerate first as the cycle turns. Consumer loans are not only the first ones to slow in a run-up to a recession, but also the first ones to show an in ...
... the economy has rebalanced, it is likely that the sequencing will revert to its historic pattern, which would imply that consumer loan growth will decelerate first as the cycle turns. Consumer loans are not only the first ones to slow in a run-up to a recession, but also the first ones to show an in ...
UNDERLYING FACTORS OF PERSISTENT INFLATION IN ROMANIA
... shift leftward. As a result, a new equilibrium will occur with output returning at its natural level and prices being the only variable higher compared to the initial situation. Although the Keynesians do not agree totally with the monetarists, their conclusion is the same. They state that a high ra ...
... shift leftward. As a result, a new equilibrium will occur with output returning at its natural level and prices being the only variable higher compared to the initial situation. Although the Keynesians do not agree totally with the monetarists, their conclusion is the same. They state that a high ra ...
Chapter 19 Output and Inflation in the Short Run: Aggregate Supply
... fluctuations in labour productivity. Second, output will tend to fluctuate around its trend to the extent that unemployment fluctuates around its natural rate. In the previous chapter we found that the rate of employment will deviate from the natural rate when people underestimate or overestimate th ...
... fluctuations in labour productivity. Second, output will tend to fluctuate around its trend to the extent that unemployment fluctuates around its natural rate. In the previous chapter we found that the rate of employment will deviate from the natural rate when people underestimate or overestimate th ...
Shifting UK economic sands Perspectives on the next decade BUSINESS WITH CONFIDENCE icaew.com/bcm
... However, we should not be complacent. Although recent growth is welcome, it is in its infancy and must not be taken for granted. As I travel around the country, I hear concerns about an uncertain recovery supported as much by credit-led consumer spending as by business investment and exports. BCM Q4 ...
... However, we should not be complacent. Although recent growth is welcome, it is in its infancy and must not be taken for granted. As I travel around the country, I hear concerns about an uncertain recovery supported as much by credit-led consumer spending as by business investment and exports. BCM Q4 ...
the evolution of monetary policy in transition economies
... other relatively direct measures to control the supply of money, although, in general, money growth targets were overshot. Over time, more indirect measures, including changes in the reserve ratio, the short-term repo rate and open market operations became the key tools for controlling the money sup ...
... other relatively direct measures to control the supply of money, although, in general, money growth targets were overshot. Over time, more indirect measures, including changes in the reserve ratio, the short-term repo rate and open market operations became the key tools for controlling the money sup ...
Financial structure and economic growth in Nigeria
... relative importance to economic growth, has been the focus of the theoretical debate for over a century (Gerschenkron, 1962; Stiglitz, 1985; Allen and Gale, 1999; Levine, 2002). From empirical literature, attempts are made to examine whether one type of financial system better explains economic grow ...
... relative importance to economic growth, has been the focus of the theoretical debate for over a century (Gerschenkron, 1962; Stiglitz, 1985; Allen and Gale, 1999; Levine, 2002). From empirical literature, attempts are made to examine whether one type of financial system better explains economic grow ...
The IS-LM/AD-AS Model: A General Framework for Macroeconomic
... • It takes years before prices and wages fully adjust to changes in demand. • When not in general equilibrium, output is determined by aggregate demand and the labor market is not in equilibrium. • There is an appropriate role for monetary or fiscal policy in stabilizing the economy. ...
... • It takes years before prices and wages fully adjust to changes in demand. • When not in general equilibrium, output is determined by aggregate demand and the labor market is not in equilibrium. • There is an appropriate role for monetary or fiscal policy in stabilizing the economy. ...
An alternative approach to measuring the output gap
... The highest correlation have been achieved between current inflation and output gap lagged by six quarters although the relevant coefficient is not statistically significant even at 10% significance level. Inflation lagged by 4 quarters appeared to be statistically significant for current inflation. ...
... The highest correlation have been achieved between current inflation and output gap lagged by six quarters although the relevant coefficient is not statistically significant even at 10% significance level. Inflation lagged by 4 quarters appeared to be statistically significant for current inflation. ...
1. O verview
... rebalancing process evidenced by recent data on the current account and the composition of growth, had favorable impact on risk perceptions towards Turkish economy. Moreover, the disinflationary impact of domestic demand has become more significant. Against this backdrop, the CBRT increased the liqu ...
... rebalancing process evidenced by recent data on the current account and the composition of growth, had favorable impact on risk perceptions towards Turkish economy. Moreover, the disinflationary impact of domestic demand has become more significant. Against this backdrop, the CBRT increased the liqu ...
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... demand growth last year was private investment. Continued low long-term interest rates and improved firm profits led to further increases in growth of both residential investment and investment in machinery and equipment. However, deteriorated outlooks for the world economy started to restrain the w ...
... demand growth last year was private investment. Continued low long-term interest rates and improved firm profits led to further increases in growth of both residential investment and investment in machinery and equipment. However, deteriorated outlooks for the world economy started to restrain the w ...
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... The national total expenditure of a country is precipitated on several factors of which revenue generated could be one and very significant. This paper therefore examines the contribution of some selected sources of Nigerian government revenue to total national expenditure. Secondary data sourced an ...
... The national total expenditure of a country is precipitated on several factors of which revenue generated could be one and very significant. This paper therefore examines the contribution of some selected sources of Nigerian government revenue to total national expenditure. Secondary data sourced an ...
Part III A Critique of Self-adjusting Full Employment
... assumes the impossible, that the future could be known. 2. New classical economics offered an allegedly more credible alternative, the rational expectations hypothesis (REH), which suffers form the same theoretical objections as the PFH. 3. The anti-interventionist policy ideology of the neoclassica ...
... assumes the impossible, that the future could be known. 2. New classical economics offered an allegedly more credible alternative, the rational expectations hypothesis (REH), which suffers form the same theoretical objections as the PFH. 3. The anti-interventionist policy ideology of the neoclassica ...
Clashing Theories: Why Is Unemployment So High When Interest
... the U.S. and some other advanced economies for the past few years, macroeconomics has renewed and advanced the study of the implications of the zero lower bound for economic activity in general and unemployment in particular. According to the models, when the interest rate is held above its market-c ...
... the U.S. and some other advanced economies for the past few years, macroeconomics has renewed and advanced the study of the implications of the zero lower bound for economic activity in general and unemployment in particular. According to the models, when the interest rate is held above its market-c ...
FISCAL AND FINANCIAL STABILITY IN ROMANIA
... negatively influenced. For a long time, gross domestic product (GDP) growth had negative real values, although in nominal terms, GDP grew while inflation increased at a fast rate. Figure 1 depicts the evolution of the GDP in real terms. As Figure 1 shows, until 2000, GDP growth in some short periods ...
... negatively influenced. For a long time, gross domestic product (GDP) growth had negative real values, although in nominal terms, GDP grew while inflation increased at a fast rate. Figure 1 depicts the evolution of the GDP in real terms. As Figure 1 shows, until 2000, GDP growth in some short periods ...
1 - Hans-Böckler
... constituted the immediate response to the financial crisis of 2007-8, the belief and hope being that lower rates would quickly reflate asset prices and stimulate demand. NIRP began to enter the picture when the policy interest rate was pushed to zero – the so-called zero lower bound (ZLB). In the f ...
... constituted the immediate response to the financial crisis of 2007-8, the belief and hope being that lower rates would quickly reflate asset prices and stimulate demand. NIRP began to enter the picture when the policy interest rate was pushed to zero – the so-called zero lower bound (ZLB). In the f ...
Reconciling Hayek`s and Keynes` Views of Recessions
... FRANCK PORTIER Toulouse School of Economics and CEPR ...
... FRANCK PORTIER Toulouse School of Economics and CEPR ...
