Imperfect Information and Aggregate Supply*
... In his Nobel Prize lecture, George Akerlof (2002) said, “Probably the single most important macroeconomic relationship is the Phillips curve.” He is surely right that this relationship has played a central role in many business cycle theories over the past half century. At the same ...
... In his Nobel Prize lecture, George Akerlof (2002) said, “Probably the single most important macroeconomic relationship is the Phillips curve.” He is surely right that this relationship has played a central role in many business cycle theories over the past half century. At the same ...
Interest Rates and Their Role in the Economy during Transition. The
... developed and tested in, say, developed country with established financial and credit market with low level of inflation, may not always be appropriate when they are applied to transition, inflationary or other economy. Moreover, using different methods and models, economists may reach different con ...
... developed and tested in, say, developed country with established financial and credit market with low level of inflation, may not always be appropriate when they are applied to transition, inflationary or other economy. Moreover, using different methods and models, economists may reach different con ...
Imperfect Information and Aggregate Supply
... In his Nobel Prize lecture, George Akerlof (2002) said, “Probably the single most important macroeconomic relationship is the Phillips curve.” He is surely right that this relationship has played a central role in many business cycle theories over the past half century. At the same ...
... In his Nobel Prize lecture, George Akerlof (2002) said, “Probably the single most important macroeconomic relationship is the Phillips curve.” He is surely right that this relationship has played a central role in many business cycle theories over the past half century. At the same ...
When is the Government Spending Multiplier Large?
... function of the real interest rate. In the zero bound the real interest rate generally rises. So, other things equal, savings and investment diverge as the real interest rate rises, thus exacerbating the meltdown associated with the zero bound. As a result, the fall in output necessary to bring savi ...
... function of the real interest rate. In the zero bound the real interest rate generally rises. So, other things equal, savings and investment diverge as the real interest rate rises, thus exacerbating the meltdown associated with the zero bound. As a result, the fall in output necessary to bring savi ...
Varieties of uncertainty: a survey of the economic literature
... uncertainty 5 and/or with the fundamental variant. In any case, even if not separating procedural from fundamental uncertainty, some of the terms just discussed may be used to separate ambiguity from a class of situations in which what is missing are not only pieces of information but also a more co ...
... uncertainty 5 and/or with the fundamental variant. In any case, even if not separating procedural from fundamental uncertainty, some of the terms just discussed may be used to separate ambiguity from a class of situations in which what is missing are not only pieces of information but also a more co ...
A-level Economics Mark Scheme Unit 02
... theories is demonstrated and there is some evidence that the candidate can analyse issues. There will be some attempt to present alternative points of view and to evaluate the issues, arguments and/or data. There is some logic and coherence in the organisation of the answer. The candidate is general ...
... theories is demonstrated and there is some evidence that the candidate can analyse issues. There will be some attempt to present alternative points of view and to evaluate the issues, arguments and/or data. There is some logic and coherence in the organisation of the answer. The candidate is general ...
Document
... The Multiplier and the Price Level Aggregate Expenditure and Aggregate Demand The aggregate expenditure curve is the relationship between aggregate planned expenditure and real GDP, with all other influences on aggregate planned expenditure remaining the same. The aggregate demand curve is the rela ...
... The Multiplier and the Price Level Aggregate Expenditure and Aggregate Demand The aggregate expenditure curve is the relationship between aggregate planned expenditure and real GDP, with all other influences on aggregate planned expenditure remaining the same. The aggregate demand curve is the rela ...
the moral imperative and social rationality of government
... most importantly, reducing social support programs that permit the unemployed to more readily choose leisure over employment. 6 This theoretical position has hardly convinced all economists. Indeed, an apparent consequence of the Keynesian-monetarist-rational-expectations discourse is considerable s ...
... most importantly, reducing social support programs that permit the unemployed to more readily choose leisure over employment. 6 This theoretical position has hardly convinced all economists. Indeed, an apparent consequence of the Keynesian-monetarist-rational-expectations discourse is considerable s ...
ESTIMATES OF OPTIMAL INFLATION FOR WAMZ COUNTRIES
... as well as the Military Coup in 1994, which led to disruption in economic activities in the tourism ...
... as well as the Military Coup in 1994, which led to disruption in economic activities in the tourism ...
Version of December 4, 2001
... The U.S. economic now seems poised for economic recovery, but questions remain about the strength and nature of that recovery. The glory days of GDP growth over five percent a year are gone. Data revisions scaled back the view of how strong growth had been in the late 90s, and by mid-2000 a growth ...
... The U.S. economic now seems poised for economic recovery, but questions remain about the strength and nature of that recovery. The glory days of GDP growth over five percent a year are gone. Data revisions scaled back the view of how strong growth had been in the late 90s, and by mid-2000 a growth ...
Chapter 17 Macroeconomic and Industry Analysis
... output as they encourage investors to undertake low productivity projects with substantial tax shelter benefits C. Income redistribution payments will exert little impact on real aggregate supply as they do not consume resources directly D. A tax reduction will increase the disposable income of hous ...
... output as they encourage investors to undertake low productivity projects with substantial tax shelter benefits C. Income redistribution payments will exert little impact on real aggregate supply as they do not consume resources directly D. A tax reduction will increase the disposable income of hous ...
A New Stock Index to Better Predict the United States` Real GDP
... Many economists have tried to predict U.S. real GDP using economic variables such as industrial production, consumer price index, and money supplies changes. However, this paper will take a different approach to estimating U.S. GDP. It will not use economic indicators, but will instead use existing ...
... Many economists have tried to predict U.S. real GDP using economic variables such as industrial production, consumer price index, and money supplies changes. However, this paper will take a different approach to estimating U.S. GDP. It will not use economic indicators, but will instead use existing ...
NBER WORKING PAPER SERIES MONETARY SCIENCE, FISCAL ALCHEMY Eric M. Leeper
... analysis is “hard” in the sense that even the best dynamic models are “grossly deficient” and this condition is not likely to improve dramatically in the near term. Despite their shortcomings, Faust argues that models, appropriately used, can contribute to policymaking. For all the reasons that Faust ...
... analysis is “hard” in the sense that even the best dynamic models are “grossly deficient” and this condition is not likely to improve dramatically in the near term. Despite their shortcomings, Faust argues that models, appropriately used, can contribute to policymaking. For all the reasons that Faust ...
9708 ECONOMICS www.maxpapers.com
... Possible reasons include raising revenue to finance government expenditure, cutting the purchase of imports to help the balance of trade. It might be argued that the products are demerit goods because of the harm to hearing and disturbance to others. An indirect tax is imposed on spending and raises ...
... Possible reasons include raising revenue to finance government expenditure, cutting the purchase of imports to help the balance of trade. It might be argued that the products are demerit goods because of the harm to hearing and disturbance to others. An indirect tax is imposed on spending and raises ...
Policy Mix Coherence: What Does it Mean for Monetary
... inflation rate under 5%; net reserves to cover at least three months’ exports, and central bank loans to revenue of not more than 10% of the previous year’s fiscal revenue. In the second set of criteria, six guidelines: no new arrears are permitted, and all existing arrears must be cleared; fiscal r ...
... inflation rate under 5%; net reserves to cover at least three months’ exports, and central bank loans to revenue of not more than 10% of the previous year’s fiscal revenue. In the second set of criteria, six guidelines: no new arrears are permitted, and all existing arrears must be cleared; fiscal r ...
Bureau of Economic Analysis Presentation
... Contribution of the National Accounts to Stability and Economic Growth “Much like a satellite in space can survey the weather across an entire continent so can the GDP give an overall picture of the state of the economy. It enables the President, Congress, and the Federal Reserve to judge whether t ...
... Contribution of the National Accounts to Stability and Economic Growth “Much like a satellite in space can survey the weather across an entire continent so can the GDP give an overall picture of the state of the economy. It enables the President, Congress, and the Federal Reserve to judge whether t ...
Content
... Consumer, producer, product price inidices, labor cost, wages, exchange rates, PPPs Demand and output GDP (p/e), external trade, industrial structure statistics; short-term indicators (industry output/demand) and productivity Income and wealth NA economy/by sector to measure income, savings, investm ...
... Consumer, producer, product price inidices, labor cost, wages, exchange rates, PPPs Demand and output GDP (p/e), external trade, industrial structure statistics; short-term indicators (industry output/demand) and productivity Income and wealth NA economy/by sector to measure income, savings, investm ...
Fiscal Stimulus and Potential Inflationary Risks
... monetary authorities so as to minimise the adverse effects of the crisis on output and employment, while also saving the financial system from a complete breakdown. Given the deflation concerns in most countries –rather than the fear of inflation – monetary authorities had no reasons to resist. The ...
... monetary authorities so as to minimise the adverse effects of the crisis on output and employment, while also saving the financial system from a complete breakdown. Given the deflation concerns in most countries –rather than the fear of inflation – monetary authorities had no reasons to resist. The ...
Estimating potential output for New Zealand: a structural VAR approach July 1999
... positive output gap, is indicative of demand pressures and a signal to the monetary authority that inflationary pressures are increasing and that a policy tightening may be required. A level of real output below potential, ie a negative output gap, has the opposite implication. Potential output is n ...
... positive output gap, is indicative of demand pressures and a signal to the monetary authority that inflationary pressures are increasing and that a policy tightening may be required. A level of real output below potential, ie a negative output gap, has the opposite implication. Potential output is n ...
Deflation: Determinants, Risks and Policy Options -- Findings
... sectors per se ought to be a concern. It has been suggested that deflation in goods prices may be a harbinger of developments in the services sector, since many service activities which previously had been essentially domestic oriented or shielded from competitive pressures are no longer so (Roach 2 ...
... sectors per se ought to be a concern. It has been suggested that deflation in goods prices may be a harbinger of developments in the services sector, since many service activities which previously had been essentially domestic oriented or shielded from competitive pressures are no longer so (Roach 2 ...