2. The Sacrifice Ratio - Hal-SHS
... both traditional and VAR models) to obtain estimates of U.S. sacrifice ratios that range from 0 to 8, with a mean of about 5% (less than half of Okun's value). Cuñado & de Gracia (2003) also use a Phillips curve modelling to estimate individual and common sacrifice ratios for EMU countries over the ...
... both traditional and VAR models) to obtain estimates of U.S. sacrifice ratios that range from 0 to 8, with a mean of about 5% (less than half of Okun's value). Cuñado & de Gracia (2003) also use a Phillips curve modelling to estimate individual and common sacrifice ratios for EMU countries over the ...
NBER WORKING PAPER SERIES Matthew Canzoneri
... In this paper, we develop a model in which banks create deposits and make loans. Both of these activities are costly, creating financial frictions that make monetary aggregates “matter” for economic activity. Moreover, bank deposits offer an alternative way for households to do their transacting, an ...
... In this paper, we develop a model in which banks create deposits and make loans. Both of these activities are costly, creating financial frictions that make monetary aggregates “matter” for economic activity. Moreover, bank deposits offer an alternative way for households to do their transacting, an ...
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... 3 Hunt, Elgin, F (2008) social science and its methods in social science : An tntroduction to the study of Society : Allen and Bacon 4 AbhUit Kundu (2009) : Methodorogy and perspectives of sociar science ...
... 3 Hunt, Elgin, F (2008) social science and its methods in social science : An tntroduction to the study of Society : Allen and Bacon 4 AbhUit Kundu (2009) : Methodorogy and perspectives of sociar science ...
the brief - Brookings Institution
... slowdown was concentrated in sectors that traditionally are hard to measure, notably services? This does not seem to be the case. The slowdown in productivity was broad-based, and, if anything, was larger in relatively well-measured sectors such as manufacturing, trade, and utilities (Figure 2). Als ...
... slowdown was concentrated in sectors that traditionally are hard to measure, notably services? This does not seem to be the case. The slowdown in productivity was broad-based, and, if anything, was larger in relatively well-measured sectors such as manufacturing, trade, and utilities (Figure 2). Als ...
Macroeconomic Shocks and Monetary Policy
... The New Keynesian theoretical framework used is general and applicable to all inflation targeting economies. It would be interesting to study all inflation targeting countries empirically. Many countries adopted inflation targeting beginning in the early 1990s (Fromlet, 2010). However, due to the t ...
... The New Keynesian theoretical framework used is general and applicable to all inflation targeting economies. It would be interesting to study all inflation targeting countries empirically. Many countries adopted inflation targeting beginning in the early 1990s (Fromlet, 2010). However, due to the t ...
automatic fiscal stabilizers vs. discretionary fiscal policy
... The budgetary sensitivity indicator allocates the predominent contribution to automatic stabilization to the revenue side of the budget, with expenditure having a small contribution. The semi-elasticities, by contrast, allocates the predominent contribution to automatic stabilization to the expendit ...
... The budgetary sensitivity indicator allocates the predominent contribution to automatic stabilization to the revenue side of the budget, with expenditure having a small contribution. The semi-elasticities, by contrast, allocates the predominent contribution to automatic stabilization to the expendit ...
The Theoretical Weaknesses of the Expansionary Austerity Doctrine
... of fiscal adjustments to econometrically explain cross-country growth performances and public debt dynamics in the years following the launch of discretionary fiscal packages. Criticisms to such a methodology are mostly based on the fact that the adopted measures of cyclically adjusted primary balan ...
... of fiscal adjustments to econometrically explain cross-country growth performances and public debt dynamics in the years following the launch of discretionary fiscal packages. Criticisms to such a methodology are mostly based on the fact that the adopted measures of cyclically adjusted primary balan ...
The Effects of Fiscal Policy on Consumption and
... some of the initial puzzles of RBC models can be resolved by the inclusion of additional sources of shocks. However, Galı́ (1999) argues that, even if the model can replicate the unconditional moments of the data, it may provide a distorted picture of the economy’s response to each of the shocks. We ...
... some of the initial puzzles of RBC models can be resolved by the inclusion of additional sources of shocks. However, Galı́ (1999) argues that, even if the model can replicate the unconditional moments of the data, it may provide a distorted picture of the economy’s response to each of the shocks. We ...
CHAP1.WP (Word5)
... shows the implications of the classical assumption of perfectly flexible prices. Any deviation of actual real GDP from natural real GDP (then called “full employment” real GDP) caused by an aggregate-demand shift would be very brief, for prices would automatically adjust. This arises from the assump ...
... shows the implications of the classical assumption of perfectly flexible prices. Any deviation of actual real GDP from natural real GDP (then called “full employment” real GDP) caused by an aggregate-demand shift would be very brief, for prices would automatically adjust. This arises from the assump ...
Inflation targeting in Brazil: 1999–2006 - Bresser
... mixed. First, considering inflation itself, the Government’s targets were met when the international financial conditions allowed it, that is, inflation targeting was successful when the exchange-rate dynamics helped the BCB efforts to control inflation. Second, when compared with the period of exch ...
... mixed. First, considering inflation itself, the Government’s targets were met when the international financial conditions allowed it, that is, inflation targeting was successful when the exchange-rate dynamics helped the BCB efforts to control inflation. Second, when compared with the period of exch ...
Political ideology, quality at entry and the success of economic
... policy loans (DPLs), have become an important component in the financing of development operations. For instance, in fiscal year 2008 they accounted for 6.6 billion USD or 27 percent of total World Bank commitments. Currently, policy lending covers a wide range of thematic areas, from economic poli ...
... policy loans (DPLs), have become an important component in the financing of development operations. For instance, in fiscal year 2008 they accounted for 6.6 billion USD or 27 percent of total World Bank commitments. Currently, policy lending covers a wide range of thematic areas, from economic poli ...
NBER WORKING PAPER SERIES IDIOSYNCRATIC PRODUCTION RISK, GROWTH AND THE BUSINESS CYCLE
... closed form. Each agent is an entrepreneur operating her own neoclassical technology with her own capital stock. Production is subject to firm-specific uncertainty, which generates idiosyncratic risk in entrepreneurial income. Missing markets have strikingly different implications than in Bewley-typ ...
... closed form. Each agent is an entrepreneur operating her own neoclassical technology with her own capital stock. Production is subject to firm-specific uncertainty, which generates idiosyncratic risk in entrepreneurial income. Missing markets have strikingly different implications than in Bewley-typ ...
- SlideBoom
... 10) An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is called A. monopolistic competition B. oligopoly C. pure monopoly D. pure competition 11) Price is constant or given to the individual firm selling i ...
... 10) An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is called A. monopolistic competition B. oligopoly C. pure monopoly D. pure competition 11) Price is constant or given to the individual firm selling i ...
Aggregate Demand and Aggregate Supply
... aggregate supply, the total quantity of output that producers are willing to sell at various price levels. Our goal is to construct an aggregate supply (AS) curve, which represents levels of output that producers are willing to supply at each price level. We are interested in the shape and position ...
... aggregate supply, the total quantity of output that producers are willing to sell at various price levels. Our goal is to construct an aggregate supply (AS) curve, which represents levels of output that producers are willing to supply at each price level. We are interested in the shape and position ...
View/Open
... Standard macroeconomic analysis asserts that employment and production are inherently linked in an economy and potential output can be expressed in terms of employment, capital, and technology (Romer 1996). Employment, or the number of individuals employed, is one way that policymakers describe the ...
... Standard macroeconomic analysis asserts that employment and production are inherently linked in an economy and potential output can be expressed in terms of employment, capital, and technology (Romer 1996). Employment, or the number of individuals employed, is one way that policymakers describe the ...
Fina 353-Lecture Slide Week 4
... the standard of living over time. 2. To compare the size of economies throughout the world. That means to compare the standard of living among countries. 3. The GDP growth rate is critical for investors countries with strong growth attract more investors for their corporate stocks, bonds and even th ...
... the standard of living over time. 2. To compare the size of economies throughout the world. That means to compare the standard of living among countries. 3. The GDP growth rate is critical for investors countries with strong growth attract more investors for their corporate stocks, bonds and even th ...
146s10_l16a.pdf
... Monetary policy: policy in which the central bank influences the supply of monetary assets Asset market responds very rapidly...goods market less so Fiscal policy: change G or T . Fiscal policy affects aggregates demand and output first Temporary policy changes are expected to be reversed in the nea ...
... Monetary policy: policy in which the central bank influences the supply of monetary assets Asset market responds very rapidly...goods market less so Fiscal policy: change G or T . Fiscal policy affects aggregates demand and output first Temporary policy changes are expected to be reversed in the nea ...