Aging Population, Health-Care Costs, and the National Debt
... an actuarially certain knowledge of future events. Thus O’Donnell is incorrect when he indicates that Keynes only rejected “the perfect knowledge axiom.” I have written (e.g., Davidson, 2011, p. 35) that the early nineteenth-century economists such as Ricardo assumed that every decision maker had pe ...
... an actuarially certain knowledge of future events. Thus O’Donnell is incorrect when he indicates that Keynes only rejected “the perfect knowledge axiom.” I have written (e.g., Davidson, 2011, p. 35) that the early nineteenth-century economists such as Ricardo assumed that every decision maker had pe ...
Monetary and macro-prudential policy: Model comparison and robustness † Volker Wieland
... common variables, policy parameters and policy shocks. Then it is possible to derive comparable objects such as impulse response functions to a policy shock. Secondly, we discuss some practical issues in conducting model comparisons. For example, it needs to be assured that the models employed corre ...
... common variables, policy parameters and policy shocks. Then it is possible to derive comparable objects such as impulse response functions to a policy shock. Secondly, we discuss some practical issues in conducting model comparisons. For example, it needs to be assured that the models employed corre ...
Globalisation, economic volatility and insecurity
... that volatility has increased without necessarily leading to faster economic growth. A theoretical basis for this observation was provided by information theory, which argued that a financial contract is rather different from a normal contract involving commodities or goods. ...
... that volatility has increased without necessarily leading to faster economic growth. A theoretical basis for this observation was provided by information theory, which argued that a financial contract is rather different from a normal contract involving commodities or goods. ...
Monetarism, New Classical Theory, and Supply-Side
... 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. ...
Fiscal Policy in the Crisis: Lessons and Policy Implications
... estimated multiplier for tax changes is very large—a tax cut of 1 percent of GDP raises output by about 3 percent after 10 quarters. 3 This is more than twice as large as the estimate based on measures of tax changes that are likely contaminated with endogenous movements. The other form of new evide ...
... estimated multiplier for tax changes is very large—a tax cut of 1 percent of GDP raises output by about 3 percent after 10 quarters. 3 This is more than twice as large as the estimate based on measures of tax changes that are likely contaminated with endogenous movements. The other form of new evide ...
The Original Supply Siders: Warren Harding and Calvin Coolidge
... policies incentivized private-sector growth and improved the circumstances of the vast majority of American citizens. The nation’s economic success during this period can be measured in several ways. Production, as measured by real gross domestic product (GDP) per capita, sharply increased. Real wag ...
... policies incentivized private-sector growth and improved the circumstances of the vast majority of American citizens. The nation’s economic success during this period can be measured in several ways. Production, as measured by real gross domestic product (GDP) per capita, sharply increased. Real wag ...
How Effective is Fiscal Policy Response in Financial Crises?
... recessions caused by credit contractions, those associated with house price declines, and episodes of equity price declines. Their results show that the interaction between macroeconomic and financial variables can play a major role in determining severity and duration of recessions. Specifically, t ...
... recessions caused by credit contractions, those associated with house price declines, and episodes of equity price declines. Their results show that the interaction between macroeconomic and financial variables can play a major role in determining severity and duration of recessions. Specifically, t ...
What Does Conflict Theory Predict about America`s
... cially the case when sides are relatively evenly matched in their own resources and the outcome depends on whch side can pull in more neutral bystanders as allies. Sirnmel noted that one way in which conflict produces social solidarity is by extending networks of allies. But how much does this happe ...
... cially the case when sides are relatively evenly matched in their own resources and the outcome depends on whch side can pull in more neutral bystanders as allies. Sirnmel noted that one way in which conflict produces social solidarity is by extending networks of allies. But how much does this happe ...
NBER WORKING PAPER SERIES A THEORY OF DEMAND SHOCKS Guido Lorenzoni
... short-term volatility due to demand shocks. This is in line with existing evidence, based either on long-run restrictions or on sign restrictions on output and price responses. The crucial parameter that determines the relevance of demand shocks is the precision of the public signal. When the publi ...
... short-term volatility due to demand shocks. This is in line with existing evidence, based either on long-run restrictions or on sign restrictions on output and price responses. The crucial parameter that determines the relevance of demand shocks is the precision of the public signal. When the publi ...
Review Questions Aggregate Demand and Aggregate Supply
... The misperceptions theory of the short-run aggregate supply curve says that output supplied will increase if the price level a. increases less than expected so that firms believe the relative price of their output has increased. b. increases less than expected so that firms believe the relative pric ...
... The misperceptions theory of the short-run aggregate supply curve says that output supplied will increase if the price level a. increases less than expected so that firms believe the relative price of their output has increased. b. increases less than expected so that firms believe the relative pric ...
Chapter 26
... a. upward movement along the demand curve for money. b. downward movement along the demand curve for money. c. rightward shift of the demand curve for money. d. leftward shift of the demand curve for money. ANS a. Incorrect. A decrease in the interest rate, other things being equal, causes a downwar ...
... a. upward movement along the demand curve for money. b. downward movement along the demand curve for money. c. rightward shift of the demand curve for money. d. leftward shift of the demand curve for money. ANS a. Incorrect. A decrease in the interest rate, other things being equal, causes a downwar ...
The Keynesian Cross
... process later in the chapter when the complete model has been developed. This basic model, in which we’ve assumed that consumption spending is the only component of aggregate expenditure (that is, we’ve ignored investment, government spending, and net exports) and in which we’ve assumed that some co ...
... process later in the chapter when the complete model has been developed. This basic model, in which we’ve assumed that consumption spending is the only component of aggregate expenditure (that is, we’ve ignored investment, government spending, and net exports) and in which we’ve assumed that some co ...
Chapter 24: Aggregate Demand, Aggregate Supply, and Inflation
... inventory investment can be unplanned -- if a store fails to sell what it had expected to, it winds up with more inventory than it had expected. Stores with unplanned inventory investment will cut back on orders - ...
... inventory investment can be unplanned -- if a store fails to sell what it had expected to, it winds up with more inventory than it had expected. Stores with unplanned inventory investment will cut back on orders - ...
PDF Download
... This is a summary of results of the bi-annual question about current main economic problems in the individual countries. On a worldwide scale, unemployment is still considered as the single most important problem though thanks to the beginning economic recovery not as often as in 2009. However, and ...
... This is a summary of results of the bi-annual question about current main economic problems in the individual countries. On a worldwide scale, unemployment is still considered as the single most important problem though thanks to the beginning economic recovery not as often as in 2009. However, and ...
chapter outline
... 1. Friedman and Phelps considered the natural rate of unemployment to be the rate toward which the economy gravitates in the long run. 2. The natural rate of unemployment may not be the socially desirable rate of unemployment. 3. The natural rate of unemployment may change over time. C. Reconciling ...
... 1. Friedman and Phelps considered the natural rate of unemployment to be the rate toward which the economy gravitates in the long run. 2. The natural rate of unemployment may not be the socially desirable rate of unemployment. 3. The natural rate of unemployment may change over time. C. Reconciling ...
Impact of HEIs on Regional Economies
... First really major gap we tackle is macroeconomic or system-wide impact of HEIs on the host region - especially current neglect of supply side. Have been studies - the best of these have been thorough input-output (IO) analyses: – Clear methodology, useful description of linkages – Extremely useful ...
... First really major gap we tackle is macroeconomic or system-wide impact of HEIs on the host region - especially current neglect of supply side. Have been studies - the best of these have been thorough input-output (IO) analyses: – Clear methodology, useful description of linkages – Extremely useful ...
ppt
... • What happened to the deflation? The basic answer is that since World War II economic fluctuations have taken place around a long-run inflationary trend. Before the war, it was common for prices to fall during recessions, but since then negative demand shocks have been reflected in a decline in t ...
... • What happened to the deflation? The basic answer is that since World War II economic fluctuations have taken place around a long-run inflationary trend. Before the war, it was common for prices to fall during recessions, but since then negative demand shocks have been reflected in a decline in t ...
Chapter 5 - Consumer Choice
... it means gov. don't let the sellers to sell goods with high prices and gov. fixes the price what the sellers do they stock the goods and sell it in black market and when this policy of gov. finishes the price goes very high ...
... it means gov. don't let the sellers to sell goods with high prices and gov. fixes the price what the sellers do they stock the goods and sell it in black market and when this policy of gov. finishes the price goes very high ...
NBER WORKING PAPER SERIES UNION Matteo Cacciatore
... an inefficiency wedge in product creation is among the reasons for the Ramsey central bank to use positive long-run inflation, but our model features a wider menu of sources of inefficiency, with the labor margin affected by distortions that are absent in BFG. These labor market distortions would imply a ...
... an inefficiency wedge in product creation is among the reasons for the Ramsey central bank to use positive long-run inflation, but our model features a wider menu of sources of inefficiency, with the labor margin affected by distortions that are absent in BFG. These labor market distortions would imply a ...