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 ...
Lec_notes_1021
... Long-term bonds are less liquid than short-term bonds because interest-rate risk causes the value of long-term bonds to fluctuate much more than for short-term bonds. If you bought a 3-month Treasury Bill that yields 5 percent and interest rates jump to 10 percent the next day, you lose the opportun ...
... Long-term bonds are less liquid than short-term bonds because interest-rate risk causes the value of long-term bonds to fluctuate much more than for short-term bonds. If you bought a 3-month Treasury Bill that yields 5 percent and interest rates jump to 10 percent the next day, you lose the opportun ...
Chapter 32
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
NBER WORKING PAPER SERIES LABOR-MARKET HETEROGENEITY, AGGREGATION, AND THE LUCAS CRITIQUE
... examine the potential lack of policy invariance of the representative-agent model parameters. It turns out, using Geweke’s expression, that the aggregator function is not invariant to policy changes. More specifically, the quantitative analysis generates the following findings. First, the effects of ...
... examine the potential lack of policy invariance of the representative-agent model parameters. It turns out, using Geweke’s expression, that the aggregator function is not invariant to policy changes. More specifically, the quantitative analysis generates the following findings. First, the effects of ...
NBER WORKING PAPER SERIES SCHUMPETERIAN PROFITS IN THE AMERICAN ECONOMY:
... to have been largely labor saving.2 More recently, theories of induced technological change were revived as the new growth theory, pioneered by Robert Lucas and Paul Romer.3 This has blossomed into a major research field, with a wide variety of theories and applications.4 ...
... to have been largely labor saving.2 More recently, theories of induced technological change were revived as the new growth theory, pioneered by Robert Lucas and Paul Romer.3 This has blossomed into a major research field, with a wide variety of theories and applications.4 ...
Chapter 33
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
Economic Growth, Exports and Imports in Pakistan: Granger Causality Analysis
... cointegration developed by Engle and Granger (1987). Johansen (1988) and Stock and Watson (1988), among others, has to be applied. To this end, we analyze annual data for Pakistan using a vector autoregressive (VAR) framework. These arguments by diversified researchers and their studies led the auth ...
... cointegration developed by Engle and Granger (1987). Johansen (1988) and Stock and Watson (1988), among others, has to be applied. To this end, we analyze annual data for Pakistan using a vector autoregressive (VAR) framework. These arguments by diversified researchers and their studies led the auth ...
The relationship between tourism and economic growth in greece
... foreign tourists. On the other hand tourism has many important functions such as creating new job opportunities, reducing the unemployment rate, providing funds to country, decreasing the balance of payments deficit. In this study, the relationship between tourism and economic growth was tested with ...
... foreign tourists. On the other hand tourism has many important functions such as creating new job opportunities, reducing the unemployment rate, providing funds to country, decreasing the balance of payments deficit. In this study, the relationship between tourism and economic growth was tested with ...
E F , C ,
... growth are simultaneously determined: The random shocks that affect the rate of economic growth may also simultaneously affect corruption, economic freedom, and other explanatory variables such as investment. Dawson (2003) shows that economic freedom is the result of growth rather than a cause of gr ...
... growth are simultaneously determined: The random shocks that affect the rate of economic growth may also simultaneously affect corruption, economic freedom, and other explanatory variables such as investment. Dawson (2003) shows that economic freedom is the result of growth rather than a cause of gr ...
Empirical Analysis of Policy Interventions
... depends on both the nature of the intervention and the elasticities of private behavior with respect to policy. The efficacy of our approach hinges on whether it can be applied without implying policy choices that would force the economy into a new policy regime. We offer some statistical guards ag ...
... depends on both the nature of the intervention and the elasticities of private behavior with respect to policy. The efficacy of our approach hinges on whether it can be applied without implying policy choices that would force the economy into a new policy regime. We offer some statistical guards ag ...
DENNIS R. KLINCK Pound, Social Credit, and the Critics
... perforce, assumed more and more direct power over all parts of the economy, establishing controls and dictation of production and consumption” (163-4); “Deficit financing is also easier; you just order the National Bank to print the needed money or supply the credit and put the debt on the books. Yo ...
... perforce, assumed more and more direct power over all parts of the economy, establishing controls and dictation of production and consumption” (163-4); “Deficit financing is also easier; you just order the National Bank to print the needed money or supply the credit and put the debt on the books. Yo ...
Does Central Bank Independence Frustrate the Optimal Fiscal
... However, similar to the Fed’s invitation for the fiscal authority to act responsibly relatively to orthodoxy and borrow and invest, the Fed’s advocacy on principal reduction has yet to be heard by the fiscal authority. As New York Fed President Dudley remarked in a recent interview, “the power of mo ...
... However, similar to the Fed’s invitation for the fiscal authority to act responsibly relatively to orthodoxy and borrow and invest, the Fed’s advocacy on principal reduction has yet to be heard by the fiscal authority. As New York Fed President Dudley remarked in a recent interview, “the power of mo ...
wiiw Working Paper 45: Do Increased Private Saving Rates Spur
... the same is true of the theory of effective demand developed by Kalecki and Keynes. Today, savings are referred to in roughly the same way as they were described by Marshall. What is worse, this applies to both economic theory and practice. One characteristic example is the ongoing debate on the pen ...
... the same is true of the theory of effective demand developed by Kalecki and Keynes. Today, savings are referred to in roughly the same way as they were described by Marshall. What is worse, this applies to both economic theory and practice. One characteristic example is the ongoing debate on the pen ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... were supportive of these policy actions on the premise that fiscal multipliers were likely to be especially large in an environment in which monetary policy was unlikely to respond by raising interest rates.1 However, the rise in sovereign spreads in a number of European countries since late 2009, e ...
... were supportive of these policy actions on the premise that fiscal multipliers were likely to be especially large in an environment in which monetary policy was unlikely to respond by raising interest rates.1 However, the rise in sovereign spreads in a number of European countries since late 2009, e ...
- Blt2}L2tcu Abstract
... -begins with the fundamental ideas of economic actions. The second fundamental course i.e. macroeconomics. I offer the students a view on the economy as a whole' This course will introduce the students to the basic ideas and tools that will be utilized throughout in the other courses of the degree p ...
... -begins with the fundamental ideas of economic actions. The second fundamental course i.e. macroeconomics. I offer the students a view on the economy as a whole' This course will introduce the students to the basic ideas and tools that will be utilized throughout in the other courses of the degree p ...
