Asymmetric Fiscal Policy Shocks
... in the presence of binding liquidity constraints during recessions both positive government spending and negative tax shocks have stronger stimuli effects on private consumption than in expansions. In a different analytical framework Leeper et al. (2010) show that government investment is contracti ...
... in the presence of binding liquidity constraints during recessions both positive government spending and negative tax shocks have stronger stimuli effects on private consumption than in expansions. In a different analytical framework Leeper et al. (2010) show that government investment is contracti ...
Preview - American Economic Association
... targeted portion of the real world. Models can suppress various disturbing or inessential factors, but they must adequately represent the fundamental causal forces at work in the target domain. The most common representationalist view within the recent literature on economic models is the isolationi ...
... targeted portion of the real world. Models can suppress various disturbing or inessential factors, but they must adequately represent the fundamental causal forces at work in the target domain. The most common representationalist view within the recent literature on economic models is the isolationi ...
Chapter 32
... classical, Keynesian, and monetarist macroeconomics. Today’s consensus is one that takes insights from each of the schools. While there is a consensus, the macroeconomic events of 2008 and 2009 have placed the consensus under some stress and cracks are emerging. The main crack is between the views o ...
... classical, Keynesian, and monetarist macroeconomics. Today’s consensus is one that takes insights from each of the schools. While there is a consensus, the macroeconomic events of 2008 and 2009 have placed the consensus under some stress and cracks are emerging. The main crack is between the views o ...
On the low-frequency relationship between public deficits and inflation
... characterized by a central bank not responding strongly to inflation (e.g. Clarida, Gali, and Gertler, 2000; Lubik and Schorfheide, 2004) and the fiscal authority playing a dominant role (e.g. Davig and Leeper, 2007; Bianchi and Ilut, 2012). Similarly, our results are in line with the narrative desc ...
... characterized by a central bank not responding strongly to inflation (e.g. Clarida, Gali, and Gertler, 2000; Lubik and Schorfheide, 2004) and the fiscal authority playing a dominant role (e.g. Davig and Leeper, 2007; Bianchi and Ilut, 2012). Similarly, our results are in line with the narrative desc ...
Higher Economics Course Assessment Specification
... The assignment will be conducted under supervision and control to ensure that the work presented is the learner’s own. The assignment will be split into two parts — research and write up. The research should be conducted within the number of hours allocated to completing it. The research and dat ...
... The assignment will be conducted under supervision and control to ensure that the work presented is the learner’s own. The assignment will be split into two parts — research and write up. The research should be conducted within the number of hours allocated to completing it. The research and dat ...
NBER WORKING PAPER SERIES THE BARNETT CRITIQUE AFTER THREE DECADES:
... resolve the merits of simple-sum versus superlative indexes of money on the basis of goodnessof-fit criteria or have judged money not to be an important variable when a simple-sum measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of ta ...
... resolve the merits of simple-sum versus superlative indexes of money on the basis of goodnessof-fit criteria or have judged money not to be an important variable when a simple-sum measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of ta ...
ch17
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
Financial-Reform-and-Rural-Development
... Credit market development in the rural sector is critical for rural financial deepening in the process of financial development at large. But it has been observed in the context of India that demand for credit is inelastic with regard to the cost of borrowing (Bell et al., 1997), implying the prese ...
... Credit market development in the rural sector is critical for rural financial deepening in the process of financial development at large. But it has been observed in the context of India that demand for credit is inelastic with regard to the cost of borrowing (Bell et al., 1997), implying the prese ...
Adam Smith`s Legacy: His Place in the Development of Modern
... the same proportion of his income, the poll tax introduced in Britain appeared ‘improper’—in Smith’s words, typical of countries where ‘the ease, comfort and security of the inferior ranks of people are little attended to’. This caused a stir in the audience, especially among the politicians. And wh ...
... the same proportion of his income, the poll tax introduced in Britain appeared ‘improper’—in Smith’s words, typical of countries where ‘the ease, comfort and security of the inferior ranks of people are little attended to’. This caused a stir in the audience, especially among the politicians. And wh ...
Monetary Policy C H A P T E R C H E C K L I S T
... A targeting rule is a decision rule for monetary policy that sets the policy instrument at a level that makes the central bank’s forecast of the ultimate policy goals equal to their targets. If the ultimate policy goal is a 2 percent inflation rate and the instrument is the federal funds rate, then ...
... A targeting rule is a decision rule for monetary policy that sets the policy instrument at a level that makes the central bank’s forecast of the ultimate policy goals equal to their targets. If the ultimate policy goal is a 2 percent inflation rate and the instrument is the federal funds rate, then ...
UNIVERSITY OF CALICUT Abstract
... knowing more about himself and his societal environment. Economics is no exception to this process of evolution. A number of developments in the form of new theories and applications have already taken place in economics during the past few decades with a view to understand the economy, its actors t ...
... knowing more about himself and his societal environment. Economics is no exception to this process of evolution. A number of developments in the form of new theories and applications have already taken place in economics during the past few decades with a view to understand the economy, its actors t ...
Empirical Evidence on Growth: A Closer Look on Cross
... All considered papers name at least one of these two difficulties and make suggestions how to deal with them: Growth theories are not explicit about what variables should be in a growth regression ...
... All considered papers name at least one of these two difficulties and make suggestions how to deal with them: Growth theories are not explicit about what variables should be in a growth regression ...
17.1 HOW THE FED CONDUCTS MONETARY POLICY
... Inflation targeting rule is a monetary policy strategy in which the central bank makes a public commitment to achieving an explicit inflation target and to explaining how its policy actions will achieve that target. Of the alternatives to the Fed’s current strategy, inflation targeting is the most l ...
... Inflation targeting rule is a monetary policy strategy in which the central bank makes a public commitment to achieving an explicit inflation target and to explaining how its policy actions will achieve that target. Of the alternatives to the Fed’s current strategy, inflation targeting is the most l ...
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Nova Layout [7x10]
... interest of fiscal policy as an effective instrument to correct undesirable outcomes of the process of economic growth in terms of inequality. In contrast, in the extensive literature on development that has appeared during the 1990s, the causation between inequality and growth runs in the opposite ...
... interest of fiscal policy as an effective instrument to correct undesirable outcomes of the process of economic growth in terms of inequality. In contrast, in the extensive literature on development that has appeared during the 1990s, the causation between inequality and growth runs in the opposite ...
The Transmission of Monetary Policy Operations through
... Under these premises, we analyse the e¤ect of OMO on economic activity in a dynamic, stochastic, general-equilibrium (DSG) model. In the model, overlapping generations (OLG) of households use money, bonds, and durable goods to smooth consumption over their life cycle as well as the business cycle. I ...
... Under these premises, we analyse the e¤ect of OMO on economic activity in a dynamic, stochastic, general-equilibrium (DSG) model. In the model, overlapping generations (OLG) of households use money, bonds, and durable goods to smooth consumption over their life cycle as well as the business cycle. I ...
4. Supply and Demand Developments
... compared to the outlook presented in the October Inflation Report. The growth did not slow down in this quarter, while domestic demand remained almost flat and imports continued to tumble. Exports experienced a quarterly increase in the third quarter, thus the net external demand has contributed pos ...
... compared to the outlook presented in the October Inflation Report. The growth did not slow down in this quarter, while domestic demand remained almost flat and imports continued to tumble. Exports experienced a quarterly increase in the third quarter, thus the net external demand has contributed pos ...
Funny Money: Fiscal Policy, Rent
... rent-seeking. As we shall see, in Indonesia under Suharto, there was large-scale offbudget fiscal activity which has gone largely unstudied, but is in fact analytically interesting both for discussions about the political economy of rent-seeking in general, and Indonesia's development in particular. ...
... rent-seeking. As we shall see, in Indonesia under Suharto, there was large-scale offbudget fiscal activity which has gone largely unstudied, but is in fact analytically interesting both for discussions about the political economy of rent-seeking in general, and Indonesia's development in particular. ...
Business Cycles, Unemployment, & Inflation
... 4. The unemployment rate is affected by the business cycle. The unemployment rate generally falls when the growth rate of real GDP is above average and generally increases when the growth rate of real GDP is below average. 5. Job creation and destruction, as well as voluntary job separations, lead t ...
... 4. The unemployment rate is affected by the business cycle. The unemployment rate generally falls when the growth rate of real GDP is above average and generally increases when the growth rate of real GDP is below average. 5. Job creation and destruction, as well as voluntary job separations, lead t ...