A Retrospective Look at the US Productivity
... Is the resurgence in U.S. productivity growth sustainable? The rise in productivity growth lasted through the middle of 2004, but more recent data have been considerably weaker. The 1.3 percent annual productivity growth rate from the middle of 2004 through the middle of 2007, for example, falls sho ...
... Is the resurgence in U.S. productivity growth sustainable? The rise in productivity growth lasted through the middle of 2004, but more recent data have been considerably weaker. The 1.3 percent annual productivity growth rate from the middle of 2004 through the middle of 2007, for example, falls sho ...
The End of the Great Depression 1939‐41: VAR Insight on Policy Contributions and Fiscal Multipliers
... This paper’s results show that while both fiscal and monetary policy contributed to the recovery from the Great Depression, fiscal policy innovations were the dominant force, especially after 1940:Q2 when government expenditures as a percentage of potential real GDP started to explode. This conc ...
... This paper’s results show that while both fiscal and monetary policy contributed to the recovery from the Great Depression, fiscal policy innovations were the dominant force, especially after 1940:Q2 when government expenditures as a percentage of potential real GDP started to explode. This conc ...
PERUVIAN ECONOMIC ASSOCIATION Spillovers, capital flows and prudential regulation in
... and non-tradable sectors of the economy. Entrepreneurs face borrowing constraints to finance both production and the acquisition of capital. Workers and entrepreneurs consume a basket of tradable and non-tradable goods. We introduce two types of durable goods, houses and capital and both serve as co ...
... and non-tradable sectors of the economy. Entrepreneurs face borrowing constraints to finance both production and the acquisition of capital. Workers and entrepreneurs consume a basket of tradable and non-tradable goods. We introduce two types of durable goods, houses and capital and both serve as co ...
Alternative Methods for Measuring Productivity Growth Including
... output shares used in calculating the growth rates are to a first approximation equal to nominal output shares. Pure Productivity Effect. The first term on the right hand side of equations (9) and (12) is a fixed-weighted average of the productivity growth rates of different sectors. More precisely, ...
... output shares used in calculating the growth rates are to a first approximation equal to nominal output shares. Pure Productivity Effect. The first term on the right hand side of equations (9) and (12) is a fixed-weighted average of the productivity growth rates of different sectors. More precisely, ...
Output and Expenditure in the Short Run
... 1. Understand how macroeconomic equilibrium is determined in the aggregate expenditure model. The aggregate expenditure model focuses on the relationship between total spending and real GDP in the short run, assuming the price level is constant. In any particular year, the level of GDP is determined ...
... 1. Understand how macroeconomic equilibrium is determined in the aggregate expenditure model. The aggregate expenditure model focuses on the relationship between total spending and real GDP in the short run, assuming the price level is constant. In any particular year, the level of GDP is determined ...
A-level Economics Mark scheme Unit 04 - The National and
... Measurement of impact in the context of the balance of payments World commodity prices increases and the UK import bill UK competitiveness given the authorities’ success or failure in controlling inflation The impact of imported inflation on future balance of payments’ performance Inflation, the UK ...
... Measurement of impact in the context of the balance of payments World commodity prices increases and the UK import bill UK competitiveness given the authorities’ success or failure in controlling inflation The impact of imported inflation on future balance of payments’ performance Inflation, the UK ...
Chapter 25(10): Expenditure Multipliers
... investment (a component of autonomous expenditure) increases by $10 billion, the equilibrium expenditure increases by $50 billion. However, an increase in the equilibrium expenditure of $50 billion does not necessarily mean that equilibrium real GDP also increases by $50 billion. The change in equil ...
... investment (a component of autonomous expenditure) increases by $10 billion, the equilibrium expenditure increases by $50 billion. However, an increase in the equilibrium expenditure of $50 billion does not necessarily mean that equilibrium real GDP also increases by $50 billion. The change in equil ...
Economic Commentaries
... rate of increase in a broad price index, while the New Keynesian theory advocates stabilising a narrower index. But arguments are also expressed in favour of stabilising an index that disregards temporary price fluctuations or changes in prices that cannot be influenced by monetary policy, such as i ...
... rate of increase in a broad price index, while the New Keynesian theory advocates stabilising a narrower index. But arguments are also expressed in favour of stabilising an index that disregards temporary price fluctuations or changes in prices that cannot be influenced by monetary policy, such as i ...
Investment and Profits: Causality Analysis in Selected eu Countries
... explained the Keynes investment model. He presents his point of view, showing a two-way direction of causality between investment and profits. Profit expectations play a crucial role in firms’ investment decisions and Managing Global Transitions 12 (4): 395–413 ...
... explained the Keynes investment model. He presents his point of view, showing a two-way direction of causality between investment and profits. Profit expectations play a crucial role in firms’ investment decisions and Managing Global Transitions 12 (4): 395–413 ...
No.374 / September 2011 The Cyclical Conduct of Irish Fiscal Policy
... run the counter-cyclical pattern in the structural balance that is required if …scal policy is to actively contribute to stabilisation. Moreover, both …nancial variables are signi…cant in explaining the time variation in the cyclically-adjusted balance. It follows that, according to these estimates ...
... run the counter-cyclical pattern in the structural balance that is required if …scal policy is to actively contribute to stabilisation. Moreover, both …nancial variables are signi…cant in explaining the time variation in the cyclically-adjusted balance. It follows that, according to these estimates ...
Principles of Macroeconomics - Test Item File 1 Ninth Edition by
... 13) The term business cycle refers to the A) short- term ups and downs in the price level. B) long- term trends in the price level. C) short- term ups and downs in the level of economic activity. D) long- term trends in the level of economic activity. ...
... 13) The term business cycle refers to the A) short- term ups and downs in the price level. B) long- term trends in the price level. C) short- term ups and downs in the level of economic activity. D) long- term trends in the level of economic activity. ...
policy disagreement and the transmission of - ECB
... we estimate an Expectational Threshold VAR (ETVAR) model using Bayesian techniques, where the proxies for scal news shocks are included together with a number of macroeconomic variables. The threshold variable is our disagreement index, and the threshold level is endogenously estimated. Our results ...
... we estimate an Expectational Threshold VAR (ETVAR) model using Bayesian techniques, where the proxies for scal news shocks are included together with a number of macroeconomic variables. The threshold variable is our disagreement index, and the threshold level is endogenously estimated. Our results ...
Upload paper - Harvard University
... We find that plans based on reductions in spending (current and investment) or reduction in transfers have broadly the same effect on output. They both cause, on average, a mild recessionary effect after one year from the start of the consolidation, but this effect starts vanishing the following yea ...
... We find that plans based on reductions in spending (current and investment) or reduction in transfers have broadly the same effect on output. They both cause, on average, a mild recessionary effect after one year from the start of the consolidation, but this effect starts vanishing the following yea ...
How Independent Should a Central Bank Be?
... central bank manipulate in order to achieve its short-run and long-run goals? What indicators will prove most reliable in signalling the level and direction of change of the central bank’s ultimate goals? In June of 1994, the Federal Reserve Bank of Boston sponsored a conference to address these que ...
... central bank manipulate in order to achieve its short-run and long-run goals? What indicators will prove most reliable in signalling the level and direction of change of the central bank’s ultimate goals? In June of 1994, the Federal Reserve Bank of Boston sponsored a conference to address these que ...
N - Piazza
... point of departure for deeper exploration of various topics and teachers the flexibility to emphasize topics in greater detail. At the same time, however, we have reduced the book’s level of difficulty by providing straightforward explanations, emphasizing concepts over technique, and fitting diffic ...
... point of departure for deeper exploration of various topics and teachers the flexibility to emphasize topics in greater detail. At the same time, however, we have reduced the book’s level of difficulty by providing straightforward explanations, emphasizing concepts over technique, and fitting diffic ...
An Empirical Assessment of Optimal Monetary Policy Delegation in
... We then utilize these estimates to undertake various counterfactual analyses of Euro-area policy making. Firstly, we consider the European ‘Great Moderation’, and assess the relative contributions of ‘good luck’and ‘good policy’to that moderation. While both elements can half the volatility of in‡a ...
... We then utilize these estimates to undertake various counterfactual analyses of Euro-area policy making. Firstly, we consider the European ‘Great Moderation’, and assess the relative contributions of ‘good luck’and ‘good policy’to that moderation. While both elements can half the volatility of in‡a ...
Essays on institutional quality, macroeconomic stabilization, and economic growth in
... (ESAF)4. Thus, the enhancement of scope meant that IMF's focus was now both macroeconomic issues and economic growth of recipient countries, apart from the primarily initial oversight role. 1.2 IMF programmes and their consequence The Third World debt crisis caused many developing countries in probl ...
... (ESAF)4. Thus, the enhancement of scope meant that IMF's focus was now both macroeconomic issues and economic growth of recipient countries, apart from the primarily initial oversight role. 1.2 IMF programmes and their consequence The Third World debt crisis caused many developing countries in probl ...
NBER WORKING PAPER SERIES UNCERTAIN FISCAL CONSOLIDATIONS Huixin Bi Eric M. Leeper
... Following this simple example, we develop a non-linear DSGE model, in which fiscal consolidations may occur with an increasing probability as government debt levels rise, but the exact timing is uncertain. It is consistent with the empirical observation that sizeable consolidations can take place at ...
... Following this simple example, we develop a non-linear DSGE model, in which fiscal consolidations may occur with an increasing probability as government debt levels rise, but the exact timing is uncertain. It is consistent with the empirical observation that sizeable consolidations can take place at ...
The Interest Rate Effect on Private Saving: Alternative Perspectives
... of the negative income effect of the interest rate? To shed some light on this question, we employ a panel of countries to conduct an extensive empirical study on the link between interest rates and private saving. At the outset, we recognize that the interest rate effect on private saving can be am ...
... of the negative income effect of the interest rate? To shed some light on this question, we employ a panel of countries to conduct an extensive empirical study on the link between interest rates and private saving. At the outset, we recognize that the interest rate effect on private saving can be am ...
Macroeconomics
... papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural chan ...
... papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural chan ...
macroeconomics
... fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Camb ...
... fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Camb ...
Principles of Macroeconomics Self-study quiz and Exercises March
... 4) According to Keynes, the governmentʹs role during periods when private demand is low is to stimulate aggregate demand and, by so doing, lift the economy out of recession. 5) In the Classical model, the level of employment is determined by the level of aggregate demand. 6)ʺ Fine tuningʺ is any gov ...
... 4) According to Keynes, the governmentʹs role during periods when private demand is low is to stimulate aggregate demand and, by so doing, lift the economy out of recession. 5) In the Classical model, the level of employment is determined by the level of aggregate demand. 6)ʺ Fine tuningʺ is any gov ...