NBER WORKING PAPER SERIES Jesús Fernández-Villaverde
... how our estimation results relate both to the observations about the economy (for instance, how is our model interpreting the e¤ects of oil shocks?) and to the written record. Our main …ndings are that, while there is strong evidence of changes in monetary policy during Volcker’s tenure at the Fed, ...
... how our estimation results relate both to the observations about the economy (for instance, how is our model interpreting the e¤ects of oil shocks?) and to the written record. Our main …ndings are that, while there is strong evidence of changes in monetary policy during Volcker’s tenure at the Fed, ...
A Comparison of the Theories of Joseph Alois Schumpeter and John
... employment (Ekelund & Hebert, 1975). In order to achieve this full employment point (point B figure 2), Keynes believed, investment demand must be equal to the gap between the aggregate supply price corresponding to full employment and the amount which consumers in the aggregate choose to spend for ...
... employment (Ekelund & Hebert, 1975). In order to achieve this full employment point (point B figure 2), Keynes believed, investment demand must be equal to the gap between the aggregate supply price corresponding to full employment and the amount which consumers in the aggregate choose to spend for ...
Mexico in Comparative Perspective, 1830-1
... 5 This paper therefore builds upon two related, but distinct, literatures in political economy. The first is the literature on “limited government.” These are governments that are forced to obey their own laws because of selfenforcing institutions. The second is a literature on “constraints on the e ...
... 5 This paper therefore builds upon two related, but distinct, literatures in political economy. The first is the literature on “limited government.” These are governments that are forced to obey their own laws because of selfenforcing institutions. The second is a literature on “constraints on the e ...
Gross Domestic Product How Is The GDP Calculated?
... The Rest of the World Sector: Firms in Canada export goods and services to the rest of the world and import goods and services from the rest of the world. The value of exports to the rest of the world minus the value of imports from the rest of the world is called net exports. If the value of export ...
... The Rest of the World Sector: Firms in Canada export goods and services to the rest of the world and import goods and services from the rest of the world. The value of exports to the rest of the world minus the value of imports from the rest of the world is called net exports. If the value of export ...
the relationship between the stock market and the economy
... in line with the Permanent Income Hypothesis suggested by Friedman (1957) and the life-cycle hypothesis postulated by Modigliani (1986). These pointed out the importance of assets for consumption decisions. According to these hypotheses, household expenditure in the economy is not only a function of ...
... in line with the Permanent Income Hypothesis suggested by Friedman (1957) and the life-cycle hypothesis postulated by Modigliani (1986). These pointed out the importance of assets for consumption decisions. According to these hypotheses, household expenditure in the economy is not only a function of ...
The Future of Monetary Policy - Federal Reserve Bank of Minneapolis
... In the last few years, policymakers as well as academicians have been recognizing the importance of expectations in economic decision making. They have found that expectations can be a key factor in a wide range of consumption, investment, and policymaking problems. In fact, it is hard to imagine an ...
... In the last few years, policymakers as well as academicians have been recognizing the importance of expectations in economic decision making. They have found that expectations can be a key factor in a wide range of consumption, investment, and policymaking problems. In fact, it is hard to imagine an ...
Minority Governments and Party Politics: The Political and
... behind the Danish miracle warrant attention because they might suggest solutions to some of the problems found in other countries. Yet – the Danish case is also interesting from the perspective of “interaction-oriented policy research” (Scharpf 1997: 10–12). From this perspective, the question is wh ...
... behind the Danish miracle warrant attention because they might suggest solutions to some of the problems found in other countries. Yet – the Danish case is also interesting from the perspective of “interaction-oriented policy research” (Scharpf 1997: 10–12). From this perspective, the question is wh ...
Document
... spends the extra income on groceries, enriching a shopkeeper, who in turn goes shopping himself and so on • In normal times central banks would try to spur growth by adjusting interest rates to discourage saving and encourage borrowing. Yet by early 2009 most central banks had reduced their main int ...
... spends the extra income on groceries, enriching a shopkeeper, who in turn goes shopping himself and so on • In normal times central banks would try to spur growth by adjusting interest rates to discourage saving and encourage borrowing. Yet by early 2009 most central banks had reduced their main int ...
Five Years of Competitive and Stable Real Exchange ∗
... the peak of mid-1998 and a rise in the unemployment rate up to 21.5%, leading half of the population below the poverty line. However, only one quarter after the devaluation and default economic activity gradually started to recover. By the end of 2002, once the government managed to stabilize domest ...
... the peak of mid-1998 and a rise in the unemployment rate up to 21.5%, leading half of the population below the poverty line. However, only one quarter after the devaluation and default economic activity gradually started to recover. By the end of 2002, once the government managed to stabilize domest ...
Problem Session II
... (e.g.,dollar) demanded in the foreign exchange market. The exchange rate in uences the quantity of foreign currency demanded for two reasons: Imports Eect: The larger the value of the country's imports, the larger is the quantity of foreign currency demanded in the foreign exchange market. The va ...
... (e.g.,dollar) demanded in the foreign exchange market. The exchange rate in uences the quantity of foreign currency demanded for two reasons: Imports Eect: The larger the value of the country's imports, the larger is the quantity of foreign currency demanded in the foreign exchange market. The va ...
GDP
... Other issues regarding National Accounts 4 - GDP and the environment: -The harmful effects of pollution are not deducted from GDP (oil spills, increased incidence of cancer, destruction of habitat for wildlife, the loss of a clear unobstructed view). -GDP does include payments made for cleaning up ...
... Other issues regarding National Accounts 4 - GDP and the environment: -The harmful effects of pollution are not deducted from GDP (oil spills, increased incidence of cancer, destruction of habitat for wildlife, the loss of a clear unobstructed view). -GDP does include payments made for cleaning up ...
The Impact of the Global Financial Crisis: The Case of Malaysia
... anchor nation stable (Masih, 2005). Secondly, the governments operating expenditure has been rising more sharply than its tax revenue since 2000. Malaysia has a narrow tax base. Only a small segment of Malaysian workers pay income tax as the majority of the working population are low-wage earners. ...
... anchor nation stable (Masih, 2005). Secondly, the governments operating expenditure has been rising more sharply than its tax revenue since 2000. Malaysia has a narrow tax base. Only a small segment of Malaysian workers pay income tax as the majority of the working population are low-wage earners. ...
No Need to Panic About U.S. Government Deficits
... what it is relatively better at producing (the country’s comparative advange). When everyone does what they do best, the combined output of the two countries is higher than it would be if they each produced everything for themselves, so everyone could be better off. Sensible analysts recognize, howe ...
... what it is relatively better at producing (the country’s comparative advange). When everyone does what they do best, the combined output of the two countries is higher than it would be if they each produced everything for themselves, so everyone could be better off. Sensible analysts recognize, howe ...
2012 - CCACH
... continent. Although gold is the only mineral that has given notable economic benefits to the country, Tanzania does have many other minerals, such as diamonds, coal, iron, uranium and nickel to name a few. However, it also boasts a gemstone which is only native to Tanzania called Tanzanite. This sto ...
... continent. Although gold is the only mineral that has given notable economic benefits to the country, Tanzania does have many other minerals, such as diamonds, coal, iron, uranium and nickel to name a few. However, it also boasts a gemstone which is only native to Tanzania called Tanzanite. This sto ...
Economic Policies with Endogenous Innovation and
... The current global crisis has not only strikingly shown the importance of banking and financial markets for the dynamics of real economies, but it has also revealed to be a “natural experiment” for economic analysis, showing the inadequacy of the predominant theoretical frameworks. The basic assumpt ...
... The current global crisis has not only strikingly shown the importance of banking and financial markets for the dynamics of real economies, but it has also revealed to be a “natural experiment” for economic analysis, showing the inadequacy of the predominant theoretical frameworks. The basic assumpt ...
Consumer Spending
... economists trying to understand the Great Depression. Most economists believe that the slump from 1929 to 1933 was driven by a collapse in investment spending. • But as the economy shrank, consumer spending also fell sharply, multiplying the effect on real GDP. • In the modern U.S. economy, taxes ar ...
... economists trying to understand the Great Depression. Most economists believe that the slump from 1929 to 1933 was driven by a collapse in investment spending. • But as the economy shrank, consumer spending also fell sharply, multiplying the effect on real GDP. • In the modern U.S. economy, taxes ar ...
Fall 2015
... and minds contributed to this journal, and many acknowledgements will be made in this letter. However, I will begin with a quick word on the papers that follow. We approached our submission reviews this semester with a hope of expanding our target reader audience. Our goal was to show how economic a ...
... and minds contributed to this journal, and many acknowledgements will be made in this letter. However, I will begin with a quick word on the papers that follow. We approached our submission reviews this semester with a hope of expanding our target reader audience. Our goal was to show how economic a ...
NBER WORKING PAPER SERIES UNION Matteo Cacciatore
... The intuition for our results is straightforward. We show that high regulation in goods and labor markets implies that steady-state markups are too high and job creation too low. Inefficiency wedges with respect to the first-best allocation are sizable. Regulation makes cyclical unemployment fluctuat ...
... The intuition for our results is straightforward. We show that high regulation in goods and labor markets implies that steady-state markups are too high and job creation too low. Inefficiency wedges with respect to the first-best allocation are sizable. Regulation makes cyclical unemployment fluctuat ...
PDF
... Unless, of course, financial stability concern ranks higher on the PBC agenda. A too-low interest rate could fuel unsustainable shadow banking expansion, excess leverage and asset price booms. China has experienced a massive credit binge since 2007, with total credit to the non-financial private sec ...
... Unless, of course, financial stability concern ranks higher on the PBC agenda. A too-low interest rate could fuel unsustainable shadow banking expansion, excess leverage and asset price booms. China has experienced a massive credit binge since 2007, with total credit to the non-financial private sec ...
Factors Influencing Relative Price of Goods and Services Sectors in
... of discernible increase in net direct investment, it is observed that the item of “other investments” reflecting credit use from foreign sources plays an important role in financing current deficit. In the light of these developments, significant increases in foreign debt stock stand out as another ...
... of discernible increase in net direct investment, it is observed that the item of “other investments” reflecting credit use from foreign sources plays an important role in financing current deficit. In the light of these developments, significant increases in foreign debt stock stand out as another ...
Financial, economic and social systems
... workers are not represented in this new social compromise. “This new alliance therefore brings a shift in the hierarchy of institutional forms and, at least potentially, makes possible a genuine accumulation regime” (Boyer 2010, p.232, emphasis in the original). New financial players have thus gaine ...
... workers are not represented in this new social compromise. “This new alliance therefore brings a shift in the hierarchy of institutional forms and, at least potentially, makes possible a genuine accumulation regime” (Boyer 2010, p.232, emphasis in the original). New financial players have thus gaine ...
The Political Economy of National Statistics - Name
... open source software to YouTube channels, is blurring the conventional production boundary – long challenged by those who believe home production (cooking, cleaning, caring) and volunteering should be included in any measure of aggregate economic output. While excluding reading to children at the lo ...
... open source software to YouTube channels, is blurring the conventional production boundary – long challenged by those who believe home production (cooking, cleaning, caring) and volunteering should be included in any measure of aggregate economic output. While excluding reading to children at the lo ...