The Effects of Technical Change on Labor Market Inequalities
... model to the Lucas-Prescott island economy; from the Mortensen-Pissarides matching model to the competitive directed search framework; and from the Bewley-Aiyagari incomplete-markets model to Arrow-Debreu economies with limited enforcement. We think two main reasons exist for the lack of a unified ...
... model to the Lucas-Prescott island economy; from the Mortensen-Pissarides matching model to the competitive directed search framework; and from the Bewley-Aiyagari incomplete-markets model to Arrow-Debreu economies with limited enforcement. We think two main reasons exist for the lack of a unified ...
Policy Trade-o¤s and International Spillover E¤ects at the Zero Bound Alex Haberis
... How does the zero lower bound on nominal interest rates (ZLB) a¤ect optimal monetary policy in a small open economy in response to global shocks? The …nancial crisis of 2007-2008 and the subsequent “Great Recession” led central banks around the world to lower nominal interest rates to close to zero. ...
... How does the zero lower bound on nominal interest rates (ZLB) a¤ect optimal monetary policy in a small open economy in response to global shocks? The …nancial crisis of 2007-2008 and the subsequent “Great Recession” led central banks around the world to lower nominal interest rates to close to zero. ...
Government spending and economic growth: evidence from Nigeria
... all sectors of the economy so as to stimulate rapid growth in aggregate output. Empirical studies have found that there exists positive correlation between industrialization and public infrastructural facilities. Manufacturing industries do consider infrastructure services or facilities before locat ...
... all sectors of the economy so as to stimulate rapid growth in aggregate output. Empirical studies have found that there exists positive correlation between industrialization and public infrastructural facilities. Manufacturing industries do consider infrastructure services or facilities before locat ...
3.3 Macroeconomic models
... Full employment level of national income: This is the level at Net National Income at which everyone who wants to work is able to. There is in other words sufficient demand to employ everyone. Classical economists argued that the economy would automatically tend to this equilibrium, whereas Keynesia ...
... Full employment level of national income: This is the level at Net National Income at which everyone who wants to work is able to. There is in other words sufficient demand to employ everyone. Classical economists argued that the economy would automatically tend to this equilibrium, whereas Keynesia ...
Optimal monetary and fiscal policy in a currency union Journal of
... country-specific levels of public consumption, and by having the latter yield utility to domestic households. Finally, we model the currency union as being made up of a continuum of small open economies, subject to imperfectly correlated productivity shocks. That modelling choice stands in contrast w ...
... country-specific levels of public consumption, and by having the latter yield utility to domestic households. Finally, we model the currency union as being made up of a continuum of small open economies, subject to imperfectly correlated productivity shocks. That modelling choice stands in contrast w ...
Working paper
... which are those that require relatively more private expenditures. In its turn, this change in the composition of the households’ demand for transportation services raises steady-state growth by inducing the households to increase their labor supply so as to afford larger expenditures in transportat ...
... which are those that require relatively more private expenditures. In its turn, this change in the composition of the households’ demand for transportation services raises steady-state growth by inducing the households to increase their labor supply so as to afford larger expenditures in transportat ...
Optimal Fiscal Policy in the Neoclassical Growth Model
... trivial result that the solution to the Ramsey problem without imposing exogenous bounds is time-consistent does not hold in our environment.1 Next we offer a complete characterization of the behavior of tax rates in a stochastic environment in which the government has access to state-contingent deb ...
... trivial result that the solution to the Ramsey problem without imposing exogenous bounds is time-consistent does not hold in our environment.1 Next we offer a complete characterization of the behavior of tax rates in a stochastic environment in which the government has access to state-contingent deb ...
Debt, Deleveraging, and the Liquidity Trap: A Fisher‐Minsky‐Koo approach
... If there is a single word that appears most frequently in discussions of the economic problems now afflicting both the United States and Europe, that word is surely “debt.” As Table 1 shows, there was a rapid increase in household debt in a number of countries in the years leading up to the 2008 cri ...
... If there is a single word that appears most frequently in discussions of the economic problems now afflicting both the United States and Europe, that word is surely “debt.” As Table 1 shows, there was a rapid increase in household debt in a number of countries in the years leading up to the 2008 cri ...
NBER WORKING PAPER SERIES OPTIMAL MONETARY AND FISCAL POLICY Jordi Gali
... 4 we study optimal monetary and …scal policy in a currency union. We take for granted an institutional arrangement in which monetary policy is conducted by a common central bank, whereas …scal policy is conducted at the level of each member country. We contrast the case of full price ‡exibility to t ...
... 4 we study optimal monetary and …scal policy in a currency union. We take for granted an institutional arrangement in which monetary policy is conducted by a common central bank, whereas …scal policy is conducted at the level of each member country. We contrast the case of full price ‡exibility to t ...
Advances in Environmental Biology
... complex factors involved in its development and maintenance. This type of inflation is mainly particular in developing countries. The use of fiscal and monetary policies to fight inflation in developing economies may not work and cost too much for these types of businesses. This type of inflation is ...
... complex factors involved in its development and maintenance. This type of inflation is mainly particular in developing countries. The use of fiscal and monetary policies to fight inflation in developing economies may not work and cost too much for these types of businesses. This type of inflation is ...
F585 Global Economy June 2010
... Paragraph one comments on the extent and duration of the recent recession with particular reference to the UK. We are told that the recent recession has been the longest and most severe since the 1930s, and that Britain seemed to lag behind other advanced countries in terms of recovery from recessio ...
... Paragraph one comments on the extent and duration of the recent recession with particular reference to the UK. We are told that the recent recession has been the longest and most severe since the 1930s, and that Britain seemed to lag behind other advanced countries in terms of recovery from recessio ...
Aalborg Universitet and distribution
... consumption’ refers to the energy consumption necessary to keep a person alive under given climatic conditions, while ‘exosomatic energy consumption’ refers to all the extra consumption that follows from our way of life. A particular characteristic of human beings is that they may have an exosomatic ...
... consumption’ refers to the energy consumption necessary to keep a person alive under given climatic conditions, while ‘exosomatic energy consumption’ refers to all the extra consumption that follows from our way of life. A particular characteristic of human beings is that they may have an exosomatic ...
Measuring a Nation`s Income THE ECONOMY`S INCOME AND
... Microeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets. Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect many households, firms, and markets at once. Macroeconom ...
... Microeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets. Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect many households, firms, and markets at once. Macroeconom ...
PDF
... In turn, households demand housing services. The local supply of labor comes directly from the six household groups described earlier, commuters in and out of the city, and household migration. The proportion of local households who are working is a function of real wages internal to the city versus ...
... In turn, households demand housing services. The local supply of labor comes directly from the six household groups described earlier, commuters in and out of the city, and household migration. The proportion of local households who are working is a function of real wages internal to the city versus ...
A Growth Path towards Full Employment
... path, what is wrong with the current growth path, the pillars of our proposed growth path and the role of the state. 2. In Part II, the document discusses Economic Policy, and makes some proposals regarding Industrial Policy where an outline of the industrial structure of this new growth path is pre ...
... path, what is wrong with the current growth path, the pillars of our proposed growth path and the role of the state. 2. In Part II, the document discusses Economic Policy, and makes some proposals regarding Industrial Policy where an outline of the industrial structure of this new growth path is pre ...
Interactive Tool
... GDP as a Measure of Well-Being GDP fails to account for many forms of production that improve a person’s well being. For example, if you make a meal at home, the labor is not included. However, if you were to go out to a restaurant and consume that same meal, the labor is included in GDP. Unpaid wor ...
... GDP as a Measure of Well-Being GDP fails to account for many forms of production that improve a person’s well being. For example, if you make a meal at home, the labor is not included. However, if you were to go out to a restaurant and consume that same meal, the labor is included in GDP. Unpaid wor ...
No Slide Title
... Roles and value of intermediaries in emarkets Search costs: brokers with access to customer preferences can predict demand for products Lack of privacy: anonymity of buyer and/or ...
... Roles and value of intermediaries in emarkets Search costs: brokers with access to customer preferences can predict demand for products Lack of privacy: anonymity of buyer and/or ...
The Effects of External Shocks on Business Cycles in Emerging Asia
... the region’s own economic demand — especially by the tremendous rebound in intraregional trade. The region is also less dependent on foreign capital than before. The impact of the European debt crisis has been minimal: bond yields have fallen but capital continues to flow in. However, it is often cl ...
... the region’s own economic demand — especially by the tremendous rebound in intraregional trade. The region is also less dependent on foreign capital than before. The impact of the European debt crisis has been minimal: bond yields have fallen but capital continues to flow in. However, it is often cl ...
Document
... prices are flexible and adjust to equate supply and demand. In the short run, many prices are sticky--they adjust only sluggishly in response to supply/demand imbalances. For example, – labor contracts that fix the nominal wage for a year or longer ...
... prices are flexible and adjust to equate supply and demand. In the short run, many prices are sticky--they adjust only sluggishly in response to supply/demand imbalances. For example, – labor contracts that fix the nominal wage for a year or longer ...
Pushing on a string: US monetary policy is less powerful in recessions
... policy and the models used to analyse it. If changes in the policy rate have little impact in a recession, policymakers will possibly need to resort to other monetary policy measures to achieve the desired expansionary effect. The authorities may also need to rely more heavily on fiscal or financial ...
... policy and the models used to analyse it. If changes in the policy rate have little impact in a recession, policymakers will possibly need to resort to other monetary policy measures to achieve the desired expansionary effect. The authorities may also need to rely more heavily on fiscal or financial ...