Stagnation Traps Gianluca Benigno and Luca Fornaro January 2015 Preliminary, comments welcome
... growth has been weak, resulting in large deviations of output from pre-slump trends.1 In this paper we present a theory in which permanent, or very persistent, slumps characterized by unemployment and weak growth are possible. Our idea is that the connection between depressed demand, low interest ra ...
... growth has been weak, resulting in large deviations of output from pre-slump trends.1 In this paper we present a theory in which permanent, or very persistent, slumps characterized by unemployment and weak growth are possible. Our idea is that the connection between depressed demand, low interest ra ...
The evolution and impact of unconditional cash transfers in South
... Maintenance Grant would have severe fiscal implications. Simulations based on household survey data suggested that there would be a more than twenty-fold increase in expenditures if caregivers became aware of their rights (Haarman & Haarman 1996). To be fair to the government of the day, the fiscal ...
... Maintenance Grant would have severe fiscal implications. Simulations based on household survey data suggested that there would be a more than twenty-fold increase in expenditures if caregivers became aware of their rights (Haarman & Haarman 1996). To be fair to the government of the day, the fiscal ...
My lecture
... • Real GDP increases if you sell your services rather than provide them free. • If you build a house through Habitat for Humanity your work doesn’t count as part of GDP. If you get paid for the same work, it counts. • If you pollute during production and someone pays to clean the environment, the GD ...
... • Real GDP increases if you sell your services rather than provide them free. • If you build a house through Habitat for Humanity your work doesn’t count as part of GDP. If you get paid for the same work, it counts. • If you pollute during production and someone pays to clean the environment, the GD ...
Financial Crises in Emerging Market Economies
... Crises in advanced economies can be triggered by a number of factors. But in emerging market countries, financial crises develop along two basic paths—either the mismanagement of financial liberalization and globalization or severe fiscal imbalances. The first path of mismanagement of financial libe ...
... Crises in advanced economies can be triggered by a number of factors. But in emerging market countries, financial crises develop along two basic paths—either the mismanagement of financial liberalization and globalization or severe fiscal imbalances. The first path of mismanagement of financial libe ...
Economic Benefits of Protecting Natural Resources in
... however. To the contrary, many benefits of conservation do not lend themselves to markets and prices precisely because of their importance. Ernie Niemi and Kristin Lee, economists with ECONorthwest, prepared this report for the Coalition for Sonoran Desert Protection. Many people have provided valu ...
... however. To the contrary, many benefits of conservation do not lend themselves to markets and prices precisely because of their importance. Ernie Niemi and Kristin Lee, economists with ECONorthwest, prepared this report for the Coalition for Sonoran Desert Protection. Many people have provided valu ...
Statistics Canada now computes real GDP and the GDP deflator in a
... Note the role played by prices from the reference year (in this case 2006) in these calculations. As long as relative prices in the economy stay approximately similar, using reference-year prices to weight quantities in the denominators of each of the GDP deflator ratios is not a significant problem ...
... Note the role played by prices from the reference year (in this case 2006) in these calculations. As long as relative prices in the economy stay approximately similar, using reference-year prices to weight quantities in the denominators of each of the GDP deflator ratios is not a significant problem ...
PowerPoint Presentation - University High School
... d. Calculated by adding up only the real number of all items sold in the U.S. regardless of their prices. e. The value of the production of all final goods and services measured in future prices. ...
... d. Calculated by adding up only the real number of all items sold in the U.S. regardless of their prices. e. The value of the production of all final goods and services measured in future prices. ...
Smith, Marshall and Young on Division of Labor and Economic Growth
... product. Therefore, in Smithian growth demand and supply are at least equally important.11 In particular, coordinated specialization of di¤erent productive units generates contemporaneous increases in the supply of commodities, since specialization increases productivity, and in the demand for other ...
... product. Therefore, in Smithian growth demand and supply are at least equally important.11 In particular, coordinated specialization of di¤erent productive units generates contemporaneous increases in the supply of commodities, since specialization increases productivity, and in the demand for other ...
Risk and resilience in a changing world
... volatility in employment and wage outcomes for individuals over time. That is, it is more likely that you will lose a job and/or that your wages will reduce.9 And unemployment has effects that can last. Long-term unemployed have much weaker prospects, and graduates who enter the labour market in a r ...
... volatility in employment and wage outcomes for individuals over time. That is, it is more likely that you will lose a job and/or that your wages will reduce.9 And unemployment has effects that can last. Long-term unemployed have much weaker prospects, and graduates who enter the labour market in a r ...
IS THERE A TRADE-OFF BETWEEN INFLATION AND OUTPUT STABILIZATION?
... response to labor supply shocks under optimal policy does not change much whether those shocks come from changes in workers’tastes or in their monopoly power, even if the response of the e¢ cient economy does. This paper is related to a large literature on the estimation of DSGE models (e.g. Rotembe ...
... response to labor supply shocks under optimal policy does not change much whether those shocks come from changes in workers’tastes or in their monopoly power, even if the response of the e¢ cient economy does. This paper is related to a large literature on the estimation of DSGE models (e.g. Rotembe ...
The PROBLEM With Economics: Naturalism, Critique And
... pragmatist critique of regular sociological explanatory categories. See Bruno Latour, Reassembling the Social: An Introduction to Actor-Network-Theory (Oxford: Oxford University Press, 2005). ...
... pragmatist critique of regular sociological explanatory categories. See Bruno Latour, Reassembling the Social: An Introduction to Actor-Network-Theory (Oxford: Oxford University Press, 2005). ...
Entire Unit Module - Tippie College of Business
... existing contracts in the series are liquidated and payments are made as described below. Then, new contracts are created as described below. The schedule of FOMC meetings can be found at the Federal Reserve System's web site: http://www.bog.frb.fed.us/fomc/. The Directors of the IEM reserve the rig ...
... existing contracts in the series are liquidated and payments are made as described below. Then, new contracts are created as described below. The schedule of FOMC meetings can be found at the Federal Reserve System's web site: http://www.bog.frb.fed.us/fomc/. The Directors of the IEM reserve the rig ...
Makro-01
... • Macroeconomics deals with the economy as a whole. It studies the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior ...
... • Macroeconomics deals with the economy as a whole. It studies the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior ...
the influence of direct democracy on the shadow economy
... public spending to be more efficient and in line with the preferences of citizens. In particular, Pommerehne (1978) and Pommerehne and Schneider (1978) demonstrate that in Swiss cities where citizens’ participation in public decision-making is only indirect, the government and public bureaucracy pr ...
... public spending to be more efficient and in line with the preferences of citizens. In particular, Pommerehne (1978) and Pommerehne and Schneider (1978) demonstrate that in Swiss cities where citizens’ participation in public decision-making is only indirect, the government and public bureaucracy pr ...
Chapter 9: Unemployment and Inflation
... Example: The government’s Trade Adjustment Assistance program o¤ers training to workers whose …rms laid them o¤ as a result of competition from foreign …rms. This would reduce structural unemployment. Other policies try to reduce frictional unemployment: by subsidizing new hires. ...
... Example: The government’s Trade Adjustment Assistance program o¤ers training to workers whose …rms laid them o¤ as a result of competition from foreign …rms. This would reduce structural unemployment. Other policies try to reduce frictional unemployment: by subsidizing new hires. ...
The Industrialization and Economic Development of Russia through
... goods, FNM and FNA are the marginal products of labor in the two sectors, pM /pA and wM /wA are relative prices and wages.5 In a competitive equilibrium without frictions, each of the three components on the right hand side of this decomposition is equal to one. We show that many mechanisms discusse ...
... goods, FNM and FNA are the marginal products of labor in the two sectors, pM /pA and wM /wA are relative prices and wages.5 In a competitive equilibrium without frictions, each of the three components on the right hand side of this decomposition is equal to one. We show that many mechanisms discusse ...
McCallum rule and Chinese monetary policy
... money. The fit of this rule emphasizing the control of money supply for China has been recently investigated by Burdekin and Siklos (2008) and Liu and Zhang (2007).The latter authors also include a quantity rule for money in their model for analysing monetary policy in China. Our emphasis is rather ...
... money. The fit of this rule emphasizing the control of money supply for China has been recently investigated by Burdekin and Siklos (2008) and Liu and Zhang (2007).The latter authors also include a quantity rule for money in their model for analysing monetary policy in China. Our emphasis is rather ...
Competitive General Equilibrium in an Economy where ∗ Augusto Nieto Barthaburu
... that in markets with a continuum of consumers even though the individual demand correspondence may not be convex valued, the aggregate demand correspondence will be. In the present paper we provide sufficient conditions for existence of competitive equilibrium with NE and indivisibilities combined. ...
... that in markets with a continuum of consumers even though the individual demand correspondence may not be convex valued, the aggregate demand correspondence will be. In the present paper we provide sufficient conditions for existence of competitive equilibrium with NE and indivisibilities combined. ...