modelling of economic cycles and maximal elements in competitive
... An x vector from E includes on each component the product quantity that is subject to a specific transaction at a given time. Therefore, it is not individual products but rather these vectormerchandise that will be produced, traded or consumed. Of course, some of the x components may be null. Let p ...
... An x vector from E includes on each component the product quantity that is subject to a specific transaction at a given time. Therefore, it is not individual products but rather these vectormerchandise that will be produced, traded or consumed. Of course, some of the x components may be null. Let p ...
Implications of insights from behavioral economics for
... and more within macroeconomics. There are two main reasons for this change. First, an increasing body of research by cognitive psychologists and experimental economists has documented a number of systematic deviations in the thinking and decision-making of human beings compared to the traditional “e ...
... and more within macroeconomics. There are two main reasons for this change. First, an increasing body of research by cognitive psychologists and experimental economists has documented a number of systematic deviations in the thinking and decision-making of human beings compared to the traditional “e ...
Case Study: Keynesians in the White House
... The shift in the aggregate demand curve is not exactly the amount of the government purchase ...
... The shift in the aggregate demand curve is not exactly the amount of the government purchase ...
Employment Creation in an Oil-Based Economy: Kuwait Looney, R.E.
... Next to reconstruction, the related issues of employment and 'Kuwaitization' (the replacement of expatriate workers by Kuwaiti nationals) pose the biggest challenge to the government in the years ahead. Before the Iraqi invasion expatriates currently made up only a little less than twothirds of the ...
... Next to reconstruction, the related issues of employment and 'Kuwaitization' (the replacement of expatriate workers by Kuwaiti nationals) pose the biggest challenge to the government in the years ahead. Before the Iraqi invasion expatriates currently made up only a little less than twothirds of the ...
“Productivity isn`t everything, but in the long run it is almost
... But none of this is evident in the numbers. The fact that debt to GDP has been rising on a secular trend in the US, and globally for that matter, strongly suggests that whatever investment is occurring is not generating a sufficient return to repay that debt. Conversely, the rapidly rising stock of ...
... But none of this is evident in the numbers. The fact that debt to GDP has been rising on a secular trend in the US, and globally for that matter, strongly suggests that whatever investment is occurring is not generating a sufficient return to repay that debt. Conversely, the rapidly rising stock of ...
Knowledge-Based Economy
... According to the Panel, the challenges for European research and innovation policy can only be addressed by a systemic approach. RTD policy should be coordinated with other socio-economic policies that affect the European innovation environment. These include competitiveness, intellectual property p ...
... According to the Panel, the challenges for European research and innovation policy can only be addressed by a systemic approach. RTD policy should be coordinated with other socio-economic policies that affect the European innovation environment. These include competitiveness, intellectual property p ...
Chapters 21-25
... interest rate is determined. But the classical theory of the interest rate does not take into account short-run changes in output, such as recessions and booms, and it ignores changes in the public’s preference for holding its wealth in money versus bonds. Thus, we could not explain the short-run de ...
... interest rate is determined. But the classical theory of the interest rate does not take into account short-run changes in output, such as recessions and booms, and it ignores changes in the public’s preference for holding its wealth in money versus bonds. Thus, we could not explain the short-run de ...
Economics
... telling producers to make more. A available. Prices can encourage or relatively low price is a red light discourage production. telling producers to make less. 3. Flexibility 4. Price System is "Free" In many markets, prices are much Unlike central planning, a distribution more flexible than product ...
... telling producers to make more. A available. Prices can encourage or relatively low price is a red light discourage production. telling producers to make less. 3. Flexibility 4. Price System is "Free" In many markets, prices are much Unlike central planning, a distribution more flexible than product ...
Macro Lecture 9
... So, right now the labor market is in “disequilibrium” where the quantity demanded exceeds the quantity supplied. We’re now going to see how “flexible wages” will allow the labor market to come back to equilibrium, at full employment, n*. To hire more workers, the employer must raise the real wage t ...
... So, right now the labor market is in “disequilibrium” where the quantity demanded exceeds the quantity supplied. We’re now going to see how “flexible wages” will allow the labor market to come back to equilibrium, at full employment, n*. To hire more workers, the employer must raise the real wage t ...
Production, Income and Employment
... We set aside those goods and services that are not bought or sold, for example: Housework: work that you do at home. If you hire a person to do the work, it enters the GDP. Underground economy: illegal drugs, gambling, prostitution, etc. Barter: direct exchange of goods and services. ...
... We set aside those goods and services that are not bought or sold, for example: Housework: work that you do at home. If you hire a person to do the work, it enters the GDP. Underground economy: illegal drugs, gambling, prostitution, etc. Barter: direct exchange of goods and services. ...
Chapter 1
... Socialism System in which the government owns and operates basic industries but individuals own most businesses. ...
... Socialism System in which the government owns and operates basic industries but individuals own most businesses. ...
Ch09.pps
... So, right now the labor market is in “disequilibrium” where the quantity demanded exceeds the quantity supplied. We’re now going to see how “flexible wages” will allow the labor market to come back to equilibrium, at full employment, n*. To hire more workers, the employer must raise the real wage t ...
... So, right now the labor market is in “disequilibrium” where the quantity demanded exceeds the quantity supplied. We’re now going to see how “flexible wages” will allow the labor market to come back to equilibrium, at full employment, n*. To hire more workers, the employer must raise the real wage t ...
Economic Crisis and Chaebol Reform in Korea
... marginal productiveness of an economy at this rate of investments cannot be so high as to justify the foreign debts incurred to fill the investments-savings gap. The quantity and quality of investment in Korea was not the only concern; how the investment was funded was another matter that affected t ...
... marginal productiveness of an economy at this rate of investments cannot be so high as to justify the foreign debts incurred to fill the investments-savings gap. The quantity and quality of investment in Korea was not the only concern; how the investment was funded was another matter that affected t ...
Introduction
... In practice, it is often the case that traffic reducing measures are implemented using nonprice methods, such as reallocation of road capacity, some forms of parking control, pedestrian zones, selective bans on certain categories of vehicle or certain times, etc, since these can have significant ope ...
... In practice, it is often the case that traffic reducing measures are implemented using nonprice methods, such as reallocation of road capacity, some forms of parking control, pedestrian zones, selective bans on certain categories of vehicle or certain times, etc, since these can have significant ope ...
Is Monetary Policy Overburdened? No. 13-8 Athanasios Orphanides
... developed economies, unemployment rates are considered high in many parts of the world. The experience in the United States, the euro area, Japan, and the United Kingdom is shown in Figure 2. In the United States, the unemployment rate briefly reached double digits and although it is decreasing the ...
... developed economies, unemployment rates are considered high in many parts of the world. The experience in the United States, the euro area, Japan, and the United Kingdom is shown in Figure 2. In the United States, the unemployment rate briefly reached double digits and although it is decreasing the ...
Business Cycles - Faculty Websites
... recurring fluctuations that occur in real GDP over time. For further descriptions of business cycles, refer to Barro’s Chapter 9. Here, we concentrate on explaining business cycles. We begin with an overview of potential explanations. Then we work out a real business cycle model in detail. While ther ...
... recurring fluctuations that occur in real GDP over time. For further descriptions of business cycles, refer to Barro’s Chapter 9. Here, we concentrate on explaining business cycles. We begin with an overview of potential explanations. Then we work out a real business cycle model in detail. While ther ...
NBER WORKING PAPER SERIES FISCAL SHOCKS IN AN EFFICIENCY WAGE MODEL
... shock and generates a counterfactual negative conditional correlation between government purchases and hours worked. Integrating over the results we have obtained with the different models, we conclude there is a puzzle. Measurement is ahead of theory. To identify exogenous changes to government pur ...
... shock and generates a counterfactual negative conditional correlation between government purchases and hours worked. Integrating over the results we have obtained with the different models, we conclude there is a puzzle. Measurement is ahead of theory. To identify exogenous changes to government pur ...
3. Aggregate Supply and Aggregate Demand. Internal Balance
... But it will not remain there. The actual output is less than potential output, the recessionary gap exists. Firms are not selling as much as they would like to and so they slow down the rate at which they increase their prices. How they do this? Firms do not fully reflect in the product prices the g ...
... But it will not remain there. The actual output is less than potential output, the recessionary gap exists. Firms are not selling as much as they would like to and so they slow down the rate at which they increase their prices. How they do this? Firms do not fully reflect in the product prices the g ...
If the GDP is Up, Why is America Down? October 1995
... scorecard invites a thorough rethinking of economic policy and its underlying premises. It suggests strongly that it is not the voters who are out of touch with reality. A Brief History of Economic (Mis)measurement The GDP has been the touchstone of economic policy for so long that most Americans pr ...
... scorecard invites a thorough rethinking of economic policy and its underlying premises. It suggests strongly that it is not the voters who are out of touch with reality. A Brief History of Economic (Mis)measurement The GDP has been the touchstone of economic policy for so long that most Americans pr ...
Foreign Exchange Outlook - Global Banking and Markets
... steady improvement in labour market conditions. The strongest pace of job growth in eight years has pushed the unemployment rate to a six-year low of 5.8%. Broader measures of unemployment also have improved, though still soft wage gains averaging about 2% y/y suggest some continued labour market sl ...
... steady improvement in labour market conditions. The strongest pace of job growth in eight years has pushed the unemployment rate to a six-year low of 5.8%. Broader measures of unemployment also have improved, though still soft wage gains averaging about 2% y/y suggest some continued labour market sl ...
View/Open
... 16.2 percent. The dairy farmer who must buy most or all of his feed has been squeezed by the rise in feed prices relative to milk prices. Thus, inflation may affect some classes of farmers as adversely as it does some other groups in the short run. Farmers, or others that are in debt, gain from infl ...
... 16.2 percent. The dairy farmer who must buy most or all of his feed has been squeezed by the rise in feed prices relative to milk prices. Thus, inflation may affect some classes of farmers as adversely as it does some other groups in the short run. Farmers, or others that are in debt, gain from infl ...
Coping with Potential Impacts of Ageing on Public Finances in
... Future demographic changes – in particular ageing populations – will have huge impacts on the situation of public finances: More people will depend on fewer people working. Demographic changes will not only weigh on public finances, but also on the growth potential of the economy via reduced labour ...
... Future demographic changes – in particular ageing populations – will have huge impacts on the situation of public finances: More people will depend on fewer people working. Demographic changes will not only weigh on public finances, but also on the growth potential of the economy via reduced labour ...