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... paid $750 in rent. John and Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 per month. d. None of the above transactions adds to GDP for 2006. 3.Goods that go into inventory and are not sold during the current period are a. count ...
... paid $750 in rent. John and Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 per month. d. None of the above transactions adds to GDP for 2006. 3.Goods that go into inventory and are not sold during the current period are a. count ...
Relative Prices and Sectoral Productivity
... bottom deciles of the income distribution. This difference is a factor of 4.4-fold larger than the differences in manufacturing between these countries (only 1.04-fold in the accounting). Moreover, our results are striking in that the input-output structure has substantial implications for our meas ...
... bottom deciles of the income distribution. This difference is a factor of 4.4-fold larger than the differences in manufacturing between these countries (only 1.04-fold in the accounting). Moreover, our results are striking in that the input-output structure has substantial implications for our meas ...
Aggregate Supply-Driven Deflation and Its Implications for Macroeconomic Stability David Beckworth
... also find the zero bound on the nominal interest rate was rarely reached and never happened in the context of good deflation. Bordo and Filardo (2005), in a similar study, examine 30 countries over the last two centuries and also come up with the good, bad, and ugly types of deflation. They note tha ...
... also find the zero bound on the nominal interest rate was rarely reached and never happened in the context of good deflation. Bordo and Filardo (2005), in a similar study, examine 30 countries over the last two centuries and also come up with the good, bad, and ugly types of deflation. They note tha ...
Fluctuations in Emerging Economies: Regional and Global Factors
... set of stylised facts in EMEs. It contradicts Aguiar & Gopinath’s argument that multifarious exogenous shocks can be consolidated into an aggregate shock to productivity with a trend component. On the contrary, this paper argues the RBC model performs much better when shocks are identified separatel ...
... set of stylised facts in EMEs. It contradicts Aguiar & Gopinath’s argument that multifarious exogenous shocks can be consolidated into an aggregate shock to productivity with a trend component. On the contrary, this paper argues the RBC model performs much better when shocks are identified separatel ...
All of the above
... capital goods, it is usually true that a. it must do without some consumer goods in the present b. labor must decline c. fewer consumer goods will be available in the future d. no opportunity costs exist for doing so ...
... capital goods, it is usually true that a. it must do without some consumer goods in the present b. labor must decline c. fewer consumer goods will be available in the future d. no opportunity costs exist for doing so ...
Income, Wealth, and the Balance of Payments
... income (occurring through market transactions or transfers). The current account is not, however, a complete picture of international transactions. Resource flows of goods, services, and income are not the only items that flow between open economies. Financial assets such as stocks, bonds, or real e ...
... income (occurring through market transactions or transfers). The current account is not, however, a complete picture of international transactions. Resource flows of goods, services, and income are not the only items that flow between open economies. Financial assets such as stocks, bonds, or real e ...
Institutional Systems and Economic Growth
... However, the fact of being poor is not a guarantee that a poor country will grow, nor that it will grow faster than a rich one. Poverty neither generates growth nor condemns a country to future poverty (the poverty trap). The reasons for developmental lag have to be identified, removed, and replaced ...
... However, the fact of being poor is not a guarantee that a poor country will grow, nor that it will grow faster than a rich one. Poverty neither generates growth nor condemns a country to future poverty (the poverty trap). The reasons for developmental lag have to be identified, removed, and replaced ...
NBER WORKING PAPER SERIES MONETARY POLICY MATTER? A NEW TEST IN
... On three occasions the System deliberately took policy steps of major magnitude which cannot be regarded as necessary or inevitable economic consequences of contemporary changes in money income and prices. Like the crucial experiments of the physical scientist, the results are so consistent and shar ...
... On three occasions the System deliberately took policy steps of major magnitude which cannot be regarded as necessary or inevitable economic consequences of contemporary changes in money income and prices. Like the crucial experiments of the physical scientist, the results are so consistent and shar ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... out by law. For these reasons, the US time series data beginning with World War II appear to have little information about the government spending multiplier that is relevant to the current situation. Interestingly, Gordon and Krenn (2010) argue that the two years right before the entry of the Unite ...
... out by law. For these reasons, the US time series data beginning with World War II appear to have little information about the government spending multiplier that is relevant to the current situation. Interestingly, Gordon and Krenn (2010) argue that the two years right before the entry of the Unite ...
Real Business Cycles
... reality consumption is much less variable than output) and fail to generate the procyclical movement in inventories and investment that is observed in the data. Furthermore, it is difficult to believe that most agents suffer recurrent changes in their preferences that are large enough to drive cycle ...
... reality consumption is much less variable than output) and fail to generate the procyclical movement in inventories and investment that is observed in the data. Furthermore, it is difficult to believe that most agents suffer recurrent changes in their preferences that are large enough to drive cycle ...
Managing Credit Bubbles - Universitat Pompeu Fabra
... an economy with extreme …nancial frictions that impede credit. In Martin and Ventura (2011), we extended the analysis to an economy with credit, and argued that bubbles could be a source of collateral. Those papers used a simple growth economy to establish two key results regarding …nancial frictio ...
... an economy with extreme …nancial frictions that impede credit. In Martin and Ventura (2011), we extended the analysis to an economy with credit, and argued that bubbles could be a source of collateral. Those papers used a simple growth economy to establish two key results regarding …nancial frictio ...
The 1920s and the 1990s in Mutual Reflection
... cycles. It devastated rich and poor alike. It destroyed wealth in the billions, tossed one-quarter of the 1929 labor force onto the shoals of unemployment, evaporated the hopes and aspirations of millions, left a majority of American families near destitutuion for a full decade in an event that was ...
... cycles. It devastated rich and poor alike. It destroyed wealth in the billions, tossed one-quarter of the 1929 labor force onto the shoals of unemployment, evaporated the hopes and aspirations of millions, left a majority of American families near destitutuion for a full decade in an event that was ...
Workers` Remittances and Borrowing Constraints in Recipient
... Furthermore, saving reduces the cost of capital which increases the level of investment in the economy. The ratio credits over GDP can increase in this case. According to the literature, remittances foster the financial development by means of access to the international financial market. For insta ...
... Furthermore, saving reduces the cost of capital which increases the level of investment in the economy. The ratio credits over GDP can increase in this case. According to the literature, remittances foster the financial development by means of access to the international financial market. For insta ...
The Interaction between Household and Firm Dynamics and the
... We solve for the steady state of the model using a benchmark calibration designed to match several moments of the US economy, and analyze the transition dynamics of key aggregate variables following unexpected aggregate …nancial shocks. Even though the model is relatively stylized and we focus more ...
... We solve for the steady state of the model using a benchmark calibration designed to match several moments of the US economy, and analyze the transition dynamics of key aggregate variables following unexpected aggregate …nancial shocks. Even though the model is relatively stylized and we focus more ...
The Interaction between Household and Firm Dynamics and the
... We solve for the steady state of the model using a benchmark calibration designed to match several moments of the US economy, and analyze the transition dynamics of key aggregate variables following unexpected aggregate …nancial shocks. Even though the model is relatively stylized and we focus more ...
... We solve for the steady state of the model using a benchmark calibration designed to match several moments of the US economy, and analyze the transition dynamics of key aggregate variables following unexpected aggregate …nancial shocks. Even though the model is relatively stylized and we focus more ...
paper - Pascal Michaillat
... The general equilibrium is described by three equations: a consumption Euler equation that describes the consumption-saving decision of households, an interest-rate rule that describes how monetary policy responds to inflation and unemployment, and a Phillips curve relating inflation to unemployment ...
... The general equilibrium is described by three equations: a consumption Euler equation that describes the consumption-saving decision of households, an interest-rate rule that describes how monetary policy responds to inflation and unemployment, and a Phillips curve relating inflation to unemployment ...
Working Paper 142
... of inflation, which supports doubts about the usefulness of money aggregates as an indicator of risks to price stability. The ECB claims, however, that the analysis of monetary developments goes well beyond the assessment of M3 growth in relation to its reference value. The monetary analysis uses a ...
... of inflation, which supports doubts about the usefulness of money aggregates as an indicator of risks to price stability. The ECB claims, however, that the analysis of monetary developments goes well beyond the assessment of M3 growth in relation to its reference value. The monetary analysis uses a ...
IPR-int_Executive Summary_16Seiter_07102016.indd
... indications (GIs) and plant variety rights (PVRs) — and considers a variety of economic indicators, in particular gross domestic product (GDP), employment, external trade and wages. It makes no policy recommendations, as this is not within its scope. Instead, it is designed to provide evidence that ...
... indications (GIs) and plant variety rights (PVRs) — and considers a variety of economic indicators, in particular gross domestic product (GDP), employment, external trade and wages. It makes no policy recommendations, as this is not within its scope. Instead, it is designed to provide evidence that ...
Syllabus - Learning Abroad Center
... preparation required for class (i.e. readings) and participation in class discussions. If you miss any meetings without an excused absence from the on-site director, your final grade will be dropped accordingly or you may be dismissed from the program. In the case of absences, it is the student’s re ...
... preparation required for class (i.e. readings) and participation in class discussions. If you miss any meetings without an excused absence from the on-site director, your final grade will be dropped accordingly or you may be dismissed from the program. In the case of absences, it is the student’s re ...
The Zero Lower Bound and Endogenous Uncertainty
... which leads to a higher real interest rate and lower output than would occur in the absence of a ZLB constraint. Output becomes more responsive to adverse shocks that hit the economy and, therefore, the distribution of future realizations of output become more dispersed when compared to the same dis ...
... which leads to a higher real interest rate and lower output than would occur in the absence of a ZLB constraint. Output becomes more responsive to adverse shocks that hit the economy and, therefore, the distribution of future realizations of output become more dispersed when compared to the same dis ...
PDF
... different stages. These sold and/or slaughtered animals are represented by off-takes. In addition, livestock resources can also be used for their draft power as one factor of production in crop farming. The sum total of sales of live animals and livestock products, and returns from other economic us ...
... different stages. These sold and/or slaughtered animals are represented by off-takes. In addition, livestock resources can also be used for their draft power as one factor of production in crop farming. The sum total of sales of live animals and livestock products, and returns from other economic us ...
Full Employment, Guideposts and Economic Stability
... than government officials planned or expected. Largely as a result of their actions, the economic expansion that started in April, 1958, came to a premature end and unemployment rose at a time when it was already ex cessive. These unhappy consequences, however, had their redeeming side. The very ab ...
... than government officials planned or expected. Largely as a result of their actions, the economic expansion that started in April, 1958, came to a premature end and unemployment rose at a time when it was already ex cessive. These unhappy consequences, however, had their redeeming side. The very ab ...