Near-Rational Exuberance - Economic Research
... Judgement is a fact of life in macroeconomic forecasting. It is widely understood that even the most sophisticated econometric forecasts are adjusted before presentation. This adjustment is so pervasive that it is known as the use of “add-factors”–subjective changes to the forecast which depend on t ...
... Judgement is a fact of life in macroeconomic forecasting. It is widely understood that even the most sophisticated econometric forecasts are adjusted before presentation. This adjustment is so pervasive that it is known as the use of “add-factors”–subjective changes to the forecast which depend on t ...
NBER WORKING PAPER SERIES NOMINAL VERSUS INDEXED DEBT: A QUANTITATIVE HORSE RACE
... economy experiments suggest that the optimal amount of nominal debt is zero both for U.S. and Brazil. That is, for any amount of nominal debt, the inflation costs more than offset the benefits from tax smoothing. Our quantitative results, consequently, are at odds with the empirical evidence since, ...
... economy experiments suggest that the optimal amount of nominal debt is zero both for U.S. and Brazil. That is, for any amount of nominal debt, the inflation costs more than offset the benefits from tax smoothing. Our quantitative results, consequently, are at odds with the empirical evidence since, ...
Ch 10: The AD-AS Model and Fiscal Policy
... Recessionary gap – the difference between equilibrium income and potential income when potential income exceeds equilibrium income. © 2006 McGraw-Hill Ryerson Limited. All rights reserved. ...
... Recessionary gap – the difference between equilibrium income and potential income when potential income exceeds equilibrium income. © 2006 McGraw-Hill Ryerson Limited. All rights reserved. ...
Introduction to Macroeconomics
... Plays central role in studying macroeconomics Discretionary with many drawbacks But still the best way to measure economic activity and development we have ...
... Plays central role in studying macroeconomics Discretionary with many drawbacks But still the best way to measure economic activity and development we have ...
Services-led Growth: The Indian Experience
... services’ growth also it is useful to distinguish between demand and supply side factors and consider the interaction between them. While identifying these factors and examining their impact it is also necessary to remember that services GDP whose growth and share in aggregate GDP we have been consi ...
... services’ growth also it is useful to distinguish between demand and supply side factors and consider the interaction between them. While identifying these factors and examining their impact it is also necessary to remember that services GDP whose growth and share in aggregate GDP we have been consi ...
Commercial Real Estate and the 1990
... possible “contagion” from the real estate sector to the broader financial sector and real economy. Responding to this consideration, the Korea Development Institute (KDI) in December 2012 organized an international symposium on “Real Estate Driven Systemic Risk: Country Cases and Their Policy Implic ...
... possible “contagion” from the real estate sector to the broader financial sector and real economy. Responding to this consideration, the Korea Development Institute (KDI) in December 2012 organized an international symposium on “Real Estate Driven Systemic Risk: Country Cases and Their Policy Implic ...
NBER WORKING PAPER SERIES Robert J. Gordon Working Paper 11778
... 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 ...
Technology di¤usion and increasing income inequality
... to the income classes are only available through the interviews collected in Consumer Expenditure Survey’s (CES). Analyzes based on these survey data argue that consumption inequality increased much slower than income inequality. Krueger and Perri (2006), for instance, claim that while there was an ...
... to the income classes are only available through the interviews collected in Consumer Expenditure Survey’s (CES). Analyzes based on these survey data argue that consumption inequality increased much slower than income inequality. Krueger and Perri (2006), for instance, claim that while there was an ...
Macroeconomics: A Growth Theory Approach
... that the payments made by households to firms in exchange for final goods can be viewed as one flow of water through a closed system of pipes and, in the absence of any leakages, this amount of water must also flow from firms to households. Households supply the labor and capital services that firms ...
... that the payments made by households to firms in exchange for final goods can be viewed as one flow of water through a closed system of pipes and, in the absence of any leakages, this amount of water must also flow from firms to households. Households supply the labor and capital services that firms ...
Chapter 24 Aggregate Demand and Aggregate Supply
... enough about how money supply changes will effect the economy (how long will the take? what will be the size of the change?). They think than many recessions have been caused by bad monetary policy. Monetarists believe that the Great Depression was caused by mismanaged monetary policy. At the start ...
... enough about how money supply changes will effect the economy (how long will the take? what will be the size of the change?). They think than many recessions have been caused by bad monetary policy. Monetarists believe that the Great Depression was caused by mismanaged monetary policy. At the start ...
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... who undertook the R&D activities and how they were financed and priced. These shortcomings reduced the interest in this literature, and there was little research for almost 30 years, with the exception of some empirical work, such as that by Hayami and Ruttan (1970) on technical change in American a ...
... who undertook the R&D activities and how they were financed and priced. These shortcomings reduced the interest in this literature, and there was little research for almost 30 years, with the exception of some empirical work, such as that by Hayami and Ruttan (1970) on technical change in American a ...
Preview Sample 1
... 27. Which of the following countries had the highest average growth rate for per capita GDP from 2000 to 2009? A. Canada. B. Haiti. C. China. D. Burundi. 28. The current U.S. economy is based primarily on the production of A. Agricultural goods. B. Goods for federal government use. C. Manufacturing ...
... 27. Which of the following countries had the highest average growth rate for per capita GDP from 2000 to 2009? A. Canada. B. Haiti. C. China. D. Burundi. 28. The current U.S. economy is based primarily on the production of A. Agricultural goods. B. Goods for federal government use. C. Manufacturing ...
Raising the Minimum Wage in New York
... The experience of a large number of New York workers is that work does not pay enough to provide an adequate living standard. The share of all New York workers earning less than $7.00 an hour (measured in 2003 dollars) has tripled from 3.6% in 1979 to 11.7% in 2000. This has contributed to a surge i ...
... The experience of a large number of New York workers is that work does not pay enough to provide an adequate living standard. The share of all New York workers earning less than $7.00 an hour (measured in 2003 dollars) has tripled from 3.6% in 1979 to 11.7% in 2000. This has contributed to a surge i ...
Essays on Capital Market Imperfections, Intergenerational Mobility and Economic Development
... equilibrium, banks use the loan size to separate high from low ability borrowers. Indeed, they differentiate between agents by providing a high loan to talented borrowers. A force that helps poor and talented agents to become educated and to catch up with those rich agents. The major results of Chap ...
... equilibrium, banks use the loan size to separate high from low ability borrowers. Indeed, they differentiate between agents by providing a high loan to talented borrowers. A force that helps poor and talented agents to become educated and to catch up with those rich agents. The major results of Chap ...
chapter 4 aggregate demand and aggregate supply
... Note that the aggregate supply curve is drawn with three distinct segments. The horizontal segment shows that aggregate supply can increase up to point a without affecting the price level. In this range of GDP, there are readily available supplies of unemployed resources that can be used to increase ...
... Note that the aggregate supply curve is drawn with three distinct segments. The horizontal segment shows that aggregate supply can increase up to point a without affecting the price level. In this range of GDP, there are readily available supplies of unemployed resources that can be used to increase ...
PDF
... a flexible exchange regime. Their findings indicate the overshooting of agricultural product prices is more likely to be present when the economy experiences a monetary shock. In the Saghaian, Reed, and Marchant model, however, domestic residents do not hold agricultural goods as assets, implying th ...
... a flexible exchange regime. Their findings indicate the overshooting of agricultural product prices is more likely to be present when the economy experiences a monetary shock. In the Saghaian, Reed, and Marchant model, however, domestic residents do not hold agricultural goods as assets, implying th ...
Does investment call the tune? Empirical evidence and
... for overcoming the crisis, the contraction of capital equipment caused by the decline of investments (and also by the running down of stocks) should be put in first place (...) Finally, we should mention yet another possibility, namely a certain form of inflation consisting of individual states, or ...
... for overcoming the crisis, the contraction of capital equipment caused by the decline of investments (and also by the running down of stocks) should be put in first place (...) Finally, we should mention yet another possibility, namely a certain form of inflation consisting of individual states, or ...
Chapter 24 The Open Economy with Fixed Exchange Rates
... In this chapter we investigate the macroeconomic implications of international trade in goods and capital. We shall see that our AS-AD framework can be used to study the workings of the open economy, although the channels through which shocks are transmitted to output and inßation are somewhat differ ...
... In this chapter we investigate the macroeconomic implications of international trade in goods and capital. We shall see that our AS-AD framework can be used to study the workings of the open economy, although the channels through which shocks are transmitted to output and inßation are somewhat differ ...
Chapter 2 (PDF 115KB)
... doubled its productivity over the next 25 years; as a result, they found themselves achieving living standards their parents had never imagined. Vietnam veterans came home to an economy that raised its productivity less than 10 percent in 15 years; as a result, they found themselves living no better ...
... doubled its productivity over the next 25 years; as a result, they found themselves achieving living standards their parents had never imagined. Vietnam veterans came home to an economy that raised its productivity less than 10 percent in 15 years; as a result, they found themselves living no better ...
Money Still Matters
... Money, as the medium of exchange, is an example of a social institution that emerges to minimize information, search, and transacting costs. In a world of barter exchange, individuals must choose the “transactions chains” (Brunner and Meltzer, 1993: 67) that allow them to convert their initial endow ...
... Money, as the medium of exchange, is an example of a social institution that emerges to minimize information, search, and transacting costs. In a world of barter exchange, individuals must choose the “transactions chains” (Brunner and Meltzer, 1993: 67) that allow them to convert their initial endow ...
Wages, Prices, and Employment: Von Mises and the
... 38 • The Review of Austrian Economics macroeconomic thinking when the Phillips curve relationship was announced to the world, primarily because of the prevalence of the view that there was no unique equilibrium wage rate in the labor market. In such a context, the "discovery" of the Phillips curve ...
... 38 • The Review of Austrian Economics macroeconomic thinking when the Phillips curve relationship was announced to the world, primarily because of the prevalence of the view that there was no unique equilibrium wage rate in the labor market. In such a context, the "discovery" of the Phillips curve ...