Slide 1
... • There are many goods and services for which we do not know the market value. GDP does NOT count the underground economy • Illegal activity • Off-the-books activity GDP does NOT count nonmarket production • Occurs when goods and services are produced but no explicit payment is made. Example: ...
... • There are many goods and services for which we do not know the market value. GDP does NOT count the underground economy • Illegal activity • Off-the-books activity GDP does NOT count nonmarket production • Occurs when goods and services are produced but no explicit payment is made. Example: ...
The unemployment problem. A Norwegian perspective
... equal to NAIRU. Unexpected demand shocks [x or d] may however cause actual unemployment to deviate from the NAIRU. The model does not describe the consequences of unexpected shocks. Yet it seems clear that if the actual rate of unemployment is lower than NAIRU, and the actual real wage is between th ...
... equal to NAIRU. Unexpected demand shocks [x or d] may however cause actual unemployment to deviate from the NAIRU. The model does not describe the consequences of unexpected shocks. Yet it seems clear that if the actual rate of unemployment is lower than NAIRU, and the actual real wage is between th ...
Norwegian business cycles 1982–2003
... Business cycles are broadly-based movements of macroeconomic variables (Burns and Mitchell, 1946). During a boom, output rises, employment rises and unemployment falls. During a recession, output of goods and services decline, employment falls and unemployment rises. The sequence of booms and recess ...
... Business cycles are broadly-based movements of macroeconomic variables (Burns and Mitchell, 1946). During a boom, output rises, employment rises and unemployment falls. During a recession, output of goods and services decline, employment falls and unemployment rises. The sequence of booms and recess ...
Minimum wage - European Parliament
... Furthermore, it is obvious that in major cities (e.g. London, New York) the minimum wage is higher than in other areas. In addition, the model does not take into account the varying qualifications and skills of employees. Employers do generally pay higher skilled workers a salary above the equilibri ...
... Furthermore, it is obvious that in major cities (e.g. London, New York) the minimum wage is higher than in other areas. In addition, the model does not take into account the varying qualifications and skills of employees. Employers do generally pay higher skilled workers a salary above the equilibri ...
Institutional Factors in Domestic Inflation
... Of prime concern are the policy implications of long lags in the inflation process. It is often argued that for the economy to climb down from its current and persistent 6 to 7 percent inflation rate would require an extended and perhaps a deep recession. Given long lags, the inflation spiral would ...
... Of prime concern are the policy implications of long lags in the inflation process. It is often argued that for the economy to climb down from its current and persistent 6 to 7 percent inflation rate would require an extended and perhaps a deep recession. Given long lags, the inflation spiral would ...
A.P. Microeconomics - Vesper Unit 1 Exam Multiple Choice Identify
... c. ability to produce things that other people are willing to pay for. d. ability to produce things of cultural importance. ____ 17. When a single person (or small group) has the ability to influence market prices, there is a. competition. b. market power. c. an externality. d. a lack of property ri ...
... c. ability to produce things that other people are willing to pay for. d. ability to produce things of cultural importance. ____ 17. When a single person (or small group) has the ability to influence market prices, there is a. competition. b. market power. c. an externality. d. a lack of property ri ...
(2008), "The Political Economy of Terrorism: A Selective Overview of
... Hamas, respectively. They find that that terrorist operatives are, themselves, neither poor nor poorly educated. Rather, their economic and educational statuses tend to lie around, or even slightly exceed, the averages in their societies. Krueger and Maleckova (2003) argue that, since terrorists are ...
... Hamas, respectively. They find that that terrorist operatives are, themselves, neither poor nor poorly educated. Rather, their economic and educational statuses tend to lie around, or even slightly exceed, the averages in their societies. Krueger and Maleckova (2003) argue that, since terrorists are ...
Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
... not included with national income, grew rapidly and accrued to households reporting the largest increase in hours in the Federal Reserve’s Survey of Consumer Finances (SCF). The fact that measured factor incomes were low when output and hours were booming is consistent with a theory that differenti ...
... not included with national income, grew rapidly and accrued to households reporting the largest increase in hours in the Federal Reserve’s Survey of Consumer Finances (SCF). The fact that measured factor incomes were low when output and hours were booming is consistent with a theory that differenti ...
Press ECON of Northeastern University
... house prefers to keep the position vacant rather than fill it with that student. A house is unacceptable to a student if the student prefers to remain unmatched to accepting a ...
... house prefers to keep the position vacant rather than fill it with that student. A house is unacceptable to a student if the student prefers to remain unmatched to accepting a ...
By How Much Does GDP Rise If the Government Buys More Output?
... the government purchases enter preferences in a separable fashion: they do not affect households’ marginal rate of substitution between consumption and work or between consumption this year and in any future year. Military spending is the obvious example. If instead the government provided consumers ...
... the government purchases enter preferences in a separable fashion: they do not affect households’ marginal rate of substitution between consumption and work or between consumption this year and in any future year. Military spending is the obvious example. If instead the government provided consumers ...
eurozone crisis: beggar thyself and thy neighbour
... lowest increases in nominal labour costs, while its workers have systematically lost share of output. European monetary union has been an ordeal for German workers. German competitiveness has thus risen further within the eurozone. The result has been a structural current account surplus for Germany ...
... lowest increases in nominal labour costs, while its workers have systematically lost share of output. European monetary union has been an ordeal for German workers. German competitiveness has thus risen further within the eurozone. The result has been a structural current account surplus for Germany ...
The Role of Foreign Direct Investment in the Context of Economic
... dramatic turnaround, particularly so in the case of those LDCs which until the 1980s practised the outright barring of FDI activity in domestic markets (Caves, 1982). The dramatic turnaround in attitudes of LDCs towards FDI also emanates from the recognition of the accelerating pace of technical cha ...
... dramatic turnaround, particularly so in the case of those LDCs which until the 1980s practised the outright barring of FDI activity in domestic markets (Caves, 1982). The dramatic turnaround in attitudes of LDCs towards FDI also emanates from the recognition of the accelerating pace of technical cha ...
View/Open
... transit hubs and stalls that are easily accessible. This saves time and transportation cost. Demand for relatively inexpensive, readymade foods has increased as people, especially women, have less time to prepare meals. Vendors can often provide items at lower prices than other retailers since they ...
... transit hubs and stalls that are easily accessible. This saves time and transportation cost. Demand for relatively inexpensive, readymade foods has increased as people, especially women, have less time to prepare meals. Vendors can often provide items at lower prices than other retailers since they ...
exchange rate
... The general rate of inflation abroad is likely to affect U.S. import prices. If the inflation rate abroad is high, U.S. import prices are likely to rise. The Price Feedback Effect price feedback effect The process by which a domestic price increase in one country can “feed back” on itself through ex ...
... The general rate of inflation abroad is likely to affect U.S. import prices. If the inflation rate abroad is high, U.S. import prices are likely to rise. The Price Feedback Effect price feedback effect The process by which a domestic price increase in one country can “feed back” on itself through ex ...
Abstract - Brad DeLong
... In the early 1970s, U.S. productivity growth fell off a cliff. Measured output per personhour worked in nonfarm business had averaged a growth rate of 2.88 percent per year from 1947 to 1973. It averaged a growth rate of only 1.30 percent per year from 1973 to 1995. The deceleration in the growth ra ...
... In the early 1970s, U.S. productivity growth fell off a cliff. Measured output per personhour worked in nonfarm business had averaged a growth rate of 2.88 percent per year from 1947 to 1973. It averaged a growth rate of only 1.30 percent per year from 1973 to 1995. The deceleration in the growth ra ...
Building the Aggregate Expenditures Model
... 54. The greater is the marginal propensity to consume: A) the smaller is the marginal propensity to save. B) the higher is the interest rate. C) the lower is the average propensity to consume. D) the lower is the price level. ...
... 54. The greater is the marginal propensity to consume: A) the smaller is the marginal propensity to save. B) the higher is the interest rate. C) the lower is the average propensity to consume. D) the lower is the price level. ...
Unemployment File
... • The movements in and out of the pool of unemployment, affect the supply of labour in an economy at any given time. • This, along with demand for labour, will determine the level of unemployment and unemployment in an economy. ...
... • The movements in and out of the pool of unemployment, affect the supply of labour in an economy at any given time. • This, along with demand for labour, will determine the level of unemployment and unemployment in an economy. ...
Public Sector Stability and Balance of Payments Crises in Selected
... where a current account surplus must be matched by a private sector surplus ( S t p > I t p ) and/or public-sector surplus (Tt > Gt). By analogy, a current account deficit must be matched by a private sector deficit and/or public sector deficit (i.e. the ‘twin deficit’ problem). When an economy sta ...
... where a current account surplus must be matched by a private sector surplus ( S t p > I t p ) and/or public-sector surplus (Tt > Gt). By analogy, a current account deficit must be matched by a private sector deficit and/or public sector deficit (i.e. the ‘twin deficit’ problem). When an economy sta ...
Long-run Unemployment and Macroeconomic Volatility
... One of the fundamental of the Neoclassical Synthesis is the dichotomy between monetary policy and real aggregate variables in the long-run. According to the Synthesis, variations of nominal variables might have real e¤ects only in the short-run, when adjustments in the economy are prevented by di¤er ...
... One of the fundamental of the Neoclassical Synthesis is the dichotomy between monetary policy and real aggregate variables in the long-run. According to the Synthesis, variations of nominal variables might have real e¤ects only in the short-run, when adjustments in the economy are prevented by di¤er ...
Public Sector Stability and Balance of Payments Crisis
... where a current account surplus must be matched by a private sector surplus ( S tp > I tp ) and/or public-sector surplus (Tt > Gt). By analogy, a current account deficit must be matched by a private sector deficit and/or public sector deficit (i.e. the ‘twin deficit’ problem). When an economy start ...
... where a current account surplus must be matched by a private sector surplus ( S tp > I tp ) and/or public-sector surplus (Tt > Gt). By analogy, a current account deficit must be matched by a private sector deficit and/or public sector deficit (i.e. the ‘twin deficit’ problem). When an economy start ...
Unit III-Economics-Lesson1.TH - Virtual Enterprises International
... The two examples described above may seem frightening but, in fact, those are not the worst circumstances we can leave the future of mankind. If clean water and good soil become scarce enough, all life on Earth can become extinct. Keep in mind that this does not just apply to soil and water. The fac ...
... The two examples described above may seem frightening but, in fact, those are not the worst circumstances we can leave the future of mankind. If clean water and good soil become scarce enough, all life on Earth can become extinct. Keep in mind that this does not just apply to soil and water. The fac ...
Combining Monetary and Fiscal Policy in an SVAR for a Small Open
... In this paper we combine the scal and monetary SVAR-model with the narrative approach in order to account for the implementation lags of scal legislation. Thus, we align the information set of the econometrician with that of the private agents in regards to scal foresight. Fiscal shocks are de ne ...
... In this paper we combine the scal and monetary SVAR-model with the narrative approach in order to account for the implementation lags of scal legislation. Thus, we align the information set of the econometrician with that of the private agents in regards to scal foresight. Fiscal shocks are de ne ...
NBER WORKING PAPER SERIES AN ASSESSMENT OF THE NEW MERCHANTILISM
... economies, which causes them to increase assets holdings due to similar effects as those that result from financial globalization. Thus, the surge in reserves in this scenario is not the direct result of self-insurance against higher business cycle volatility inside Sudden Stop countries, but the i ...
... economies, which causes them to increase assets holdings due to similar effects as those that result from financial globalization. Thus, the surge in reserves in this scenario is not the direct result of self-insurance against higher business cycle volatility inside Sudden Stop countries, but the i ...