macroeconomic policy - Faculty of Business and Economics Courses
... sales is permanent or transitory. So, it may prefer to wait and see whether this higher demand will continue into future. Secondly, producers work on explicit or implicit contracts with their customers. Explicit contracts are written contracts, whereas implicit contracts are unwritten contracts base ...
... sales is permanent or transitory. So, it may prefer to wait and see whether this higher demand will continue into future. Secondly, producers work on explicit or implicit contracts with their customers. Explicit contracts are written contracts, whereas implicit contracts are unwritten contracts base ...
12 Rural Industrialization: Township and Village Enterprises
... usually thought to be characterized by significant economies of scale (Wong 1982). They did not employ very many workers, relative to the expensive investment required, and government subsidies were important in some sectors. As a result, through 1978, rural industries did not absorb a significant p ...
... usually thought to be characterized by significant economies of scale (Wong 1982). They did not employ very many workers, relative to the expensive investment required, and government subsidies were important in some sectors. As a result, through 1978, rural industries did not absorb a significant p ...
Human Capital Externality, Knowledge Spillover, and Sustainable
... economic growth is an attractive and exciting research field. It has been verified theoretically and empirically that human capital plays a vital role in the process of economic growth, and it is also a fundamental element to promote long-term economic growth. In 1988, Lucas made one explanation to ...
... economic growth is an attractive and exciting research field. It has been verified theoretically and empirically that human capital plays a vital role in the process of economic growth, and it is also a fundamental element to promote long-term economic growth. In 1988, Lucas made one explanation to ...
The Natural Resource Curse, Fiscal Decentralization, and
... think that people differ in their preferences over the degree of agglomeration related to the place where they are located. We can also assume, as in Mansoorian and Myers (1993), that individuals derive a non-pecuniary benefit from living in a certain place; for example, individuals have a preference ...
... think that people differ in their preferences over the degree of agglomeration related to the place where they are located. We can also assume, as in Mansoorian and Myers (1993), that individuals derive a non-pecuniary benefit from living in a certain place; for example, individuals have a preference ...
Investment Hangover and the Great Recessionâ
... recent accounts that also emphasize demand shocks and the liquidity trap. First, motivated by the asymmetric recovery depicted in Figure 1, we emphasize overbuilding of residential capital as a key driving factor of the recession. In contrast, Eggertsson and Krugman (2012) emphasize a consumption s ...
... recent accounts that also emphasize demand shocks and the liquidity trap. First, motivated by the asymmetric recovery depicted in Figure 1, we emphasize overbuilding of residential capital as a key driving factor of the recession. In contrast, Eggertsson and Krugman (2012) emphasize a consumption s ...
... The Treaty establishing the European Community has assigned the Eurosystem1 – which comprises the European Central Bank (ECB) and the national central banks (NCBs) of those countries that have adopted the euro as their currency – the primary mandate of maintaining price stability. This mandate is co ...
Choosing the Federal Reserve Chair: Lessons from History
... Monetary policy actions in this period reflected policymakers’ beliefs. The most significant action, a doubling of reserve requirements from August 1936 to May 1937, was motivated by the Federal Reserve’s fear of speculation and inflation. According to the statement released in July 1936 in anticipa ...
... Monetary policy actions in this period reflected policymakers’ beliefs. The most significant action, a doubling of reserve requirements from August 1936 to May 1937, was motivated by the Federal Reserve’s fear of speculation and inflation. According to the statement released in July 1936 in anticipa ...
Estimating the potential output of the New Zealand economy
... of output will not be greatly affected by the changes in actual output. For example, as can be seen in figure 2, real output in New Zealand experienced a blip upwards at the start of 1986. This occurred because consumers increased their spending in anticipation of the goods and services tax (GST). T ...
... of output will not be greatly affected by the changes in actual output. For example, as can be seen in figure 2, real output in New Zealand experienced a blip upwards at the start of 1986. This occurred because consumers increased their spending in anticipation of the goods and services tax (GST). T ...
NBER WORKING PAPER SERIES PRODUCTION CHAINS David K. Levine Working Paper 16571
... In the good case only the Jaguar chain fails. This is the best outcome – with three failures, at most two chains can produce output. In the bad case all the tire producers fail: in this case it is impossible to produce any cars. Finally, in the intermediate case one link of each type fails. If it is ...
... In the good case only the Jaguar chain fails. This is the best outcome – with three failures, at most two chains can produce output. In the bad case all the tire producers fail: in this case it is impossible to produce any cars. Finally, in the intermediate case one link of each type fails. If it is ...
Minimum Wage Increase
... local businesses and shops, naturally, their local economies will suffer. It is commonly believed among economists that low-wage workers are more likely than any other income group to spend extra earnings immediately on basic needs or services that they could previously not afford.16 As the nation ...
... local businesses and shops, naturally, their local economies will suffer. It is commonly believed among economists that low-wage workers are more likely than any other income group to spend extra earnings immediately on basic needs or services that they could previously not afford.16 As the nation ...
The Contribution of Livestock to the Ugandan Economy
... monetary values to the non-marketed goods and services provided by livestock, and estimates the contribution of livestock to the wider national economy – as exports, as inputs into manufacturing industries, and as a component of household consumption. Aside from work done since the 1990s on dairying ...
... monetary values to the non-marketed goods and services provided by livestock, and estimates the contribution of livestock to the wider national economy – as exports, as inputs into manufacturing industries, and as a component of household consumption. Aside from work done since the 1990s on dairying ...
What is the Wealth of a Nation?
... Toward the end of the course, we learned what drives the market valuations of financial assets (bonds and stock certificates) and of real assets (e.g., office buildings) in theory -- and what drives it in the real world. Playing with the theoretical stock-valuation models that I had written for you ...
... Toward the end of the course, we learned what drives the market valuations of financial assets (bonds and stock certificates) and of real assets (e.g., office buildings) in theory -- and what drives it in the real world. Playing with the theoretical stock-valuation models that I had written for you ...
Intermediate Goods and Weak Links in the Theory of Economic
... junction from Diamond and Mirrlees (1971) about not taxing intermediate goods is based on this same multiplier. More specifically, this concern is addressed directly below by building a model in which distortions to the allocation of resources at the micro level such as theft or taxation aggregate u ...
... junction from Diamond and Mirrlees (1971) about not taxing intermediate goods is based on this same multiplier. More specifically, this concern is addressed directly below by building a model in which distortions to the allocation of resources at the micro level such as theft or taxation aggregate u ...
Outlook for Economic Activity and Prices (April 2016, full text)
... I. The Current Situation of Economic Activity and Prices in Japan Japan's economy has continued its moderate recovery trend, although exports and production have been sluggish due mainly to the effects of the slowdown in emerging economies. Overseas economies have continued to grow at a moderate pa ...
... I. The Current Situation of Economic Activity and Prices in Japan Japan's economy has continued its moderate recovery trend, although exports and production have been sluggish due mainly to the effects of the slowdown in emerging economies. Overseas economies have continued to grow at a moderate pa ...
This PDF is a selection from a published volume from
... tax on private holdings of nominal government liabilities. This is indeed the reason why, in flexible price environments, the optimal inflation volatility is very high (see, for example, Calvo and Guidotti 1990, 1993; and Chari et al. 1991). Second, the fact that nominal wages are sticky provides an ...
... tax on private holdings of nominal government liabilities. This is indeed the reason why, in flexible price environments, the optimal inflation volatility is very high (see, for example, Calvo and Guidotti 1990, 1993; and Chari et al. 1991). Second, the fact that nominal wages are sticky provides an ...
Chapter 29 AS-AD and the Business Cycle
... and services become cheaper to U.S. citizens because U.S. citizens need to spend fewer dollars to buy foreign-produced goods and services. Simultaneously, U.S.-produced goods and services become more expensive to foreigners because they must spend more of their currency in order to buy the dollars n ...
... and services become cheaper to U.S. citizens because U.S. citizens need to spend fewer dollars to buy foreign-produced goods and services. Simultaneously, U.S.-produced goods and services become more expensive to foreigners because they must spend more of their currency in order to buy the dollars n ...
Learning from Prices: Amplification and Sentiments ∗ Ryan Chahrour
... To model heterogeneity of information, we employ the “family” metaphor first introduced by Lucas (1980) and more recently adopted by Amador and Weill (2010) and Angeletos and La’O (2010) among others. The economy is inhabited by a single household composed of a continuum of members. Each member can ...
... To model heterogeneity of information, we employ the “family” metaphor first introduced by Lucas (1980) and more recently adopted by Amador and Weill (2010) and Angeletos and La’O (2010) among others. The economy is inhabited by a single household composed of a continuum of members. Each member can ...
So what is economic success? Going beyond GDP
... relationship between our economic priorities, our social goals, and the constraints imposed on us by the natural environment we live in. Reconciling the tensions between them can pave the way for a more prosperous, equitable and sustainable society. This prospectus maps out the questions we are expl ...
... relationship between our economic priorities, our social goals, and the constraints imposed on us by the natural environment we live in. Reconciling the tensions between them can pave the way for a more prosperous, equitable and sustainable society. This prospectus maps out the questions we are expl ...
Resurrecting the Role of the Product Market Wedge in Recessions Mark Bils
... in the intratemporal wedge for the self-employed, we presume it cannot be ascribed to wage rigidities or other labor market frictions. Second, we estimate ...
... in the intratemporal wedge for the self-employed, we presume it cannot be ascribed to wage rigidities or other labor market frictions. Second, we estimate ...
Institutional Adjustment Planning for Full Employment
... workers, the infinitely elastic demand for labor must be created by government” (Minsky 1986, 308). As such, the government guarantees a real job opportunity for anyone ready, willing, and able to work at a fixed socially-established basic wage (plus benefits), thus exogenously setting the price of ...
... workers, the infinitely elastic demand for labor must be created by government” (Minsky 1986, 308). As such, the government guarantees a real job opportunity for anyone ready, willing, and able to work at a fixed socially-established basic wage (plus benefits), thus exogenously setting the price of ...
Institutional Adjustment Planning for Full Employment
... workers, the infinitely elastic demand for labor must be created by government” (Minsky 1986, 308). As such, the government guarantees a real job opportunity for anyone ready, willing, and able to work at a fixed socially-established basic wage (plus benefits), thus exogenously setting the price of ...
... workers, the infinitely elastic demand for labor must be created by government” (Minsky 1986, 308). As such, the government guarantees a real job opportunity for anyone ready, willing, and able to work at a fixed socially-established basic wage (plus benefits), thus exogenously setting the price of ...
18.3 aggregate demand
... Dating Business-Cycle Turning Points The task of identifying and dating business-cycle phases and turning points is performed by a private research organization, the National Bureau of Economic Research (NBER). ...
... Dating Business-Cycle Turning Points The task of identifying and dating business-cycle phases and turning points is performed by a private research organization, the National Bureau of Economic Research (NBER). ...