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). ...
Grundzüge Mikroökonomik Arbeitsunterlage 4: Grundlagen der
... until Keynesian policy started to fail in the 70s in the face of supply side shocks. This epoch was a kind of “ the return of Hayek”. ...
... until Keynesian policy started to fail in the 70s in the face of supply side shocks. This epoch was a kind of “ the return of Hayek”. ...
Do Aggregate Fluctuations Depend on the Network
... The standard diversification argument claims that independent sectoral shocks tend to average out as the level of disaggregation increases, as well as idiosyncratic shocks to firms average out as the number of firms increases.1 In this perspective, the existence of aggregate fluctuations is only or ...
... The standard diversification argument claims that independent sectoral shocks tend to average out as the level of disaggregation increases, as well as idiosyncratic shocks to firms average out as the number of firms increases.1 In this perspective, the existence of aggregate fluctuations is only or ...
Monetary policy and supply shocks - Hans-Böckler
... to predict future inflation, but because by doing so the central bank can reduce market distortions in the sticky price sector and achieve an optimal allocation of resources (Mishkin 2007: 7; Woodford 2003). 8 Furthermore, if core inflation is stabilized perfectly, changes in relative prices solely ...
... to predict future inflation, but because by doing so the central bank can reduce market distortions in the sticky price sector and achieve an optimal allocation of resources (Mishkin 2007: 7; Woodford 2003). 8 Furthermore, if core inflation is stabilized perfectly, changes in relative prices solely ...
the moral imperative and social rationality of government
... Practically all productive resources were public goods. The adoption of agriculture, the growth of inequality, the eventual evolution of civilization brought about a property-rights structure that limits ready access to the means of production. Although these property-rights institutions increased p ...
... Practically all productive resources were public goods. The adoption of agriculture, the growth of inequality, the eventual evolution of civilization brought about a property-rights structure that limits ready access to the means of production. Although these property-rights institutions increased p ...
Bosnia and Herzegovina – Understanding Reform
... estimated at 70-80% with most job losses in industry indicated not only the extent of war destruction but also the scale of deindustrialization that the country had undergone and was unlikely to reverse to any significant degree. Worst still was the impact on agriculture, which virtually ceased. Wit ...
... estimated at 70-80% with most job losses in industry indicated not only the extent of war destruction but also the scale of deindustrialization that the country had undergone and was unlikely to reverse to any significant degree. Worst still was the impact on agriculture, which virtually ceased. Wit ...
Chapter 4
... 46) At the optimal consumption bundle, the marginal rate of substitution of leisure for consumption is equal to A) the real wage and the budget line is tangent to an indifference curve. B) minus the real wage and the budget line is tangent to the indifference curve. C) the real wage and the budget l ...
... 46) At the optimal consumption bundle, the marginal rate of substitution of leisure for consumption is equal to A) the real wage and the budget line is tangent to an indifference curve. B) minus the real wage and the budget line is tangent to the indifference curve. C) the real wage and the budget l ...
II -Macro Eco - University of Mumbai
... GNP is the total market value of all final goods and services produced in a year plus net income from abroad. This is the basic social accounting measure of the total output or aggregate supply of goods and services. GNP includes four type of final goods and services. First, consumers goods and serv ...
... GNP is the total market value of all final goods and services produced in a year plus net income from abroad. This is the basic social accounting measure of the total output or aggregate supply of goods and services. GNP includes four type of final goods and services. First, consumers goods and serv ...
- Blt2}L2tcu Abstract
... Curriculum and Syllabus of Economics should therefore follow the above line of thinking. Regular updating of both Curriculum and Syltabus in Economics is unavoidable because the subject of Economics has a rapid growth as compared to most of the other social sciences and also being a discipline that ...
... Curriculum and Syllabus of Economics should therefore follow the above line of thinking. Regular updating of both Curriculum and Syltabus in Economics is unavoidable because the subject of Economics has a rapid growth as compared to most of the other social sciences and also being a discipline that ...
Chapter 1 - Carlos Pitta
... An increase in the amount of money in the economy stimulates spending and increases the quantity of goods and services sold in the economy. The increase in the quantity of goods and services sold will cause firms to hire additional workers. An increase in the demand for goods and services leads to h ...
... An increase in the amount of money in the economy stimulates spending and increases the quantity of goods and services sold in the economy. The increase in the quantity of goods and services sold will cause firms to hire additional workers. An increase in the demand for goods and services leads to h ...
Global liquidity
... financial markets and internationally active banks constitutes the incremental element in global liquidity. However, cross-border capital flows would only constitute liquidity if they resulted from additional funds provided across borders, rather than simply from the reallocation of existing investm ...
... financial markets and internationally active banks constitutes the incremental element in global liquidity. However, cross-border capital flows would only constitute liquidity if they resulted from additional funds provided across borders, rather than simply from the reallocation of existing investm ...
NBER WORKING PAPER SERIES Marvin Goodfriend Working Paper 13580
... Moreover, during the quarter century or so that inflation has been stabilized, the United States experienced two of its longest economic expansions and two of its mildest recessions in 1990–91 and 2001. In comparison, the United States experienced six recessions in the 30 years from 1955 to 1985, c ...
... Moreover, during the quarter century or so that inflation has been stabilized, the United States experienced two of its longest economic expansions and two of its mildest recessions in 1990–91 and 2001. In comparison, the United States experienced six recessions in the 30 years from 1955 to 1985, c ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... business cycles are very easy to explain if one moves away from the representative agent framework on which the New Keynesian model and the RBC (real business cycle) model are based. There are two dimensions on which we believe one needs to move away from the representative agent framework. On the o ...
... business cycles are very easy to explain if one moves away from the representative agent framework on which the New Keynesian model and the RBC (real business cycle) model are based. There are two dimensions on which we believe one needs to move away from the representative agent framework. On the o ...
Wal-Mart, American consumer citizenship, and the 2008 recession
... the moment: “In the postwar years, as mass production expanded, corporations grew and living standards rose. Advertising and communications networks worked to sustain the rate of consumption, and public opinion polling began to assess not only political views but consumption patterns.” Major media o ...
... the moment: “In the postwar years, as mass production expanded, corporations grew and living standards rose. Advertising and communications networks worked to sustain the rate of consumption, and public opinion polling began to assess not only political views but consumption patterns.” Major media o ...
NBER WORKING PAPER SERIES CHOOSING THE FEDERAL RESERVE CHAIR: LESSONS FROM HISTORY
... (Minutes, 1/26/37, p. 3). Policymakers also felt that “the increase in reserve requirements was fully justified in order to put the System in position to exercise credit control through open market operations whenever such action appeared to be necessary” (3/15/37, p. 9; see also 1/26/37, pp. 5-7). ...
... (Minutes, 1/26/37, p. 3). Policymakers also felt that “the increase in reserve requirements was fully justified in order to put the System in position to exercise credit control through open market operations whenever such action appeared to be necessary” (3/15/37, p. 9; see also 1/26/37, pp. 5-7). ...
The Cyclical Behavior of the Price-Cost Markup
... Most researchers analyzing the cyclical behavior of overtime hours have focused on production workers in manufacturing, since this group is the only one for whom data on overtime hours are readily available. The manufacturing sector is not representative of the entire U.S. economy, however. Even at ...
... Most researchers analyzing the cyclical behavior of overtime hours have focused on production workers in manufacturing, since this group is the only one for whom data on overtime hours are readily available. The manufacturing sector is not representative of the entire U.S. economy, however. Even at ...
GVA and GDP 2014 report
... expenditure in the economy e.g. consumer and government spending, capital investment, imports and exports). The income and output measures both derive estimates of value added. At present, data exists in Jersey to enable calculation of the income measure only. Under this approach GVA and GDP are def ...
... expenditure in the economy e.g. consumer and government spending, capital investment, imports and exports). The income and output measures both derive estimates of value added. At present, data exists in Jersey to enable calculation of the income measure only. Under this approach GVA and GDP are def ...
Quantitative Easing in a Small Open Economy: An International
... by the small open economy. The strong co-movement between domestic and foreign term premia is also consistent with the evidence presented in literature. The left panel in Figure 2 shows term premium estimates over time for several small open economies, obtained from Wright (2011). For comparison, th ...
... by the small open economy. The strong co-movement between domestic and foreign term premia is also consistent with the evidence presented in literature. The left panel in Figure 2 shows term premium estimates over time for several small open economies, obtained from Wright (2011). For comparison, th ...
NBER WORKING PAPER SERIES THE TALE OF THE TORMENTED INSURER
... economy is inhabited by two infinitely-lived agents: a representative household and a government. The government receives stochastic public revenues that are affected by two sources of uncertainty: fluctuations in the economy’s endowment income and fluctuations in an implied tax rate that represents ...
... economy is inhabited by two infinitely-lived agents: a representative household and a government. The government receives stochastic public revenues that are affected by two sources of uncertainty: fluctuations in the economy’s endowment income and fluctuations in an implied tax rate that represents ...
A MACROECONOMETRIC MODEL FOR THE ECONOMY OF
... It is evident from the policy options assessed in this study that fiscal policy remains the main and most potent policy instrument available to policy makers. It is also evident that the effectiveness of fiscal policy is not exclusive as monetary policy can still be used to some extent. A salient ou ...
... It is evident from the policy options assessed in this study that fiscal policy remains the main and most potent policy instrument available to policy makers. It is also evident that the effectiveness of fiscal policy is not exclusive as monetary policy can still be used to some extent. A salient ou ...
Beyond New Keynesian Economics: Towards a Post Walrasian
... exciting work. In it prices have multiple functions; besides equating supply and demand, they also provide information to individuals. This information role of prices means that they do not necessarily equate supply and demand, at least in the traditional sense. For example, say an unemployed worker ...
... exciting work. In it prices have multiple functions; besides equating supply and demand, they also provide information to individuals. This information role of prices means that they do not necessarily equate supply and demand, at least in the traditional sense. For example, say an unemployed worker ...
Democracy Undermined, Economic Justice Denied
... benefit of foreign investors and wealthy Haitian factory owners. Small manufacturers, handicraft producers and informal-sector workers, whose contributions to the economy are significant, have been left to their own devices. It is estimated that the informal sector provides 66 percent of employment ...
... benefit of foreign investors and wealthy Haitian factory owners. Small manufacturers, handicraft producers and informal-sector workers, whose contributions to the economy are significant, have been left to their own devices. It is estimated that the informal sector provides 66 percent of employment ...