G97/2 The Inflation-Output Trade-Off: Is The Phillips Curve
... problematic (Santomero and Seater, 1978).5 New Zealand time series are short. Also, inflation expectations and potential output have measurement problems.6 Even then, there are structural breaks in the data. Clearly, estimating a system of equations with all these problems is difficult. We use GMM t ...
... problematic (Santomero and Seater, 1978).5 New Zealand time series are short. Also, inflation expectations and potential output have measurement problems.6 Even then, there are structural breaks in the data. Clearly, estimating a system of equations with all these problems is difficult. We use GMM t ...
An Application of the Value-Added Based Economic Integration
... models only concentrate on the production output for international trade. In contrast to that, the VEI model emphasizes the national and international production structures and their interconnections allowing its indicators to show the regional distribution of value added induced by regional trade. ...
... models only concentrate on the production output for international trade. In contrast to that, the VEI model emphasizes the national and international production structures and their interconnections allowing its indicators to show the regional distribution of value added induced by regional trade. ...
Uncertainty Shocks in a Model of Effective Demand No. 12-15
... and capital stock do not change in response to the uncertainty shock. Unchanged total output and reduced consumption together imply that investment must rise. If households can adjust their labor supply and consumption and leisure are both normal goods, an increase in uncertainty also induces “preca ...
... and capital stock do not change in response to the uncertainty shock. Unchanged total output and reduced consumption together imply that investment must rise. If households can adjust their labor supply and consumption and leisure are both normal goods, an increase in uncertainty also induces “preca ...
Entrepreneurship, Stages of Development, and Industrialization
... (1990) observation that entrepreneurship is also a resource, and that all societies have some amount of economic activity, but that activity is distributed between productive, unproductive, and destructive entrepreneurship. What is crucial is to determine how much productive entrepreneurship we have ...
... (1990) observation that entrepreneurship is also a resource, and that all societies have some amount of economic activity, but that activity is distributed between productive, unproductive, and destructive entrepreneurship. What is crucial is to determine how much productive entrepreneurship we have ...
T-Brathwaite - Pekea-fr
... fragmentation of civil society that concedes to free market demands and the adverse implications that ensue from globalisation. This narrowing space, although contemporary technology does make ‘e-convergence’ available to citizens through new technologies, has in many cases stymied the prerequisite ...
... fragmentation of civil society that concedes to free market demands and the adverse implications that ensue from globalisation. This narrowing space, although contemporary technology does make ‘e-convergence’ available to citizens through new technologies, has in many cases stymied the prerequisite ...
From Apartheid to Neoliberalism
... liberalization, tight monetary policies and low inflation. The MERG report was forgotten, and the ideas of NEM became a model for the Post-Apartheid government‘s economic development. In 1994, South Africa did find itself at a crossroads. It could either engage the global economy on its own terms, a ...
... liberalization, tight monetary policies and low inflation. The MERG report was forgotten, and the ideas of NEM became a model for the Post-Apartheid government‘s economic development. In 1994, South Africa did find itself at a crossroads. It could either engage the global economy on its own terms, a ...
Answers to Key Questions
... by issuing stocks and bonds; limited liability; continuity. Corporation disadvantages: red tape and expense in incorporating; potential for abuse of stockholder and bondholder funds; double taxation of profits; separation of ownership and control. The dominant role of corporations stems from the adv ...
... by issuing stocks and bonds; limited liability; continuity. Corporation disadvantages: red tape and expense in incorporating; potential for abuse of stockholder and bondholder funds; double taxation of profits; separation of ownership and control. The dominant role of corporations stems from the adv ...
Forecast Disagreement in the Survey of Professional Forecasters
... the SPF panel use a variety of statistical models to help them make their projections, and this variety of models surely plays a role in forecast disagreement. But how large a role might that be? Their models generally fall into one of two major categories: reducedform models and structural models. ...
... the SPF panel use a variety of statistical models to help them make their projections, and this variety of models surely plays a role in forecast disagreement. But how large a role might that be? Their models generally fall into one of two major categories: reducedform models and structural models. ...
What`s the bottom line
... of labour between companies from newly industrialized economies in Asia and companies from advanced economies. As a result, markets such as that of DVD devices increased by nearly 20 times in size between 1998 and 2004 (from USD 1 billion to over 19 billion) • According to a study on the global auto ...
... of labour between companies from newly industrialized economies in Asia and companies from advanced economies. As a result, markets such as that of DVD devices increased by nearly 20 times in size between 1998 and 2004 (from USD 1 billion to over 19 billion) • According to a study on the global auto ...
NBER WORKING PAPER SERIES OPTIMAL SIMPLE AND IMPLEMENTABLE MONETARY Stephanie Schmitt-Grohé
... that for a given monetary regime the determinacy properties of a standard Neo-Keynesian model can change dramatically when the assumption of capital accumulation is added to the model (Dupor, 2001; Carlstrom and Fuerst, 2005). A third important dimension along which the existing studies abstract fro ...
... that for a given monetary regime the determinacy properties of a standard Neo-Keynesian model can change dramatically when the assumption of capital accumulation is added to the model (Dupor, 2001; Carlstrom and Fuerst, 2005). A third important dimension along which the existing studies abstract fro ...
Four rescue measures for stagnant eurozone
... Steffen as better guides to the capital that would have to be raised by the EU banking sector to put it on a sound footing. If this is correct, more AQRs and stress tests – this time without the assistance of the national authorities – are required. In the meantime, the zombification of much of the ...
... Steffen as better guides to the capital that would have to be raised by the EU banking sector to put it on a sound footing. If this is correct, more AQRs and stress tests – this time without the assistance of the national authorities – are required. In the meantime, the zombification of much of the ...
Structural Change in Ghana 1960-2010
... Development is associated with structural transformation, defined by the decline of agriculture and the rise of manufacturing and services. Standard structural transformation models distinguish “labor push” and “labor pull” factors as the main drivers of this transition (Alvarez-Cuadrado and Poschke ...
... Development is associated with structural transformation, defined by the decline of agriculture and the rise of manufacturing and services. Standard structural transformation models distinguish “labor push” and “labor pull” factors as the main drivers of this transition (Alvarez-Cuadrado and Poschke ...
NBER WORKING PAPER SERIES LIQUIDITY TRAPS AND EXPECTATION DYNAMICS:
... the direct wealth e¤ects of real money and bonds? In Evans and Honkapohja (2010) these e¤ects also fail because households are assumed Ricardian. Thus bonds and money are not perceived as net wealth. This raises the question of whether wealth e¤ects would be e¤ective in avoiding de‡ation traps if ho ...
... the direct wealth e¤ects of real money and bonds? In Evans and Honkapohja (2010) these e¤ects also fail because households are assumed Ricardian. Thus bonds and money are not perceived as net wealth. This raises the question of whether wealth e¤ects would be e¤ective in avoiding de‡ation traps if ho ...
Short description of models available in MMB 2.0
... Bernanke et al. (1999) introduce credit market imperfections into an otherwise standard New Keynesian model with capital and show that these financial frictions contribute to propagate and amplify the response of key macroeconomic variables to nominal and real shocks. An agency problem arises due to ...
... Bernanke et al. (1999) introduce credit market imperfections into an otherwise standard New Keynesian model with capital and show that these financial frictions contribute to propagate and amplify the response of key macroeconomic variables to nominal and real shocks. An agency problem arises due to ...
$doc.title
... A core claim of radical institutionalism is that the individual institutions regulating capital accumulation are interdependent. The concepts of a social structure of accumulation and of a mode of regulation explicitly embrace the idea of interdependence between institutions, though it is also artic ...
... A core claim of radical institutionalism is that the individual institutions regulating capital accumulation are interdependent. The concepts of a social structure of accumulation and of a mode of regulation explicitly embrace the idea of interdependence between institutions, though it is also artic ...
APMacroPracFIN
... ____ 45. The actual change in the money supply as a result of an increase in excess reserves will be less than the maximum change if banks a. do not lend out all of their excess reserves. b. borrow from the Federal Reserve. c. sell some of their government securities to the Federal Reserve. d. lend ...
... ____ 45. The actual change in the money supply as a result of an increase in excess reserves will be less than the maximum change if banks a. do not lend out all of their excess reserves. b. borrow from the Federal Reserve. c. sell some of their government securities to the Federal Reserve. d. lend ...
del11 Carlin 16783019 en
... satisfactory performance at the level of the Eurozone as a whole combined with divergent performance of members. This raises the question of the role played by national policy-making and by cross-national differences in institutions. Much attention in the wake of the sovereign debt crisis that has d ...
... satisfactory performance at the level of the Eurozone as a whole combined with divergent performance of members. This raises the question of the role played by national policy-making and by cross-national differences in institutions. Much attention in the wake of the sovereign debt crisis that has d ...
Explaining the OECD Wage Slowdown: Recession or
... While the pursuit of their sectional interest in higher wages was weakened, unions also met new obstacles to their general interest in wage restraint. Due to the growth of rm-level bargaining in OECD countries during the 1980s, central wage agreements decreasingly in uenced aggregate wage trends. ...
... While the pursuit of their sectional interest in higher wages was weakened, unions also met new obstacles to their general interest in wage restraint. Due to the growth of rm-level bargaining in OECD countries during the 1980s, central wage agreements decreasingly in uenced aggregate wage trends. ...
Download
... in terms of factor intensity, and countries are di¤erently e¢ cient on the level of subbundles. In what follows, I shall alternatively use the terms sub-bundles, fragments, or stages of a production process. Certain stages where a country boasts high e¢ ciency relative to other countries may thus be ...
... in terms of factor intensity, and countries are di¤erently e¢ cient on the level of subbundles. In what follows, I shall alternatively use the terms sub-bundles, fragments, or stages of a production process. Certain stages where a country boasts high e¢ ciency relative to other countries may thus be ...
Document
... Table 3 will be automatically filled once discrepancies between aggregate figures and summation of BHs have been resolved. ...
... Table 3 will be automatically filled once discrepancies between aggregate figures and summation of BHs have been resolved. ...
Download paper (PDF)
... provided by Stock and Watson (1996), who find widespread instability in the bivariate relationships among 76 macroeconomic variables. In the VAR context, mixed results have been obtained.11 Boivin (1999) argues that the differences are due mainly to the small-sample properties of the stability tests ...
... provided by Stock and Watson (1996), who find widespread instability in the bivariate relationships among 76 macroeconomic variables. In the VAR context, mixed results have been obtained.11 Boivin (1999) argues that the differences are due mainly to the small-sample properties of the stability tests ...