Fiscal policies in Spain: main stylised facts
... estimation of causal impacts (conditional correlations) of non-systematic fiscal policies. At the current policy juncture, the success of ongoing fiscal consolidations depends crucially on the value of the multiplier, as pointed out e.g. by Boussard et al. (2012). For the case of Spain, previous paper ...
... estimation of causal impacts (conditional correlations) of non-systematic fiscal policies. At the current policy juncture, the success of ongoing fiscal consolidations depends crucially on the value of the multiplier, as pointed out e.g. by Boussard et al. (2012). For the case of Spain, previous paper ...
Why DSGE analysis cannot accurately model financial-real sector interaction
... information later on (the utility of “wait and see”), which explains why liquidity preference increases during times of heightened uncertainty. As such money also provides a means by which agents can enhance their market knowledge. In sum, agents attach utility to the medium of exchange because it f ...
... information later on (the utility of “wait and see”), which explains why liquidity preference increases during times of heightened uncertainty. As such money also provides a means by which agents can enhance their market knowledge. In sum, agents attach utility to the medium of exchange because it f ...
6010 - Reference
... consititutional rules, that budgets should balance and that deficits were immoral. Until the early 1970s, the main - if not the only - argument to denounce fiscal policy concerned crowding out; that is, that the impact of an increase in government expenditures on total demand would be offset by lowe ...
... consititutional rules, that budgets should balance and that deficits were immoral. Until the early 1970s, the main - if not the only - argument to denounce fiscal policy concerned crowding out; that is, that the impact of an increase in government expenditures on total demand would be offset by lowe ...
IPE1_2 - DSE | @univr.it
... unemployment, for example, may not be undertaken because financing is not available. • b. A growing national debt inevitably means that tax rates rise as much as politicians dare, to facilitate handling the high interest payments. Tax increases create disincentive effects, as emphasized by the suppl ...
... unemployment, for example, may not be undertaken because financing is not available. • b. A growing national debt inevitably means that tax rates rise as much as politicians dare, to facilitate handling the high interest payments. Tax increases create disincentive effects, as emphasized by the suppl ...
Nudging the Fed Toward a Rules-Based Policy
... important points about monetary policy. Here are the first three as they appeared back in 2008: 1. It is dangerous always to associate the easing or the tightening of monetary policy with a fall or a rise in short-term nominal interest rates. 2. Other asset prices besides those on short-term debt in ...
... important points about monetary policy. Here are the first three as they appeared back in 2008: 1. It is dangerous always to associate the easing or the tightening of monetary policy with a fall or a rise in short-term nominal interest rates. 2. Other asset prices besides those on short-term debt in ...
completing conditions to implement monetary policy under inflation
... 1.2.2.4. Mechanism of transparency and accountability Along with independence, the countries under Inflation targeting framework should also have a mechanism to ensure accountability and transparency of the central bank. The degree of transparency and consistency in regulating monetary policy plays ...
... 1.2.2.4. Mechanism of transparency and accountability Along with independence, the countries under Inflation targeting framework should also have a mechanism to ensure accountability and transparency of the central bank. The degree of transparency and consistency in regulating monetary policy plays ...
Can Great Depression Theories Explain the Great Recession?
... (Krugman, 2009). Comparing industrial output data from 1929 and 2007 (see figure 1), Krugman found out that the current recession did not hit industrial production as hard as previously thought. The “Four Bad Bear Markets” (see figure 2) give even more relief: the stock markets were bearish for only ...
... (Krugman, 2009). Comparing industrial output data from 1929 and 2007 (see figure 1), Krugman found out that the current recession did not hit industrial production as hard as previously thought. The “Four Bad Bear Markets” (see figure 2) give even more relief: the stock markets were bearish for only ...
New classical/real business cycle macroeconomics The anatomy of
... problem they are faced with.4 Optimizing behavior refers to what is observable after trading has started. Thus, optimizing behavior implies that the optimizing plan has been realized. The gist of the above quotations is that optimal plan and optimal behavior need to be logically separated ― there is ...
... problem they are faced with.4 Optimizing behavior refers to what is observable after trading has started. Thus, optimizing behavior implies that the optimizing plan has been realized. The gist of the above quotations is that optimal plan and optimal behavior need to be logically separated ― there is ...
Brazil`s economy 1971-2005: Growth pattern and structural
... latest vintage introduces the notion of innovation as a growth engine (see the classic Aghion and Howitt, 1998)). However, all such theories share a long run horizon to justify their concentration solely upon the conditions of supply.1. Constraints deriving from the demand side, in other words, are ...
... latest vintage introduces the notion of innovation as a growth engine (see the classic Aghion and Howitt, 1998)). However, all such theories share a long run horizon to justify their concentration solely upon the conditions of supply.1. Constraints deriving from the demand side, in other words, are ...
Should the Central Bank Be Concerned About Housing Prices?
... concave production function) implies a flatter Phillips curve and thus a smaller welfare loss from staggered price setting. In contrast, our model features constant return technologies, with capital (or housing) as an additional variable input factor. Thus, unlike Eusepi, Hobijn, and Tambalotti (2009 ...
... concave production function) implies a flatter Phillips curve and thus a smaller welfare loss from staggered price setting. In contrast, our model features constant return technologies, with capital (or housing) as an additional variable input factor. Thus, unlike Eusepi, Hobijn, and Tambalotti (2009 ...
Unit 10: Controlling Prices
... The CPI prices refer to those experienced by a wide range of urban or metropolitan areas residents, including professionals, the self-employed, the poor, the unemployed and retired people, as well as wage earners and clerical workers. It does not include the spending patterns of people living in ru ...
... The CPI prices refer to those experienced by a wide range of urban or metropolitan areas residents, including professionals, the self-employed, the poor, the unemployed and retired people, as well as wage earners and clerical workers. It does not include the spending patterns of people living in ru ...
Reading Ch 1 Classifying Monetary Economics
... exploitation of empirical evidence” (p. xi). They continue to embed this particular field, denoted as “formal theory describing an economy with money, and perhaps other financial instruments” (p. xi), within the deeper structures of utility maximization and economic equilibrium, pointing to the tens ...
... exploitation of empirical evidence” (p. xi). They continue to embed this particular field, denoted as “formal theory describing an economy with money, and perhaps other financial instruments” (p. xi), within the deeper structures of utility maximization and economic equilibrium, pointing to the tens ...
Speech - Bank of England
... Good evening. It is a pleasure to be at the LSE and an honour to share the podium with Amartya Sen. Professor Sen is rightly recognised for his many contributions, not least to welfare economics and social choice theory. He has posed, and in many cases answered, some of the most fundamental questio ...
... Good evening. It is a pleasure to be at the LSE and an honour to share the podium with Amartya Sen. Professor Sen is rightly recognised for his many contributions, not least to welfare economics and social choice theory. He has posed, and in many cases answered, some of the most fundamental questio ...
Paper - CiteSeerX
... is the range that statistical filters target when seeking to distinguish the cyclical from the trend components in GDP. By contrast, the average length of the financial cycle in a sample of seven industrialised countries since the 1960s has been around 16 years. Graph 1, taken from Drehmann et al (2 ...
... is the range that statistical filters target when seeking to distinguish the cyclical from the trend components in GDP. By contrast, the average length of the financial cycle in a sample of seven industrialised countries since the 1960s has been around 16 years. Graph 1, taken from Drehmann et al (2 ...
Mongolia`s Child Money Program - FSI Stanford
... extraordinarily cold, and 11 million animals perished due to harsh weather. During this time, World Bank estimates placed poverty rates above 30 percent. The Present Economy Mongolia's economy has begun to grow, and by 2006 the outlook is very optimistic. Driving this growth has been a booming minin ...
... extraordinarily cold, and 11 million animals perished due to harsh weather. During this time, World Bank estimates placed poverty rates above 30 percent. The Present Economy Mongolia's economy has begun to grow, and by 2006 the outlook is very optimistic. Driving this growth has been a booming minin ...
Cuba`s Monocrop Economic System: An Appraisal of the
... The Cuban authorities, in a desperate attempt to remedy the situation and avoid a national disaster, have searched for alternative sources of income. A pair of industries, tourism and biotechnology, became the center of this policy of economic diversification. Since 1992, tourism has been the main r ...
... The Cuban authorities, in a desperate attempt to remedy the situation and avoid a national disaster, have searched for alternative sources of income. A pair of industries, tourism and biotechnology, became the center of this policy of economic diversification. Since 1992, tourism has been the main r ...
the analysis of evolution and financing policies of the budget deficit
... combination of ordinary revenue and borrowed resources, so their usefulness is optimal. In order to be able to finance the budget deficit, equivalent to the covering of the negative budget balance, states may choose, in modern society, either for the redistribution of the available resources of the ...
... combination of ordinary revenue and borrowed resources, so their usefulness is optimal. In order to be able to finance the budget deficit, equivalent to the covering of the negative budget balance, states may choose, in modern society, either for the redistribution of the available resources of the ...
Fiscal Rigor or Rigor Mortis - European Union Center of California
... then the first best solution is to reform collective decision making procedures to remove these biases. If this does not appear feasible then constitutional-type measures to limit the range of permissible policy actions and/or to cede authority to independent officials. In both cases one must consid ...
... then the first best solution is to reform collective decision making procedures to remove these biases. If this does not appear feasible then constitutional-type measures to limit the range of permissible policy actions and/or to cede authority to independent officials. In both cases one must consid ...
learning units 1 to 11 with section references to the chapters of
... included too. It is important to note that exports are an injection into the circular flow of income and spending, while imports are a withdrawal from it. The diagrams discussed in these sections are very important as they can be used to put most of the textbook in perspective. Starting with figure ...
... included too. It is important to note that exports are an injection into the circular flow of income and spending, while imports are a withdrawal from it. The diagrams discussed in these sections are very important as they can be used to put most of the textbook in perspective. Starting with figure ...
Coordinating Business Cycles ∗ Edouard Schaal Mathieu Taschereau-Dumouchel
... relies on coordination failures, our theory suggests a role for government intervention. We study various policies and find, in particular, that government spending, while generally detrimental to coordination, may sometimes raise welfare by successfully preventing the economy from falling to the lo ...
... relies on coordination failures, our theory suggests a role for government intervention. We study various policies and find, in particular, that government spending, while generally detrimental to coordination, may sometimes raise welfare by successfully preventing the economy from falling to the lo ...
Aggregate Demand
... A Keynesian macroeconomist believes that left alone, the economy would rarely operate at full employment and that to achieve and maintain full employment, active help from fiscal policy and monetary policy is required. The term “Keynesian” derives from the name of one of the twentieth century’s most ...
... A Keynesian macroeconomist believes that left alone, the economy would rarely operate at full employment and that to achieve and maintain full employment, active help from fiscal policy and monetary policy is required. The term “Keynesian” derives from the name of one of the twentieth century’s most ...
productivity management
... then p(2)/p(1) yields a dimensionless index that reflects change in productivity between periods. ((p(2)-p(1))/p(1))*100 yields the ...
... then p(2)/p(1) yields a dimensionless index that reflects change in productivity between periods. ((p(2)-p(1))/p(1))*100 yields the ...