Research Statement Jón Steinsson March 2012 My research
... and therefore help inform debates about monetary and fiscal policy is evidence on the effects of demand shocks on output and employment. Government spending is an important source of variation in demand. Studying the effects of government spending on output is therefore potentially an important sour ...
... and therefore help inform debates about monetary and fiscal policy is evidence on the effects of demand shocks on output and employment. Government spending is an important source of variation in demand. Studying the effects of government spending on output is therefore potentially an important sour ...
A book-keeping analysis of a monetary economy
... whose value is identically equivalent to that of the commodity he sells to B. Hence, there is no need to go any further into the study of banking activity to substantiate the famous expression ‘deposits make loans’ put forward by Withers (1909). The purchasing power earned by A on the market for pro ...
... whose value is identically equivalent to that of the commodity he sells to B. Hence, there is no need to go any further into the study of banking activity to substantiate the famous expression ‘deposits make loans’ put forward by Withers (1909). The purchasing power earned by A on the market for pro ...
NBER WORKING PAPER SERIES SUPPLY SHOCKS AND OPTIMAL MONETARY POLICY Stephen J. Turnovsky
... disturbances, E(v), E(u), E(w). At the same time, it is adjusted in anticipation of the next period's supply shock, as well as in response to the anticipated supply disturbance for the present period. it can be shown that for the objective function to be introduced below, this rule suffices to achie ...
... disturbances, E(v), E(u), E(w). At the same time, it is adjusted in anticipation of the next period's supply shock, as well as in response to the anticipated supply disturbance for the present period. it can be shown that for the objective function to be introduced below, this rule suffices to achie ...
Andrei Stoianov
... Problems of real GDP calculation taking into account change in goods and services prices, methods of price indexes calculation, deflator and consumer price index. Problem of adequate estimation of public welfare by index of real GDP and problem of GDP statistics. 6. Savings and investment in closed ...
... Problems of real GDP calculation taking into account change in goods and services prices, methods of price indexes calculation, deflator and consumer price index. Problem of adequate estimation of public welfare by index of real GDP and problem of GDP statistics. 6. Savings and investment in closed ...
Mankiw 6e PowerPoints - Economics Department at UC Davis
... interest rate and demand for goods & services the Phillips curve, which relates inflation to the gap between output and its natural level, expected inflation, and supply shocks adaptive expectations, a simple model of inflation expectations CHAPTER 14 ...
... interest rate and demand for goods & services the Phillips curve, which relates inflation to the gap between output and its natural level, expected inflation, and supply shocks adaptive expectations, a simple model of inflation expectations CHAPTER 14 ...
Mankiw SM Chap13 correct size:chap13.qxd.qxd
... Federal Reserve increases the money supply, this will cause the economy to go through an expansionary phase. Starting with the IS-LM model in Figure 13-2A, an increase in the money supply will shift the LM curve to the right, resulting in a lower interest rate and higher level of output at point B. ...
... Federal Reserve increases the money supply, this will cause the economy to go through an expansionary phase. Starting with the IS-LM model in Figure 13-2A, an increase in the money supply will shift the LM curve to the right, resulting in a lower interest rate and higher level of output at point B. ...
American Foreign Policy
... • Many view the poor as receiving too much government money • Most government funds are given through entitlement programs to people who are not poor • Eligibility for means-tested programs depends on how narrowly poverty is defined • poor are viewed as “deserving” if a family has lost its breadwinn ...
... • Many view the poor as receiving too much government money • Most government funds are given through entitlement programs to people who are not poor • Eligibility for means-tested programs depends on how narrowly poverty is defined • poor are viewed as “deserving” if a family has lost its breadwinn ...
symbols and macro-algebra
... in G or T change A. Expansionary fiscal policy is to either increase G or decrease T , either of which increases A and shifts the IS curve to the right. (The model at this stage is symmetrical; so contractionary fiscal policy is the opposite, both in sign and in size.) The LM curve shifts (for now, ...
... in G or T change A. Expansionary fiscal policy is to either increase G or decrease T , either of which increases A and shifts the IS curve to the right. (The model at this stage is symmetrical; so contractionary fiscal policy is the opposite, both in sign and in size.) The LM curve shifts (for now, ...
Press release: Monetary developments in the euro area: January 2016
... 3.1. Deposits with an agreed maturity of over two years 3.2. Deposits redeemable at notice of over three months 3.3. Debt securities issued with a maturity of over two years 3.4. Capital and reserves ...
... 3.1. Deposits with an agreed maturity of over two years 3.2. Deposits redeemable at notice of over three months 3.3. Debt securities issued with a maturity of over two years 3.4. Capital and reserves ...
Facing Economic Challenges
... – if demand is strong, may raise prices to maintain profits Cost-push inflation may be due to higher price of materials, energy Wages can be large part of production costs; wage-price spiral: – higher wages lead to higher costs, which lead to higher prices, which lead to higher wages and so on ...
... – if demand is strong, may raise prices to maintain profits Cost-push inflation may be due to higher price of materials, energy Wages can be large part of production costs; wage-price spiral: – higher wages lead to higher costs, which lead to higher prices, which lead to higher wages and so on ...
capr 1+) New Ke,Jne5Ian conomIcs: SticL,9 PrIces
... Part V Money and Business Cycles flexible—that is, some are “sticky” That some prices and wages cannot move so as to clear markets will have important implications for how the economy behaves and for economic policy. The New Keynesian model studied in this chapter is essentially identical to the mon ...
... Part V Money and Business Cycles flexible—that is, some are “sticky” That some prices and wages cannot move so as to clear markets will have important implications for how the economy behaves and for economic policy. The New Keynesian model studied in this chapter is essentially identical to the mon ...
Macroeconomics - Rémi Bazillier
... As shown in exercises 1.6 and 1.7, the choice of the reference year has an influence on some results. To avoid this problem, chain indexes can be used. The reference year is always the previous year. 1. Using data from exercise 1.6, calculate the real GDP using the previous year as the reference yea ...
... As shown in exercises 1.6 and 1.7, the choice of the reference year has an influence on some results. To avoid this problem, chain indexes can be used. The reference year is always the previous year. 1. Using data from exercise 1.6, calculate the real GDP using the previous year as the reference yea ...
Chinese Divisia Monetary Index and GDP Nowcasting William A
... Many empirical studies, such as Barnett and Serletis (2000), Barnett et al. (2008), Gogas et al. (2012), and Belongia and Ireland (2014), find that the Divisia monetary aggregates help in forecasting movements in the key macroeconomic variables and outperform the simple-sum monetary aggregates. Rah ...
... Many empirical studies, such as Barnett and Serletis (2000), Barnett et al. (2008), Gogas et al. (2012), and Belongia and Ireland (2014), find that the Divisia monetary aggregates help in forecasting movements in the key macroeconomic variables and outperform the simple-sum monetary aggregates. Rah ...
Decomposing Sources of Inflation
... approaches. A group of works focused on the monetarist approach which exerts that inflation is related to the rate of change of the money supply in excess of the rate of increase of the domestic output, such as that of Barth and Bennett (1975), Saini (1982), and Bahmani-Oskooee (1995). Specifically, ...
... approaches. A group of works focused on the monetarist approach which exerts that inflation is related to the rate of change of the money supply in excess of the rate of increase of the domestic output, such as that of Barth and Bennett (1975), Saini (1982), and Bahmani-Oskooee (1995). Specifically, ...
CEOs` Economic Outlook Dims as More Plan to
... So in this question, we are going to employ some of the tools that we have acquired throughout the semester to understand how this assumption, "that the funds rate is likely to be at or near its lower bound of zero for the foreseeable future," effects the government spending and tax multipliers. a) ...
... So in this question, we are going to employ some of the tools that we have acquired throughout the semester to understand how this assumption, "that the funds rate is likely to be at or near its lower bound of zero for the foreseeable future," effects the government spending and tax multipliers. a) ...
Date
... A) the real wage will rise and the real rental price of capital will fall. B) both the real wage and the real rental price of capital will fall. C) both the real wage and the real rental price of capital will rise. D) the real wage will fall and the real rental price of capital will rise. 41. If a n ...
... A) the real wage will rise and the real rental price of capital will fall. B) both the real wage and the real rental price of capital will fall. C) both the real wage and the real rental price of capital will rise. D) the real wage will fall and the real rental price of capital will rise. 41. If a n ...
32 Macroeconomic policy in SA since 1994 (2015)
... reprioritisation of expenditures away from race-based access to public services, which were mainly reserved for the minority white population under apartheid, towards more racially equitable pattern of expenditure. Related to this has been a strong emphasis on the need to improve the quality of spen ...
... reprioritisation of expenditures away from race-based access to public services, which were mainly reserved for the minority white population under apartheid, towards more racially equitable pattern of expenditure. Related to this has been a strong emphasis on the need to improve the quality of spen ...
Solutions to Problems
... 7a. An increase in government expenditures and a decrease in taxes are expansionary fiscal policies. Aggregate demand increases in the first round. Real GDP and the price level begin to increase. In the second round, the increasing real GDP increases the demand for money and the interest rate rises. ...
... 7a. An increase in government expenditures and a decrease in taxes are expansionary fiscal policies. Aggregate demand increases in the first round. Real GDP and the price level begin to increase. In the second round, the increasing real GDP increases the demand for money and the interest rate rises. ...
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... measure is the appropriate one depends, of course, on the context of the problem at hand, but considerable confusion can arise from failure to distinguish between the two. In addition to the requirement that instruments be effective, a unique solution to the problem of achieving the desired values ...
... measure is the appropriate one depends, of course, on the context of the problem at hand, but considerable confusion can arise from failure to distinguish between the two. In addition to the requirement that instruments be effective, a unique solution to the problem of achieving the desired values ...
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies.Monetary economics provides insight into how to craft optimal monetary policy.Monetary policy is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it. Expansionary policy is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding. Contractionary policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values.Monetary policy differs from fiscal policy, which refers to taxation, government spending, and associated borrowing.