CHAPTER OVERVIEW
... Inflation is accorded a rather detailed treatment from both a cause and an effect perspective. International comparisons of inflation rates in the post-1992 period are given in Global Perspective 7.2. Demand-pull and cost-push inflation are described. Considerable emphasis is placed on the fact that ...
... Inflation is accorded a rather detailed treatment from both a cause and an effect perspective. International comparisons of inflation rates in the post-1992 period are given in Global Perspective 7.2. Demand-pull and cost-push inflation are described. Considerable emphasis is placed on the fact that ...
the full text of the Speech
... early on (and certainly earlier than many others, including wage earners so that wage pressures remained low), was able to exploit the benefits of the shock in terms of lower inflation and higher output growth by not raising policy rates to the new, higher equilibrium rate implied by the shock in th ...
... early on (and certainly earlier than many others, including wage earners so that wage pressures remained low), was able to exploit the benefits of the shock in terms of lower inflation and higher output growth by not raising policy rates to the new, higher equilibrium rate implied by the shock in th ...
economics bulletin
... committee suggests. It is possible to complete all requirements in one academic year, though it is normally best to plan on finishing in the second year of study. Dual or Joint Degree Programs Applicants may also apply for a flexible dual-degree program, earning a master’s degree jointly in economic ...
... committee suggests. It is possible to complete all requirements in one academic year, though it is normally best to plan on finishing in the second year of study. Dual or Joint Degree Programs Applicants may also apply for a flexible dual-degree program, earning a master’s degree jointly in economic ...
Markscheme - ibpapers.cf
... • the policy is not appropriate for other types of unemployment like structural and frictional • expansionary monetary policy might lead to inflation • reduced borrowing costs could lead to substitution of labour with capital. Examiners should be aware that candidates may take a different approach w ...
... • the policy is not appropriate for other types of unemployment like structural and frictional • expansionary monetary policy might lead to inflation • reduced borrowing costs could lead to substitution of labour with capital. Examiners should be aware that candidates may take a different approach w ...
Unemployment handout
... some individuals are in-between jobs (frictional unemployment), just entering the labor force (frictional unemployment), or forced out of a job due to technological or other change (structural unemployment) in the industry . Because these changes are inevitable in a free economy and to some degree d ...
... some individuals are in-between jobs (frictional unemployment), just entering the labor force (frictional unemployment), or forced out of a job due to technological or other change (structural unemployment) in the industry . Because these changes are inevitable in a free economy and to some degree d ...
The Federal Reserve`s Dual Mandate: Balancing Act or Inflation
... sustainable economic growth. In his 2005 Senate confirmation hearing as Chairman of the Federal Reserve System, Ben Bernanke affirmed that controlling inflation was vital to achieving monetary policy’s other objectives. (Bernanke 2005). Senator John Sununu agreed: “Price stability is absolutely crit ...
... sustainable economic growth. In his 2005 Senate confirmation hearing as Chairman of the Federal Reserve System, Ben Bernanke affirmed that controlling inflation was vital to achieving monetary policy’s other objectives. (Bernanke 2005). Senator John Sununu agreed: “Price stability is absolutely crit ...
CURRICULUM VITAE - Brookings Institution
... China Business News “Financial Book of the Year” award, short list (three books), 2013 Financial Times list of “Books of the Year” in Economics for 2013 Choice magazine’s list of Outstanding Academic Titles for 2013 Exit Strategy, Geneva Report on the World Economy No. 15, International Center ...
... China Business News “Financial Book of the Year” award, short list (three books), 2013 Financial Times list of “Books of the Year” in Economics for 2013 Choice magazine’s list of Outstanding Academic Titles for 2013 Exit Strategy, Geneva Report on the World Economy No. 15, International Center ...
A two-period closed economy with sticky prices
... Thus, with sticky prices, a fiscal expansion fully financed with (current or future) lump-sum taxes will be able to drive the economy to full employment. Most important, in ...
... Thus, with sticky prices, a fiscal expansion fully financed with (current or future) lump-sum taxes will be able to drive the economy to full employment. Most important, in ...
Monetary Integration, Partisanship, and
... policies cannot have any lasting effects on the “real” economy. Policy neutrality is in turn thought to rest on the widely accepted notion that people have rational expectations. In this paper we show that both views are incorrect, and that there are strong reasons to expect macroeconomic policies, ...
... policies cannot have any lasting effects on the “real” economy. Policy neutrality is in turn thought to rest on the widely accepted notion that people have rational expectations. In this paper we show that both views are incorrect, and that there are strong reasons to expect macroeconomic policies, ...
Central Bank Models: Lessons from the Past and
... 40 Years Ago: A Paradigm Shift from “Path Space” to “Rule Space” But about half way through this 80-year history, there was a major paradigm shift. Views changed about how models should be used for monetary policy evaluation. I would describe it as a shift from policy evaluation in “path-space” as i ...
... 40 Years Ago: A Paradigm Shift from “Path Space” to “Rule Space” But about half way through this 80-year history, there was a major paradigm shift. Views changed about how models should be used for monetary policy evaluation. I would describe it as a shift from policy evaluation in “path-space” as i ...
Macroeconomics, 6e (Abel et al.) Chapter 12 Unemployment and
... 7) A difficulty faced by policymakers who wish to use the unemployment rate as a guide to whether the economy is weak or strong is that A) the natural rate of unemployment is hard to measure. B) the natural rate of unemployment almost never changes. C) policymakers must use data on output to ...
... 7) A difficulty faced by policymakers who wish to use the unemployment rate as a guide to whether the economy is weak or strong is that A) the natural rate of unemployment is hard to measure. B) the natural rate of unemployment almost never changes. C) policymakers must use data on output to ...
Alternative Perspectives on Stabilization Policy
... These expectations depend on many things, but one factor, according to Lucas, is especially important: the policies being pursued by the government. When policymakers estimate the effect of any policy change, therefore, they need to know how people’s expectations will respond to the policy change. L ...
... These expectations depend on many things, but one factor, according to Lucas, is especially important: the policies being pursued by the government. When policymakers estimate the effect of any policy change, therefore, they need to know how people’s expectations will respond to the policy change. L ...
Edmund Phelps
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation—one featuring imperfect information, incomplete knowledge and expectations about wages and prices—to support a macroeconomic theory of employment determination and price-wage dynamics. This led to his development of the natural rate of unemployment—its existence and the mechanism governing its size.Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.