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... themselves; they became more explicitly mathematical, more interested in theory per se, and less interested in real world issues. As that happened the field of economic narrowed, and the philosophical, historical, and institutional knowledge that was so central to Classical economists’ analysis of p ...
... themselves; they became more explicitly mathematical, more interested in theory per se, and less interested in real world issues. As that happened the field of economic narrowed, and the philosophical, historical, and institutional knowledge that was so central to Classical economists’ analysis of p ...
Wicksell after Woodford
... and contract nominal aggregate demand without limits (Wicksell 1898 [1936: 62-69], 1915 [1935: 79-87]). In the other version, the fictitious centralization of credit helped to simplify the analysis of monetary policy and cumulative price changes. Wicksell’s (1898 [1936]) originally presented his pur ...
... and contract nominal aggregate demand without limits (Wicksell 1898 [1936: 62-69], 1915 [1935: 79-87]). In the other version, the fictitious centralization of credit helped to simplify the analysis of monetary policy and cumulative price changes. Wicksell’s (1898 [1936]) originally presented his pur ...
‘Right back where we started from’: from ‘the Roy H. Grieve
... Keynes was suddenly remembered as the author of a powerful theoretical analysis which might again, as it did seventy years ago, provide understanding and guidance as to how to cope with conditions of collapsing activity across the world economy. Even five years into the present recession it is not c ...
... Keynes was suddenly remembered as the author of a powerful theoretical analysis which might again, as it did seventy years ago, provide understanding and guidance as to how to cope with conditions of collapsing activity across the world economy. Even five years into the present recession it is not c ...
7 The Anatomy of Inflation and Unemployment
... while unemployed to after-tax income while employed. The frequency of unemployment is determined by both the rate at which new workers enter the labor force, and the variability of labor demand across different firms in the economy (some firms will be shrinking, some growing; people will need move t ...
... while unemployed to after-tax income while employed. The frequency of unemployment is determined by both the rate at which new workers enter the labor force, and the variability of labor demand across different firms in the economy (some firms will be shrinking, some growing; people will need move t ...
Stephen
... long—run mean. The second, introduced by Barro (1976) and Gray (1976) is the minimization of the variance of output about its full information ...
... long—run mean. The second, introduced by Barro (1976) and Gray (1976) is the minimization of the variance of output about its full information ...
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... Hippel, 1982, 1986; Lundvall 1988; Guerzoni, 2007). On the other hand, the size of the payoff to successful investment in innovation activities determines their attractiveness for firms. In the words of the U.S. sociologist Seabury C. Gilfillan (1935, pp. 58f.): “Increasing population and/or industr ...
... Hippel, 1982, 1986; Lundvall 1988; Guerzoni, 2007). On the other hand, the size of the payoff to successful investment in innovation activities determines their attractiveness for firms. In the words of the U.S. sociologist Seabury C. Gilfillan (1935, pp. 58f.): “Increasing population and/or industr ...
Unemployment and Inflation
... 1. Economists say that workers who spend time looking for employment are engaged in job search. 2. Definition: Frictional unemployment is unemployment due to the time workers spend in search of a job. C. Structural unemployment 1. Definition: Structural unemployment is unemployment that results when ...
... 1. Economists say that workers who spend time looking for employment are engaged in job search. 2. Definition: Frictional unemployment is unemployment due to the time workers spend in search of a job. C. Structural unemployment 1. Definition: Structural unemployment is unemployment that results when ...
what do we know about macroeconomics
... • From 1940 to 1980. A period of consolidation. A period during which an integrated framework was developed— starting with the IS-LM, all the way to dynamic general equilibrium models—and used to clarify the role of shocks and propagation mechanisms in fluctuations. But a construction with an Achill ...
... • From 1940 to 1980. A period of consolidation. A period during which an integrated framework was developed— starting with the IS-LM, all the way to dynamic general equilibrium models—and used to clarify the role of shocks and propagation mechanisms in fluctuations. But a construction with an Achill ...
Dynamic Stochastic General Equilibrium Models as a Tool for Policy
... adopt the general structure of a RBC model, i.e. they feature an impulse– response structure built around optimising agents in a general equilibrium setting. However, the way these models rationalise the business cycle differs substantially from the original contribution and is everything but unique ...
... adopt the general structure of a RBC model, i.e. they feature an impulse– response structure built around optimising agents in a general equilibrium setting. However, the way these models rationalise the business cycle differs substantially from the original contribution and is everything but unique ...
DETERMINANTS OF HIGH INFLATION IN AN LDC:
... Inspection of the stability or otherwise of inflation was done using the Cumulative Sum(CUSUM) of the residuals which revealed that a number of significant structural breaks may have occurred in the periods 1975:3, 1979:4, 1982:4, 1985:2, 1988:3 and 1992:1. The Chow breakpoint tests at these time pe ...
... Inspection of the stability or otherwise of inflation was done using the Cumulative Sum(CUSUM) of the residuals which revealed that a number of significant structural breaks may have occurred in the periods 1975:3, 1979:4, 1982:4, 1985:2, 1988:3 and 1992:1. The Chow breakpoint tests at these time pe ...
Sense and Nonsense About Deflation
... those under an inflationary regime. It was not long before some began to argue that deflation ought almost exclusively be associated with “bad” economic outcomes and needs to be avoided at all costs. Two reasons explain this opinion. First, the decade-long economic stagnation in Japan, occurring sim ...
... those under an inflationary regime. It was not long before some began to argue that deflation ought almost exclusively be associated with “bad” economic outcomes and needs to be avoided at all costs. Two reasons explain this opinion. First, the decade-long economic stagnation in Japan, occurring sim ...
The Two Triangles: What Did Wicksell and Keynes Know about
... tend to exclude it from their consensus view. We demonstrate the explanatory potential of a synthesis of Wicksellian and Keynesian ideas that differs substantially from the Neoclassical Synthesis, Old and New. The rest of the paper is organized in three parts. Section [2] provides a brief account of ...
... tend to exclude it from their consensus view. We demonstrate the explanatory potential of a synthesis of Wicksellian and Keynesian ideas that differs substantially from the Neoclassical Synthesis, Old and New. The rest of the paper is organized in three parts. Section [2] provides a brief account of ...
Notes Inflation and Interest Rates in the Medium Run
... natural level of output. The economy reaches a new medium‐run equilibrium at point “C”. If output returns to the natural level, it must be taht falls by as much as fell. In the medium run, output returns to the natural level of output and the disinflation is accomplished. That is how the e ...
... natural level of output. The economy reaches a new medium‐run equilibrium at point “C”. If output returns to the natural level, it must be taht falls by as much as fell. In the medium run, output returns to the natural level of output and the disinflation is accomplished. That is how the e ...
Parkin-Bade Chapter 21
... Unemployment and Full Employment Cyclical Unemployment Cyclical unemployment is the higher than normal unemployment at a business cycle trough and lower than normal unemployment at a business cycle peak. A worker laid off because the economy is in a recession and is then rehired when the expansion ...
... Unemployment and Full Employment Cyclical Unemployment Cyclical unemployment is the higher than normal unemployment at a business cycle trough and lower than normal unemployment at a business cycle peak. A worker laid off because the economy is in a recession and is then rehired when the expansion ...
Chapter 7 Employment and Unemployment
... 19. Because discouraged workers and underemployed workers (involuntary part-time or workers not making use of their skills) are not counted among the unemployed in the official unemployment statistic. 20. Frictional, structural, and cyclical unemployment. Cyclical unemployment is broadly spread thro ...
... 19. Because discouraged workers and underemployed workers (involuntary part-time or workers not making use of their skills) are not counted among the unemployed in the official unemployment statistic. 20. Frictional, structural, and cyclical unemployment. Cyclical unemployment is broadly spread thro ...
10 OCTOBER 2011
... as does the short-run curve. Sargent demonstrated that the usual econometric tests relied critically on regarding expectations as passive, and that the forward-looking nature of rational expectations implied that expectations themselves depend on the slope of the long-run Phillips curve. This made e ...
... as does the short-run curve. Sargent demonstrated that the usual econometric tests relied critically on regarding expectations as passive, and that the forward-looking nature of rational expectations implied that expectations themselves depend on the slope of the long-run Phillips curve. This made e ...
explanation of the prize
... as does the short-run curve. Sargent demonstrated that the usual econometric tests relied critically on regarding expectations as passive, and that the forward-looking nature of rational expectations implied that expectations themselves depend on the slope of the long-run Phillips curve. This made e ...
... as does the short-run curve. Sargent demonstrated that the usual econometric tests relied critically on regarding expectations as passive, and that the forward-looking nature of rational expectations implied that expectations themselves depend on the slope of the long-run Phillips curve. This made e ...
inflation - nagleeco-2009
... on Australia’s economic performance. Sustained low inflation rate allows moderate economic growth to be maintained without it becoming necessary to curtail growth through higher interest rates. Sustained low inflation since the early 1990s allowed for a long period of relatively high economic growth ...
... on Australia’s economic performance. Sustained low inflation rate allows moderate economic growth to be maintained without it becoming necessary to curtail growth through higher interest rates. Sustained low inflation since the early 1990s allowed for a long period of relatively high economic growth ...
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.