a case study of class-based political business cycles
... bank (Whitwell, 1986: 208). Fred Gruen, Whitlam’s economic adviser, later recalled that the demand pressures building in 1973-74 were of ‘a greater intensity’ than anything since the end of World War II (cited in Whitwell, 1986: 208). A 25% tariff cut (July) and a further 4.8% revaluation (September ...
... bank (Whitwell, 1986: 208). Fred Gruen, Whitlam’s economic adviser, later recalled that the demand pressures building in 1973-74 were of ‘a greater intensity’ than anything since the end of World War II (cited in Whitwell, 1986: 208). A 25% tariff cut (July) and a further 4.8% revaluation (September ...
building lithuanian macro-econometric model: forecast of
... If the Neoclassical theory is dominant, the coefficients α1 and α2 should equal one and α3 should equal zero. If the Phillip’s curve theory is dominant, α1 should be insignificant. Finally, if wages are not fully compensated for inflation, α2 should be between 0.0 and 1.0. Wage Dynamics Network macr ...
... If the Neoclassical theory is dominant, the coefficients α1 and α2 should equal one and α3 should equal zero. If the Phillip’s curve theory is dominant, α1 should be insignificant. Finally, if wages are not fully compensated for inflation, α2 should be between 0.0 and 1.0. Wage Dynamics Network macr ...
M.A. (Economics) 2014-16
... 214A - Overview of Financial Market Objective: The objective of this paper is to understand various financial markets and there operational aspects in India. 1. Introduction to Indian Financial System: Introduction of financial system, Functions of the Financial System, Structure and Characteristic ...
... 214A - Overview of Financial Market Objective: The objective of this paper is to understand various financial markets and there operational aspects in India. 1. Introduction to Indian Financial System: Introduction of financial system, Functions of the Financial System, Structure and Characteristic ...
MA_Semesters_I_to_IV.pdf
... Life cycle and Permanent income – Investment – Determinants of Investment. UNIT III : Supply and Demand for Money [11 Hours] A behavioural model of money supply determination, RBI approach to money supply; High powered money and money multiplier; budget deficits and money supply; money supply and op ...
... Life cycle and Permanent income – Investment – Determinants of Investment. UNIT III : Supply and Demand for Money [11 Hours] A behavioural model of money supply determination, RBI approach to money supply; High powered money and money multiplier; budget deficits and money supply; money supply and op ...
Chapter 12 Unemployment and Inflation
... Which of the following would probably be the most effective at reducing structural unemployment? (a) Reduce unemployment benefits. (b) Provide more information about the availability and location of jobs. (c) Retrain workers who are unemployed. (d) Increase union strength in the economy. Answer: C L ...
... Which of the following would probably be the most effective at reducing structural unemployment? (a) Reduce unemployment benefits. (b) Provide more information about the availability and location of jobs. (c) Retrain workers who are unemployed. (d) Increase union strength in the economy. Answer: C L ...
Economics Courses • Economics
... behavior. Additional topics addressed include the role of regulatory agencies and governments in markets, and nonprice issues (such as social and environmental concerns). Empirical and theoretical models as well as case studies are used to analyze firm interactions within market structures. Prerequi ...
... behavior. Additional topics addressed include the role of regulatory agencies and governments in markets, and nonprice issues (such as social and environmental concerns). Empirical and theoretical models as well as case studies are used to analyze firm interactions within market structures. Prerequi ...
Chapter 9: Monetary Policy
... acknowledgment of the importance of monetary policy is relatively recent and arose largely from the failures of monetary policy rather than its successes. From the end of World War II until the 1970s, the role of the Fed was thought to be to keep interest rates low so as to foster the capital invest ...
... acknowledgment of the importance of monetary policy is relatively recent and arose largely from the failures of monetary policy rather than its successes. From the end of World War II until the 1970s, the role of the Fed was thought to be to keep interest rates low so as to foster the capital invest ...
Special Focus: Mastering Economic Thinking Skills
... Early oligopoly theory was pioneered by Antoine-Augustin Cournot (1838) when he added one seller to his monopoly model. The Cournot duopoly laid the foundation for much of the work on imperfect competition that we continue to teach as game theory. A century later, mathematician John von Neumann and ...
... Early oligopoly theory was pioneered by Antoine-Augustin Cournot (1838) when he added one seller to his monopoly model. The Cournot duopoly laid the foundation for much of the work on imperfect competition that we continue to teach as game theory. A century later, mathematician John von Neumann and ...
A literature review of Happiness and Economics and
... been researching the topic. To obtain quantifiable results, data about people’s well-being was gathered in countless surveys which asked about individuals’ life satisfaction, feelings and other states of mind. These social, cognitive and emotional factors are very important for the new branch of eco ...
... been researching the topic. To obtain quantifiable results, data about people’s well-being was gathered in countless surveys which asked about individuals’ life satisfaction, feelings and other states of mind. These social, cognitive and emotional factors are very important for the new branch of eco ...
Axel A Weber: The role of interest rates in theory and practice
... It is obvious that interest rates play a key role in monetary policy today. On the one hand, the instrument of most central banks is a short-term interest rate. On the other, interest rates contain important information on the current state of the economy, and the extent to which past monetary polic ...
... It is obvious that interest rates play a key role in monetary policy today. On the one hand, the instrument of most central banks is a short-term interest rate. On the other, interest rates contain important information on the current state of the economy, and the extent to which past monetary polic ...
Stagnation Traps Gianluca Benigno and Luca Fornaro January 2015 Preliminary, comments welcome
... traps, because they consist in the joint occurrence of a liquidity and a growth trap. In our economy there are two types of agents: firms and households. Firms’ investment in innovation determines endogenously the growth rate of productivity and potential output of our economy. As in the standard mo ...
... traps, because they consist in the joint occurrence of a liquidity and a growth trap. In our economy there are two types of agents: firms and households. Firms’ investment in innovation determines endogenously the growth rate of productivity and potential output of our economy. As in the standard mo ...
(Ir)relevance of the NRU for Policy Making
... induced by exchange rates, and some demographic variable (e.g. the proportion of population between 20 and 24 years old), and (ii) world variables, such as the real interest rate and the real price of oil. Subsequent works of the structuralist proponents - see, among others, Phelps and Zoega (1998, ...
... induced by exchange rates, and some demographic variable (e.g. the proportion of population between 20 and 24 years old), and (ii) world variables, such as the real interest rate and the real price of oil. Subsequent works of the structuralist proponents - see, among others, Phelps and Zoega (1998, ...
NBER WORKING PAPER SERIES INFLATION: THEORY AND EVIDENCE Bennett 1. McCallum
... distinct from price levels) only if they result in different money stock growth rates. Basically, Friedman's dictum relies only on the presumption that money demand behavior is reasonably stable in real terms and that the volume of real transactions does not respond on a sustained basis to changes ...
... distinct from price levels) only if they result in different money stock growth rates. Basically, Friedman's dictum relies only on the presumption that money demand behavior is reasonably stable in real terms and that the volume of real transactions does not respond on a sustained basis to changes ...
105-notes inflation-stagflation-phillipscurve
... events because they are based on expected economic conditions and government policy, not past inflation rates. A strong version of forward-looking expectation is called ...
... events because they are based on expected economic conditions and government policy, not past inflation rates. A strong version of forward-looking expectation is called ...
Working Paper No. 326
... growth-based fiscal consolidation by a timely tightening of fiscal stance. Perhaps, then, demand management policies make some difference after all. Demand management involves both fiscal and monetary (and exchange rate) policies. In what follows, we concentrate mainly on monetary policy and exchang ...
... growth-based fiscal consolidation by a timely tightening of fiscal stance. Perhaps, then, demand management policies make some difference after all. Demand management involves both fiscal and monetary (and exchange rate) policies. In what follows, we concentrate mainly on monetary policy and exchang ...
Government Spending Might Not Create Jobs, Even during
... We found that, in the short and intermediate run, there are only small employment effects of government spending in both highand low-unemployment times. We quantified the effects of government spending over a four-year horizon following exogenous news about future U.S. defense spending. Following a ...
... We found that, in the short and intermediate run, there are only small employment effects of government spending in both highand low-unemployment times. We quantified the effects of government spending over a four-year horizon following exogenous news about future U.S. defense spending. Following a ...
economics
... to the left from AS1 to AS2, the equilibrium moves from point A to point B. Output falls from Y1 to Y2, and the price level rises from P1 to P2. Panel (b) shows the short-run trade-off between inflation and unemployment. The adverse shift in aggregate supply moves the economy from a point with lower ...
... to the left from AS1 to AS2, the equilibrium moves from point A to point B. Output falls from Y1 to Y2, and the price level rises from P1 to P2. Panel (b) shows the short-run trade-off between inflation and unemployment. The adverse shift in aggregate supply moves the economy from a point with lower ...
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.