How do five American political science textbooks deal with the
... lower price is supposed to trigger a corresponding increase in demand. These kinds of market adjustment processes will continue until the excess supply has been sold and an equilibrium between supply and demand established. In this imagined world, economic policies such as fiscal or monetary policy ...
... lower price is supposed to trigger a corresponding increase in demand. These kinds of market adjustment processes will continue until the excess supply has been sold and an equilibrium between supply and demand established. In this imagined world, economic policies such as fiscal or monetary policy ...
Revival of Aggregate Demand Policies – Introduction
... the latter lead to first-order welfare gains, given that the steady state is distorted (e.g. because of monopolistic competition). Galí goes on to present a simple model in which individuals care about private and public goods consumption, as well as leisure. He derives the optimal level of public p ...
... the latter lead to first-order welfare gains, given that the steady state is distorted (e.g. because of monopolistic competition). Galí goes on to present a simple model in which individuals care about private and public goods consumption, as well as leisure. He derives the optimal level of public p ...
Chapter 13 GDP Output Gap - McGraw Hill Higher Education
... According to Ken Kuttner, an economist at Williams College, Japan’s output gap may have been smaller than thought; workers may have resisted pay cuts; and perhaps most important, at low rates of either inflation or deflation firms may change prices less frequently, reducing the impact of output gaps ...
... According to Ken Kuttner, an economist at Williams College, Japan’s output gap may have been smaller than thought; workers may have resisted pay cuts; and perhaps most important, at low rates of either inflation or deflation firms may change prices less frequently, reducing the impact of output gaps ...
Macroeconomics of Keynesian and Marxian inspirations: Toward a
... In the wake of World War II, Keynes’ analysis contributed to the definition of the new social compromise (including its macro and welfare components). Within this favorable political context, a “Keynesian school”, in the broad sense, prospered. After the establishment of neoliberalism in the 1980s, ...
... In the wake of World War II, Keynes’ analysis contributed to the definition of the new social compromise (including its macro and welfare components). Within this favorable political context, a “Keynesian school”, in the broad sense, prospered. After the establishment of neoliberalism in the 1980s, ...
Chapter 22: Main Events of the Period 1970 to 1990
... rising, President Nixon decided that he could stop the inflation by passing laws that limited price and wage increases. For 90 days, no one was allowed to raise a price or a wage at all. After that, there were legal limits to the increases in prices and wages that were allowed. These legal limits co ...
... rising, President Nixon decided that he could stop the inflation by passing laws that limited price and wage increases. For 90 days, no one was allowed to raise a price or a wage at all. After that, there were legal limits to the increases in prices and wages that were allowed. These legal limits co ...
chapter 8. the natural rate of unemployment and the phillips curve
... do with the slow adjustment of wage demands to declines in productivity growth. This interpretation is presented in Chapter 13. Note that the interpretations of the changes in the natural rate tend to come after the fact. Such changes are difficult to predict. Third, the relationship between inflati ...
... do with the slow adjustment of wage demands to declines in productivity growth. This interpretation is presented in Chapter 13. Note that the interpretations of the changes in the natural rate tend to come after the fact. Such changes are difficult to predict. Third, the relationship between inflati ...
Vesalius College ECN201 Intermediate Macroeconomics Course
... to explain briefly a number of key concepts from the list in appendix A.1. This is intended to find out whether you are able to speak the economist’s language accurately. Study the definitions from the glossary at the end of the Mankiw text or the flash cards on the textbook web site. The second par ...
... to explain briefly a number of key concepts from the list in appendix A.1. This is intended to find out whether you are able to speak the economist’s language accurately. Study the definitions from the glossary at the end of the Mankiw text or the flash cards on the textbook web site. The second par ...
This PDF is a selection from an out-of-print volume from... National Bureau of Economic Research
... These developments would in time raise costs of production even if wage rates remained constant. That, however, will not happen. With aggregate demand continuing to expand, labor shortages 'will appear first in this trade or community, then in another, and so keep multiplying. Wages will therefore r ...
... These developments would in time raise costs of production even if wage rates remained constant. That, however, will not happen. With aggregate demand continuing to expand, labor shortages 'will appear first in this trade or community, then in another, and so keep multiplying. Wages will therefore r ...
SOUTHWESTERN MICHIGAN COLLEGE
... Explain what gives money its value. Define the money supply. Explain why credit cards are not money. Explain how banking developed. Explain the role banks play in the money creation process. Identify and discuss the functions of the Federal Reserve System. Outline the structure of the Fed. Explain h ...
... Explain what gives money its value. Define the money supply. Explain why credit cards are not money. Explain how banking developed. Explain the role banks play in the money creation process. Identify and discuss the functions of the Federal Reserve System. Outline the structure of the Fed. Explain h ...
NBER WORKING PAPER SERIES THE EFFECT OF CONVENTIONAL AND UNCONVENTIONAL MONETARY
... inflation after WWII and Part 3 provides evidence to show that the unconventional monetary policy, followed in the wake of the 2008 financial crisis, was effective in stabilizing inflation expectations. I argue that management of the variation in the composition of the Fed’s balance sheet, is an imp ...
... inflation after WWII and Part 3 provides evidence to show that the unconventional monetary policy, followed in the wake of the 2008 financial crisis, was effective in stabilizing inflation expectations. I argue that management of the variation in the composition of the Fed’s balance sheet, is an imp ...
From Outer Circle to Center Stage
... While Marxist regimes claimed a wholly different way of thought, with clearly very different policy implications, and the Austrian School denied some neoclassical premises, accepted others, but ended up with similar policy conclusions, the third major alternative to neoclassical economics was quiete ...
... While Marxist regimes claimed a wholly different way of thought, with clearly very different policy implications, and the Austrian School denied some neoclassical premises, accepted others, but ended up with similar policy conclusions, the third major alternative to neoclassical economics was quiete ...
pdf,402KB - Iowa State University Department of Economics
... a public sector. Firms belong to two industries. In the first one, firms perform R&D and produce heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption good. Consumers sell their labor to firms in both sectors and fully consume the incom ...
... a public sector. Firms belong to two industries. In the first one, firms perform R&D and produce heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption good. Consumers sell their labor to firms in both sectors and fully consume the incom ...
Chapter 5 MONEY AND INFLATION
... Activist is an economist who views the self-correcting mechanism through wage and price adjustment to be very slow and hence sees the need for the government to pursue active, discretionary policy to eliminate high unemployment whenever it develops. Activists argue that monetary and fiscal polic ...
... Activist is an economist who views the self-correcting mechanism through wage and price adjustment to be very slow and hence sees the need for the government to pursue active, discretionary policy to eliminate high unemployment whenever it develops. Activists argue that monetary and fiscal polic ...
Schumpeter Meeting Keynes: A Policy-Friendly Model of
... a public sector. Firms belong to two industries. In the first one, firms perform R&D and produce heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption good. Consumers sell their labor to firms in both sectors and fully consume the incom ...
... a public sector. Firms belong to two industries. In the first one, firms perform R&D and produce heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption good. Consumers sell their labor to firms in both sectors and fully consume the incom ...
NBER WORKING PAPER SERIES RECENT DEVELOPMENTS IN MACROECONOMICS Working Paper No. 2473
... aggregates such as M, which weight components of each measure equally. The empirical success of the new measures has been mixed. Monetary targetting in terms of Divisia aggregates is complicated by the fact that the aggregates themselves depend on interest rates, so that achieving a targetted Divisi ...
... aggregates such as M, which weight components of each measure equally. The empirical success of the new measures has been mixed. Monetary targetting in terms of Divisia aggregates is complicated by the fact that the aggregates themselves depend on interest rates, so that achieving a targetted Divisi ...
The NAIRU and the Natural Rate of Unemployment
... Although they do not directly specify in their paper links to individual types of unemployment and certainly do not define in theoretical terms this „non-inflationary“ or „stable“ rate of unemployment, the relationship between their discussion and later concepts in the form of the natural rate of un ...
... Although they do not directly specify in their paper links to individual types of unemployment and certainly do not define in theoretical terms this „non-inflationary“ or „stable“ rate of unemployment, the relationship between their discussion and later concepts in the form of the natural rate of un ...
Inflation After the static aggregate demand and supply analysis of
... L Change in price index of materials used in manufacturing L L ASX “all ordinaries” share price index L L Gross operating surplus (constant $) L L Implicit price deflator L unit labour cost ratio L L Overdraft limits outstanding (constant $) L L ...
... L Change in price index of materials used in manufacturing L L ASX “all ordinaries” share price index L L Gross operating surplus (constant $) L L Implicit price deflator L unit labour cost ratio L L Overdraft limits outstanding (constant $) L 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.