Syllabus
... Macroeconomic Fluctuations Giovanni Favara Spring 2007 This is the first year course for the M.Sc sequence in macroeconomics. Its purpose is to introduce the basic models used to study macroeconomic fluctuations. The course is organized around eight topics. There are more topics than I can hope to c ...
... Macroeconomic Fluctuations Giovanni Favara Spring 2007 This is the first year course for the M.Sc sequence in macroeconomics. Its purpose is to introduce the basic models used to study macroeconomic fluctuations. The course is organized around eight topics. There are more topics than I can hope to c ...
courses - Faculty of Business and Economics
... studied and used to perform comparative static analysis. Restrictions imposed by optimization on consumer and producer behaviour are discussed. Choices under uncertainty are also investigated. The second part mainly covers the equilibrium in perfectly competitive markets and the two fundamental welf ...
... studied and used to perform comparative static analysis. Restrictions imposed by optimization on consumer and producer behaviour are discussed. Choices under uncertainty are also investigated. The second part mainly covers the equilibrium in perfectly competitive markets and the two fundamental welf ...
NBER WORKING PAPER SERIES WHAT DO WE KNOW ABOUT MACROECONOMICS THAT
... an economy in which people and firms therefore had to make decisions based partly on state variables—variables reflecting past decisions—and partly on expectations of the future. Once current equilibrium conditions were imposed, the current equilibrium depended partly on history, partly on expectati ...
... an economy in which people and firms therefore had to make decisions based partly on state variables—variables reflecting past decisions—and partly on expectations of the future. Once current equilibrium conditions were imposed, the current equilibrium depended partly on history, partly on expectati ...
unemployed
... They argue that the empirical evidence supporting a vertical long-run Phillips curve has been flimsy at best ...
... They argue that the empirical evidence supporting a vertical long-run Phillips curve has been flimsy at best ...
The stability of full employment
... It has now become usual to interpret Keynesian theory as “sticky price-macroeconomics” (cf. e.g. McCallum 1986) and to consider a Keynesian-type stabilisation policy primarily as a substitute for wage flexibility. However, if the market failure of unemployment is just due to the “friction” of insuff ...
... It has now become usual to interpret Keynesian theory as “sticky price-macroeconomics” (cf. e.g. McCallum 1986) and to consider a Keynesian-type stabilisation policy primarily as a substitute for wage flexibility. However, if the market failure of unemployment is just due to the “friction” of insuff ...
The Baffling New Inflation: How Cost
... Price Level (1959), which latter we have already encountered above. The above second study started to publish its outcome in September 1959. This first volume was solely devoted to the paper by Charles Schultze (b. 1924). Schultze had served on the Council of Economic Advisers as a staff economist a ...
... Price Level (1959), which latter we have already encountered above. The above second study started to publish its outcome in September 1959. This first volume was solely devoted to the paper by Charles Schultze (b. 1924). Schultze had served on the Council of Economic Advisers as a staff economist a ...
(dis)equilibrium, uncertainty and monetary analysis: an essential
... aftermath of the financial and economic crisis, insightful ideas need to be developed so to positively affect policy. The discussion centres on one of the pillars in economic theory, namely the concept of equilibrium. With reference to the literature, it is acknowledged that several definitions of t ...
... aftermath of the financial and economic crisis, insightful ideas need to be developed so to positively affect policy. The discussion centres on one of the pillars in economic theory, namely the concept of equilibrium. With reference to the literature, it is acknowledged that several definitions of t ...
Unemployment
... to the behavior of economic agents, markets, industry and firm structures, legal institutions, social norms, and government policies. 2. Students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challeng ...
... to the behavior of economic agents, markets, industry and firm structures, legal institutions, social norms, and government policies. 2. Students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challeng ...
Business Cycle and Unemployment
... The Business Cycle Why does the economy fluctuate? •Retailer and Producers send misleading information about consumer demand. •Advances in tech, productivity, or resources. •Outside influences (wars, supply shocks, panic). Who cares? •Macroeconomics measures these fluctuations and guides policies t ...
... The Business Cycle Why does the economy fluctuate? •Retailer and Producers send misleading information about consumer demand. •Advances in tech, productivity, or resources. •Outside influences (wars, supply shocks, panic). Who cares? •Macroeconomics measures these fluctuations and guides policies t ...
Business Cycle and Unemployment
... The Business Cycle Why does the economy fluctuate? •Retailer and Producers send misleading information about consumer demand. •Advances in tech, productivity, or resources. •Outside influences (wars, supply shocks, panic). Who cares? •Macroeconomics measures these fluctuations and guides policies t ...
... The Business Cycle Why does the economy fluctuate? •Retailer and Producers send misleading information about consumer demand. •Advances in tech, productivity, or resources. •Outside influences (wars, supply shocks, panic). Who cares? •Macroeconomics measures these fluctuations and guides policies t ...
20140501 Problem Set 6 Answers Draft
... Suppose that inflation expectations for this year E(πt) = 2%. Suppose that, as in (1b) the Federal Reserve thinks that the natural rate of unemployment u* = 4%, and sets interest rates so as to attain that rate of unemployment for each of the next five years. But also suppose the actual natural rate ...
... Suppose that inflation expectations for this year E(πt) = 2%. Suppose that, as in (1b) the Federal Reserve thinks that the natural rate of unemployment u* = 4%, and sets interest rates so as to attain that rate of unemployment for each of the next five years. But also suppose the actual natural rate ...
- Rivisteweb
... that show that, in order to exit from unemployment, former blue collar workers redefine their aspirations and accept low skilled jobs in the service sector. If the trend is spread, it might reduce the structural unemployment. However the workers are affected by a downgrading of their position and th ...
... that show that, in order to exit from unemployment, former blue collar workers redefine their aspirations and accept low skilled jobs in the service sector. If the trend is spread, it might reduce the structural unemployment. However the workers are affected by a downgrading of their position and th ...
Monetary Policy and Economic Stability in Nigeria
... Stationarity (unit root) test to avoid spurious regression results. The Johansen Co integration test confirms the existence of a long run relation between the variables. Adopting the multiple regression model, the study confirmed the existence of a significant impact of only one monetary policy inst ...
... Stationarity (unit root) test to avoid spurious regression results. The Johansen Co integration test confirms the existence of a long run relation between the variables. Adopting the multiple regression model, the study confirmed the existence of a significant impact of only one monetary policy inst ...
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.