This PDF is a selec on from a published volume... Bureau of Economic Research
... Allan Meltzer stressed the upper tail theory of inflation as what is at play here. Inflation is caused by whatever price was rising at that particular point. However, what prevented hyperinflation? Favorable shocks? To comment on Shapiro’s discussion, the Kennedy Administration had James Tobin, Paul ...
... Allan Meltzer stressed the upper tail theory of inflation as what is at play here. Inflation is caused by whatever price was rising at that particular point. However, what prevented hyperinflation? Favorable shocks? To comment on Shapiro’s discussion, the Kennedy Administration had James Tobin, Paul ...
Chapter 1 Introduction to Macroeconomics - AUEB e
... markets and individuals conduct their economic affairs in their own best interests, the overall economy will work well • Wages and prices adjust rapidly to get to equilibrium – Equilibrium: a situation in which the quantities demanded and supplied are equal – Changes in wages and prices are signals ...
... markets and individuals conduct their economic affairs in their own best interests, the overall economy will work well • Wages and prices adjust rapidly to get to equilibrium – Equilibrium: a situation in which the quantities demanded and supplied are equal – Changes in wages and prices are signals ...
Asset Prices, the Real Exchange Rate, and Unemployment in a
... Suppose that at the current moment, t0, economic agents form an expectation that at some point in the future, t1, there will be a step increase in AT. In the phase diagram in the (K, pN) plane, the stationary locus for dK/dt = 0 shifts to the left as the output supply of the capital good is reduced ...
... Suppose that at the current moment, t0, economic agents form an expectation that at some point in the future, t1, there will be a step increase in AT. In the phase diagram in the (K, pN) plane, the stationary locus for dK/dt = 0 shifts to the left as the output supply of the capital good is reduced ...
Price Indexes and the Inflation Rate
... Purchasing Power Inflation can erode purchasing power. In an inflationary economy, a dollar will not buy the same number of goods that it did in years past. ...
... Purchasing Power Inflation can erode purchasing power. In an inflationary economy, a dollar will not buy the same number of goods that it did in years past. ...
economic thought through the prism of new keynesian economics
... output. Both are full employment equilibria but the first equilibria has a much higher output and hence real wage than the second. Assume that the institutional structure is such that there is no way for it to move from the second to the first once it has arrived at the first. However, say that by e ...
... output. Both are full employment equilibria but the first equilibria has a much higher output and hence real wage than the second. Assume that the institutional structure is such that there is no way for it to move from the second to the first once it has arrived at the first. However, say that by e ...
directorate general economics
... Opening Lecture Master Programme in International Business and Economics ...
... Opening Lecture Master Programme in International Business and Economics ...
Macroeconomics: A Historical Perspective
... The answer to this question lies in the issues with which macroeconomics deals. As J. M. Keynes, the founding father of analytical macroeconomics, visualized the matter, the subject is less concerned with the exact details of allocation of resources among the agents comprising an economy than with t ...
... The answer to this question lies in the issues with which macroeconomics deals. As J. M. Keynes, the founding father of analytical macroeconomics, visualized the matter, the subject is less concerned with the exact details of allocation of resources among the agents comprising an economy than with t ...
Principles of Macroeconomics (Spring 2017) Masao Suzuki CRN
... Domestic Product (GDP), the business cycle, unemployment, and inflation; money, banking, and interest rates; households and consumption, businesses and investment, government taxes and spending, and international trade and exchange rates; models of supply and demand, aggregate expenditures, and aggr ...
... Domestic Product (GDP), the business cycle, unemployment, and inflation; money, banking, and interest rates; households and consumption, businesses and investment, government taxes and spending, and international trade and exchange rates; models of supply and demand, aggregate expenditures, and aggr ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER Macroeconomics Annual 2007, Volume 22
... lead to further entry by new products, which affects not only the real side of the economy able data. This entry margin ...
... lead to further entry by new products, which affects not only the real side of the economy able data. This entry margin ...
Significance of Keynesian Legacy
... important insight for the realistic modeling on the working of the modern capitalist economy such as the Japanese economy in the 1990s and the 2000s, and it also provides us some important hints on the policy prescription. In this paper, we present the outline of a theoretical model in this ‘Keynesi ...
... important insight for the realistic modeling on the working of the modern capitalist economy such as the Japanese economy in the 1990s and the 2000s, and it also provides us some important hints on the policy prescription. In this paper, we present the outline of a theoretical model in this ‘Keynesi ...
Syllabus - Butler Area School District
... particular emphasis on the study of national income and price-level determination, and also develops students’ familiarity with economic performance measures, the financial sector, stabilization policies, economic growth, and international economics. The course is designed as an initial college-leve ...
... particular emphasis on the study of national income and price-level determination, and also develops students’ familiarity with economic performance measures, the financial sector, stabilization policies, economic growth, and international economics. The course is designed as an initial college-leve ...
Slope of the Phillips curve
... competition, Rogoff (2004) has in mind domestic sources of increased competitiveness from deregulation, privatization, decreased union power, and the advent of Wal-Mart, Amazon and EBay. 2 Remarkably, both camps, those who argue that globalization makes the Phillips curve flatter and those who argue ...
... competition, Rogoff (2004) has in mind domestic sources of increased competitiveness from deregulation, privatization, decreased union power, and the advent of Wal-Mart, Amazon and EBay. 2 Remarkably, both camps, those who argue that globalization makes the Phillips curve flatter and those who argue ...
An Investigation into a Reversal of the Keynesian-Neoclassical synthesis. Sarah Rowell
... Leijonhufvud also provides further theoretical support for the mistrust of the use of fiscal measures as a counter cyclical stabilisation tool 10. As we saw earlier Keynes's writings were mainly concerned with current flows and, thus, brought about an exaggerated view of the underlying disequilibriu ...
... Leijonhufvud also provides further theoretical support for the mistrust of the use of fiscal measures as a counter cyclical stabilisation tool 10. As we saw earlier Keynes's writings were mainly concerned with current flows and, thus, brought about an exaggerated view of the underlying disequilibriu ...
AP ch35 pt
... B. A line connecting points C1C2C3 C. A line connecting points B1B2B3B4 D. A line connecting points B1 and C1 67. The automatic adjustment mechanism that makes the economy move towards the long-run Phillips Curve is: A. Expansionary fiscal or monetary policy B. Inflation expectations and wage adjust ...
... B. A line connecting points C1C2C3 C. A line connecting points B1B2B3B4 D. A line connecting points B1 and C1 67. The automatic adjustment mechanism that makes the economy move towards the long-run Phillips Curve is: A. Expansionary fiscal or monetary policy B. Inflation expectations and wage adjust ...
A Test of Two Open-Economy Theories: Oil Price Rise and Italy
... effectiveness of market forces in re-establishing full-employment. In the monetary interpretation, market forces are strong and, in the long run, real income can be treated as though it were pre-determined. In Keynesian models, market forces are weak, and in the absence of government intervention, r ...
... effectiveness of market forces in re-establishing full-employment. In the monetary interpretation, market forces are strong and, in the long run, real income can be treated as though it were pre-determined. In Keynesian models, market forces are weak, and in the absence of government intervention, r ...
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.