Haberler, the League of Nations, and the Quest for
... Nations Archive, Geneva) include a suggestion by Friedrich A. Hayek (then director of the Austrian Business Cycle Institute) to get a “distinguished economist to carry out a study of the recurrence of crises, a specialist who should not be burdened with any routine or administrative work, such as co ...
... Nations Archive, Geneva) include a suggestion by Friedrich A. Hayek (then director of the Austrian Business Cycle Institute) to get a “distinguished economist to carry out a study of the recurrence of crises, a specialist who should not be burdened with any routine or administrative work, such as co ...
Core Inflation: Concepts, Uses and Measurement
... tendency, unless long-run inflation expectations are strongly adaptive, while non-core inflation will be distinctly cyclical. With regard to output, the two definitions of core inflation are a little less distinct. In a perfectly flexible price world, both definitions of core inflation, being antici ...
... tendency, unless long-run inflation expectations are strongly adaptive, while non-core inflation will be distinctly cyclical. With regard to output, the two definitions of core inflation are a little less distinct. In a perfectly flexible price world, both definitions of core inflation, being antici ...
The equilibrium approach to money and the business cycle
... In any case, this distinction between statics and dynamics is not equivalent to the one ascribed above to the “Anglo-Saxon-French” tradition, namely of statics as an analysis that abstracts from time, and dynamics as that of (any) movements in time. Thus, following Löwe, the static (or equilibrium) ...
... In any case, this distinction between statics and dynamics is not equivalent to the one ascribed above to the “Anglo-Saxon-French” tradition, namely of statics as an analysis that abstracts from time, and dynamics as that of (any) movements in time. Thus, following Löwe, the static (or equilibrium) ...
The Conceptual Evolution of Inflation Inertia in Brazil
... economists gradually shift towards a more ecumenical approach, inviting monetarist elements into their analyses while downplaying the relevance of the inertial component. Finally, when the 1990s came, the rise of a macroeconomic consensus began to conceptualize “inflation inertia” as the time delay ...
... economists gradually shift towards a more ecumenical approach, inviting monetarist elements into their analyses while downplaying the relevance of the inertial component. Finally, when the 1990s came, the rise of a macroeconomic consensus began to conceptualize “inflation inertia” as the time delay ...
Core inflation: a critical guide
... and activity, it does not tell policymakers how to achieve those outcomes. To do this, they need to have an understanding of how the economy works, how shocks are transmitted through the economy, and how monetary policy impacts on the economy. Policymakers typically employ a range of economic models ...
... and activity, it does not tell policymakers how to achieve those outcomes. To do this, they need to have an understanding of how the economy works, how shocks are transmitted through the economy, and how monetary policy impacts on the economy. Policymakers typically employ a range of economic models ...
Inflation Inertia in Egypt and its Policy Implications
... A. Measuring Inflation Inertia by the Reduced Form Model: Re-interpretation of the Coefficient of Auto-regression Process by the Spectrum Analysis ...............................9 B. Estimated Inflation Inertia in Egypt ........................................................................10 IV. ...
... A. Measuring Inflation Inertia by the Reduced Form Model: Re-interpretation of the Coefficient of Auto-regression Process by the Spectrum Analysis ...............................9 B. Estimated Inflation Inertia in Egypt ........................................................................10 IV. ...
Economics
... mechanisms, but also to property rights: Nurkse considered independent collective bodies to be the main agents for the accumulation of overhead capital: “some independent and continuous body, unaffected, if possible, by shifting cabinets and parliamentary fortunes.” (Nurkse 1953, 154). Overall, this ...
... mechanisms, but also to property rights: Nurkse considered independent collective bodies to be the main agents for the accumulation of overhead capital: “some independent and continuous body, unaffected, if possible, by shifting cabinets and parliamentary fortunes.” (Nurkse 1953, 154). Overall, this ...
Capitalist Revolutionary: John Maynard Keynes
... Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featur ...
... Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featur ...
Capitalist Revolutionary: John Maynard Keynes
... Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featur ...
... Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featur ...
Cyclical Unemployment - Shivani School of Business Management
... On the other hand, cyclical unemployment, structural unemployment, and classical unemployment are largely involuntary in nature. However, the existence of structural unemployment may reflect choices made by the unemployed in the past, while classical (natural) unemployment may result from the legisl ...
... On the other hand, cyclical unemployment, structural unemployment, and classical unemployment are largely involuntary in nature. However, the existence of structural unemployment may reflect choices made by the unemployed in the past, while classical (natural) unemployment may result from the legisl ...
Chapter 7--Unemployment and Inflation
... for them e. the citizens in the economy who are graduates of high school ANS: D PTS: 1 LOC: Unemployment and inflation ...
... for them e. the citizens in the economy who are graduates of high school ANS: D PTS: 1 LOC: Unemployment and inflation ...
Chapter 8—Unemployment and Inflation
... 9. Which of the following people would be counted in the labor force? a. Chou, who lost his job and last looked for work three months ago b. Stephanie, who holds a Ph.D. in history, but can only find part-time employment at a fastfood restaurant c. Jordan, who would like to work as a stockbroker but ...
... 9. Which of the following people would be counted in the labor force? a. Chou, who lost his job and last looked for work three months ago b. Stephanie, who holds a Ph.D. in history, but can only find part-time employment at a fastfood restaurant c. Jordan, who would like to work as a stockbroker but ...
Is nominal GDP targeting a suitable tool for ECB monetary policy?
... has been in discussion for many years. But they have never been used in practice. In this paper we review the pros and cons of adopting such an approach, and find them to be rather finely balanced. To dig deeper, we consider certain particular features of nominal income targeting: the crucial role o ...
... has been in discussion for many years. But they have never been used in practice. In this paper we review the pros and cons of adopting such an approach, and find them to be rather finely balanced. To dig deeper, we consider certain particular features of nominal income targeting: the crucial role o ...
Monetary Science, Fiscal Alchemy
... Does this mean we must abandon the aim of elevating fiscal analysis to the level to which monetary policy aspires? I sure hope not. But elevating fiscal analysis requires isolating those aspects of fiscal policy that are less political and more amenable to science. Less political aspects of fiscal p ...
... Does this mean we must abandon the aim of elevating fiscal analysis to the level to which monetary policy aspires? I sure hope not. But elevating fiscal analysis requires isolating those aspects of fiscal policy that are less political and more amenable to science. Less political aspects of fiscal p ...
Sample Chapter 28
... eliminate output gaps by taking actions that affect the level of autonomous expenditure, such as changing the level of government spending or taxes (fiscal policy) or using the Fed’s control of the money supply to change the real interest rate (monetary policy). The basic Keynesian model is useful f ...
... eliminate output gaps by taking actions that affect the level of autonomous expenditure, such as changing the level of government spending or taxes (fiscal policy) or using the Fed’s control of the money supply to change the real interest rate (monetary policy). The basic Keynesian model is useful f ...
OCR A Level Economics H460
... students across the ability range. The classroom is where the majority of students will be introduced to the study of economics. It’s within this environment that they will confront issues, tackle the challenges that these issues raise, and engage in debate and discussion with fellow students. ...
... students across the ability range. The classroom is where the majority of students will be introduced to the study of economics. It’s within this environment that they will confront issues, tackle the challenges that these issues raise, and engage in debate and discussion with fellow students. ...
Economics
... A study of the standard macroeconomic models of closed and open economies. Macroeconomic problems, such as unemployment, inflation, and balance of payment disequilibria are examined. Alternative stabilization policies are evaluated with reference to the Canadian economy. Prerequisite: ECON 2023 and ...
... A study of the standard macroeconomic models of closed and open economies. Macroeconomic problems, such as unemployment, inflation, and balance of payment disequilibria are examined. Alternative stabilization policies are evaluated with reference to the Canadian economy. Prerequisite: ECON 2023 and ...
PDF Download
... institutional evidence for wage bargaining in the U.S. (e.g. Calmfors and Driffill, 1988). Similar to Schmitt-Grohé and Uribe (2007), we solve the non-linear model to compute the welfare criterion of workers. The sum of all workers’ decisions determines the degree at which nominal wages are indexed ...
... institutional evidence for wage bargaining in the U.S. (e.g. Calmfors and Driffill, 1988). Similar to Schmitt-Grohé and Uribe (2007), we solve the non-linear model to compute the welfare criterion of workers. The sum of all workers’ decisions determines the degree at which nominal wages are indexed ...
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.