The sustainability of fiscal policy in Italy: a long
... From graphical inspection of Italian debt-to-GDP ratios during the last 150 years we can identify several key issues that are not well highlighted by examining the level of public debt. First, since the early years of the new Italian kingdom the public debt has absorbed much of GDP, with a debtto-G ...
... From graphical inspection of Italian debt-to-GDP ratios during the last 150 years we can identify several key issues that are not well highlighted by examining the level of public debt. First, since the early years of the new Italian kingdom the public debt has absorbed much of GDP, with a debtto-G ...
Dynamics between government debt and budget deficits in the
... internalizing the cost of leaving debt to its successors. The resulting equilibrium stock of public debt tends to higher than socially optimum choice. Their results also show that government debt tends to get larger with public consumption expenditure. Persson and Svensson (1989) consider a model wh ...
... internalizing the cost of leaving debt to its successors. The resulting equilibrium stock of public debt tends to higher than socially optimum choice. Their results also show that government debt tends to get larger with public consumption expenditure. Persson and Svensson (1989) consider a model wh ...
Economics of Money, Banking, and Financial Markets, 8e
... 12) Monetarists contend that the channels of monetary influence in Keynesian structural models are too ________ defined, ________ the importance of monetary policy. A) broadly; exaggerating B) broadly; understating C) narrowly; understating D) narrowly; exaggerating Answer: C Ques Status: Previous E ...
... 12) Monetarists contend that the channels of monetary influence in Keynesian structural models are too ________ defined, ________ the importance of monetary policy. A) broadly; exaggerating B) broadly; understating C) narrowly; understating D) narrowly; exaggerating Answer: C Ques Status: Previous E ...
The “Great Moderation” In OECD Countries: Its Deepness and Implications with Business Cycles
... Although many papers find no apparent break in the average growth rate of GDP for the U.S. (see McConnell and Perez-Quiros, 2000; and Blanchard and Simon, 2001, among others), others report permanent falls in average GDP growth in almost all countries. Examples include Portugal with a decline from a ...
... Although many papers find no apparent break in the average growth rate of GDP for the U.S. (see McConnell and Perez-Quiros, 2000; and Blanchard and Simon, 2001, among others), others report permanent falls in average GDP growth in almost all countries. Examples include Portugal with a decline from a ...
An exploration of real-time revisions of output
... in underlying data, i.e. real GDP growth initial estimates by National Statistical Offices, which are to some extent inevitable. Second, since estimates of the output gap in a given period depend on the expected economic outlook for the future (which conditions both the expected growth outlook and t ...
... in underlying data, i.e. real GDP growth initial estimates by National Statistical Offices, which are to some extent inevitable. Second, since estimates of the output gap in a given period depend on the expected economic outlook for the future (which conditions both the expected growth outlook and t ...
"Does Government Spending Stimulate Private Activity?"
... Rotemberg and Woodford (1992) made this distinction in their empirical work by examining shocks to total defense spending after conditioning on lags of the number of military personnel. Wynne (1992) was the first to point out the theoretical distinction between government spending on purchases of go ...
... Rotemberg and Woodford (1992) made this distinction in their empirical work by examining shocks to total defense spending after conditioning on lags of the number of military personnel. Wynne (1992) was the first to point out the theoretical distinction between government spending on purchases of go ...
Macro Sample Questions All Chapters McConnell 20 edition TO
... shifts the individual's budget line rightward because she can now purchase more of both products. C. eliminates the individual's economizing problem. D. causes the consumer to choose a different combination of goods along a given budget line. The slope of a budget line reflects the: A. desirabil ...
... shifts the individual's budget line rightward because she can now purchase more of both products. C. eliminates the individual's economizing problem. D. causes the consumer to choose a different combination of goods along a given budget line. The slope of a budget line reflects the: A. desirabil ...
spd04 Bohn-k 225540 en
... taken from the Unified Budget, which includes social security and other trust fund accounts as well as Federal Reserve transfers to the Treasury. Figure 1 displays the headline deficit for 1900-2003 and Congressional Budget Office (CBO) projections (dotted) for 2004-2014. Visible as downward spike ...
... taken from the Unified Budget, which includes social security and other trust fund accounts as well as Federal Reserve transfers to the Treasury. Figure 1 displays the headline deficit for 1900-2003 and Congressional Budget Office (CBO) projections (dotted) for 2004-2014. Visible as downward spike ...
Fiscal Policy: The Keynesian View and Historical Perspective
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
The rise and fall of government spending in affluent democracies
... On the other hand, veto points, power sharing across institutions and path dependency may prevent cuts (Bonoli, 2000; Myles and Pierson, 2001). Veto points facilitate a status quo bias as political actors are uncertain about change, constituencies of beneficiaries resist change, programmes gain popu ...
... On the other hand, veto points, power sharing across institutions and path dependency may prevent cuts (Bonoli, 2000; Myles and Pierson, 2001). Veto points facilitate a status quo bias as political actors are uncertain about change, constituencies of beneficiaries resist change, programmes gain popu ...
Modelling, simulation and control of macro economic systems.
... each other. Advantages and disadvantages are found in terms of how debt crisis dynamics are compared to economic growth dynamics around what is found to be a sound value of debt to GDP. The two first conceptual different macroeconomic systems to be assessed is the Basel-type banking regime we have t ...
... each other. Advantages and disadvantages are found in terms of how debt crisis dynamics are compared to economic growth dynamics around what is found to be a sound value of debt to GDP. The two first conceptual different macroeconomic systems to be assessed is the Basel-type banking regime we have t ...
FISCAL POLICY IN SWEDEN
... calculate the difference between households' factor and disposable incomes, which may be regarded as a measure of the effect of fiscal policy on households' purchasing power. The analysis shows a number of interesting new, empirical results. As in previous studies, we find a high correlation between ...
... calculate the difference between households' factor and disposable incomes, which may be regarded as a measure of the effect of fiscal policy on households' purchasing power. The analysis shows a number of interesting new, empirical results. As in previous studies, we find a high correlation between ...
NBER WORKING PAPER SERIES GOVERNMENT SPENDING AND PRIVATE ACTIVITY Valerie A. Ramey
... Rotemberg and Woodford (1992) made this distinction in their empirical work by examining shocks to total defense spending after conditioning on lags of the number of military personnel. Wynne (1992) was the first to point out the theoretical distinction between government spending on purchases of go ...
... Rotemberg and Woodford (1992) made this distinction in their empirical work by examining shocks to total defense spending after conditioning on lags of the number of military personnel. Wynne (1992) was the first to point out the theoretical distinction between government spending on purchases of go ...
Is the Phillips curve still dead?
... trade-off between inflation and unemployment”. Nobel laureate Joseph Stiglitz (2008: 3) argues that inflation targeting brings a “weaker economy and higher unemployment”. Rochon and Rossi (2006: 616) question “why inflation targeting [is] seen as a superior policy over a policy of, say, supporting e ...
... trade-off between inflation and unemployment”. Nobel laureate Joseph Stiglitz (2008: 3) argues that inflation targeting brings a “weaker economy and higher unemployment”. Rochon and Rossi (2006: 616) question “why inflation targeting [is] seen as a superior policy over a policy of, say, supporting e ...
KEYNESIAN MULTIPLIER EFFECTS
... Notice in the VERY FIRST round of spending by the Government that NOTHING is SAVED. The economy has the benefit of the FULL impact of the $10Billion in new spending. In subsequent rounds of spending people are saving a portion of the money they receive, therefore REDUCING the impact on the economy. ...
... Notice in the VERY FIRST round of spending by the Government that NOTHING is SAVED. The economy has the benefit of the FULL impact of the $10Billion in new spending. In subsequent rounds of spending people are saving a portion of the money they receive, therefore REDUCING the impact on the economy. ...
Unemployment Trends in Ireland, 1997-2002
... facing replacement rates above 70% fell from 21.1% in 1998 to only 14.1% in 2002. The reduction in the replacement rate has mainly been due to a combination of tax reductions on low incomes, the introduction of the minimum wage, and earnings rising at a faster rate than meanstested social welfare pa ...
... facing replacement rates above 70% fell from 21.1% in 1998 to only 14.1% in 2002. The reduction in the replacement rate has mainly been due to a combination of tax reductions on low incomes, the introduction of the minimum wage, and earnings rising at a faster rate than meanstested social welfare pa ...
SIZE AND IMPACT OF FISCAL MULTIPLIERS An Analysis of
... situations. Correspondingly, aggregate supply is usually relevant in the model because it talks about future inflation from the expectations of people. Therefore, we can say that the policies that are formulated to boost up the aggregate supply are counter-productive because at zero interest rate th ...
... situations. Correspondingly, aggregate supply is usually relevant in the model because it talks about future inflation from the expectations of people. Therefore, we can say that the policies that are formulated to boost up the aggregate supply are counter-productive because at zero interest rate th ...
Hysteresis in Unemployment and Jobless Recoveries Dmitry Plotnikov May 12, 2015
... Because expectations are adaptive, consumption does not drop as much as in the RBC model, and recovers more slowly. Investment decreases more, so capital takes longer to recover. This leads to more persistent drop in output. New steady state: same output, slightly lower consumption, slightly higher ...
... Because expectations are adaptive, consumption does not drop as much as in the RBC model, and recovers more slowly. Investment decreases more, so capital takes longer to recover. This leads to more persistent drop in output. New steady state: same output, slightly lower consumption, slightly higher ...
Chapter 4 Inflation and Deflation
... Figure 1 CPI Inflation Rate: 1960-2011 shows that annual inflation rates, as measured by the most cited inflation index in the United States, the Consumer Price Index for Urban Consumers, U.S. City Average, All Items, which is released monthly (although the graph is using annual data). The vertical ...
... Figure 1 CPI Inflation Rate: 1960-2011 shows that annual inflation rates, as measured by the most cited inflation index in the United States, the Consumer Price Index for Urban Consumers, U.S. City Average, All Items, which is released monthly (although the graph is using annual data). The vertical ...
This PDF is a selection from a published volume from... of Economic Research Volume Title: NBER Macroeconomics Annual 2012, Volume 27
... model as in Romer and Romer (2010) and a panel vector autoregression (VAR). We find a similar impulse response pattern when we look at other economic outcomes, though there is no evidence of an initial impact for employment, unemployment, or wages and salaries. Reassuringly, we find especially large ...
... model as in Romer and Romer (2010) and a panel vector autoregression (VAR). We find a similar impulse response pattern when we look at other economic outcomes, though there is no evidence of an initial impact for employment, unemployment, or wages and salaries. Reassuringly, we find especially large ...
Slide 1
... “Information cascade”: forecasts are made sequentially, so each forecast becomes part of the next forecasters prediction set. In aggregate published forecasts are biased towards the early forecasts. ...
... “Information cascade”: forecasts are made sequentially, so each forecast becomes part of the next forecasters prediction set. In aggregate published forecasts are biased towards the early forecasts. ...
policy disagreement and the transmission of - ECB
... agents' beliefs and reduce disagreement by releasing additional information about current and future policies. This paper focuses on the expectation coordination eects of scal policy communication and provides an empirical assessment of the implications of disagreement amongst agents for the trans ...
... agents' beliefs and reduce disagreement by releasing additional information about current and future policies. This paper focuses on the expectation coordination eects of scal policy communication and provides an empirical assessment of the implications of disagreement amongst agents for the trans ...
Compiled homework
... 4. Potential GDP increases for all of the following reasons except ______. A. the quantity of capital increases B. the money wage rate decreases C. technology advances D. the fullemployment quantity of labor increases 5. The quantity of real GDP supplied depends on all of the following except the ...
... 4. Potential GDP increases for all of the following reasons except ______. A. the quantity of capital increases B. the money wage rate decreases C. technology advances D. the fullemployment quantity of labor increases 5. The quantity of real GDP supplied depends on all of the following except the ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Fiscal Institutions and Fiscal Performance
... especially in the period of the “economic bubble” from 1987 to 1991, when the greatest improvement in the deficit occurred. To what extent was the (qualified) improvement in the overall financial balance of General Government directly attributable to the implementation of policies of fiscal reconstr ...
... especially in the period of the “economic bubble” from 1987 to 1991, when the greatest improvement in the deficit occurred. To what extent was the (qualified) improvement in the overall financial balance of General Government directly attributable to the implementation of policies of fiscal reconstr ...
Chapter 24 - Measuring the Wealth of Nations
... The market value of a good or service is the price at which it is bought and sold. If we add up all the money people spend buying final goods and services—being careful to omit spending on intermediate goods so as not to double-count—the sum will be the market value of all output sold in the economy ...
... The market value of a good or service is the price at which it is bought and sold. If we add up all the money people spend buying final goods and services—being careful to omit spending on intermediate goods so as not to double-count—the sum will be the market value of all output sold in the economy ...