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Fiscal spending multiplier calculations based on Input
Fiscal spending multiplier calculations based on Input

... larger than one. For instance, if the share of liquidity constrained households reaches 50%, the impact multiplier equals about 1.8. However, the precise calibration of this share and correspondingly the question whether government spending crowds in consumption or not has remained controversial. T ...
Automatic Fiscal Stabilisers - European Commission
Automatic Fiscal Stabilisers - European Commission

... The post-2007 economic and financial crisis has reopened the debate on the effectiveness of fiscal policy as a tool of stabilisation of economic activity, including the relative merits of discretionary action versus automatic stabilisation. On one side of the debate, people have argued that discreti ...
In this chapter, look for the answers to these questions
In this chapter, look for the answers to these questions

... §  A tax cut increases households’ take-home pay. §  Households respond by spending a portion of this extra income, shifting AD to the right. §  The size of the shift is affected by the multiplier and crowding-out effects. §  Another factor: whether households perceive the tax cut to be temporary or ...
CH 8 PDF - Cameron University
CH 8 PDF - Cameron University

... creating some new indexes based on newer statistical methods • But the results were disappointing as the new index failed to predict the recessions that began in 1990 and 2001 • They gave up the indexes after that ...
Chapter 8 - Florida International University
Chapter 8 - Florida International University

... creating some new indexes based on newer statistical methods • But the results were disappointing as the new index failed to predict the recessions that began in 1990 and 2001 • They gave up the indexes after that ...
What Is a Business Cycle? - Pearson Higher Education
What Is a Business Cycle? - Pearson Higher Education

... © 2008 Pearson Addison-Wesley. All rights reserved ...
Chapter 8
Chapter 8

... creating some new indexes based on newer statistical methods • But the results were disappointing as the new index failed to predict the recessions that began in 1990 and 2001 • They gave up the indexes after that ...
View/ the full texst in PDF format
View/ the full texst in PDF format

... (ii) government expenditure financed by taxing profits, and (iii) net government revenue from persons; i.e. the net balance between taxes and transfers. As I said, the first two items add to aggregate demand because they do not reduce private income, or reduce private income that would otherwise hav ...
Chapter 8 - Florida International University
Chapter 8 - Florida International University

... creating some new indexes based on newer statistical methods • But the results were disappointing as the new index failed to predict the recessions that began in 1990 and 2001 • They gave up the indexes after that ...
24 | The Aggregate Demand/Aggregate Supply Model
24 | The Aggregate Demand/Aggregate Supply Model

... economist of the early nineteenth century named Jean-Baptiste Say (1767–1832). Say’s law is: “Supply creates its own demand.” As a matter of historical accuracy, it seems clear that Say never actually wrote down this law and that it oversimplifies his beliefs, but the law lives on as useful shorthan ...
krugman ir macro module 29(65).indd
krugman ir macro module 29(65).indd

... growth is considered a good thing), but at the same time the price level increases (and we would like to have price stability). Now present a new starting long-run macroeconomic equilibrium and illustrate a decrease in aggregate demand. Point out that real GDP falls but the price level does not incr ...
Economic Outlook 2013 - Rensselaer Hartford Campus
Economic Outlook 2013 - Rensselaer Hartford Campus

... “ If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines … It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.” (Keynes, ...
The Evolution of Economic Understanding and Postwar Stabilization Policy Christina D. Romer
The Evolution of Economic Understanding and Postwar Stabilization Policy Christina D. Romer

... employment above, continued: “Efforts to accelerate growth under these conditions may succeed only in generating inflationary pressures.” (EROP, 1958, p. 4.) A much more common view was that the inflation that would result from overexpansion would eventually raise unemployment, not lower it. Federal ...
the full text
the full text

... In an effort to deal with the decaying economy, the IMF/World Bank sponsored Economic Recovery and Structural Adjustment Programs were launched in 1983. The fiscal stabilization and consolidation process that ensued ensured tax collection improved and with significant donor support, government spend ...
Loan supply shocks and the business cycle - ECB
Loan supply shocks and the business cycle - ECB

... Against this background, a key challenge for policy-makers is to quantify the contribution of supply shocks to loan growth. The purpose of this paper is to propose a methodology which allows for such contributions to be estimated in the context of an empirical model which takes into account potenti ...
Shocks - College of Business
Shocks - College of Business

... • Careful statistical analysis can disentangle the effect of oil shocks from other shocks. • The following figure shows the results of this analysis… ...
An Assessment of the Macroeconomic Forecasts for the Maltese
An Assessment of the Macroeconomic Forecasts for the Maltese

... This report evaluates the macroeconomic forecasts prepared by the Ministry for Finance for publication in the Draft Budget Plan 2017. To this effect, the macroeconomic forecasts for the years 2016 and 2017, together with the main external and internal assumptions which underpin the forecast estimate ...
CHAPTER ELEVEN UNEMPLOYMENT
CHAPTER ELEVEN UNEMPLOYMENT

... followers, much has been learned about unemployment and its causes and cures. Most economists (real business cycle school excepted) now agree that changes in aggregate demand can cause significant short run changes in real output and unemployment. But there is also general agreement that the economi ...
Analysis of revisions to quarterly GDP – a real-time database Cath Sleeman
Analysis of revisions to quarterly GDP – a real-time database Cath Sleeman

... Gross Domestic Product (GDP) is one of the key data series used by the Reserve Bank to inform monetary policy decisions. The measures of GDP, published by Statistics New Zealand (SNZ), are estimates rather than exact figures and may be revised in subsequent releases. Analysis of the most recent measu ...
Austerity and Anarchy: Budget Cuts and Social Unrest in Europe
Austerity and Anarchy: Budget Cuts and Social Unrest in Europe

... and attempted revolutions. These data are part of the Cross National Time Series Dataset, compiled by Banks (2010) and his collaborators. The main source of data on unrest episodes are the reports of the The New York Times, while the variables’ definition is adopted from Rummel and Tanter (1971). In ...
Economic growth, long-term economic prosperity and
Economic growth, long-term economic prosperity and

... 1. Not all goods and services are included in GDP. Some non-marketed goods and services are excluded from the GDP figures, often because they are too hard to measure: • Do-it-yourself home production such as painting, housework, parenting and gardening are not included. • Production involved in the ...
Surviving the recession and the recovery: the SME story
Surviving the recession and the recovery: the SME story

... The two years from the fourth quarter of 2011 marked a period of continued economic turbulence, with slowing economic growth in Asia’s major economies, the slow resolution of the Eurozone crisis and renewed hope that continued signs of economic recovery in the US are signalling a global trend for a ...
Stock Market Liquidity and the Business Cycle
Stock Market Liquidity and the Business Cycle

... to realize the value of their portfolios in small stocks during downturns than the general financial investor. This result provides some support for the model as mutual funds are most likely to face funding constraints during economic downturns (i.e., withdrawals from investors who have to realize t ...
Following the Trend: Tracking GDP when Long-Run Growth is Uncertain ∗ Juan Antolin-Diaz
Following the Trend: Tracking GDP when Long-Run Growth is Uncertain ∗ Juan Antolin-Diaz

... measurement error or other sources of idiosyncratic variation. Giannone et al. (2008) and Banbura et al. (2012) have applied the DFM framework to the problem of nowcasting GDP; that is, obtaining early estimates of quarterly GDP growth by exploiting more timely monthly indicators and the factor stru ...
Lecture Notes - Wiwi Uni
Lecture Notes - Wiwi Uni

... This area of study is called growth theory and we will discuss the neoclassical growth model. As a sneak preview, the economy grows over time because: 1 The data have quarterly frequency, i.e. there one observation for real GDP for each quarter. The …rst observation is the GDP for the …rst three mon ...
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Recession

In economics, a recession is a business cycle contraction. It is a general slowdown in economic activity. Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise.Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation.
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