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Myths and Facts about Fiscal Discretion: A New Measure of
Myths and Facts about Fiscal Discretion: A New Measure of

... change and the gaps between de jure and de facto measures may vary across countries depending on institutional and political features. According to Elmendorf: “Congress specifies the amount of budget authority provided each year, but does not directly control when outlays occur” (Elmendorf, 2011, p. ...
Essentials of Economics, Krugman Wells Olney
Essentials of Economics, Krugman Wells Olney

... Goods and services sold to residents of other service is provided in return. countries are exports; goods and services purchased from residents of other countries Disposable income, equal to income plus are imports. government transfers minus taxes, is the total amount of household income available ...
test #1 production possibilities / growth / circular flow
test #1 production possibilities / growth / circular flow

... a) a sports star who is not playing during the off-season b) a recent graduate looking for her first job c) a teenager looking for a part-time job in a fast-food restaurant d) a worker who is unemployed because his skills are obsolete e) a woman re-entering the job market after her child begins elem ...
Questions for Review
Questions for Review

... A. Definition of gross domestic product (GDP): the market value of all final goods and services produced within a country in a given period of time. To put GDP in terms the student may understand better, explain to them that GDP represents the amount of money one would need to purchase one year’s wo ...
Measuring Economic Activity
Measuring Economic Activity

... approach and by the lower-loop earnings-flow approach. Which is the better approach? The surprise is that they are exactly the same. We can see why the product and earnings approaches are identical by examining a simple barbershop economy. Say the barbers have no expenses other than labor. If they s ...
Government Maturity Structure Shocks Alexandre Corhay Howard Kung Gonzalo Morales
Government Maturity Structure Shocks Alexandre Corhay Howard Kung Gonzalo Morales

... the price level through the government budget constraint while the monetary authority passively stabilizes debt and anchors expected inflation. Leeper (1991) refers to the monetary-led regime as Active Monetary/Passive Fiscal (AM/PF) and the fiscally-led regime as Passive Monetary/Active Fiscal (PM ...
Stylised Facts for New Zealand Business Cycles
Stylised Facts for New Zealand Business Cycles

... In their examinations, KBH (1994) documented the volatility, autocorrelation, and crosscorrelation with real GDP of a comprehensive set of macroeconomic variables. They established a number of key features of New Zealand growth cycles, including the exceptional volatility of the economy; the procycl ...
Towards a better measurement of welfare and inequalities
Towards a better measurement of welfare and inequalities

... was still lower than in 2007-2008. These were the countries that suffered from the double-dip recession or where the initial recession was extremely severe. In particular, GDP per capita has continually declined since the beginning of the crisis in Cyprus and, most markedly, in Greece ...
The growth impact of discretionary fiscal policy - ECB
The growth impact of discretionary fiscal policy - ECB

... change in deep recessions, e.g. corporate income tax revenues will behave nonlinearly and collapse rather than fall in line with GDP or profits. Also mandatory spending on social insurance and social welfare payments may rise by more than is common when the unemployment rate jumps up. Finally, the c ...
Does Annual Real Gross Domestic Product per Capita Overstate or
Does Annual Real Gross Domestic Product per Capita Overstate or

... Economists have suggested many alternative measures of human welfare, including life expectancy, infant mortality rate, caloric intake, access to safe water, adult literacy rate, school enrollment, the distribution of income, hospital beds per capita, and a long list of other similar measures of the ...
Teaching note
Teaching note

... “Falling stocks smash nest eggs” (Shifting AD) The drop in the value of the stock market has made many reconsider purchases and early retirement that was planned prior to the drop. A decline in the value of stocks may cause consumers to spend less on goods and services. Such a negative “wealth effec ...
The 1920s and the 1990s in Mutual Reflection
The 1920s and the 1990s in Mutual Reflection

... compared with the 1990s, namely 1919, 1923, 1929, 1990, and 2000. The similarity in growth rates of output, employment, and productivity over the two decades, and of the unemployment rate and of real interest rates in these years, considerably overstates the similarities between the decades, because ...
Chapter 4 - Dr. George Fahmy
Chapter 4 - Dr. George Fahmy

... Real GDP and potential GDP for the U.S. economy are plotted in Fig. 4-1 for the period 1960 through 1992. Note that the U.S. economy's potential output increases at a fairly steady rate each year while actual real GDP fluctuates around potential GDP. These fluctuations of real GDP are identified as ...
an economic analysis of unemployment in trinidad and tobago
an economic analysis of unemployment in trinidad and tobago

... After experiencing very modest rates of inflation in the sixties and the beginning of the seventies, Trinidad and Tobago experienced relatively high double digit inflation rates during the period, 1973-84. The average annual rate of inflation during this period was 14.4 percent. Econometric analysi ...
12 INFLATION, JOBS, AND THE BUSINESS CYCLE*
12 INFLATION, JOBS, AND THE BUSINESS CYCLE*

... aggregate demand. The money wage rate is rigid.  The monetarist cycle theory sees fluctuations in consumption expenditure and investment driven by fluctuations in the growth rate of the quantity of money as the main sources of fluctuations in aggregate demand. The money wage rate is rigid.  The ne ...
Can the Term Spread Predict Output Growth and Recessions? A
Can the Term Spread Predict Output Growth and Recessions? A

... the term spread is a good predictor of output growth depends on the monetary authority’s policy objectives and reaction function. For example, the term spread forecasts output growth better the more responsive the monetary authority is to deviations of output growth from potential. The spread foreca ...
Unemployment Fichier
Unemployment Fichier

... reluctant to embark on a lower pay existing jobs; ...
Fiscal multipliers in deep economic recessions and the
Fiscal multipliers in deep economic recessions and the

... Based on the aforementioned, we examine a number of different scenarios regarding the time-of-implementation profile of the new austerity package and the size of fiscal multipliers under different macroeconomic regimes (recession vs. expansion) to estimate the extent of potential output losses due t ...
Introduntion - Hakan Berument`sHomepage
Introduntion - Hakan Berument`sHomepage

... demand, the macroeconomic variables- consumption, government expenditure, export, import, investment, trade balance- are added in the benchmark VAR model. This study follows Uhlig’s (2005) identification procedure for determining the monetary shock by directly restricting the signs of impulse respo ...
AP US History
AP US History

... The multiplier: Informal Introduction. First we assume that producers are willing to suplly additional output at a fixed price. Then we take the interest rate as give. Then we assume that there is no government spending and no taxes. Finally we assume that exports&imports are zero. -The increase in ...
Maradona theory of interest rates
Maradona theory of interest rates

... From time to time shocks will move inflation away from its desired long-run level, and the policy question is how quickly should it be brought back to that level. There is no right or wrong answer to that question. Only an analysis of the nature of the relevant frictions tells us what is the “optima ...
PDF Download
PDF Download

... down in the real world. In fact, it can not be excluded that potential output had been overestimated in the boom-period before the financial crisis. An other important feature of the Secular Stagnation debate is the possibility of excess savings that would require real interest rates to be very low ...
Long-Run and Short-Run Concerns: Growth, Productivity
Long-Run and Short-Run Concerns: Growth, Productivity

... • A recession is roughly a period in which real GDP declines for at least two consecutive quarters. It is marked by falling output and rising unemployment. (more plants and equipment are running at less than full capacity). ...
An Instrumental variable approach to measures the fiscal multiplier
An Instrumental variable approach to measures the fiscal multiplier

... type of studies and how they are more limited in their interpretation as a universal multiplier because they measure just the local effect of the fiscal windfall as discussed in Serrato and Wingender, 2014] In one of the few papers that uses this technique for countries outside of the United States, ...
CH_07_13th
CH_07_13th

... 2. If nominal GDP during a year increased by 7% while the GDP deflator rose by 10 %, what happened to real GDP? 3. If the GDP deflator is currently 130 compared to the 2000 base year of 100, what does the 130 during the current year mean? 4. GDP does not count services such as child care, food prepa ...
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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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