Barcelona Summer School Lecture 2015
... • I will discuss work on experimental markets for long-lived assets. • In such markets, the bubble and crash pattern in pervasive. • I will first describe the effect of different market institutions and parameters on bubble formation • Then I will concentrate on differences between sessions but with ...
... • I will discuss work on experimental markets for long-lived assets. • In such markets, the bubble and crash pattern in pervasive. • I will first describe the effect of different market institutions and parameters on bubble formation • Then I will concentrate on differences between sessions but with ...
Rational Exuberance - UCSB Economics
... Figure 1 shows the value of US equity (from the Federal Reserve Board Flow of Funds accounts) divided by GDP. Data are from the 1950s to now.4 The salient feature of this series is its dominance by low-frequency components. Stock prices rose in the 1950s and 1960s, fell in the 1970s, rose in the 198 ...
... Figure 1 shows the value of US equity (from the Federal Reserve Board Flow of Funds accounts) divided by GDP. Data are from the 1950s to now.4 The salient feature of this series is its dominance by low-frequency components. Stock prices rose in the 1950s and 1960s, fell in the 1970s, rose in the 198 ...
Daiwa House Residential Daiwa House Residential
... the market from overseas. The Germans who sprinted out of Japan during the earthquake are back buying in Tokyo and Osaka along with other Europeans. Japanese REITs are seeing a recovery in their stock prices unseen in the past three to four years, and there seem to be more smiles to go around. As th ...
... the market from overseas. The Germans who sprinted out of Japan during the earthquake are back buying in Tokyo and Osaka along with other Europeans. Japanese REITs are seeing a recovery in their stock prices unseen in the past three to four years, and there seem to be more smiles to go around. As th ...
PDF
... These effects of the reform were of shorter duration and sharper than in neighboring transition economies. Economic growth resumed in 1992 when the economy started to rebound, spurred by the rapid expansion of a private sector that accounted for 52 percent of gross domestic product (GDP) in 1994 com ...
... These effects of the reform were of shorter duration and sharper than in neighboring transition economies. Economic growth resumed in 1992 when the economy started to rebound, spurred by the rapid expansion of a private sector that accounted for 52 percent of gross domestic product (GDP) in 1994 com ...
Monetary Policy and Asset Prices: When Cleaning
... then provoked the recent crisis. Rather, the pre-crisis consensus regarding monetary policy and asset prices has indicated that leaning against the wind created by an asset price boom would be very costly for a central bank while the chances of success are unclear at best. It was usually pointed out ...
... then provoked the recent crisis. Rather, the pre-crisis consensus regarding monetary policy and asset prices has indicated that leaning against the wind created by an asset price boom would be very costly for a central bank while the chances of success are unclear at best. It was usually pointed out ...
The Stock Market as a Leading Economic Indicator
... before the beginning of an economic expansion, usually about midway through the contraction. Other studies have found evidence that does not support the stock market as a leading economic indicator. ...
... before the beginning of an economic expansion, usually about midway through the contraction. Other studies have found evidence that does not support the stock market as a leading economic indicator. ...
The Stock Market As A Leading Indicator
... The stock market has traditionally been viewed as an indicator or "predictor" of the economy. Many believe that large decreases in stock prices are reflective of a future recession, whereas large increases in stock prices suggest future economic growth. The stock market as an indicator of economic a ...
... The stock market has traditionally been viewed as an indicator or "predictor" of the economy. Many believe that large decreases in stock prices are reflective of a future recession, whereas large increases in stock prices suggest future economic growth. The stock market as an indicator of economic a ...
SRAS - Pasadena ISD
... marks the level of full employment in the economy (analogous to PPC) • Because input prices are completely flexible in the long-run, changes in pricelevel do not change firms’ real profits and therefore do not change firms’ level of output. This means that the LRAS is vertical at the economy’s level ...
... marks the level of full employment in the economy (analogous to PPC) • Because input prices are completely flexible in the long-run, changes in pricelevel do not change firms’ real profits and therefore do not change firms’ level of output. This means that the LRAS is vertical at the economy’s level ...
Mr. Mayer AP Macroeconomics - Lake Travis ISD / Overview
... marks the level of full employment in the economy (analogous to PPC) • Because input prices are completely flexible in the long-run, changes in pricelevel do not change firms’ real profits and therefore do not change firms’ level of output. This means that the LRAS is vertical at the economy’s level ...
... marks the level of full employment in the economy (analogous to PPC) • Because input prices are completely flexible in the long-run, changes in pricelevel do not change firms’ real profits and therefore do not change firms’ level of output. This means that the LRAS is vertical at the economy’s level ...
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... would choose identical values for all variables Ctj etc. Due to sticky price adjustment households di¤er in income over time. Households can insure themselves against these variations using capital markets, so even with rigidities the path of all variables is equal for all households. Consequently ...
... would choose identical values for all variables Ctj etc. Due to sticky price adjustment households di¤er in income over time. Households can insure themselves against these variations using capital markets, so even with rigidities the path of all variables is equal for all households. Consequently ...
Inflation Report 1999/1
... Norges Bank’s projection for consumer price inflation is 2¼% in 1999, 1¾ % in 2000, and 1½% in 2001. Projected inflation is lower than in the December Inflation Report. The downward revision of the inflation projections reflects lower international price inflation and a fall in prices of imported go ...
... Norges Bank’s projection for consumer price inflation is 2¼% in 1999, 1¾ % in 2000, and 1½% in 2001. Projected inflation is lower than in the December Inflation Report. The downward revision of the inflation projections reflects lower international price inflation and a fall in prices of imported go ...
Leveraged Bubbles
... 20th century has not been continuous. Real house prices, deflated with the consumer price index (CPI), remained stable from 1870 until the middle of the 20th century after which they rose substantially, as Figure 2 shows. Figure 2 also demonstrates that there are large swings in real house prices. P ...
... 20th century has not been continuous. Real house prices, deflated with the consumer price index (CPI), remained stable from 1870 until the middle of the 20th century after which they rose substantially, as Figure 2 shows. Figure 2 also demonstrates that there are large swings in real house prices. P ...
Leveraged Bubbles
... Depression and WW2, the ratio broadly remained in this range until the 1970s. The trend then broke: the three decades that followed were marked by a sharp increase in the volume of bank credit relative to GDP. Bank lending on average roughly doubled relative to GDP between 1980 and 2010 as average b ...
... Depression and WW2, the ratio broadly remained in this range until the 1970s. The trend then broke: the three decades that followed were marked by a sharp increase in the volume of bank credit relative to GDP. Bank lending on average roughly doubled relative to GDP between 1980 and 2010 as average b ...
NBER RKING PAPER SERIES
... prices, and to analyze how these gains depend on openness. The policies considered are wage indexation and monetary policy. The framework underlying the paper is that of a small economy, producing traded and non—traded goods. The analysis focuses on the role of the relative price of non—traded goods ...
... prices, and to analyze how these gains depend on openness. The policies considered are wage indexation and monetary policy. The framework underlying the paper is that of a small economy, producing traded and non—traded goods. The analysis focuses on the role of the relative price of non—traded goods ...
Nonneutrality of Money in Classical Monetary Thought
... Inflation-induced shifts of real income from workers and rentiers to producers who invest in real capital constituted an additional source of nonneutrality. So did the lag in nominal interest rates behind inflation which caused real rates to change thus affecting business borrowing, capital investme ...
... Inflation-induced shifts of real income from workers and rentiers to producers who invest in real capital constituted an additional source of nonneutrality. So did the lag in nominal interest rates behind inflation which caused real rates to change thus affecting business borrowing, capital investme ...
Word
... has been increasing since 2002 to reach 2.9 p.p. in 2007 which value significantly advanced the average reached in the observed period (2 p.p.). One of important factors of this growth was a massive growth of investment increasing the capital-toGDP ratio. International comparison of labour productiv ...
... has been increasing since 2002 to reach 2.9 p.p. in 2007 which value significantly advanced the average reached in the observed period (2 p.p.). One of important factors of this growth was a massive growth of investment increasing the capital-toGDP ratio. International comparison of labour productiv ...
chapter 2 the macroeconomic implications of devaluation and import
... =private expenditure at market prices (consumption and investment) G*t =government expenditure on goods and services Xi, M~ =exports, imports of goods and services FCA i =net indirect taxes. In order to focus attention on the problem of unemployment which is now assuming such importance in the UK, i ...
... =private expenditure at market prices (consumption and investment) G*t =government expenditure on goods and services Xi, M~ =exports, imports of goods and services FCA i =net indirect taxes. In order to focus attention on the problem of unemployment which is now assuming such importance in the UK, i ...
The Quantity Theory of Money
... of money include those of Friedman and Schwartz (1982), Sims (1972), Bhattacharya (1972), and Brahmananda (1977). Sims (1972) introduced the concept of Granger causality into the testing procedure. In his study, Bhattacharya (1972) specified a linear regression model to examine the relative performa ...
... of money include those of Friedman and Schwartz (1982), Sims (1972), Bhattacharya (1972), and Brahmananda (1977). Sims (1972) introduced the concept of Granger causality into the testing procedure. In his study, Bhattacharya (1972) specified a linear regression model to examine the relative performa ...
The Economics of Housing Bubbles
... on the economy—if it existed and were to burst—they ultimately concluded that such fears were unfounded: Our main conclusion is that the most widely cited evidence of a bubble is not persuasive because it fails to account for developments in the housing market over the past decade. In particular, s ...
... on the economy—if it existed and were to burst—they ultimately concluded that such fears were unfounded: Our main conclusion is that the most widely cited evidence of a bubble is not persuasive because it fails to account for developments in the housing market over the past decade. In particular, s ...
Mankiw 5/e Chapter 6: Unemployment
... In rich countries like the U.S., if government policies or “shocks” have even a small impact on the long-run growth rate, they will have a huge impact on our standard of living in the long run… ...
... In rich countries like the U.S., if government policies or “shocks” have even a small impact on the long-run growth rate, they will have a huge impact on our standard of living in the long run… ...
Not That `70s Show: Why Stagflation Is Unlikely
... What sort of world are we in? What sort of world are we in? • Let’s assess what it took for stagflation to occur in the 1970s • This is a serious question, not a straw man – Stagflation is unusual historically, especially following a recession – The historical and theoretical imagery of ‘pre‐emptiv ...
... What sort of world are we in? What sort of world are we in? • Let’s assess what it took for stagflation to occur in the 1970s • This is a serious question, not a straw man – Stagflation is unusual historically, especially following a recession – The historical and theoretical imagery of ‘pre‐emptiv ...
Monetary Policy Responses in Japan - Konstantin Wacker
... the peak in December 1989 and August 1992. Property values also fell significantly, between 1991 and 1996 the land prices in six major Japanese cities declined by 50 percent (Hausman & Wieland, 2014). After the collapse, the “Lost Decade”, actually more than a decade and a half, of low growth and de ...
... the peak in December 1989 and August 1992. Property values also fell significantly, between 1991 and 1996 the land prices in six major Japanese cities declined by 50 percent (Hausman & Wieland, 2014). After the collapse, the “Lost Decade”, actually more than a decade and a half, of low growth and de ...
Menu Costs and Phillips Curves
... is that the assumption of a constant repricing rate cannot fit the fact that repricing is more frequent in high-inflation environments. But a second, more important, reason was discovered by Caplin and Spulber (1987), who constructed a theoretical example of an economy with menu costs in which only ...
... is that the assumption of a constant repricing rate cannot fit the fact that repricing is more frequent in high-inflation environments. But a second, more important, reason was discovered by Caplin and Spulber (1987), who constructed a theoretical example of an economy with menu costs in which only ...
Menu Costs and Phillips Curves - The University of Chicago Booth
... is that the assumption of a constant repricing rate cannot fit the fact that repricing is more frequent in high-inflation environments. But a second, more important, reason was discovered by Caplin and Spulber (1987), who constructed a theoretical example of an economy with menu costs in which only ...
... is that the assumption of a constant repricing rate cannot fit the fact that repricing is more frequent in high-inflation environments. But a second, more important, reason was discovered by Caplin and Spulber (1987), who constructed a theoretical example of an economy with menu costs in which only ...
Notes 15 - The University of Chicago Booth School of Business
... An increase in the GDP of the US, increases the demand for Yen, causes the exchange rate to rise and the dollar to depreciate. (The exact opposite happens if US GDP falls). An increase in the GDP of Japan, increases the supply of Yen. If the Japanese have a greater income, they would want to buy mor ...
... An increase in the GDP of the US, increases the demand for Yen, causes the exchange rate to rise and the dollar to depreciate. (The exact opposite happens if US GDP falls). An increase in the GDP of Japan, increases the supply of Yen. If the Japanese have a greater income, they would want to buy mor ...