This PDF is a selection from a published volume from... National Bureau of Economic Research
... Moreover, GDP is based on the concept of final goods and services, rather than the intermediate goods and services that make up a large part of R&D expenditure. Finally, use of GDP PPPs does not capture differences in the industrial composition of R&D across countries. While use of industrylevel nomi ...
... Moreover, GDP is based on the concept of final goods and services, rather than the intermediate goods and services that make up a large part of R&D expenditure. Finally, use of GDP PPPs does not capture differences in the industrial composition of R&D across countries. While use of industrylevel nomi ...
NBER WORKING PAPER SERIES INTERNATIONAL COMPARISONS OF R&D EXPENDITURE:
... standards on all subcontractors. However, the estimate includes a very specific subset of R&D and it is unclear if the budgets include all R&D costs (e.g., capital expenditures). The work by MacDonald (1973) extends the previous two studies to sixteen OECD countries by calculating R&D PPPs relative ...
... standards on all subcontractors. However, the estimate includes a very specific subset of R&D and it is unclear if the budgets include all R&D costs (e.g., capital expenditures). The work by MacDonald (1973) extends the previous two studies to sixteen OECD countries by calculating R&D PPPs relative ...
2012 IOptimal Policy and the Sectoral Composition of Output
... alone. However this is not true if there are sector specific taxes or if aggregate taxes are set under commitment. In fact, with sectoral policy, commitment for tax and monetary policies ceases to be important. This study complements an already vast literature on monetary policy in a multisector set ...
... alone. However this is not true if there are sector specific taxes or if aggregate taxes are set under commitment. In fact, with sectoral policy, commitment for tax and monetary policies ceases to be important. This study complements an already vast literature on monetary policy in a multisector set ...
... lower expenditure for investment. They also generally make saving more attractive and tend to reduce consumption demand. So under normal circumstances it can be expected that a rise in interest rates will lead to a decline in consumption and investment expenditures, which – all other things being eq ...
What Drives Inflation in a Small European Economy: The
... the methodology to several in‡ation measures at various stages of the pricing chain. As expected, our results suggest that the exchange rate shock has a large impact on prices along the pricing chain for both the euro area and Croatia. Most notably, ERPT declines along the chain and reduces roughly ...
... the methodology to several in‡ation measures at various stages of the pricing chain. As expected, our results suggest that the exchange rate shock has a large impact on prices along the pricing chain for both the euro area and Croatia. Most notably, ERPT declines along the chain and reduces roughly ...
NBER WORKING PAPER SERIES LAND-PRICE DYNAMICS AND MACROECONOMIC FLUCTUATIONS Zheng Liu Pengfei Wang
... I. Introduction The recent financial crisis caused by a collapse of the housing market propelled the U.S. economy into the Great Recession. A notable development during the crisis period was a slump in business investment in tandem with a sharp decline in land prices (Figure 1). The crisis has gener ...
... I. Introduction The recent financial crisis caused by a collapse of the housing market propelled the U.S. economy into the Great Recession. A notable development during the crisis period was a slump in business investment in tandem with a sharp decline in land prices (Figure 1). The crisis has gener ...
Inflation in the open economy: A norwegian model
... I shall begin by outlining two variants of such disaggregated models—a two-sector version for the long run and a multisector version for the short run—that have been in use in Norway since 1966. The ideas contained in these models grew out of research undertaken at the Central Bureau of Statistics o ...
... I shall begin by outlining two variants of such disaggregated models—a two-sector version for the long run and a multisector version for the short run—that have been in use in Norway since 1966. The ideas contained in these models grew out of research undertaken at the Central Bureau of Statistics o ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... after a given base date); but banks could lend "beyond the reserve requirements" S by governmental authorization, and credit was extended mostly by this means. The new expansion of credit that began in early 1953 was the main factor in the increase in the rate of expansion of the money supply at tha ...
... after a given base date); but banks could lend "beyond the reserve requirements" S by governmental authorization, and credit was extended mostly by this means. The new expansion of credit that began in early 1953 was the main factor in the increase in the rate of expansion of the money supply at tha ...
Deflation: Determinants, Risks and Policy Options -- Findings
... 1. There has recently been a marked increase in concerns of a generalized decline in prices in both industrial and emerging market economies. With Japan, China, and several other Asian economies already experiencing declining prices, the worry has been that deflationary pressures could deepen, and e ...
... 1. There has recently been a marked increase in concerns of a generalized decline in prices in both industrial and emerging market economies. With Japan, China, and several other Asian economies already experiencing declining prices, the worry has been that deflationary pressures could deepen, and e ...
ESSAYS ON MONETARY AND FISCAL POLICY By Andrea Pescatori
... The thesis is focused on the policy implications of financial markets imperfections for the business cycle. The view that the financial structure and the performance of credit markets may be important to understand macroeconomic facts dates back at least to Gurley and Shaw (1955). However, many resu ...
... The thesis is focused on the policy implications of financial markets imperfections for the business cycle. The view that the financial structure and the performance of credit markets may be important to understand macroeconomic facts dates back at least to Gurley and Shaw (1955). However, many resu ...
NBER WORKING PAPER SERIES TOWARDS A THEORY OF FIRM ENTRY
... Business cycles are characterized by sizeable investment dynamics of …rm entry and exit. Just as real and monetary shocks may lead …rms to adjust the scale of production, they also create opportunities to introduce new goods in the market, as lower costs or higher demand raise the pro…tability of ne ...
... Business cycles are characterized by sizeable investment dynamics of …rm entry and exit. Just as real and monetary shocks may lead …rms to adjust the scale of production, they also create opportunities to introduce new goods in the market, as lower costs or higher demand raise the pro…tability of ne ...
QE: the story so far
... to cut its policy rate, but found it was approaching the lower bound for nominal interest rates. In the minutes of the February 1999 Bank of Japan policy meeting, one member of the committee noted that the Bank of Japan should implement “a quantitative easing by targeting the monetary base” (Bank of ...
... to cut its policy rate, but found it was approaching the lower bound for nominal interest rates. In the minutes of the February 1999 Bank of Japan policy meeting, one member of the committee noted that the Bank of Japan should implement “a quantitative easing by targeting the monetary base” (Bank of ...
NBER WORKING PAPER SERIES NEW-KEYNESIAN ECONOMICS: AN AS-AD VIEW Pierpaolo Benigno
... As in Keynesian theory, the model posits some degree of short-run nominal rigidity. Nominal rigidity can be explained by the fact that price setters have some monopoly power, so that they incur only second-order costs when they do not change their prices. In the long run, the model maintains the cla ...
... As in Keynesian theory, the model posits some degree of short-run nominal rigidity. Nominal rigidity can be explained by the fact that price setters have some monopoly power, so that they incur only second-order costs when they do not change their prices. In the long run, the model maintains the cla ...
Walentin 2013
... monetary transmission mechanism. We also document the e¤ects of shocks to housing supply and housing demand on the broader macro economy. Our main exercise is to explore the implications of the increase in loan-to-value (LTV) ratios observed during the last two decades. These implications are partic ...
... monetary transmission mechanism. We also document the e¤ects of shocks to housing supply and housing demand on the broader macro economy. Our main exercise is to explore the implications of the increase in loan-to-value (LTV) ratios observed during the last two decades. These implications are partic ...
New Portada
... In this paper I examine the empirical relationships between capital and output and the trend in total factor productivity (TFP) from 1990 to 2010 using data from PWT 6.3, 7.1, and 8.0. The evidence is not conclusive, but it indicates that across countries the investment data in PWT 6.3 are more accu ...
... In this paper I examine the empirical relationships between capital and output and the trend in total factor productivity (TFP) from 1990 to 2010 using data from PWT 6.3, 7.1, and 8.0. The evidence is not conclusive, but it indicates that across countries the investment data in PWT 6.3 are more accu ...
Economic Growth with Bubbles
... Recent US macroeconomic history has been characterized by large fluctuations in wealth. The topleft panel of Figure 1 documents this by plotting the ratio of US household and non-profit net worth to GDP between 1993 and 2010.1 Before 1995, and also towards the end of the sample, net worth was approx ...
... Recent US macroeconomic history has been characterized by large fluctuations in wealth. The topleft panel of Figure 1 documents this by plotting the ratio of US household and non-profit net worth to GDP between 1993 and 2010.1 Before 1995, and also towards the end of the sample, net worth was approx ...
deflation - Mises Institute
... shock, due to productivity or technological improvements for instance. In the jargon of the aggregate demand-aggregate supply model, they state: Falling goods prices could be triggered by any number of factors, including not only a drop in asset prices but also positive supply shocks that ...
... shock, due to productivity or technological improvements for instance. In the jargon of the aggregate demand-aggregate supply model, they state: Falling goods prices could be triggered by any number of factors, including not only a drop in asset prices but also positive supply shocks that ...
NBER WORKING PAPER SERIES PRICE STABILITY Giancarlo Corsetti
... and at consumer level, vis-a-vis large movements in exchange rates, raises issues at the core of the design of national monetary policies in a globalizing world economy.1 On the one hand, a low elasticity of import prices with respect to the exchange rate can result from the presence of costs incurr ...
... and at consumer level, vis-a-vis large movements in exchange rates, raises issues at the core of the design of national monetary policies in a globalizing world economy.1 On the one hand, a low elasticity of import prices with respect to the exchange rate can result from the presence of costs incurr ...
Outlook for Economic Activity and Prices (April 2016, full text)
... Given these assumptions, economic activity during the projection period can be elaborated on as follows. In fiscal 2016, although exports are likely to continue exhibiting sluggishness for the time being, they are expected to head toward a moderate increase thereafter on the back of emerging econom ...
... Given these assumptions, economic activity during the projection period can be elaborated on as follows. In fiscal 2016, although exports are likely to continue exhibiting sluggishness for the time being, they are expected to head toward a moderate increase thereafter on the back of emerging econom ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Monetary Policy Rules
... reach apply to arbitrary patterns of staggered price setting. There is a continuum of these firms, and they produce differentiated consumption goods using as the sole input labor provided by consumers at a competitive wage. Consum7. In the case of two-period price setting, this simplication should a ...
... reach apply to arbitrary patterns of staggered price setting. There is a continuum of these firms, and they produce differentiated consumption goods using as the sole input labor provided by consumers at a competitive wage. Consum7. In the case of two-period price setting, this simplication should a ...
Stock Markets Dynamics in Oil-Dependent Economies: Evidence from the GCC Countries:
... indirectly fed a rapid rise in demand for credit from the real economy, improving access for finance for corporations, facilitating the strong growth in investment and hence surging stock markets. The other important factor that may impact the stock market activity in the GCC countries is the low i ...
... indirectly fed a rapid rise in demand for credit from the real economy, improving access for finance for corporations, facilitating the strong growth in investment and hence surging stock markets. The other important factor that may impact the stock market activity in the GCC countries is the low i ...
NBER WORKING PAPER SERIES Robert C. Feenstra Hong Ma
... expenditure-side of the economy, as done by the World Bank and PWT, with real GDP measured on the output-side. These two concepts differ by countries’ terms of trade, i.e. by the relative prices of their exports and imports. We provide calculations of China’s real GDP in 2005 measured on the output- ...
... expenditure-side of the economy, as done by the World Bank and PWT, with real GDP measured on the output-side. These two concepts differ by countries’ terms of trade, i.e. by the relative prices of their exports and imports. We provide calculations of China’s real GDP in 2005 measured on the output- ...
This PDF is a selection from a published volume from... Research Volume Title: Asset Prices and Monetary Policy
... an increase in demand for durables. Hence, collateral limits per se induce inefficient movements in the relative price of durables. On the other hand, though, a strict stabilization of durable prices is largely detrimental for the borrower and would be inconsistent with the need of realizing sectoral ...
... an increase in demand for durables. Hence, collateral limits per se induce inefficient movements in the relative price of durables. On the other hand, though, a strict stabilization of durable prices is largely detrimental for the borrower and would be inconsistent with the need of realizing sectoral ...
Inflation in Pakistan: Money or Oil Prices
... Rising wages also allow the aggregate demand to rise as the high disposable income leads to the high spending of consumers. Another reason of cost push inflation is when the raw material used in production becomes expensive and when the import prices of products increases due to devaluation of impor ...
... Rising wages also allow the aggregate demand to rise as the high disposable income leads to the high spending of consumers. Another reason of cost push inflation is when the raw material used in production becomes expensive and when the import prices of products increases due to devaluation of impor ...
Inflation Report 4/2000
... A fundamental precondition for exchange rate stability against European currencies is that price and cost inflation in Norway is gradually reduced to the level aimed at by the European Central Bank (ECB). At the same time, monetary policy must not in itself contribute to deflationary recessions as t ...
... A fundamental precondition for exchange rate stability against European currencies is that price and cost inflation in Norway is gradually reduced to the level aimed at by the European Central Bank (ECB). At the same time, monetary policy must not in itself contribute to deflationary recessions as t ...