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 ...
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 ...
... 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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
... 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 ...
... 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 ...
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
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 ...
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 ...
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- ...
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 ...
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 ...
Japanese asset price bubble
The Japanese asset price bubble (バブル景気, baburu keiki, lit. ""bubble economy"") was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More specifically, over-confidence and telemetry speculation regarding asset and stock prices had been closely associated with excessive monetary easing policy at the time.By August 1990, the Nikkei stock index had plummeted to half its peak by the time of the fifth monetary tightening by the Bank of Japan (also known as BOJ). By late 1991, the asset price began to fall. Even though the asset price had visibly collapsed by early 1992, the economy's decline continued for more than a decade. This decline resulted in a huge accumulation of non-performing assets loans (NPL), causing difficulties for many financial institutions. The bursting of the Japanese asset price bubble contributed to what many call the Lost Decade.