Non-Renewable Resources, Extraction Technology
... We illustrate the different evolutions of technology based on the characteristics of the two sectors. In order to keep the level of production of the non-renewable resource proportionate to aggregate output, the growth rate of technology in the extractive sector needs to increase over time. This is ...
... We illustrate the different evolutions of technology based on the characteristics of the two sectors. In order to keep the level of production of the non-renewable resource proportionate to aggregate output, the growth rate of technology in the extractive sector needs to increase over time. This is ...
Has Policy Uncertainty Slowed the Recovery?
... firm that employs 130,000 people worldwide stated "Right now we're holding back on all but the most necessary external hiring. And on capital expenditures, if I can make the decision now or six months from now, I'll make the decision six months from now and see what develops”. ...
... firm that employs 130,000 people worldwide stated "Right now we're holding back on all but the most necessary external hiring. And on capital expenditures, if I can make the decision now or six months from now, I'll make the decision six months from now and see what develops”. ...
MONETARY POLICY REPORT 2004 - I
... program that has been implemented for the last three years, became more apparent by the first quarter of 2004. Undoubtedly, breaking the long-lasting chronic inflationary process and paving the way to price stability are the leading achievements. Attaining the inflation targets and achieving high gr ...
... program that has been implemented for the last three years, became more apparent by the first quarter of 2004. Undoubtedly, breaking the long-lasting chronic inflationary process and paving the way to price stability are the leading achievements. Attaining the inflation targets and achieving high gr ...
Adam Smith`s Legacy: His Place in the Development of Modern
... the same proportion of his income, the poll tax introduced in Britain appeared ‘improper’—in Smith’s words, typical of countries where ‘the ease, comfort and security of the inferior ranks of people are little attended to’. This caused a stir in the audience, especially among the politicians. And wh ...
... the same proportion of his income, the poll tax introduced in Britain appeared ‘improper’—in Smith’s words, typical of countries where ‘the ease, comfort and security of the inferior ranks of people are little attended to’. This caused a stir in the audience, especially among the politicians. And wh ...
Natural resource revenues and macroeconomic
... History shows that an abundance of natural resources does not necessarily improve a country’s human development. Natural resource-rich countries in Africa tend to have lower average life expectancy and higher maternal mortality and under-five mortality rates than non-natural resourcerich countries w ...
... History shows that an abundance of natural resources does not necessarily improve a country’s human development. Natural resource-rich countries in Africa tend to have lower average life expectancy and higher maternal mortality and under-five mortality rates than non-natural resourcerich countries w ...
10 CHAPTER 2 LITERATURE REVIEW 2.1 Introduction The
... and output follow the disturbance, but price level stability would also follow within a reasonably short period of time. A case in point is the United States, where consumer price inflation averaged only 0,1 per cent per year between 1880 and 1914 (Bordo, [S.a.]). In the United States this period of ...
... and output follow the disturbance, but price level stability would also follow within a reasonably short period of time. A case in point is the United States, where consumer price inflation averaged only 0,1 per cent per year between 1880 and 1914 (Bordo, [S.a.]). In the United States this period of ...
Discretionary versus Automatic Public Expenditure
... tionable that wars are completely unrelated to the business cycles and these episodes are characterized by good rationing and capacity constraint so that the transmission mechanism of fiscal policy during wartime and peaceful time could be different. Moreover, conflicts per se may have a direct imp ...
... tionable that wars are completely unrelated to the business cycles and these episodes are characterized by good rationing and capacity constraint so that the transmission mechanism of fiscal policy during wartime and peaceful time could be different. Moreover, conflicts per se may have a direct imp ...
Debt and deleveraging: Uneven progress on the path to
... The deleveraging process that began in 2008 is proving to be long and painful, just as historical experience suggested it would be. Two years ago, the McKinsey Global Institute published a report that examined the global credit bubble and provided in-depth analysis of the 32 episodes of debt reducti ...
... The deleveraging process that began in 2008 is proving to be long and painful, just as historical experience suggested it would be. Two years ago, the McKinsey Global Institute published a report that examined the global credit bubble and provided in-depth analysis of the 32 episodes of debt reducti ...
towards a circular economy: business rationale for an accelerated
... The global economy’s evolution has been dominated by a linear model of production and consumption, in which goods are manufactured from raw materials, sold, used and then discarded as waste. While great strides have been made in improving resource efficiency, any system based on consumption rather t ...
... The global economy’s evolution has been dominated by a linear model of production and consumption, in which goods are manufactured from raw materials, sold, used and then discarded as waste. While great strides have been made in improving resource efficiency, any system based on consumption rather t ...
towards a circular economy: business rationale for an accelerated
... The global economy’s evolution has been dominated by a linear model of production and consumption, in which goods are manufactured from raw materials, sold, used and then discarded as waste. While great strides have been made in improving resource efficiency, any system based on consumption rather t ...
... The global economy’s evolution has been dominated by a linear model of production and consumption, in which goods are manufactured from raw materials, sold, used and then discarded as waste. While great strides have been made in improving resource efficiency, any system based on consumption rather t ...
some characteristics of sharp current account deficit reversals in
... even stagnant saving rates. Hence, to close the gap they need to turn to foreign saving, which has generally induced the high and even growing current account deficits of the last decade. In this respect, the problem of external imbalances is particularly important for CEE countries which have alread ...
... even stagnant saving rates. Hence, to close the gap they need to turn to foreign saving, which has generally induced the high and even growing current account deficits of the last decade. In this respect, the problem of external imbalances is particularly important for CEE countries which have alread ...
Central Bank Independence and Monetary Policymaking Institutions
... provided subsidized loans to various sectors of the economy. ...
... provided subsidized loans to various sectors of the economy. ...
Technology, Employment, and the Business Cycle: DO Technology
... sign of the (also transitory) response of labor productivity x depends on the size of w, and is positive whenever w ú 1. As made clear by (11), the latter condition corresponds to the notion of ‘‘short-run increasing returns to labor’’ emphasized in the literature on the cyclical behavior of product ...
... sign of the (also transitory) response of labor productivity x depends on the size of w, and is positive whenever w ú 1. As made clear by (11), the latter condition corresponds to the notion of ‘‘short-run increasing returns to labor’’ emphasized in the literature on the cyclical behavior of product ...
VAR Models in Macroeconomic Research
... macroeconometric models working in the tradition of the Cowles commission, in which identification was achieved by excluding variables - most often lagged endogenous variables - without any theoretical or statistical justifications. The idea behind the traditional macroeconometric procedure was tha ...
... macroeconometric models working in the tradition of the Cowles commission, in which identification was achieved by excluding variables - most often lagged endogenous variables - without any theoretical or statistical justifications. The idea behind the traditional macroeconometric procedure was tha ...
(How) Do the ECB and the Fed React to
... ECB did not lower the interest rate until October 2008.1 At the time of writing, the Fed policy rates have reached their lower bound of 0 - 0.25% while the ECB has still some ample room to cut rates further since the policy rate currently amounts to one percent.2 The different mandates of both centr ...
... ECB did not lower the interest rate until October 2008.1 At the time of writing, the Fed policy rates have reached their lower bound of 0 - 0.25% while the ECB has still some ample room to cut rates further since the policy rate currently amounts to one percent.2 The different mandates of both centr ...
Macroeconomic Imbalances. Country Report – Germany 2015
... steps were taken to increase public investment, but they appear insufficient to address the investment backlog in infrastructure, education and research. No measures were taken to improve the efficiency of the tax system or reduce high taxes and social contributions. The potential of the general min ...
... steps were taken to increase public investment, but they appear insufficient to address the investment backlog in infrastructure, education and research. No measures were taken to improve the efficiency of the tax system or reduce high taxes and social contributions. The potential of the general min ...
Interlinkages between Growth, Distribution and Re
... literature have taken up government spending on productive processes, like education, health and insurance, as non-distortionary re-distributive processes that are non-detrimental to growth. The effects of such re-distributive policies on growth have been examined further in the later sections of th ...
... literature have taken up government spending on productive processes, like education, health and insurance, as non-distortionary re-distributive processes that are non-detrimental to growth. The effects of such re-distributive policies on growth have been examined further in the later sections of th ...
High Deficit Policies Lead to Higher Inflation
... Why Higher Deficit Policies Increase Inflation While the government's budget constraint is useful in showing how a permanent deficit might be financed and in clarifying what is meant by "higher deficit policies lead to higher inflation," it cannot determine whether that proposition is true. In order ...
... Why Higher Deficit Policies Increase Inflation While the government's budget constraint is useful in showing how a permanent deficit might be financed and in clarifying what is meant by "higher deficit policies lead to higher inflation," it cannot determine whether that proposition is true. In order ...
Soft Modelling of Military Expenditures, Inequality and Profits
... absorb surplus without raising wages or capital, thereby preventing realization crises. Research and development in the defense sector encourage the development of new products and technologies in non-defense sectors and stimulates the competitiveness and profit margins of those firms. However, on t ...
... absorb surplus without raising wages or capital, thereby preventing realization crises. Research and development in the defense sector encourage the development of new products and technologies in non-defense sectors and stimulates the competitiveness and profit margins of those firms. However, on t ...
Deepening Contractions and Collateral Constraints
... In line with the available anecdotal evidence, it is con…rmed that the 1991 and 2001 recessions have been rather mild in terms of violence, as compared with both the Great Recession and most of the pre-1984 contractions. However, since the seminal paper of McConnell and Perez-Quiros (2000) it has be ...
... In line with the available anecdotal evidence, it is con…rmed that the 1991 and 2001 recessions have been rather mild in terms of violence, as compared with both the Great Recession and most of the pre-1984 contractions. However, since the seminal paper of McConnell and Perez-Quiros (2000) it has be ...
the impact of asset prices and their information value for monetary
... limiting the rate of expansion, with considerable lags involved. Moreover, given the interaction with financial markets, the up and down phases are characterised by rather different behaviour. When the market starts to go down people are inhibited from selling as otherwise they might realise collate ...
... limiting the rate of expansion, with considerable lags involved. Moreover, given the interaction with financial markets, the up and down phases are characterised by rather different behaviour. When the market starts to go down people are inhibited from selling as otherwise they might realise collate ...
Post–World War II economic expansion
""Golden Age of capitalism"" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque.The post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Narrowly defined, the period spanned from 1945 to 1952, with overall growth lasting well until 1971, though there are some debates on dating the period, and booms in individual countries differed, some starting as early as 1945, and overlapping the rise of the East Asian economies into the 1980s or 1990s.During this time there was high worldwide economic growth; Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Greece (Greek economic miracle), West Germany (Wirtschaftswunder), France (Trente Glorieuses), Japan (Japanese post-war economic miracle), and Italy (Italian economic miracle).