The Role of Expectations in Monetary Policy
... pursue it: Unexpected expansionary policy will raise workers and firms’ expectations about inflation, thus driving up wages and prices, and the end results will be higher inflation but no increase in output ...
... pursue it: Unexpected expansionary policy will raise workers and firms’ expectations about inflation, thus driving up wages and prices, and the end results will be higher inflation but no increase in output ...
An Instrumental variable approach to measures the fiscal multiplier
... Simonelli (2014). They estimate the size of the Italian fiscal multiplier using changes in spending that result from the removal of the local government as a result of mafia infiltration as an instrument for overall government spending. [NOTE: I need to expand the literature review to talk about wha ...
... Simonelli (2014). They estimate the size of the Italian fiscal multiplier using changes in spending that result from the removal of the local government as a result of mafia infiltration as an instrument for overall government spending. [NOTE: I need to expand the literature review to talk about wha ...
Investigating the Productivity of Singapore
... the impact of economic-related issues to productivity. As one of the Asian “tigers,” Singapore has become one of the world’s most prosperous countries. It is worth examining further Singapore’s characteristics of productivity. Singapore was established as a British trading colony in 1819. It joined ...
... the impact of economic-related issues to productivity. As one of the Asian “tigers,” Singapore has become one of the world’s most prosperous countries. It is worth examining further Singapore’s characteristics of productivity. Singapore was established as a British trading colony in 1819. It joined ...
mmi14-Stratmann 19106659 en
... on the effect of exchange rate regimes and their interactions with fiscal policy on the spreads are scarce (for an exception see Jahjah et al 2013). However, the relevance of exchange rate arrangements in the determination of sovereign interest rates is particularly evident if one considers what hap ...
... on the effect of exchange rate regimes and their interactions with fiscal policy on the spreads are scarce (for an exception see Jahjah et al 2013). However, the relevance of exchange rate arrangements in the determination of sovereign interest rates is particularly evident if one considers what hap ...
A Tale of two Globalizations: World Trade and Openness 1800-2007
... In 1999, R. Baldwin and P. Martin published a paper titled Two waves of globalization: superficial similarities, fundamental differences (1999). The authors supply a long and detailed list of these latter, while they argue that ‘the chief similarities lie in the aggregate trade-to-GDP and capital-fl ...
... In 1999, R. Baldwin and P. Martin published a paper titled Two waves of globalization: superficial similarities, fundamental differences (1999). The authors supply a long and detailed list of these latter, while they argue that ‘the chief similarities lie in the aggregate trade-to-GDP and capital-fl ...
Forecast Disagreement in the Survey of Professional Forecasters
... Another approach to building a forecast model is to use economic theory to restrict the way in which the variables interact. For example, one might stipulate that the relationship between household consumption and hours worked in the labor market is related to the real wage in some particular way, o ...
... Another approach to building a forecast model is to use economic theory to restrict the way in which the variables interact. For example, one might stipulate that the relationship between household consumption and hours worked in the labor market is related to the real wage in some particular way, o ...
CBI Literature review of the impact of EU membership on the UK
... benefits of EU membership may be understated by other theoretical studies. For example, Ottaviano et al (2014) II generate an estimate of up to 9½%, implying that the above 3½% figure missed 6% of GDP worth of benefits. We would discount this figure heavily since it is difficult to cross‐examine, ...
... benefits of EU membership may be understated by other theoretical studies. For example, Ottaviano et al (2014) II generate an estimate of up to 9½%, implying that the above 3½% figure missed 6% of GDP worth of benefits. We would discount this figure heavily since it is difficult to cross‐examine, ...
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... Another related line of research has focused on the role of decentralization in promoting economic growth. The limited number of existing studies on this topic provides mixed evidence. Davoodi and Zou (1998) use a panel data set of 46 countries over the 1970-1989 period to examine the relationship b ...
... Another related line of research has focused on the role of decentralization in promoting economic growth. The limited number of existing studies on this topic provides mixed evidence. Davoodi and Zou (1998) use a panel data set of 46 countries over the 1970-1989 period to examine the relationship b ...
should the southeast asian countries form a currency union?
... European countries with that of eleven “West German” states. He finds that the correlation of shocks was lower for the European countries compared to that of “West German” states. Both of these studies conclude that the EU may not be an optimal currency area based on the criteria of correlation betw ...
... European countries with that of eleven “West German” states. He finds that the correlation of shocks was lower for the European countries compared to that of “West German” states. Both of these studies conclude that the EU may not be an optimal currency area based on the criteria of correlation betw ...
Botswana - United Nations Economic Commission for Africa
... developed countries in the world and had a per capita GDP of about $70. Thirty years later, Botswana had transformed itself into an upper-middle-income country and one of the fastest-growing economies in the world, with an average annual growth rate of about 9 per cent between 1966 and 1999, thanks ...
... developed countries in the world and had a per capita GDP of about $70. Thirty years later, Botswana had transformed itself into an upper-middle-income country and one of the fastest-growing economies in the world, with an average annual growth rate of about 9 per cent between 1966 and 1999, thanks ...
Money and Output: Basic Facts and Flexible Price
... where P Y is nominal GDP and P is the price level. • M0, M1 and M2 lead real output (see Friedman and Schwartz (1963)). Stock and Watson (1999) find the log level of nominal M2 is procyclical with a lead of two quarters, and the nominal monetary base is weakly procyclical and also leading. In contra ...
... where P Y is nominal GDP and P is the price level. • M0, M1 and M2 lead real output (see Friedman and Schwartz (1963)). Stock and Watson (1999) find the log level of nominal M2 is procyclical with a lead of two quarters, and the nominal monetary base is weakly procyclical and also leading. In contra ...
Eliminating the Underlying Cause of Poverty as a Means
... failure to reverse systemic poverty is the fundamental cause of current economic crisis. Recessions (and sub-optimal growth) occur when a critical mass of market participants come to believe that the distribution of future earning capacity is not sufficient to purchase what can be produced despite t ...
... failure to reverse systemic poverty is the fundamental cause of current economic crisis. Recessions (and sub-optimal growth) occur when a critical mass of market participants come to believe that the distribution of future earning capacity is not sufficient to purchase what can be produced despite t ...
The Endogeneity of the Optimum Currency Area Criteria
... business cycles are imperfectly synchronised with others’ could benefit from the potential stabilisation afforded by a national monetary policy. 3 In Fig. 1 we graph the extent of trade among members of a potential common currency area against the correlation of their incomes. The OCA line is downwa ...
... business cycles are imperfectly synchronised with others’ could benefit from the potential stabilisation afforded by a national monetary policy. 3 In Fig. 1 we graph the extent of trade among members of a potential common currency area against the correlation of their incomes. The OCA line is downwa ...
ECONOMICS
... • After the Great Depression to early 1970s • 1936 John Maynard Keynes – The general theory of employment, interest, and money – AD – inherently unstable – Government - increase AD • Expansionary fiscal policy – Increase government spending – Cut taxes • Federal budget deficit © 2012 Cengage Learnin ...
... • After the Great Depression to early 1970s • 1936 John Maynard Keynes – The general theory of employment, interest, and money – AD – inherently unstable – Government - increase AD • Expansionary fiscal policy – Increase government spending – Cut taxes • Federal budget deficit © 2012 Cengage Learnin ...
GDP per capita or Real Wages?
... Authors will use as a price index a geometric or an arithmetic weighted average of individual prices where the weights are the shares of each good in the consumption basket of a typical worker. The scope of goods included in the consumption basket is determined largely by data availability. Some stu ...
... Authors will use as a price index a geometric or an arithmetic weighted average of individual prices where the weights are the shares of each good in the consumption basket of a typical worker. The scope of goods included in the consumption basket is determined largely by data availability. Some stu ...
Social Structures of Accumulation, the Rate of Profit
... unions, and large corporations. The neoliberal SSA has been characterized by a much lesser role for such institutions in regulating economic relations and behaviors, with a correspondingly larger role played by market forces.9 The postwar regulated capitalist SSA had 5 key features. First, the capit ...
... unions, and large corporations. The neoliberal SSA has been characterized by a much lesser role for such institutions in regulating economic relations and behaviors, with a correspondingly larger role played by market forces.9 The postwar regulated capitalist SSA had 5 key features. First, the capit ...
Publication
... countries examined here — 271 regions in the EU plus three regions in Croatia, and the former Yugoslav Republic of Macedonia). However, Praha and Bratislavský kraj must be regarded as exceptions as regards regions in the new Member States that joined in 2004. The next most prosperous regions in the ...
... countries examined here — 271 regions in the EU plus three regions in Croatia, and the former Yugoslav Republic of Macedonia). However, Praha and Bratislavský kraj must be regarded as exceptions as regards regions in the new Member States that joined in 2004. The next most prosperous regions in the ...
Loanable funds theory
... demand for U.S. funds is influenced by the interest rate differential between countries The quantity of U.S. loanable funds demanded by foreign governments or firms is inversely related to U.S. interest rates The foreign demand schedule will shift in response to economic conditions ...
... demand for U.S. funds is influenced by the interest rate differential between countries The quantity of U.S. loanable funds demanded by foreign governments or firms is inversely related to U.S. interest rates The foreign demand schedule will shift in response to economic conditions ...
CHAPTER 7: Long-Run and Short
... The two features immediately clear when you examine the trend in productivity in the United States over the past fifty years are: a. An upward trend and fairly sizable fluctuations around that trend. b. An upward trend and relatively small fluctuations around that trend. c. A downward trend and fair ...
... The two features immediately clear when you examine the trend in productivity in the United States over the past fifty years are: a. An upward trend and fairly sizable fluctuations around that trend. b. An upward trend and relatively small fluctuations around that trend. c. A downward trend and fair ...
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).