NBER WORKING PAPER SERIES RULES VERSUS DISCRETION Robert J. Barro
... following main ingredients. First, monetary policy works by affecting the general price level. Second, unexpected increases in the price level (but not expected changes in prices) expand real economic activity. Thus, there is an "expectational Phillips Curve." Third, the "representative person," and ...
... following main ingredients. First, monetary policy works by affecting the general price level. Second, unexpected increases in the price level (but not expected changes in prices) expand real economic activity. Thus, there is an "expectational Phillips Curve." Third, the "representative person," and ...
Research on Promoting Regional Talent Advantage Into Regional
... hindering Nanjing’s talent advantage into economic advantage. 3.3.1 The analysis of factors promoting talent advantage into economic advantage From Table 1, we find that top ten scores of importance degree of influence factors are all more than 85 points, which means talents all agree that these ten ...
... hindering Nanjing’s talent advantage into economic advantage. 3.3.1 The analysis of factors promoting talent advantage into economic advantage From Table 1, we find that top ten scores of importance degree of influence factors are all more than 85 points, which means talents all agree that these ten ...
Shifting gear: why have neutral interest rates fallen?
... GFC, both in New Zealand and in other countries (figure 10). 8 And estimates based on equations that describe how monetary policy has responded to inflation and demand pressure in the past also suggest the neutral 90-day rate might be lower since the crisis. 9 As I have discussed, adjustments in the ...
... GFC, both in New Zealand and in other countries (figure 10). 8 And estimates based on equations that describe how monetary policy has responded to inflation and demand pressure in the past also suggest the neutral 90-day rate might be lower since the crisis. 9 As I have discussed, adjustments in the ...
The Case for Open-Market Purchases in a Liquidity Trap
... IV. Effects of Monetary Policy when Short-Term Nominal Interest Rates are Zero: The Flexible-Price Case It is clearest to start by analyzing open-market operations under the temporary assumption that nominal goods prices are perfectly flexible, that is, are set for one period only. In that case, eve ...
... IV. Effects of Monetary Policy when Short-Term Nominal Interest Rates are Zero: The Flexible-Price Case It is clearest to start by analyzing open-market operations under the temporary assumption that nominal goods prices are perfectly flexible, that is, are set for one period only. In that case, eve ...
East Meets West - Personal pages of the CEU
... and in post-communist states could fall into one of two categories - those that reflect long-term differences pre-dating the communist era, and those that stem directly from the impact of communist rule itself. This distinction is important since the latter might be expected to disappear quite fast ...
... and in post-communist states could fall into one of two categories - those that reflect long-term differences pre-dating the communist era, and those that stem directly from the impact of communist rule itself. This distinction is important since the latter might be expected to disappear quite fast ...
E N conomic Statistics in auru
... This national summary was prepared by ESCAP Statistics Division in November, 2013. Results of the Capacity Screening questionnaire were received in November, 2013 from 50 of the 58 member countries who were contacted. Further information on RPES and the Core Set is available here: http://www.unescap ...
... This national summary was prepared by ESCAP Statistics Division in November, 2013. Results of the Capacity Screening questionnaire were received in November, 2013 from 50 of the 58 member countries who were contacted. Further information on RPES and the Core Set is available here: http://www.unescap ...
PPT - Ave Maria University
... century? Why did the East Asian nations grow faster than the US during the second half of the 20th century? Is there something about “the nature of India” that makes it different from “the nature of France” so that they grow at a different pace? What can be done to make Africa grow faster? Cop ...
... century? Why did the East Asian nations grow faster than the US during the second half of the 20th century? Is there something about “the nature of India” that makes it different from “the nature of France” so that they grow at a different pace? What can be done to make Africa grow faster? Cop ...
Deficit Financing
... facilities like construction of highways, provision of electricity, water & gas, provision of health facilities. In such situations, when the revenue of the government is low, deficit financing is the way to meet the needs of the government for providing these facilities. 4. Ensuring higher level of ...
... facilities like construction of highways, provision of electricity, water & gas, provision of health facilities. In such situations, when the revenue of the government is low, deficit financing is the way to meet the needs of the government for providing these facilities. 4. Ensuring higher level of ...
Between the cup and the lip
... potential output and growth, and argues that inflation targeting ‘biases decisions toward low inflation by obscuring the fact that policy also affects unemployment, real wages, and growth’ (Palley 2007: 61). Taking these real effects into account, Palley calls for setting the rate of interest so as ...
... potential output and growth, and argues that inflation targeting ‘biases decisions toward low inflation by obscuring the fact that policy also affects unemployment, real wages, and growth’ (Palley 2007: 61). Taking these real effects into account, Palley calls for setting the rate of interest so as ...
Inflation Targeting in India: Issues and Prospects
... period 1951–52 to 19972 and the rate of poverty reduction was higher in the 1980s than in the reform period, post 1991. Hence, two important conclusions emerge from an analysis of the Indian data. First, economic growth in India has not been high enough to drastically reduce the incidence of povert ...
... period 1951–52 to 19972 and the rate of poverty reduction was higher in the 1980s than in the reform period, post 1991. Hence, two important conclusions emerge from an analysis of the Indian data. First, economic growth in India has not been high enough to drastically reduce the incidence of povert ...
Reflation or Deflation - NYU Stern School of Business
... expectations can sharply shift the demand for liquidity in the private sector. The shifting inflation or deflation expectations of the public help determine whether a given pace of money supply growth is appropriate, excessive or deficient relative to the demand for liquid financial assets. As a res ...
... expectations can sharply shift the demand for liquidity in the private sector. The shifting inflation or deflation expectations of the public help determine whether a given pace of money supply growth is appropriate, excessive or deficient relative to the demand for liquid financial assets. As a res ...
The impact of fiscal policy on government bond spreads in emerging
... In 2009, a group of authors from the ECB (Nickel, Rother and Rülke, 2009) conducted research concerning the link between budgetary deficits and government bond spreads. Their contribution to the literature is reflected in the choice of countries analysed: the Czech Republic, Hungary, Poland, Russia an ...
... In 2009, a group of authors from the ECB (Nickel, Rother and Rülke, 2009) conducted research concerning the link between budgetary deficits and government bond spreads. Their contribution to the literature is reflected in the choice of countries analysed: the Czech Republic, Hungary, Poland, Russia an ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... a complex term especially when it is used to cover a variety of resources transfers from developed countries to developing countries. Many of these may be military and /or political in nature and have nothing to do with assisting economic development. With a view of examining the motive of both dono ...
... a complex term especially when it is used to cover a variety of resources transfers from developed countries to developing countries. Many of these may be military and /or political in nature and have nothing to do with assisting economic development. With a view of examining the motive of both dono ...
Are official budget forecasts more prone to over
... government agencies among 33 countries. In general, the forecasts are found: (i) to have a positive average bias, (ii) to be more biased in booms, (iii) to be even more biased at the 3-year horizon than at shorter horizons. This over-optimism in official forecasts can help explain excessive budget d ...
... government agencies among 33 countries. In general, the forecasts are found: (i) to have a positive average bias, (ii) to be more biased in booms, (iii) to be even more biased at the 3-year horizon than at shorter horizons. This over-optimism in official forecasts can help explain excessive budget d ...
Consequences of the Federal Reserve`s Re
... contentious at the time, subsequent release of the minutes suggests it was accurate at the time. Our main criticisms of policy up to that time can be summarized in four related points. First, we showed that money growth was pro-cyclical. Money growth rose in periods of economic expansion and decline ...
... contentious at the time, subsequent release of the minutes suggests it was accurate at the time. Our main criticisms of policy up to that time can be summarized in four related points. First, we showed that money growth was pro-cyclical. Money growth rose in periods of economic expansion and decline ...
Scenes and the Creative Workplace
... about multiple causes emerge, and to link those to what we have defined elsewhere as the analytic elements of scenes (Silver, Clark, Navarro, 2010). We often include simple examples of how these operate (such as cafe discussions in a glamorous neighborhood). Next we specify propositions about impact ...
... about multiple causes emerge, and to link those to what we have defined elsewhere as the analytic elements of scenes (Silver, Clark, Navarro, 2010). We often include simple examples of how these operate (such as cafe discussions in a glamorous neighborhood). Next we specify propositions about impact ...
Meeting the Challenge of Asia
... widespread price cuts so far; the rate of inflation remains between 1% and 2%. Overall, there are no signs of a generalised reduction in prices. Chart 3 shows the share of HICP items experiencing price falls, year on year. In terms of expenditure weights, around 20% of the HICP items reported negati ...
... widespread price cuts so far; the rate of inflation remains between 1% and 2%. Overall, there are no signs of a generalised reduction in prices. Chart 3 shows the share of HICP items experiencing price falls, year on year. In terms of expenditure weights, around 20% of the HICP items reported negati ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... the 1950s, it might well be done differently. (The irony is that the hintedat revised interpretation would have had a Keynesian slant.) But one good reason for leaving it as it was, they argued, was that the data and the statistical analysis both held and were worth publishing as they stood. Other r ...
... the 1950s, it might well be done differently. (The irony is that the hintedat revised interpretation would have had a Keynesian slant.) But one good reason for leaving it as it was, they argued, was that the data and the statistical analysis both held and were worth publishing as they stood. Other r ...
evaluating qualitative forecasts: the fomc minutes, 2006-2010
... recession, they did not predict it in advance and only recognized it as it was happening. They did predict the upswing in the economy at the recession’s end. This paper is divided into four sections. First we introduce the minutes and review the other Federal Reserve forecasts and reports. The metho ...
... recession, they did not predict it in advance and only recognized it as it was happening. They did predict the upswing in the economy at the recession’s end. This paper is divided into four sections. First we introduce the minutes and review the other Federal Reserve forecasts and reports. The metho ...
PDF
... adopting price stability, (2) articulating a numerical target or a sequence of targets, (3) establishing a time horizon to reach the target, and (4) creating an evaluation system to review whether the target has been met. Hu applied 22 variables, of which 9 expressed economic conditions/performance, ...
... adopting price stability, (2) articulating a numerical target or a sequence of targets, (3) establishing a time horizon to reach the target, and (4) creating an evaluation system to review whether the target has been met. Hu applied 22 variables, of which 9 expressed economic conditions/performance, ...
Problems with Monetarism
... Excluding High Inflation Countries It isn’t too surprising that countries that turn on the printing presses to pay for government spending end up with high rates of inflation. But is money growth the key to understanding inflation in the more normal environment of countries with proper tax-raising ...
... Excluding High Inflation Countries It isn’t too surprising that countries that turn on the printing presses to pay for government spending end up with high rates of inflation. But is money growth the key to understanding inflation in the more normal environment of countries with proper tax-raising ...
Adventure Works! The All-UC Group in Economic History University of California
... Here we especially refer to three important works dealing with the question of financial instability: They are Minsky (2008), Reinhardt and Rogoff (2009) and Akerlof and Schiller (2009). Minsky is in total opposition to the mainstream neoclassical theory of financial markets. The mainstream builds o ...
... Here we especially refer to three important works dealing with the question of financial instability: They are Minsky (2008), Reinhardt and Rogoff (2009) and Akerlof and Schiller (2009). Minsky is in total opposition to the mainstream neoclassical theory of financial markets. The mainstream builds o ...
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).