document
... historically high percentage, but it is still very low if you consider how much people move around within countries. Political borders are still formidable barriers to the movement of goods as well. International trade is still a small percentage of most economies’ aggregate activity. Major economie ...
... historically high percentage, but it is still very low if you consider how much people move around within countries. Political borders are still formidable barriers to the movement of goods as well. International trade is still a small percentage of most economies’ aggregate activity. Major economie ...
Entrepreneurship and the Business Cycle
... periods as a result of positive technology shocks and higher capital prices. Hence, the number of solvent entrepreneurs would then be countercyclical. Furthermore, the bankruptcy probability is the same across entrepreneurs, independent of their net worth. However, the authors point this out as one ...
... periods as a result of positive technology shocks and higher capital prices. Hence, the number of solvent entrepreneurs would then be countercyclical. Furthermore, the bankruptcy probability is the same across entrepreneurs, independent of their net worth. However, the authors point this out as one ...
NBER WORKING PAPER SERIES EURO-PRODUCTIVITY AND EURO-JOB SINCE THE
... job growth, we find that tax and transfer packages in high-spending welfare states have no clear cost in jobs or in productivity. Past studies showed negative effects because they failed to separate transitory from durable effects, and because some accepted theory as an empirical test. Our paper bro ...
... job growth, we find that tax and transfer packages in high-spending welfare states have no clear cost in jobs or in productivity. Past studies showed negative effects because they failed to separate transitory from durable effects, and because some accepted theory as an empirical test. Our paper bro ...
Euro50 Group Meeting - Lorenzo Bini Smaghi
... significant challenges. Interest rate differentials are already generating capital flows into economies with higher yields. Such inflows complicate monetary policy management, requiring difficult choices for authorities…”. Indeed, not all countries are at the same stage of the cycle – some are alrea ...
... significant challenges. Interest rate differentials are already generating capital flows into economies with higher yields. Such inflows complicate monetary policy management, requiring difficult choices for authorities…”. Indeed, not all countries are at the same stage of the cycle – some are alrea ...
NBER WORKING PAPER SERIES FISCAL LIMITS IN ADVANCED ECONOMIES Eric M. Leeper
... be in effect at every date in the future. Although this assumption is widely maintained, it is difficult to reconcile the assumption with observed policy behavior. In fact, policies do change and, therefore, they can change. In the face of a history of changes in policy regimes, analyses that fail to i ...
... be in effect at every date in the future. Although this assumption is widely maintained, it is difficult to reconcile the assumption with observed policy behavior. In fact, policies do change and, therefore, they can change. In the face of a history of changes in policy regimes, analyses that fail to i ...
What can civil society expect from academic macroeconomics?
... Does Keynesian macroeconomics qualify as general equilibrium according to the two criteria enunciated in the introduction? The answer is 'No'. The IS-LM model is wanting in this respect because when described narratively, it comprises four markets (goods, money, labor, and bonds), while only three o ...
... Does Keynesian macroeconomics qualify as general equilibrium according to the two criteria enunciated in the introduction? The answer is 'No'. The IS-LM model is wanting in this respect because when described narratively, it comprises four markets (goods, money, labor, and bonds), while only three o ...
PDF of this report - Center on Budget and Policy Priorities
... The limits of this rule-based regime became most apparent in the Great Depression, when the gold standard helped propagate the crisis around the world.5 More than a dozen countries abandoned the gold standard in 1931,6 though the United States did not follow suit until 1933, when the unemployment ra ...
... The limits of this rule-based regime became most apparent in the Great Depression, when the gold standard helped propagate the crisis around the world.5 More than a dozen countries abandoned the gold standard in 1931,6 though the United States did not follow suit until 1933, when the unemployment ra ...
Interest Rates, Inflation, and Federal Reserve Policy Since 1980
... from its peak in the early 1980s and has remained low and stable since then. Figure 1 shows that this great decline in inflation was accompanied, at first, by very high short-term nominal interest rates, as measured either by the federal funds rate or by the three-month Treasury bill rate. In 1982, ...
... from its peak in the early 1980s and has remained low and stable since then. Figure 1 shows that this great decline in inflation was accompanied, at first, by very high short-term nominal interest rates, as measured either by the federal funds rate or by the three-month Treasury bill rate. In 1982, ...
The Economic and Social Effects of Foreign aid in Palestine
... global trade, where the West spends $360 billion a year on protecting its agriculture with a network of subsidies and tariffs that costs developing countries about $50 billion in potential lost agricultural exports. Fifty billion dollars is the equivalent of today's level of developm ...
... global trade, where the West spends $360 billion a year on protecting its agriculture with a network of subsidies and tariffs that costs developing countries about $50 billion in potential lost agricultural exports. Fifty billion dollars is the equivalent of today's level of developm ...
9 October 2006 - Nobelprize.org
... available new technologies. As a result, the rate of output growth should be expected to be positively related to the average level of human capital – a proposition that has found empirical support. ...
... available new technologies. As a result, the rate of output growth should be expected to be positively related to the average level of human capital – a proposition that has found empirical support. ...
Joining the European Monetary Union
... The responsibility for passing the so‐called “stability test” lies on every candidate country. These countries are also responsible for taking steps oriented towards potential euro zone accession cost minimization, for example, related to transmission of rights to build mon ...
... The responsibility for passing the so‐called “stability test” lies on every candidate country. These countries are also responsible for taking steps oriented towards potential euro zone accession cost minimization, for example, related to transmission of rights to build mon ...
New Economic Geography and Reunified Germany at Twenty
... Strange 2004, Ellison et al. 2010). A disadvantage is, however, that the model covers only a subset of the factors that impact the economic geography of the country under study. The model used by Redding and Sturm (2008), for example, does not account for the fact that the regional mobility of worke ...
... Strange 2004, Ellison et al. 2010). A disadvantage is, however, that the model covers only a subset of the factors that impact the economic geography of the country under study. The model used by Redding and Sturm (2008), for example, does not account for the fact that the regional mobility of worke ...
NONTRADITIONAL OR NEW TRADITIONAL EXPORTS: Ecuador`s
... have potentially affected the export of cut flowers from Ecuador. They were 1) policies that focused on the agricultural sector in general, 2) policies that affected nontraditional exports generally or cut flowers specifically, 3) macroeconomic and trade policies that affected all exports or all non ...
... have potentially affected the export of cut flowers from Ecuador. They were 1) policies that focused on the agricultural sector in general, 2) policies that affected nontraditional exports generally or cut flowers specifically, 3) macroeconomic and trade policies that affected all exports or all non ...
Introduction
... In 2000, worldwide FDI topped US$ 1.1 trillion, which was nearly 14% more than in 1999 and over three times as much as in 1995. These figures indicate that the global expansion of transnational corporations (TNCs) remained on course during the first year of the new century. The geographic distributi ...
... In 2000, worldwide FDI topped US$ 1.1 trillion, which was nearly 14% more than in 1999 and over three times as much as in 1995. These figures indicate that the global expansion of transnational corporations (TNCs) remained on course during the first year of the new century. The geographic distributi ...
The effects of exchange rate fluctuations on economic activity in
... observed and the public sector borrowing requirement was financed with short-term domestic borrowing. With the increase in interest rates, the domestic debt stock grew to such a level that a debt-rollover problem arose. The expectations for a devaluation increased at the end of 1993. In January 1994 ...
... observed and the public sector borrowing requirement was financed with short-term domestic borrowing. With the increase in interest rates, the domestic debt stock grew to such a level that a debt-rollover problem arose. The expectations for a devaluation increased at the end of 1993. In January 1994 ...
PDF
... credit constrained this has the effect of reducing the steady state return on savings. Thus, the reduction in the per capita capital stock forces wages to decrease and hence borrowers are able to provide less internal financing for their investment project, lowering the expected real return on loan ...
... credit constrained this has the effect of reducing the steady state return on savings. Thus, the reduction in the per capita capital stock forces wages to decrease and hence borrowers are able to provide less internal financing for their investment project, lowering the expected real return on loan ...
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... proposed stress indicator can serve as a useful measure of relevant divergence tendencies in the EMU. ...
... proposed stress indicator can serve as a useful measure of relevant divergence tendencies in the EMU. ...
Open-Economy Macroeconomics
... Nominal variables (p level) has no impact on real GDP in the LR. Supply curves for specific goods slope upwards as they depend on relative prices. Economy’s supply of output is limited by factor inputs and technology. Thus an increase in the overall price does not alter the output supplied. ...
... Nominal variables (p level) has no impact on real GDP in the LR. Supply curves for specific goods slope upwards as they depend on relative prices. Economy’s supply of output is limited by factor inputs and technology. Thus an increase in the overall price does not alter the output supplied. ...
Modelling The Impact Of Automatic Fiscal Stabilisers On Output
... published on the role that AFS play in strengthening and enhancing confidence during business cycle disturbances. The smoothing role of AFS can be described through a moderation of exaggerated rise in some macroeconomic variables during economic upturns (boom) and a limitation in the decrease of eco ...
... published on the role that AFS play in strengthening and enhancing confidence during business cycle disturbances. The smoothing role of AFS can be described through a moderation of exaggerated rise in some macroeconomic variables during economic upturns (boom) and a limitation in the decrease of eco ...
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).