The Great Inflation in the United States and the United
... very marked rise in costs resulting mainly from the fast rise in money wages…” (EPR, January 1971, p. 6.) “A higher level of pay settlements was much the most important factor in the faster rise of costs and prices during 1970…” (EPR, May 1971, p. 5.) ...
... very marked rise in costs resulting mainly from the fast rise in money wages…” (EPR, January 1971, p. 6.) “A higher level of pay settlements was much the most important factor in the faster rise of costs and prices during 1970…” (EPR, May 1971, p. 5.) ...
The Tax Smoothing Implications of the Federal Debt Paydown
... rates in two ways. First, it imposes capital losses on existing creditors in response to surprise increases in currentor future government spending, or it delivers capital gains to existing creditors in response to surprise decreases in current or future government spending. Second, it pays down the ...
... rates in two ways. First, it imposes capital losses on existing creditors in response to surprise increases in currentor future government spending, or it delivers capital gains to existing creditors in response to surprise decreases in current or future government spending. Second, it pays down the ...
Inflation and the Size of Government
... a higher inflation rate sufficiently increases the marginal deadweight loss of other taxes such that the Ramsey-optimal “inflation tax rate” is zero.3 In many models, an optimal inflation tax rate of zero—often referred to as the “Friedman rule,” due to Milton Friedman’s (1969) advocacy of such a po ...
... a higher inflation rate sufficiently increases the marginal deadweight loss of other taxes such that the Ramsey-optimal “inflation tax rate” is zero.3 In many models, an optimal inflation tax rate of zero—often referred to as the “Friedman rule,” due to Milton Friedman’s (1969) advocacy of such a po ...
Forecasting Short-Term Real GDP Growth in the Euro
... United States, the euro area, Japan, China and several emerging economies. The traditional challenge analysts face when monitoring short-term forecasting for a given country or region in real-time is that important indicators of economic activity, such as quarterly real GDP, are typically released w ...
... United States, the euro area, Japan, China and several emerging economies. The traditional challenge analysts face when monitoring short-term forecasting for a given country or region in real-time is that important indicators of economic activity, such as quarterly real GDP, are typically released w ...
Current Account Reversals: Always a Problem?
... statistics for the period prior to 1913, publications of the League of Nations for the interwar period, and standard World Bank and International Monetary Fund sources after World War II. The resulting data set has been checked and adjusted for compatibility.6 A problem for any study that undertakes ...
... statistics for the period prior to 1913, publications of the League of Nations for the interwar period, and standard World Bank and International Monetary Fund sources after World War II. The resulting data set has been checked and adjusted for compatibility.6 A problem for any study that undertakes ...
Does Pakistan Need To Adopt Inflation Targeting?
... of an inflation targeting monetary policy can be discussed” (Akbari and Rankaduwa, 2006, p.186). Khalid (2006), after reviewing the experiences of other developing countries with IT, also argues that Pakistan’s monetary authority could consider IT as a monetary regime. Khan and Schimmelpfening (2006 ...
... of an inflation targeting monetary policy can be discussed” (Akbari and Rankaduwa, 2006, p.186). Khalid (2006), after reviewing the experiences of other developing countries with IT, also argues that Pakistan’s monetary authority could consider IT as a monetary regime. Khan and Schimmelpfening (2006 ...
NBER WORKING PAPER SERIES RECONCILING POLICY DECISIONS AND DATA OUTCOMES
... very marked rise in costs resulting mainly from the fast rise in money wages…” (EPR, January 1971, p. 6.) “A higher level of pay settlements was much the most important factor in the faster rise of costs and prices during 1970…” (EPR, May 1971, p. 5.) ...
... very marked rise in costs resulting mainly from the fast rise in money wages…” (EPR, January 1971, p. 6.) “A higher level of pay settlements was much the most important factor in the faster rise of costs and prices during 1970…” (EPR, May 1971, p. 5.) ...
Clusters, Cluster Policy, and Swedish Competitiveness in the Global
... of an economy to sustain a high and rising standard of living earned on global markets. A high standard of living can in an accounting sense be achieved through high labor productivity, high labor mobilization, or a combination of the two. In this report we are agnostic about the specific driver of h ...
... of an economy to sustain a high and rising standard of living earned on global markets. A high standard of living can in an accounting sense be achieved through high labor productivity, high labor mobilization, or a combination of the two. In this report we are agnostic about the specific driver of h ...
How Useful is Okun`s Law? - Federal Reserve Bank of Kansas City
... variable for all the ways in which output is affected by idle resources” (page 99). Idle resources can come from a number of sources. Economic theory suggests that a country’s production of goods and services requires a combination of labor, capital, and technology. The unemployment rate is but one ...
... variable for all the ways in which output is affected by idle resources” (page 99). Idle resources can come from a number of sources. Economic theory suggests that a country’s production of goods and services requires a combination of labor, capital, and technology. The unemployment rate is but one ...
This PDF is a selection from a published volume from... Economic Research
... point where monetary policy becomes constrained by the ZLB, this raises key questions for policymakers as to how they might be able to forestall, or at least reduce, the fall-out from such collapses. These questions relate not just to how policymakers might wish to react preemptively, as asset-price ...
... point where monetary policy becomes constrained by the ZLB, this raises key questions for policymakers as to how they might be able to forestall, or at least reduce, the fall-out from such collapses. These questions relate not just to how policymakers might wish to react preemptively, as asset-price ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: American Economic Policy in the 1980s
... business-cycle theories-probably played some meaningful role in postwar U.S. business cycles. Monetary policy, however, was surely one important factor that influenced the course of economic activity during the recessions of 1957-58, 1960-61, 1969-70, 1974-75, 1980, and 1981-82, as well as during th ...
... business-cycle theories-probably played some meaningful role in postwar U.S. business cycles. Monetary policy, however, was surely one important factor that influenced the course of economic activity during the recessions of 1957-58, 1960-61, 1969-70, 1974-75, 1980, and 1981-82, as well as during th ...
The Monetarist-Keynesian Debate and the Phillips Curve
... di¢ culty of isolating the impact of policy from other forces, especially in‡ation shocks, has limited the conclusions that economists draw from this experience. In the 1960s, and well into the 1970s, an unusual degree of professional consensus existed. This Keynesian consensus emerged out of two dr ...
... di¢ culty of isolating the impact of policy from other forces, especially in‡ation shocks, has limited the conclusions that economists draw from this experience. In the 1960s, and well into the 1970s, an unusual degree of professional consensus existed. This Keynesian consensus emerged out of two dr ...
Economic Policy Uncertainty and the Yield Curve ∗ Markus Leippold
... The discussion above suggests that government and monetary policy uncertainty may have different effects on yields and volatilities. Therefore, we not only split economic uncertainty into these two different components, but we allow government policy uncertainty to play a role for interest rate poli ...
... The discussion above suggests that government and monetary policy uncertainty may have different effects on yields and volatilities. Therefore, we not only split economic uncertainty into these two different components, but we allow government policy uncertainty to play a role for interest rate poli ...
"Does Inflation Targeting Framework Make a Significant Difference
... In the case of Indonesia, since July 2005, the central bank of Indonesia, Bank Indonesia, has been employing ITF with a free floating exchange rate and setting the new nominal anchor, which is price index, after abandoning the crawling band exchange rate system in 1997 due to the Asian Financial Cri ...
... In the case of Indonesia, since July 2005, the central bank of Indonesia, Bank Indonesia, has been employing ITF with a free floating exchange rate and setting the new nominal anchor, which is price index, after abandoning the crawling band exchange rate system in 1997 due to the Asian Financial Cri ...
No.374 / September 2011 The Cyclical Conduct of Irish Fiscal Policy
... expenditure items that systematically vary with aggregate GDP. In particular, it does not take into account revenue windfalls that are attributable to asset price booms or sectorallyconcentrated output expansions (such as a construction boom). That the normal cyclical adjustment is misleading under ...
... expenditure items that systematically vary with aggregate GDP. In particular, it does not take into account revenue windfalls that are attributable to asset price booms or sectorallyconcentrated output expansions (such as a construction boom). That the normal cyclical adjustment is misleading under ...
DANIEL AMOAH_Feasibility Study of a Single Currency
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
MACRO ECONOMICS-II BA ECONOMICS UNIVERSITY OF CALICUT
... This ultimately led to the development of bank notes. The bank notes are issued by the central bank of the country. As the demand for gold and silver increased with the rise in their prices, the convertibility of bank notes into gold and silver was gradually given up during the beginning and after t ...
... This ultimately led to the development of bank notes. The bank notes are issued by the central bank of the country. As the demand for gold and silver increased with the rise in their prices, the convertibility of bank notes into gold and silver was gradually given up during the beginning and after t ...
Inflation: Causes, Costs, and Current Status
... monetary base has not been accompanied by a proportionate increase in the broader money supply, mainly because of the large slack in the economy at the time.7 An alternative view comes in several versions. They have in common a belief that the major upward pressure on prices comes from activities wh ...
... monetary base has not been accompanied by a proportionate increase in the broader money supply, mainly because of the large slack in the economy at the time.7 An alternative view comes in several versions. They have in common a belief that the major upward pressure on prices comes from activities wh ...
Download (PDF)
... government ignores the impact of its own debt, since this is only a small part of the total. Similarly, contagion through interest rates implies another common pool problem that generates additional debt bias: each government feels the full benefit when it runs a higher deficit, but the effect of hi ...
... government ignores the impact of its own debt, since this is only a small part of the total. Similarly, contagion through interest rates implies another common pool problem that generates additional debt bias: each government feels the full benefit when it runs a higher deficit, but the effect of hi ...
Economics and the 2008 crisis: a Keynesian view
... In the sections which follow, you will be introduced to some simple equations. Don’t panic! Wherever they are used, we teach you step by step how to read them. A general point to be aware of is that where one term is multiplied by another we will follow standard maths notation and leave out the mult ...
... In the sections which follow, you will be introduced to some simple equations. Don’t panic! Wherever they are used, we teach you step by step how to read them. A general point to be aware of is that where one term is multiplied by another we will follow standard maths notation and leave out the mult ...
Does Exchange Rate Policy Matter for Growth?
... The choice of exchange rate regime has been a subject of ongoing debate in international economics. This debate has been renewed in recent years as a result of a series of economic crises (in Mexico, Southeast Asia, Russia, and Brazil) in which unsustainable exchange rate regimes were widely perceiv ...
... The choice of exchange rate regime has been a subject of ongoing debate in international economics. This debate has been renewed in recent years as a result of a series of economic crises (in Mexico, Southeast Asia, Russia, and Brazil) in which unsustainable exchange rate regimes were widely perceiv ...
KSA - KSU Faculty Member websites
... in the Middle East and North Africa (MENA) region. Its Gross Domestic Product (GDP) reached 705.9 billion Saudi Riyals (SR) in the year 2002 and its real GDP at 1999 prices was 647.8 billion. The real GDP growth rate was 1.02% in the year 2002. The Current Account (CA) balance of the KSA was US$ (-) ...
... in the Middle East and North Africa (MENA) region. Its Gross Domestic Product (GDP) reached 705.9 billion Saudi Riyals (SR) in the year 2002 and its real GDP at 1999 prices was 647.8 billion. The real GDP growth rate was 1.02% in the year 2002. The Current Account (CA) balance of the KSA was US$ (-) ...
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).