Macro2
... country with GDP in another country is problematic because prices of particular products in one country may be much less or much more than in the other country. – For example, using the market exchange rate to value Chinese GDP in dollars leads to an estimate that in 2006, U.S. real GDP per person w ...
... country with GDP in another country is problematic because prices of particular products in one country may be much less or much more than in the other country. – For example, using the market exchange rate to value Chinese GDP in dollars leads to an estimate that in 2006, U.S. real GDP per person w ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... increases, but only because of an increase in military employment. Now both private employment and the short-term interest rate fall significantly, while their response was insignificant in the EVAR case. The Barro-Redlick tax rate also falls after several quarters. Column (4) displays the responses ...
... increases, but only because of an increase in military employment. Now both private employment and the short-term interest rate fall significantly, while their response was insignificant in the EVAR case. The Barro-Redlick tax rate also falls after several quarters. Column (4) displays the responses ...
NBER WORKING PAPER SERIES ON THE IRRELEVANCE OF PUBLIC FINANCIAL POLICY
... This paper establishes conditions under which public financial policy has neither real nor inflationary effects; under which it has inflationary effects, but not real effects; and under which it has real effects. An increase in government debt (keeping real expenditures fixed), accompanied by a decr ...
... This paper establishes conditions under which public financial policy has neither real nor inflationary effects; under which it has inflationary effects, but not real effects; and under which it has real effects. An increase in government debt (keeping real expenditures fixed), accompanied by a decr ...
Republic of Croatia: 2014 Article IV Consultation--Staff Report
... structural weaknesses. With traditional fiscal and monetary policy responses out of reach (see below), private sector debt restructuring and measures to attract FDI provide the best prospect to revive growth in the short to medium term. Further, labor market reforms are critical to strengthen the ec ...
... structural weaknesses. With traditional fiscal and monetary policy responses out of reach (see below), private sector debt restructuring and measures to attract FDI provide the best prospect to revive growth in the short to medium term. Further, labor market reforms are critical to strengthen the ec ...
Optimal Fiscal Policy when Agents fear Government Default (217 KB )
... levels. According to the IMF, in the advanced economies of the G20 the debt to GDP ratio is projected to rise from 78% in 2007 to 118% in 2014. Many policy analysts1 , fearing this massive accumulation of debt, have called for a substantial debt reduction in the years to come. This policy suggestion ...
... levels. According to the IMF, in the advanced economies of the G20 the debt to GDP ratio is projected to rise from 78% in 2007 to 118% in 2014. Many policy analysts1 , fearing this massive accumulation of debt, have called for a substantial debt reduction in the years to come. This policy suggestion ...
Series 18 early page.cdr - Central Bank of Nigeria
... currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the ...
... currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the ...
Fiscal Policy: A Summing Up
... To avoid a future increase in debt year 1,the government must run a primary surplus equal to real interest payments on the existing debt. It must do so in following years as well; each year The primary surplus must be sufficient to cover interest payments, leaving the debt level unchanged. The path ...
... To avoid a future increase in debt year 1,the government must run a primary surplus equal to real interest payments on the existing debt. It must do so in following years as well; each year The primary surplus must be sufficient to cover interest payments, leaving the debt level unchanged. The path ...
Heiner Ganßmann
... social fact. The interesting property of such social facts is that they are dependent on agents who must behave so that they confirm them as facts. The objectivity of social facts rests on such a circular structure. They are generated by actions while at the same time they constrain, channel and reg ...
... social fact. The interesting property of such social facts is that they are dependent on agents who must behave so that they confirm them as facts. The objectivity of social facts rests on such a circular structure. They are generated by actions while at the same time they constrain, channel and reg ...
Should monetary policy lean against the wind?
... procyclically with changes in the policy rate and with banks’ profitability and capital. As pointed out by Woodford (2011), a loan supply curve with these characteristics could be motivated in several ways. For example intermediaries may have costs for originating and servicing loans, with marginal c ...
... procyclically with changes in the policy rate and with banks’ profitability and capital. As pointed out by Woodford (2011), a loan supply curve with these characteristics could be motivated in several ways. For example intermediaries may have costs for originating and servicing loans, with marginal c ...
DATA ON CONTINGENT LIABILITIES OF THE GENERAL
... One-off guarantees are defined individually and the guarantor is not able to make a reliable estimate of the risk of calls. One-off guarantees are linked to debt instruments (e.g. loans, bonds). ...
... One-off guarantees are defined individually and the guarantor is not able to make a reliable estimate of the risk of calls. One-off guarantees are linked to debt instruments (e.g. loans, bonds). ...
Twelfth And Final Review Under The Extended Arrangement
... “Moving forward with key structural reforms is pivotal to foster higher and more inclusive growth. Restructuring and attracting private sector participation in public enterprises is needed to ensure their financial viability and reduce fiscal costs. Completing the power sector reform will be importa ...
... “Moving forward with key structural reforms is pivotal to foster higher and more inclusive growth. Restructuring and attracting private sector participation in public enterprises is needed to ensure their financial viability and reduce fiscal costs. Completing the power sector reform will be importa ...
Milton Friedman`s economics and political economy
... exchange rates” has been hugely important. After the Great Depression, flexible exchange rates were viewed with policy suspicion because of the competitive devaluations of the 1930s. Friedman was a pioneer in the rehabilitation of flexible exchange rates, arguing they facilitated international econo ...
... exchange rates” has been hugely important. After the Great Depression, flexible exchange rates were viewed with policy suspicion because of the competitive devaluations of the 1930s. Friedman was a pioneer in the rehabilitation of flexible exchange rates, arguing they facilitated international econo ...
Balanced Budget Amendment Proposal Is Extreme by International
... http://www.ifs.org.uk/bns/bn16.pdf ...
... http://www.ifs.org.uk/bns/bn16.pdf ...
Principles of Macro Economics - National Open University of Nigeria
... political environment of the country. Firstly, there are issues that are related to trends in macro variables, eg, the general trend in the economic activities of the country, investment climate, trends in output and employment, and price trends. These factors do not only determine the prospects of ...
... political environment of the country. Firstly, there are issues that are related to trends in macro variables, eg, the general trend in the economic activities of the country, investment climate, trends in output and employment, and price trends. These factors do not only determine the prospects of ...
DP2009/11 A cobweb model of financial stability in New Zealand
... dimensions, and two dimensions relating to current macroeconomic and financial market conditions. The score for each dimension is constructed by converting a range of indicators into percentile ranks based on the history of the series. This mechanical methodology is supplemented by judgement to achi ...
... dimensions, and two dimensions relating to current macroeconomic and financial market conditions. The score for each dimension is constructed by converting a range of indicators into percentile ranks based on the history of the series. This mechanical methodology is supplemented by judgement to achi ...
chapter 11
... AACSB: Analytical Thinking Topic: Types of Money 19) Is there any risk involved in using fiat money? How can it be minimized? Answer: One of the problems of using fiat money is that since it is actually worthless, it is easy to counterfeit. Hence, the risk of counterfeiting fiat money and using it t ...
... AACSB: Analytical Thinking Topic: Types of Money 19) Is there any risk involved in using fiat money? How can it be minimized? Answer: One of the problems of using fiat money is that since it is actually worthless, it is easy to counterfeit. Hence, the risk of counterfeiting fiat money and using it t ...
Chapter 16 Output and the Exchange Rate in the Short Run
... – It makes domestic goods and services cheaper relative to foreign goods and services. – It shifts both domestic and foreign spending from foreign goods to domestic goods. – A real depreciation of the home currency raises aggregate demand for home output. – A real appreciation lowers aggregate deman ...
... – It makes domestic goods and services cheaper relative to foreign goods and services. – It shifts both domestic and foreign spending from foreign goods to domestic goods. – A real depreciation of the home currency raises aggregate demand for home output. – A real appreciation lowers aggregate deman ...
November 2014 agendas
... “Money and how the Federal Reserve policies influence the economy.” George is very smart. But he’s about to find out that his sister Mona knows a few things he doesn’t know. Work with a partner to write a two-page dialogue of Mona “schooling” George on this topic. ...
... “Money and how the Federal Reserve policies influence the economy.” George is very smart. But he’s about to find out that his sister Mona knows a few things he doesn’t know. Work with a partner to write a two-page dialogue of Mona “schooling” George on this topic. ...
THE DOWNSIDE OF DEBT REDUCTION
... economy’s best interest from a balance-of-payments perspective. The procedure could be as follows: (1) Carry out a “base” scenario projection over (say) five years, assuming that the government will maintain its net external borrowing so that the ratio of government debt to GDP remains what it was a ...
... economy’s best interest from a balance-of-payments perspective. The procedure could be as follows: (1) Carry out a “base” scenario projection over (say) five years, assuming that the government will maintain its net external borrowing so that the ratio of government debt to GDP remains what it was a ...
Booms and banking crises - Bank for International Settlements
... Rare, large enough, adverse financial shocks can account for the first two properties (see e.g. Gertler and Kiyotaki, 2010). However, by implying that banking crises may break out at any time in the business cycle, they do not seem in line with the fact that the occurrence of a banking crisis is clo ...
... Rare, large enough, adverse financial shocks can account for the first two properties (see e.g. Gertler and Kiyotaki, 2010). However, by implying that banking crises may break out at any time in the business cycle, they do not seem in line with the fact that the occurrence of a banking crisis is clo ...
THE ECONOMIC COSTS OF DEBT
... should grow faster than government spending. In other words, Main Street should grow faster than Washington. I agree. Some advocates of ‘big government’ claim that modest savings from the recent sequester are decimating government services and threatening economic growth. The reality is that since t ...
... should grow faster than government spending. In other words, Main Street should grow faster than Washington. I agree. Some advocates of ‘big government’ claim that modest savings from the recent sequester are decimating government services and threatening economic growth. The reality is that since t ...
Fiscal Multipliers: Lessons from the Great Recession for Small Open
... (Corsetti et al., 2012b). After all, the multiplier is not a parameter of the model, but an equilibrium outcome, contingent on the state of the economy which includes the policy framework which is put in or expected to remain in place. In the context of the crisis, this insight has become a major th ...
... (Corsetti et al., 2012b). After all, the multiplier is not a parameter of the model, but an equilibrium outcome, contingent on the state of the economy which includes the policy framework which is put in or expected to remain in place. In the context of the crisis, this insight has become a major th ...
FINDING NEW LINKS – FISHER’S EQUATION OF SOCIETARY CIRCULATION M
... money supply. Secondly, with a stable V = PT/M, PT should be controlled via M. However, there are two significant problems with this approach. One concerns the stability of V; if V is unstable, it becomes difficult to control PT via M. The other pertains to problems of reverse causation with M being ...
... money supply. Secondly, with a stable V = PT/M, PT should be controlled via M. However, there are two significant problems with this approach. One concerns the stability of V; if V is unstable, it becomes difficult to control PT via M. The other pertains to problems of reverse causation with M being ...
Nominal Rigidities and the Effects of Government Spending Shocks
... in due to the positive marginal propensity to consume. Recent empirical studies seem to support the Keynesian view. Fatas and Mihov (2001), who analyze US data in a vector autoregression framework, find that increases in government expenditure are followed by a rise in consumption, investment and em ...
... in due to the positive marginal propensity to consume. Recent empirical studies seem to support the Keynesian view. Fatas and Mihov (2001), who analyze US data in a vector autoregression framework, find that increases in government expenditure are followed by a rise in consumption, investment and em ...
Fiscal Policy in the Global Financial and Economic Crisis First, I
... this slide, it is assumed to enter only into consumption and taxes. In this equation: Y is both GDP and household income, T is taxes less transfers, G is government consumption and investment (which is much smaller than government spending in the public accounts or the national accounts), I is inves ...
... this slide, it is assumed to enter only into consumption and taxes. In this equation: Y is both GDP and household income, T is taxes less transfers, G is government consumption and investment (which is much smaller than government spending in the public accounts or the national accounts), I is inves ...