On the Nominal Interest Rate Yield Response to Net Government
... identify determinants of the nominal interest rate yield on ten-year U.S. Treasury notes, including the impact of the federal budget deficit on same. To do so, a loanable funds model is adopted in which the nominal intermediate-term (in this study, ten-year) interest rate yield is, assuming all othe ...
... identify determinants of the nominal interest rate yield on ten-year U.S. Treasury notes, including the impact of the federal budget deficit on same. To do so, a loanable funds model is adopted in which the nominal intermediate-term (in this study, ten-year) interest rate yield is, assuming all othe ...
Keynesian economics
... his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction. But to many the true success of Keynesian policy can be seen at the onset of World Wa ...
... his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction. But to many the true success of Keynesian policy can be seen at the onset of World Wa ...
No:10 Research Department Working Paper
... capital account liberalization by borrowing directly from abroad. Banking sector credit only amounted to 23% of GNP. Despite several attempts of reforms, the banking sector is still vulnerable. 7 out of 80 banks were state-owned – making up 34% share of total banking sector’s assets. Their balance s ...
... capital account liberalization by borrowing directly from abroad. Banking sector credit only amounted to 23% of GNP. Despite several attempts of reforms, the banking sector is still vulnerable. 7 out of 80 banks were state-owned – making up 34% share of total banking sector’s assets. Their balance s ...
Adjustment Difficulties and Debt Overhangs in the Eurozone Periphery
... the GIPS mentioned above, but we will also scrutinize data for Italy, which is sometimes thought to be in a similar situation. We thus look at the ‘GIPSY’ (for Greece, Ireland, Portugal, Spain and ItalY). The following analysis shall show that these five economies in reality are quite different. Por ...
... the GIPS mentioned above, but we will also scrutinize data for Italy, which is sometimes thought to be in a similar situation. We thus look at the ‘GIPSY’ (for Greece, Ireland, Portugal, Spain and ItalY). The following analysis shall show that these five economies in reality are quite different. Por ...
Retail Banking in Mexico
... 4.5% in 2013 per year in real terms to an improved 4.9% in April 2014 and 5.6% in May 2014.As for deposittaking, it grew at annualized real rate of 9% in April and 8.1% in May. The overall economy recovery has given a pushup to the banking market, as it translates into more funds channeled into the ...
... 4.5% in 2013 per year in real terms to an improved 4.9% in April 2014 and 5.6% in May 2014.As for deposittaking, it grew at annualized real rate of 9% in April and 8.1% in May. The overall economy recovery has given a pushup to the banking market, as it translates into more funds channeled into the ...
RIP Clifford F. Thies THE PARADOX OF THRIFT:
... not break with classical economics in identi!~ingmonopoly power as a source of macroeconomic instability—for classical economists also accepted that doctrine. Classical economists argued against the corn laws that protected domestic agriculture, grants of monopoly power to industry, and prohibitions ...
... not break with classical economics in identi!~ingmonopoly power as a source of macroeconomic instability—for classical economists also accepted that doctrine. Classical economists argued against the corn laws that protected domestic agriculture, grants of monopoly power to industry, and prohibitions ...
The Global Crisis and the Turkish Economy
... recession. In the first quarter of 2009, the Turkish economy recorded the sharpest quarterly GDP decline of the last three decades, at -14.3%, and the highest unemployment rate, at nearly 16%. These are among the highest rates when compared with other countries and indicate that the Turkish economy ...
... recession. In the first quarter of 2009, the Turkish economy recorded the sharpest quarterly GDP decline of the last three decades, at -14.3%, and the highest unemployment rate, at nearly 16%. These are among the highest rates when compared with other countries and indicate that the Turkish economy ...
Did Greenspan Deserve Support for Another Term?
... moment. One month after I wrote those words, the U.S. economy plunged into recession, according to the official definition of the National Bureau of Economic Research (NBER). Actually, my forecast that the economy stood on the precipice of recession, when almost everyone else was misled by Greenspan ...
... moment. One month after I wrote those words, the U.S. economy plunged into recession, according to the official definition of the National Bureau of Economic Research (NBER). Actually, my forecast that the economy stood on the precipice of recession, when almost everyone else was misled by Greenspan ...
A Brookings Macroeconomic Forum DO BUDGET DEFICITS
... which reduces future national income still holds. It's in place regardless of whether deficits raise interest rates or not. This slide, which is in the back of one of the papers outside, basically tries to summarize these points. The main point is that the key issue is up at Point A. That is, what h ...
... which reduces future national income still holds. It's in place regardless of whether deficits raise interest rates or not. This slide, which is in the back of one of the papers outside, basically tries to summarize these points. The main point is that the key issue is up at Point A. That is, what h ...
A change in autonomous planned spending is
... completely independent of disposable income. The change in C due to the change in (Y-T) depends on marginal propensity to consume (c). c(Y-T) is the induced consumption. e.g., C = 500 + .75 (Y-T) Macroeconomic Theory ...
... completely independent of disposable income. The change in C due to the change in (Y-T) depends on marginal propensity to consume (c). c(Y-T) is the induced consumption. e.g., C = 500 + .75 (Y-T) Macroeconomic Theory ...
Finding the Equilibrium Real Interest Rate in a Fog
... the shifts in r* according to Laubach-Williams (2015) and others. As she describes in her paper, Yellen (2015) shows that if you insert estimates of the equilibrium interest rate computed by Laubach and Williams (2015) into a Taylor rule, you get a lower policy interest rate in the United States tha ...
... the shifts in r* according to Laubach-Williams (2015) and others. As she describes in her paper, Yellen (2015) shows that if you insert estimates of the equilibrium interest rate computed by Laubach and Williams (2015) into a Taylor rule, you get a lower policy interest rate in the United States tha ...
Aggregate Demand
... a given amount of money holdings • Basket of goods and services requires people and firms to pay more money ...
... a given amount of money holdings • Basket of goods and services requires people and firms to pay more money ...
Gruber3e_ch04
... The deficit has been a constant source of policy interest and political debate over the last decade, as the government has moved from severe deficit to large surplus and back to severe deficit again. The existing deficit is quite large, but what is more worrisome than this cash flow deficit is the l ...
... The deficit has been a constant source of policy interest and political debate over the last decade, as the government has moved from severe deficit to large surplus and back to severe deficit again. The existing deficit is quite large, but what is more worrisome than this cash flow deficit is the l ...
the case for four percent inflation - Economics
... ntral bank caan respond by b lowering interest rates, but raates may falll all the way y to zero beefore the eco onomy has received sufficient stimulus. In I this situ uation, an economic slump and high unemploym ment can draag on indefin nitely, with the central bank unablee to end it through ffurt ...
... ntral bank caan respond by b lowering interest rates, but raates may falll all the way y to zero beefore the eco onomy has received sufficient stimulus. In I this situ uation, an economic slump and high unemploym ment can draag on indefin nitely, with the central bank unablee to end it through ffurt ...
romewp2013-01 - Research on Money in the Economy” ROME
... be too early to assess the approaches as an epoch-making break-through. Finally, section six concludes and provides some implications for monetary analysis. ...
... be too early to assess the approaches as an epoch-making break-through. Finally, section six concludes and provides some implications for monetary analysis. ...
View/Open
... Most rational expectatIOns supply functIOns are modIfied to mclude a lagged output term as an ex planatory variable to account for thIS observed 8erIai correlatIOn However, th,S procedure for deal mg wIth persIstence has been crItiCIzed by Modlgiiam (73) as being ad hoc, as no rIgorous theoretIc f ...
... Most rational expectatIOns supply functIOns are modIfied to mclude a lagged output term as an ex planatory variable to account for thIS observed 8erIai correlatIOn However, th,S procedure for deal mg wIth persIstence has been crItiCIzed by Modlgiiam (73) as being ad hoc, as no rIgorous theoretIc f ...
Principles of Economics, Case and Fair,9e
... expansionary fiscal policy An increase in government spending or a reduction in net taxes aimed at increasing aggregate output (Y). expansionary monetary policy An increase in the money supply aimed at increasing aggregate output (Y). ...
... expansionary fiscal policy An increase in government spending or a reduction in net taxes aimed at increasing aggregate output (Y). expansionary monetary policy An increase in the money supply aimed at increasing aggregate output (Y). ...
W What is the Monetary Standard, Or, How Did the Volcker-Greenspan FOMCs
... with price level determinacy. His result rests on the rational expectations hypothesis that the central bank can condition the inflationary expectations of price setters (firms) through consistent behavior. But how, given the rationality postulate that requires that the central bank control somethin ...
... with price level determinacy. His result rests on the rational expectations hypothesis that the central bank can condition the inflationary expectations of price setters (firms) through consistent behavior. But how, given the rationality postulate that requires that the central bank control somethin ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Generational Accounting around the World
... current fiscal policies because tax revenues, transfers, and other public spending (e.g., on labor market programs) are sensitive to the business cycle and the short-run fiscal policy stance. The government has long-term fiscal challenges similar to those facing most other OECD countries, such as po ...
... current fiscal policies because tax revenues, transfers, and other public spending (e.g., on labor market programs) are sensitive to the business cycle and the short-run fiscal policy stance. The government has long-term fiscal challenges similar to those facing most other OECD countries, such as po ...
The stability of full employment
... policy. Therefore, from a Keynesian perspective the crucial question must be whether flexibility of nominal wages is in fact a proper remedy for eliminating effective demand failures and thereby unemployment. Some tentative answers to this question are to be found in chapter 19 of Keynes’s “General ...
... policy. Therefore, from a Keynesian perspective the crucial question must be whether flexibility of nominal wages is in fact a proper remedy for eliminating effective demand failures and thereby unemployment. Some tentative answers to this question are to be found in chapter 19 of Keynes’s “General ...
mankiw6e-chap04_2007_
... does not. Central bank controls the money supply. Quantity theory of money assumes velocity is stable, concludes that the money growth rate determines the inflation rate. CHAPTER 4 ...
... does not. Central bank controls the money supply. Quantity theory of money assumes velocity is stable, concludes that the money growth rate determines the inflation rate. CHAPTER 4 ...
Economics of Money, Banking, and Financial Markets, 8e
... constant, a continually increasing money supply causes A) aggregate demand to increase along a stationary aggregate supply curve, leading to continually increasing aggregate output and prices. B) aggregate supply to decrease along a stationary aggregate demand curve, leading to continually contracti ...
... constant, a continually increasing money supply causes A) aggregate demand to increase along a stationary aggregate supply curve, leading to continually increasing aggregate output and prices. B) aggregate supply to decrease along a stationary aggregate demand curve, leading to continually contracti ...