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... restricted. It was felt that this change in quota policy would be sufficient to reduce bid prices over time, as producers realized that the capital gains previously experienced from quota ownership had been eliminated. As illustrated in Figure 1, while this policy change halted the rapid escalation ...
... restricted. It was felt that this change in quota policy would be sufficient to reduce bid prices over time, as producers realized that the capital gains previously experienced from quota ownership had been eliminated. As illustrated in Figure 1, while this policy change halted the rapid escalation ...
View/Open
... purchasers would recognize that the resale value of the quota was restricted. It was felt that this change in quota policy would be sufficient to reduce bid prices over time, as producers began to realize that the capital gains previously experienced from quota ownership had dissipated. As illustrat ...
... purchasers would recognize that the resale value of the quota was restricted. It was felt that this change in quota policy would be sufficient to reduce bid prices over time, as producers began to realize that the capital gains previously experienced from quota ownership had dissipated. As illustrat ...
L. Albert Hahn`s Economic Theory of Bank Credit
... language area. Whereas the author still had stated in the introduction to the unchanged second edition (1924) that his contribution had been widely neglected by the economics profession, Gottfried Haberler only three years later not only came to the conclusion that “Albert Hahn undoubtedly deserves ...
... language area. Whereas the author still had stated in the introduction to the unchanged second edition (1924) that his contribution had been widely neglected by the economics profession, Gottfried Haberler only three years later not only came to the conclusion that “Albert Hahn undoubtedly deserves ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Studies in the Economics of Aging
... 6. If the worry over low savings is that one’s child suffers for one’s current consumption, the concern can be alleviated individually. Any one person can save and pass income to his child directly, without the acquiescence of fellow citizens. Collective action is necessary only when one American ca ...
... 6. If the worry over low savings is that one’s child suffers for one’s current consumption, the concern can be alleviated individually. Any one person can save and pass income to his child directly, without the acquiescence of fellow citizens. Collective action is necessary only when one American ca ...
NBER WORKING PAPER SERIES RATIONAL ADDICTION, PEER EXTERNALITIES Donald S. Kenkel
... addiction has external consequences – they will save less and the capital stock to be utilized by the future generation will be lower. In particular, we show that the pattern of habit formation has a significant influence on the equilibrium allocation. For example, when addictive goods have a strong ...
... addiction has external consequences – they will save less and the capital stock to be utilized by the future generation will be lower. In particular, we show that the pattern of habit formation has a significant influence on the equilibrium allocation. For example, when addictive goods have a strong ...
Endogenous supply of fiat money
... Production works as follows. Each newly born agent receives a non-perishable endowment and makes a once and for all decision between moving to autarky or entering the market. In autarky, an agent uses his endowment as an input to a production technology. In each period there are n 1 production oppo ...
... Production works as follows. Each newly born agent receives a non-perishable endowment and makes a once and for all decision between moving to autarky or entering the market. In autarky, an agent uses his endowment as an input to a production technology. In each period there are n 1 production oppo ...
The Quality of Money
... services on the part of potential buyers and sellers. This intensity is not only influenced by the quantity of money and goods and services but also by the quality of money. The higher the quality of money is, the more buyers and sellers of money value the monetary unit in relation to other goods an ...
... services on the part of potential buyers and sellers. This intensity is not only influenced by the quantity of money and goods and services but also by the quality of money. The higher the quality of money is, the more buyers and sellers of money value the monetary unit in relation to other goods an ...
exp06-Bodenstein 3988092 en
... the shock or it may depreciate by a large amount on impact. The reason for the striking di erences between the models lies in the nonlinearities that arise for low values of the elasticity of substitution. Absent international financial markets, there are multiple equilibria if % is below %̄. Conside ...
... the shock or it may depreciate by a large amount on impact. The reason for the striking di erences between the models lies in the nonlinearities that arise for low values of the elasticity of substitution. Absent international financial markets, there are multiple equilibria if % is below %̄. Conside ...
Is Piketty`s âSecond Law of Capitalismâ Fundamental? 1 Introduction
... on the assumption of a constant saving rate—such as in the undergraduate textbook version of Solow’s classical model—or on optimizing growth, along the lines of Cass (1965) or its counterpart in modern macroeconomic theory. Why? Because we do not quite recognize the second law, k/y = s/g; in particu ...
... on the assumption of a constant saving rate—such as in the undergraduate textbook version of Solow’s classical model—or on optimizing growth, along the lines of Cass (1965) or its counterpart in modern macroeconomic theory. Why? Because we do not quite recognize the second law, k/y = s/g; in particu ...
1 New Theoretical Perspectives on the Distribution of Income and
... consistency between the micro‐behavior of agents and the macro‐behavior of the economy, and that crucial variables, like the rate of return on capital, be treated as endogenous. The paper argues that we can best understand what has been happening as a shift from one equilibrium to another. Ove ...
... consistency between the micro‐behavior of agents and the macro‐behavior of the economy, and that crucial variables, like the rate of return on capital, be treated as endogenous. The paper argues that we can best understand what has been happening as a shift from one equilibrium to another. Ove ...
Using Supply and Demand
... If a temporary increase in the demand for housing is expected, rent controls may be effective. This would create a temporary shortage of housing, but it would prevent high prices and a windfall to landlords. ...
... If a temporary increase in the demand for housing is expected, rent controls may be effective. This would create a temporary shortage of housing, but it would prevent high prices and a windfall to landlords. ...
Optimal Pricing and Return Policies for Perishable Commodities
... manufacturer to previous the retailer for returned values for these there decision variables result in different divisions of goods) and R (percentage of the order quantity, Q, that can expected profit between the manufacturer and the retailer. be returned to the manufacturer for a credit of c2 per ...
... manufacturer to previous the retailer for returned values for these there decision variables result in different divisions of goods) and R (percentage of the order quantity, Q, that can expected profit between the manufacturer and the retailer. be returned to the manufacturer for a credit of c2 per ...
Meaning of Production Function
... revealed in the first two columns. The average product and marginal product columns are derived from the total product column. The average product per worker is obtained by dividing total product by a corresponding unit in number of workers. The marginal product is the addition to total product by e ...
... revealed in the first two columns. The average product and marginal product columns are derived from the total product column. The average product per worker is obtained by dividing total product by a corresponding unit in number of workers. The marginal product is the addition to total product by e ...
Michael
... between industries. If this argument is generally correct, then the time path of commerical policy that trades off appropriately the marginal social cost of increased unemployment against the marginal social benefit of more rapid adjustment will be a path along which the level of protection is gradu ...
... between industries. If this argument is generally correct, then the time path of commerical policy that trades off appropriately the marginal social cost of increased unemployment against the marginal social benefit of more rapid adjustment will be a path along which the level of protection is gradu ...
McGraw-Hill/Irwin
... the same proportionate increase as all inputs. Increasing returns to scale – output will rise by a greater proportionate increase as all inputs. Decreasing returns to scale – output will rise by a smaller proportionate increase as all ...
... the same proportionate increase as all inputs. Increasing returns to scale – output will rise by a greater proportionate increase as all inputs. Decreasing returns to scale – output will rise by a smaller proportionate increase as all ...
Spillovers, Capital Flows and Prudential Regulation in Small Open Economies Presented by:
... An increase in productivity in the tradable sector generates an expansion in the tradable and non-tradable sectors and boosts the price of both assets used as collateral. The positive wealth effect experienced by tradable entrepreneurs increases demand for non-tradable goods. This generates a real a ...
... An increase in productivity in the tradable sector generates an expansion in the tradable and non-tradable sectors and boosts the price of both assets used as collateral. The positive wealth effect experienced by tradable entrepreneurs increases demand for non-tradable goods. This generates a real a ...
Debunking the theory of the firm—a chronology
... was well received by its target audience, but as I expected, neoclassical economists ignored it—except for that one chapter. They were, of course, convinced that I had made serious logical errors, and endeavored to tell me so—in email conversations, on discussion lists, during seminars, in a smatter ...
... was well received by its target audience, but as I expected, neoclassical economists ignored it—except for that one chapter. They were, of course, convinced that I had made serious logical errors, and endeavored to tell me so—in email conversations, on discussion lists, during seminars, in a smatter ...
Trade and Resource Sustainability with Overlapping
... exploitation. A political process enables self-interested agents to limit their own — but not their successors’ — use of the resource. Under the political economy autarchic equilibrium, agents limit resource depletion to near socially optimal levels. Trade causes these selfish agents to adopt envir ...
... exploitation. A political process enables self-interested agents to limit their own — but not their successors’ — use of the resource. Under the political economy autarchic equilibrium, agents limit resource depletion to near socially optimal levels. Trade causes these selfish agents to adopt envir ...
NBER WORKING PAPER SERIES AND BUSINESS CYCLE COMOVEMENT
... Business cycles involve similar and synchronized movements in output across sectors. While this comovement across industries in output is readily observed, its source is not. In canonical business cycle models, similar output across industries is the result of aggregate shocks hitting each industry ...
... Business cycles involve similar and synchronized movements in output across sectors. While this comovement across industries in output is readily observed, its source is not. In canonical business cycle models, similar output across industries is the result of aggregate shocks hitting each industry ...
Input–Output Analysis from a Wider Perspective: a Comparison of
... was also not convinced by Marshall’s insistence that prices could be determined only with reference to the forces of ‘demand’ and ‘supply’, conceived of as functional relationships between the price of a commodity and the amount demanded or supplied, as is famously exemplified by Marshall’s analogy ...
... was also not convinced by Marshall’s insistence that prices could be determined only with reference to the forces of ‘demand’ and ‘supply’, conceived of as functional relationships between the price of a commodity and the amount demanded or supplied, as is famously exemplified by Marshall’s analogy ...
CHAPTER 1
... – There is no such thing as a completely inelastic demand curve over the entire possible range of prices. – If the price of insulin falls, diabetics would be more likely to purchase a larger quantity, implying that the demand curve for insulin is downward sloping. ...
... – There is no such thing as a completely inelastic demand curve over the entire possible range of prices. – If the price of insulin falls, diabetics would be more likely to purchase a larger quantity, implying that the demand curve for insulin is downward sloping. ...
Credit and Business Cycles
... determined, I wish to examine how relatively small and temporary shocks on technology or wealth distribution may generate large, persistent ¯uctuations in aggregate productivity, output and asset prices. For this purpose, I shall construct two dynamic models of the economy in which credit constraint ...
... determined, I wish to examine how relatively small and temporary shocks on technology or wealth distribution may generate large, persistent ¯uctuations in aggregate productivity, output and asset prices. For this purpose, I shall construct two dynamic models of the economy in which credit constraint ...
del11 Philippopoulos 16784773 en
... departure, we study what would change if, other things equal, the same time-path of public goods were produced by private firms, the so-called private providers. These firms produce the amount of public goods ordered by the government by solving a cost-minimization problem with the government financ ...
... departure, we study what would change if, other things equal, the same time-path of public goods were produced by private firms, the so-called private providers. These firms produce the amount of public goods ordered by the government by solving a cost-minimization problem with the government financ ...
A Neoclassical Analysis of the Asian Crisis:Business Cycle
... on the depression patterns in these countries. Therefore, there are open questions such as, “what are the key forces that caused the economic downturn?”and “what are the channels through which they operated?”In this paper I address these issues by applying the business cycle accounting method to the ...
... on the depression patterns in these countries. Therefore, there are open questions such as, “what are the key forces that caused the economic downturn?”and “what are the channels through which they operated?”In this paper I address these issues by applying the business cycle accounting method to the ...
PDF
... "rent-seeking" and "lobbying" type activities. The behavior of the regulatory agency is endogenously determined as the result of a non-cooperative game between interest groups vying to influence policy in their favor. 1 This "political economy" approach contrasts with much of traditional environment ...
... "rent-seeking" and "lobbying" type activities. The behavior of the regulatory agency is endogenously determined as the result of a non-cooperative game between interest groups vying to influence policy in their favor. 1 This "political economy" approach contrasts with much of traditional environment ...
Macroeconomics
Macroeconomics (from the Greek prefix makro- meaning ""large"" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics.Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price index, and the interrelations among the different sectors of the economy, to better understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific marketsWhile macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). Macroeconomic models and their forecasts are used by governments to assist in the development and evaluation of economic policy.