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... regarding the achievement of economic and monetary union. The latest Commission and ECB regular Convergence Reports were adopted in December 20061. Denmark and the United Kingdom have not expressed their wish to adopt the single currency. Therefore, this convergence assessment covers the following t ...
... regarding the achievement of economic and monetary union. The latest Commission and ECB regular Convergence Reports were adopted in December 20061. Denmark and the United Kingdom have not expressed their wish to adopt the single currency. Therefore, this convergence assessment covers the following t ...
Working Paper No. 59 James R. Lothian Anthony Cassese 1050
... Granger-causality test is applied in a bivariate fashion to these groups of variables. ...
... Granger-causality test is applied in a bivariate fashion to these groups of variables. ...
Lecture 9: Extensions to the IS-LM Model
... happened in reality, where the interest rate is indeed decreased over the crisis. This shows how a change in the level of capital of commercial banks and firms can have indeed an effect in the equilibrium level of real output. From a policy point of view there are two things that we can do (possible ...
... happened in reality, where the interest rate is indeed decreased over the crisis. This shows how a change in the level of capital of commercial banks and firms can have indeed an effect in the equilibrium level of real output. From a policy point of view there are two things that we can do (possible ...
chapter summary
... Inflation is a sustained rise in the average price level. An increase in aggregate demand can cause demandpull inflation. A decrease in aggregate supply can cause cost-push inflation. Prior to World War II, both inflation and deflation were common, but since then the price level has increased virtua ...
... Inflation is a sustained rise in the average price level. An increase in aggregate demand can cause demandpull inflation. A decrease in aggregate supply can cause cost-push inflation. Prior to World War II, both inflation and deflation were common, but since then the price level has increased virtua ...
SEDP-2014-11-Chen-Kirsanova-Leith
... The ‘Great Moderation’ in output and inflation volatility has been the subject of much analysis, particularly for the US, where following Sims and Zha (2006) a large literature has emerged which assesses the extent to which this was simply ‘good luck’ - a favorable shift in shock volatilities - or ‘ ...
... The ‘Great Moderation’ in output and inflation volatility has been the subject of much analysis, particularly for the US, where following Sims and Zha (2006) a large literature has emerged which assesses the extent to which this was simply ‘good luck’ - a favorable shift in shock volatilities - or ‘ ...
Should Monetary Policy Target Labor’s Share of Income?
... (which provides a more useful read on inflation pressures).1 The unconventional nature of such a policy rule is readily apparent from Figure 1: Because the labor share of income has risen in every modern U.S. recession, a policy rule based on this variable instead of the GDP gap would have called fo ...
... (which provides a more useful read on inflation pressures).1 The unconventional nature of such a policy rule is readily apparent from Figure 1: Because the labor share of income has risen in every modern U.S. recession, a policy rule based on this variable instead of the GDP gap would have called fo ...
COM COM(2008)0248 EN
... regarding the achievement of economic and monetary union. The latest Commission and ECB regular Convergence Reports were adopted in December 20061. Denmark and the United Kingdom have not expressed their wish to adopt the single currency. Therefore, this convergence assessment covers the following t ...
... regarding the achievement of economic and monetary union. The latest Commission and ECB regular Convergence Reports were adopted in December 20061. Denmark and the United Kingdom have not expressed their wish to adopt the single currency. Therefore, this convergence assessment covers the following t ...
Mankiw 6e PowerPoints
... If > E , then (i ) < (i E ) and purchasing power is transferred from lenders to borrowers. If < E , then purchasing power is transferred from borrowers to lenders. CHAPTER 4 ...
... If > E , then (i ) < (i E ) and purchasing power is transferred from lenders to borrowers. If < E , then purchasing power is transferred from borrowers to lenders. CHAPTER 4 ...
Long-Run and Short-Run Concerns: Growth, Productivity
... • Deflation is a decrease in the overall (average) price level. • Sustained inflation is inflation that continues over a significant period of time. ...
... • Deflation is a decrease in the overall (average) price level. • Sustained inflation is inflation that continues over a significant period of time. ...
Factors determining price developments
... often firms do not instantly adjust the prices they charge in response to changes in supply or demand conditions. In reality, some prices are adjusted very often (e.g. petrol prices), while other prices are adjusted perhaps once a month or once a year. There can be various reasons for this. First, p ...
... often firms do not instantly adjust the prices they charge in response to changes in supply or demand conditions. In reality, some prices are adjusted very often (e.g. petrol prices), while other prices are adjusted perhaps once a month or once a year. There can be various reasons for this. First, p ...
Chapter 9 Keynesian Models of Aggregate Demand
... of the macroeconomy. It had successfully explained the major events of macroeconomic history—particularly the Great Depression—and all that seemed to remain for macroeconomic research was to estimate the parameters of the consumption, investment, and money-demand functions with ever-greater precisio ...
... of the macroeconomy. It had successfully explained the major events of macroeconomic history—particularly the Great Depression—and all that seemed to remain for macroeconomic research was to estimate the parameters of the consumption, investment, and money-demand functions with ever-greater precisio ...
Mankiw 5/e Chapter 6: Unemployment
... lives of hundreds of millions of people. These lessons help us understand why poor countries are poor design policies that can help them grow learn how our own growth rate is affected by shocks and our government’s policies ...
... lives of hundreds of millions of people. These lessons help us understand why poor countries are poor design policies that can help them grow learn how our own growth rate is affected by shocks and our government’s policies ...
NBER WORKING PAPER SERIES INFLATION: THEORY AND EVIDENCE Bennett 1. McCallum
... inflation rates will conform fairly closely to money stock growth rates, that superneutrality is not strictly implied but departures should be minor, and that socially optimal inflation rates correspond to the Chicago Rule. The first two of these conclusions are consistent with available evidence. W ...
... inflation rates will conform fairly closely to money stock growth rates, that superneutrality is not strictly implied but departures should be minor, and that socially optimal inflation rates correspond to the Chicago Rule. The first two of these conclusions are consistent with available evidence. W ...
Chapter Summary
... 1. Because this chapter examines the state of debate in macroeconomics today, it has the potential for leaving students wondering why the course went through all this material when no clear consensus exists as to whether such policies can work or should even be tried. Therefore, it is vital to stres ...
... 1. Because this chapter examines the state of debate in macroeconomics today, it has the potential for leaving students wondering why the course went through all this material when no clear consensus exists as to whether such policies can work or should even be tried. Therefore, it is vital to stres ...
Chapter Twelve - McGraw Hill Higher Education
... of each good in the basket gives the value of the basket. After the value of the basket is calculated, the final step in the construction of a price index is to select the base year and compute the index numbers as illustrated. A set of price index numbers is not a perfect measure of inflation. Only ...
... of each good in the basket gives the value of the basket. After the value of the basket is calculated, the final step in the construction of a price index is to select the base year and compute the index numbers as illustrated. A set of price index numbers is not a perfect measure of inflation. Only ...
Deflation in Japan, Abenomics and lessons for the euro area
... this equilibrium, however, is that it does not allow for monetary policy to be fully effective at stabilising the economy in the event of negative shocks. In order to return to equilibrium with positive inflation and higher potential growth, the Japanese government started its Abenomics policies in ...
... this equilibrium, however, is that it does not allow for monetary policy to be fully effective at stabilising the economy in the event of negative shocks. In order to return to equilibrium with positive inflation and higher potential growth, the Japanese government started its Abenomics policies in ...
harnessing fixed-income returns through the cycle
... calculated future monthly returns from these starting points. We found that when recent inflation over the preceding 12 months ran below current market implied levels, the subsequent returns generated by inflation risk tended to be poor (Exhibit 7). Conversely, following a period when inflation ran ...
... calculated future monthly returns from these starting points. We found that when recent inflation over the preceding 12 months ran below current market implied levels, the subsequent returns generated by inflation risk tended to be poor (Exhibit 7). Conversely, following a period when inflation ran ...
Lec_notes_1021
... To the extent that card holders pay their balances in full each month from their checking/savings accounts, credit card balances would be captured in M2. If card holders use their credit cards as borrowing instruments, in principle those loans should be included in the money measures. Counting the e ...
... To the extent that card holders pay their balances in full each month from their checking/savings accounts, credit card balances would be captured in M2. If card holders use their credit cards as borrowing instruments, in principle those loans should be included in the money measures. Counting the e ...
The Big Picture of Monetary–Fiscal Interactions
... adoption of the regime, and (ii) contrast these with outcomes in the main non-EIT (United States, Switzerland and Japan).11 As a starting point, it is illustrative to examine the behaviour of central government debt to GDP ratio, reported in Figure 3 separately for the two groups of countries. In al ...
... adoption of the regime, and (ii) contrast these with outcomes in the main non-EIT (United States, Switzerland and Japan).11 As a starting point, it is illustrative to examine the behaviour of central government debt to GDP ratio, reported in Figure 3 separately for the two groups of countries. In al ...
Modelling for monetary policy: the New Zealand experience
... Keynesian responses to shocks in the short term with optimising General Equilibrium responses in the long term; ...
... Keynesian responses to shocks in the short term with optimising General Equilibrium responses in the long term; ...