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The Information Content of Inflationary Expectations Derived from
The Information Content of Inflationary Expectations Derived from

... difficulty is to use annual data. However, this involves the loss of a large number of observations. (Our data is for the period 1990:1 until 2004:2, i.e. 58 quarterly observations. The move to annual data leaves us with only 14 observations.) Nevertheless, in order to test the robustness of the re ...
Bank of England Inflation Report February 2010
Bank of England Inflation Report February 2010

... companies reduce prices in response to spare capacity only with a lag. And inflation may remain higher than otherwise if the period of above-target inflation in the near term causes expectations of medium-term inflation to rise. The profile for inflation will also depend on the extent to which compa ...
NBER WORKING PAPER SERIES SETTING THE RECORD STRAIGHT ON
NBER WORKING PAPER SERIES SETTING THE RECORD STRAIGHT ON

... prominent both in the work of “Keynes himself, and his American followers even more” (Friedman and Schwartz, 1982, p. 426).5 According to Friedman’s characterization, while Keynesian analysis did acknowledge that price fluctuations occurred while output was below its full-employment value, it did n ...
Short description of models available in MMB 2.0
Short description of models available in MMB 2.0

... amount of hours. Clarida et al. (2002) introduce an exogenous time-varying elasticity of labor demand to vary the wage-mark-up over time. The system of equations is collapsed into an IS equation and a Phillips curve, which determine the output gap and inflation, conditional on the path of the nomina ...
Inflation Scares and Forecast-Based Monetary Policy
Inflation Scares and Forecast-Based Monetary Policy

... developments (Batini and Haldane 1999).4 Model-based monetary policy evaluations, however, provide little support for these arguments for the value of inflation expectations in the design and conduct of monetary policy. Under rational or “adaptive” expectations, inflation expectations are well-anch ...
Macroeconomics - University of London International Programmes
Macroeconomics - University of London International Programmes

... This guide was prepared for the University of London International Programmes by: Dr Vito Polito, Lecturer, Cardiff Business School Charles Brendon, Max Weber Fellow, European University Institute This is one of a series of subject guides published by the University. We regret that due to pressure ...
Aggregate Supply
Aggregate Supply

... 6. An increase in long-run aggregate supply is shown by a rightward shift of the long-run aggregate supply curve. 7. A decrease in long-run aggregate supply is shown by a leftward shift of the long-run aggregate supply curve. E. From the Short Run to the Long Run 1. At any point in time, the economy ...
Macro Matters THE BIG PICTURE Issue 104, 16 October 2014
Macro Matters THE BIG PICTURE Issue 104, 16 October 2014

Chapter 7: Putting All Markets Together: The AS
Chapter 7: Putting All Markets Together: The AS

CH 7 PDF
CH 7 PDF

... What Is Money? • The functions of money – Unit of account • Money is basic unit for measuring economic value • Simplifies comparisons of prices, wages, and incomes • The unit-of-account function is closely linked with the mediumof-exchange function • Countries with very high inflation may use a dif ...
chapter overview - Amazon Web Services
chapter overview - Amazon Web Services

... 1. Increases in aggregate demand increase real output and create upward pressure on prices, especially when the economy operates at or above its full employment level of output. 2. The multiplier effect weakens the further right the aggregate demand curve moves along the aggregate supply curve. More ...
Chapter 1: Introduction
Chapter 1: Introduction

... This chapter has two major goals: to complete the construction of the sticky-price model begun in chapter 9, and to link up the sticky-price model analysis begun in chapter 9 with the flexible-price model analysis of chapters 6 through 8. The key tool in both of these is the Phillips curve: the rela ...
Aggregate Demand and Supply Analysis
Aggregate Demand and Supply Analysis

... However, monetarists see only one important source of movements in the aggregate demand curve—changes in the money supply—while Keynesians suggest that other factors—fiscal policy, net exports, and “animal spirits”—are equally important sources of shifts in the aggregate demand curve. Because aggreg ...
CHAPTER 13 | Aggregate Demand and Aggregate Supply Analysis
CHAPTER 13 | Aggregate Demand and Aggregate Supply Analysis

... LRAS to the right. This is seen in textbook Figure 13.2. Although the LRAS curve is vertical, the short-run aggregate supply curve (SRAS) is upward sloping. In the short run, as the price level increases, the quantity of goods and services that firms are willing to supply increases. This short-run r ...
How Has Globalization Affected Inflation?
How Has Globalization Affected Inflation?

... Box 3.1. Globalization and Inflation in Emerging Markets Average inflation in emerging market economies has declined dramatically since the early 1990s—in many cases from double- and triple-digit levels—to about 5 percent at the present time. This decline in inflation, which has now been sustained f ...
Aggregate Demand and Supply Aggregate Demand and
Aggregate Demand and Supply Aggregate Demand and

... 3 / Macroeconomic Theory and Policy ...
File - MCNEIL ECONOMICS
File - MCNEIL ECONOMICS

... the input prices for the production of many goods and services. There are at least five interrelated reasons that firms are reluctant to lower prices: fear of starting a price war with competitors; the cost of changing prices (menu costs); the price stability provided by long-term wage contracts; th ...
NBER WORKING PAPER SERIES MARKETS Rahul Anand
NBER WORKING PAPER SERIES MARKETS Rahul Anand

... supply shocks and are non-monetary in nature. Since these shocks are transitory and volatile and do not reflect changes in the underlying rate of inflation, they should not be a part of the inflation targeting price index (Mishkin, 2007, 2008). Previous authors have used models with price and/or wag ...
the research on the impact of the changes of commodity price level
the research on the impact of the changes of commodity price level

... influence of price changes of commodities to general price level in Lithuania. The aim of the research is to analyze the variation of general price level in Lithuania and changes the prices of commodities in the world„s commodity exchange markets, identify the influence of the price changes of commo ...
Bank of England Inflation Report May 2009
Bank of England Inflation Report May 2009

June 11
June 11

... • the difference between the value of exports and imports was larger at the start of the period (2008 Q1 £11.3 billion) than at the end of the period (2009 Q3 £9.5 billion) • the value of exports peaked in 2008 Q3 at £107.9 billion • the value of imports peaked in 2008 Q3 at £118.8 billion • the val ...
Aggregate Demand and Aggregate Supply Analysis
Aggregate Demand and Aggregate Supply Analysis

... supply curve will shift to the right until full employment is restored. If short-run equilibrium occurs at a point beyond full-employment real GDP, wages and prices will rise and the short-run aggregate supply curve will shift to the left until full employment is restored. Real GDP can be temporaril ...
PLAN, SIPHONING, AND CORRUPTION IN THE
PLAN, SIPHONING, AND CORRUPTION IN THE

... fundholding ministry. The industry equates marginal revenue with marginal cost. But the state fixes prices, meets all production costs, and collects all revenue accruing at official prices. Therefore it is the official price, not production costs, that defines the industry’s internal cost schedule. ...
1 Principles of Macroeconomics, 9e
1 Principles of Macroeconomics, 9e

... 16) An increase in aggregate demand when the economy is operating at high levels of output is likely to result in A) a large increase in both output and the overall price level. B) an increase in the overall price level but little or no increase in output. C) an increase in output but little or no i ...
Bank of Canada Review
Bank of Canada Review

... make a large number of hypothetical choices between commodity bundles consisting of three different combinations—hats and coats, hats and shoes, or shoes and coats. Upon examining the data, Thurstone concluded that choice data could be adequately represented by indifference curves. In another early ...
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Stagflation

In economics, stagflation, a portmanteau of stagnation and inflation, is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It raises a dilemma for economic policy, since actions designed to lower inflation may exacerbate unemployment, and vice versa.The term is generally attributed to a British Conservative Party politician who became chancellor of the exchequer in 1970, Iain Macleod, who coined the phrase in his speech to Parliament in 1965. Keynes did not use the term, but some of his work refers to the conditions that most would recognise as stagflation. In the version of Keynesian macroeconomic theory that was dominant between the end of World War II and the late 1970s, inflation and recession were regarded as mutually exclusive, the relationship between the two being described by the Phillips curve. Stagflation is very costly and difficult to eradicate once it starts, both in social terms and in budget deficits.One economic indicator, the misery index, is derived by the simple addition of the inflation rate to the unemployment rate.
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