2015-16 - University of Glasgow
... For example Eggertsson and Woodford (2003), Woodford (2012) advocates a policy of nominal income targeting as a way of influencing inflation expectations such that the economy would be lifted up from the ZLB. Similarly, Chen et al. (2013a) show that in an estimated model for the Euro area the ZLB w ...
... For example Eggertsson and Woodford (2003), Woodford (2012) advocates a policy of nominal income targeting as a way of influencing inflation expectations such that the economy would be lifted up from the ZLB. Similarly, Chen et al. (2013a) show that in an estimated model for the Euro area the ZLB w ...
$doc.title
... South African economy as the key component of the supply-side model. The production function is used to derive a measure for capacity utilisation in the model, a property which a cost function does not exhibit. The resulting production function identifies the technology and properties of the South A ...
... South African economy as the key component of the supply-side model. The production function is used to derive a measure for capacity utilisation in the model, a property which a cost function does not exhibit. The resulting production function identifies the technology and properties of the South A ...
The profit maximizing level of output is found by equating its
... Question No: 9 ( Marks: 1 ) - Please choose one If a sales tax on beer leads to reduced tax revenue, this means: ► Elasticity of demand is < 1. ► Elasticity of demand is > 1. ► Demand is upward-sloping. ► Demand is perfectly inelastic. Question No: 10 ( Marks: 1 ) - Please choose one For a firm buyi ...
... Question No: 9 ( Marks: 1 ) - Please choose one If a sales tax on beer leads to reduced tax revenue, this means: ► Elasticity of demand is < 1. ► Elasticity of demand is > 1. ► Demand is upward-sloping. ► Demand is perfectly inelastic. Question No: 10 ( Marks: 1 ) - Please choose one For a firm buyi ...
CORE 2608 Economic Environment of Business
... Macroeconomics is concerned with the economy as a whole. It is thus concerned with aggregate demand and aggregate supply. By aggregate demand is meant the total amount of spending in the economy, whether by consumers, by overseas customers for our exports, by the government, or by firms when they b ...
... Macroeconomics is concerned with the economy as a whole. It is thus concerned with aggregate demand and aggregate supply. By aggregate demand is meant the total amount of spending in the economy, whether by consumers, by overseas customers for our exports, by the government, or by firms when they b ...
Woodford and Wicksell: a Cashless Economy or a Moneyless
... On practical side too the relevance of money for monetary policy can be put into question. The IT revolution -in line with the 1980’s institutional changes in the financial markets- legitimates such anti-monetarism position. The widespread development of electronic money and stored value cards are p ...
... On practical side too the relevance of money for monetary policy can be put into question. The IT revolution -in line with the 1980’s institutional changes in the financial markets- legitimates such anti-monetarism position. The widespread development of electronic money and stored value cards are p ...
Structural Change in Forward Contracting Costs for Kansas Wheat
... prices may correspond with larger price movements and higher amounts of cash needed to manage margin accounts by the elevator. Therefore, we expect the effect of an increase in the price of the July contract will cause the forward contracting cost to increase. The remaining parameters in the model a ...
... prices may correspond with larger price movements and higher amounts of cash needed to manage margin accounts by the elevator. Therefore, we expect the effect of an increase in the price of the July contract will cause the forward contracting cost to increase. The remaining parameters in the model a ...
June 11
... Makes accurate use of the data to support feature identified Unit of measurement given accurately If a candidate identifies more than two significant features, reward the best two (‘significant’ such as highs, lows or major changes/trends over a period of time). The significant features include: • t ...
... Makes accurate use of the data to support feature identified Unit of measurement given accurately If a candidate identifies more than two significant features, reward the best two (‘significant’ such as highs, lows or major changes/trends over a period of time). The significant features include: • t ...
Aggregate Demand and Aggregate Supply
... demand for something, all other things unchanged, lowers its price. In this case, the “something” is money and its price is the interest rate. A lower price level thus reduces interest rates. Lower interest rates make borrowing by firms to build factories or buy equipment and other capital more attr ...
... demand for something, all other things unchanged, lowers its price. In this case, the “something” is money and its price is the interest rate. A lower price level thus reduces interest rates. Lower interest rates make borrowing by firms to build factories or buy equipment and other capital more attr ...
Chapter 4: Commodity Price Swings and Commodity Exporters
... optimal fiscal policy response to globally driven commodity price changes for small, open commodity exporters. This model-based analysis complements a related literature on the role of fiscal policy in commodity-exporting economies by distinguishing between the effects of global commodity price shoc ...
... optimal fiscal policy response to globally driven commodity price changes for small, open commodity exporters. This model-based analysis complements a related literature on the role of fiscal policy in commodity-exporting economies by distinguishing between the effects of global commodity price shoc ...
Principles of Economics, Case and Fair,9e
... John Maynard Keynes Much of the framework of modern macroeconomics comes from the works of John Maynard Keynes, whose General Theory of Employment, Interest and Money was published in 1936. ...
... John Maynard Keynes Much of the framework of modern macroeconomics comes from the works of John Maynard Keynes, whose General Theory of Employment, Interest and Money was published in 1936. ...
Core Inflation: Concepts, Uses and Measurement
... appropriate price measure should allow for substitution in purchases. Existing standard price indices do not do so. Failure to allow for such substitution effects means that the aggregate price index will be affected by relative price movements. Third, prices may not be fully flexible in the short r ...
... appropriate price measure should allow for substitution in purchases. Existing standard price indices do not do so. Failure to allow for such substitution effects means that the aggregate price index will be affected by relative price movements. Third, prices may not be fully flexible in the short r ...
PERUVIAN ECONOMIC ASSOCIATION Spillovers, capital flows and prudential regulation in
... which accept houses as collateral more easily than capital. This restriction generates a link between the entrepreneurs’ debt limits and the price of collateral. This link, given the collateral pledged by entrepreneurs in the tradable and non-tradable sectors, is the main mechanism that generates co ...
... which accept houses as collateral more easily than capital. This restriction generates a link between the entrepreneurs’ debt limits and the price of collateral. This link, given the collateral pledged by entrepreneurs in the tradable and non-tradable sectors, is the main mechanism that generates co ...
CHAP1.WP (Word5)
... is altered following a supply shock. Remind students that movements along SP resulting from changes in nominal GDP growth must satisfy the growth equation x = p + y. The other important point to stress is that SP will remain at its new position (Figure 9-9) only if the supply shock is permanent and ...
... is altered following a supply shock. Remind students that movements along SP resulting from changes in nominal GDP growth must satisfy the growth equation x = p + y. The other important point to stress is that SP will remain at its new position (Figure 9-9) only if the supply shock is permanent and ...
Essentials of Economics, Krugman Wells Olney
... With accurate economic data, Portugal was able to make the transition from revolution in 1975 to a prosperous democracy today. ...
... With accurate economic data, Portugal was able to make the transition from revolution in 1975 to a prosperous democracy today. ...
Economics 101 Assignment #3 (20 Points) Name
... know that the price is affected by the demand for and the supply of that stock. Demanders are those who wish to buy the stock. Suppliers are those who own the stock and are considering selling. There are six possible determinants of the demand and four possible determinants of the supply. Based on y ...
... know that the price is affected by the demand for and the supply of that stock. Demanders are those who wish to buy the stock. Suppliers are those who own the stock and are considering selling. There are six possible determinants of the demand and four possible determinants of the supply. Based on y ...
Henrike Michaelis und Sebastian Watzka: Are there Differences in
... time-varying approach by means of a marginal likelihood comparison. Furthermore, as far as we are aware, this work is the first one to address the influence of a QE shock on key macro economic variables during the ‘Abenomics’ period. based on a VAR setting. Interestingly, the effectiveness of unconv ...
... time-varying approach by means of a marginal likelihood comparison. Furthermore, as far as we are aware, this work is the first one to address the influence of a QE shock on key macro economic variables during the ‘Abenomics’ period. based on a VAR setting. Interestingly, the effectiveness of unconv ...
Answer Key - Bogazici University, Department of Economics
... 2013. The economist then retires. In 2014, the government pays him $60,000 in Social Security benefits. Which of the following is correct? a. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government purchases. b. The 2013 payment is ...
... 2013. The economist then retires. In 2014, the government pays him $60,000 in Social Security benefits. Which of the following is correct? a. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government purchases. b. The 2013 payment is ...
This PDF is a selection from a published volume
... (27). Each firm has the same marginal cost (equation (3)); so, consumers should choose equal amounts of the firms' products to maximize the consumption good aggregator (4). If prices are flexible (a = 0), then Pt{f) = Pt for all/, and this efficiency condition will be met; if prices are sticky (a > ...
... (27). Each firm has the same marginal cost (equation (3)); so, consumers should choose equal amounts of the firms' products to maximize the consumption good aggregator (4). If prices are flexible (a = 0), then Pt{f) = Pt for all/, and this efficiency condition will be met; if prices are sticky (a > ...
Global liquidity
... the degree of substitutability between currency and these other assets. In practice, the definition of money in an economy generally includes those other assets which can be easily converted into currency: short-term bank deposits are an obvious example. Generally, a higher level of money holdings a ...
... the degree of substitutability between currency and these other assets. In practice, the definition of money in an economy generally includes those other assets which can be easily converted into currency: short-term bank deposits are an obvious example. Generally, a higher level of money holdings a ...
NBER WORKING PAPER SERIES FORTUNE OR VIRTUE:
... The natural next step is, thus, to estimate a DSGE model that can measure how much of the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging ...
... The natural next step is, thus, to estimate a DSGE model that can measure how much of the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging ...