‘Right back where we started from’: from ‘the Roy H. Grieve
... excess supply could arise: they rejected out of hand the ‘heretical’ view (Malthus, Chalmers and Sismondi) that ‘too much’ investment might be undertaken, causing expansion of productive capacity to outrun the growth of demand. While it was recognized that the oversupply of any individual commodity ...
... excess supply could arise: they rejected out of hand the ‘heretical’ view (Malthus, Chalmers and Sismondi) that ‘too much’ investment might be undertaken, causing expansion of productive capacity to outrun the growth of demand. While it was recognized that the oversupply of any individual commodity ...
DISTRIBUTIVE IMPACT OF PRIVATIZATION IN LATIN AMERICA
... prime target, objecting on the ground that national values should not be overtaken by the profit calculus of global capitalism. News articles have pointed to popular objections to private enterprise making a profit on basic services such as water, the failures of water privatization in Bolivia, besi ...
... prime target, objecting on the ground that national values should not be overtaken by the profit calculus of global capitalism. News articles have pointed to popular objections to private enterprise making a profit on basic services such as water, the failures of water privatization in Bolivia, besi ...
Introduction to economics - University of London International
... The University of London asserts copyright over all material in this subject guide except where otherwise indicated. All rights reserved. No part of this work may be reproduced in any form, or by any means, without permission in writing from the publisher. We make every effort to respect copyright. ...
... The University of London asserts copyright over all material in this subject guide except where otherwise indicated. All rights reserved. No part of this work may be reproduced in any form, or by any means, without permission in writing from the publisher. We make every effort to respect copyright. ...
Business Essentials, 9e (Ebert/Griffin) Chapter 1 The U.S. Business
... Skill: Concept 12) Economic indicators help to assess the performance of an economy. Answer: TRUE Explanation: Specifically, economic growth is measured via aggregate output, standard of living, gross domestic product, and productivity; stability is reflected through levels of inflation and unemploy ...
... Skill: Concept 12) Economic indicators help to assess the performance of an economy. Answer: TRUE Explanation: Specifically, economic growth is measured via aggregate output, standard of living, gross domestic product, and productivity; stability is reflected through levels of inflation and unemploy ...
Textbook of Economics
... acquired knowledge. The examples and their variants can be used as test questions at final exams. One can ask why we have created this new book when many other books are available in the market. First, this book is shorter in comparison with other books used at universities. These days many students ...
... acquired knowledge. The examples and their variants can be used as test questions at final exams. One can ask why we have created this new book when many other books are available in the market. First, this book is shorter in comparison with other books used at universities. These days many students ...
PDF
... social rates of return on erosion-causing activities. The appropriate rate of a tax on a polluting activity would be sufficient to reduce its level without introducing distortions elsewhere in the economy. However, the Pigovian solution is infeasible in most developing countries, first because of th ...
... social rates of return on erosion-causing activities. The appropriate rate of a tax on a polluting activity would be sufficient to reduce its level without introducing distortions elsewhere in the economy. However, the Pigovian solution is infeasible in most developing countries, first because of th ...
The theoretical and empirical credibility of commodity money
... production base (the "real economy"). This inadequacy has stimulated interest in nonneoclassical treatments of money, which has given fresh importance to understanding the possible role of a money commodity in the financial system. This paper first demonstrates that the most fundamental function of ...
... production base (the "real economy"). This inadequacy has stimulated interest in nonneoclassical treatments of money, which has given fresh importance to understanding the possible role of a money commodity in the financial system. This paper first demonstrates that the most fundamental function of ...
Real interest rate
... from the government. The payments are lump-sum transfers, meaning that the amount received is independent of how much the household consumes and works, how much money the household holds, and so on. Macroeconomics ...
... from the government. The payments are lump-sum transfers, meaning that the amount received is independent of how much the household consumes and works, how much money the household holds, and so on. Macroeconomics ...
NBER WORKING PAPER SERIES OIL AND THE MACROECONOMY SINCE THE 1970s
... that an oil price increase will depress purchases of energy-using goods such as automobiles. The dollar value of such purchases may be large relative to the cost of gasoline. The shift in demand causes reallocation of labor across sectors. If the movement of labor is costly, potentially large reduct ...
... that an oil price increase will depress purchases of energy-using goods such as automobiles. The dollar value of such purchases may be large relative to the cost of gasoline. The shift in demand causes reallocation of labor across sectors. If the movement of labor is costly, potentially large reduct ...
NBER WORKING PAPER SERIES INCOME DISPERSION AND COUNTER-CYCLICAL MARKUPS Chris Edmond Laura Veldkamp
... production economy allows us to compare the model’s predictions to business cycle aggregates. In particular, we deliver realistic pro-cyclical profit shares, a feature of the data that many models struggle with. In addition, the model can also explain long-run trends and cross-state variations in pr ...
... production economy allows us to compare the model’s predictions to business cycle aggregates. In particular, we deliver realistic pro-cyclical profit shares, a feature of the data that many models struggle with. In addition, the model can also explain long-run trends and cross-state variations in pr ...
The Adverse Effects of Government Spending in New Keynesian
... is ruled out since firms adjust prices immediately in response to a change in their nominal production costs. However, the New Keynesian methodology of applying a staggered price setting mechanism pioneered by Calvo (1983) allows real wages to deviate from their steady state level. Higher real wages ...
... is ruled out since firms adjust prices immediately in response to a change in their nominal production costs. However, the New Keynesian methodology of applying a staggered price setting mechanism pioneered by Calvo (1983) allows real wages to deviate from their steady state level. Higher real wages ...
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... About 20 years ago, the United States had the largest market share of sorghum in the Japanese market. However, in recent years, Australia’s share of the same market has been constantly growing and has now claimed the top position. A possible explanation suggests that US sorghum lost price competitiv ...
... About 20 years ago, the United States had the largest market share of sorghum in the Japanese market. However, in recent years, Australia’s share of the same market has been constantly growing and has now claimed the top position. A possible explanation suggests that US sorghum lost price competitiv ...
Pareto Optimality, the Core, and Competitive Equilibrium
... ... Walrasian demand is homogeneous of degree zero, so if one multiplies all prices by some constant demand does not change. Thus, we can only pin down the relative prices ...
... ... Walrasian demand is homogeneous of degree zero, so if one multiplies all prices by some constant demand does not change. Thus, we can only pin down the relative prices ...
Oil and the Macroeconomy Since the 1970s
... with a substantial delay. The formal volatility measure that we used is the conditional variance of the percentage change of the nominal oil price. It was computed based on the fitted values of a generalized autoregressive conditional heteroskedasticity model. There is some evidence that increases i ...
... with a substantial delay. The formal volatility measure that we used is the conditional variance of the percentage change of the nominal oil price. It was computed based on the fitted values of a generalized autoregressive conditional heteroskedasticity model. There is some evidence that increases i ...
In‡ation Targeting: Is the NKM …t for purpose? Peter N. Smith and
... In‡ation targeting has emerged as the preferred way to conduct monetary policy. It is usually carried out by a central bank setting a short-term interest rate using its discretion rather than following a formal rule. The theoretical basis of in‡ation targeting is a simple two-equation model of the i ...
... In‡ation targeting has emerged as the preferred way to conduct monetary policy. It is usually carried out by a central bank setting a short-term interest rate using its discretion rather than following a formal rule. The theoretical basis of in‡ation targeting is a simple two-equation model of the i ...
philipscurve
... Quantity theorists tend to favor a policy that relies on rules rather than a discretionary policy. The institutional theory of inflation sees the source of inflation in the wage-and-price setting institutions. Institutionalists see the direction of causation going from price increases to money suppl ...
... Quantity theorists tend to favor a policy that relies on rules rather than a discretionary policy. The institutional theory of inflation sees the source of inflation in the wage-and-price setting institutions. Institutionalists see the direction of causation going from price increases to money suppl ...
Explaining the Effects of Government Spending Shocks
... Since the findings here are very similar to the ones of Blanchard and Perotti (2002) and Fatas and Mihov (2001), this seems to suggest that the anticipation effects captured by the Ramey variable in the VAR given by equation (1) are not very significant.11 Inflation and nominal interest rate fall in re ...
... Since the findings here are very similar to the ones of Blanchard and Perotti (2002) and Fatas and Mihov (2001), this seems to suggest that the anticipation effects captured by the Ramey variable in the VAR given by equation (1) are not very significant.11 Inflation and nominal interest rate fall in re ...
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... such as Habito (1984), and the more recent APEX model developed by Clarete and Warr (1992) are designed for comparative static analysis. They do not have update capabilities and other features that will allow data updating by simulation. There are 59 industries in the model, eight of which are agric ...
... such as Habito (1984), and the more recent APEX model developed by Clarete and Warr (1992) are designed for comparative static analysis. They do not have update capabilities and other features that will allow data updating by simulation. There are 59 industries in the model, eight of which are agric ...
Paper 1 - Cambridge Resources for the IB Diploma
... o With a subsidy consumers pay a lower price, whereas with a price floor they pay a higher price. o With a subsidy consumers buy a larger quantity, whereas with a price floor they buy a smaller quantity. o Therefore with a subsidy consumers are better off (lower P and higher Q), whereas with a price ...
... o With a subsidy consumers pay a lower price, whereas with a price floor they pay a higher price. o With a subsidy consumers buy a larger quantity, whereas with a price floor they buy a smaller quantity. o Therefore with a subsidy consumers are better off (lower P and higher Q), whereas with a price ...