Research Statement Jón Steinsson March 2012 My research
... terms for both the commitment case and the case of discretion. I show that the result attained in a purely forward-looking model that price-level targeting is optimal is fragile to the presence of ruleof-thumb consumers. In addition to the ongoing projects discussed above, Emi Nakamura and I have b ...
... terms for both the commitment case and the case of discretion. I show that the result attained in a purely forward-looking model that price-level targeting is optimal is fragile to the presence of ruleof-thumb consumers. In addition to the ongoing projects discussed above, Emi Nakamura and I have b ...
Multiple Market-Clearing Prices, Electricity Market Design and Price
... Note that the outcome would be different if the new $25/MWh supply increment was added as an unpriced schedule rather than included as a supply offer. In this case it would shift the supply and the revised supply curve would intersect the demand curve at the now revised single market-clearing price ...
... Note that the outcome would be different if the new $25/MWh supply increment was added as an unpriced schedule rather than included as a supply offer. In this case it would shift the supply and the revised supply curve would intersect the demand curve at the now revised single market-clearing price ...
NBER WORKING PAPER SERIES THE ROLE OF PREVAILING PRICES AND WAGES
... of buyers. Sellers are much larger than buyers, in the sense that the purchases of any one buyer have only an infinitesmal effect on the marginal cost of a seller. Buyers derive benefits from their purchases in a way described by a benefit ...
... of buyers. Sellers are much larger than buyers, in the sense that the purchases of any one buyer have only an infinitesmal effect on the marginal cost of a seller. Buyers derive benefits from their purchases in a way described by a benefit ...
Inflation October 18
... steps to protect their financial assets from inflation. The resources and time used to do so could be used to produce goods and services of value. Those goods and services given up are a true cost of inflation. 2. High rates of inflation discourage businesses planning and investment as inflation inc ...
... steps to protect their financial assets from inflation. The resources and time used to do so could be used to produce goods and services of value. Those goods and services given up are a true cost of inflation. 2. High rates of inflation discourage businesses planning and investment as inflation inc ...
aggregate supply curve
... How are SRAS and LRAS related? • Econ growth=LRAS shifts right, signaling increase in potential output. However, SRAS curve will shift right because at any moment in time, economy is always producing on an SRAS curve. • Any factor that shifts the LRAS curve must also shift SRAS curve. – SRAS can b ...
... How are SRAS and LRAS related? • Econ growth=LRAS shifts right, signaling increase in potential output. However, SRAS curve will shift right because at any moment in time, economy is always producing on an SRAS curve. • Any factor that shifts the LRAS curve must also shift SRAS curve. – SRAS can b ...
SCANNER FOR C.B.S.E. CLASS XII
... 5. What is the equilibrium of a perfect competitive firm? (4,6) 6. What is the supply curve of a perfect competitive firm? (4,6) 7. Define –Break-even Point, Shut down point.(1+1) 8. What is the equilibrium of a Perfect Competitive Market?(6) 9. What happen if demand changes and supply in perfect in ...
... 5. What is the equilibrium of a perfect competitive firm? (4,6) 6. What is the supply curve of a perfect competitive firm? (4,6) 7. Define –Break-even Point, Shut down point.(1+1) 8. What is the equilibrium of a Perfect Competitive Market?(6) 9. What happen if demand changes and supply in perfect in ...
Questions on Aggregate Supply and Aggregate Demand
... 50. Other things the same, when the price level rises more than expected, some firms will have a. higher than desired prices which increases their sales. b. higher than desired prices which depresses their sales. c. lower than desired prices which increases their sales. d. lower than desired prices ...
... 50. Other things the same, when the price level rises more than expected, some firms will have a. higher than desired prices which increases their sales. b. higher than desired prices which depresses their sales. c. lower than desired prices which increases their sales. d. lower than desired prices ...
Exchange rate movements and export prices An empirical analysis
... Estimations on export prices with a low frequency, allowing an interpretation in terms of strategic behaviours Macroeconomic Interpretation Estimations on a large sample of industries, to evaluate the global consequences of those strategies ⇒ Main results Large pass-through of exchange rate movement ...
... Estimations on export prices with a low frequency, allowing an interpretation in terms of strategic behaviours Macroeconomic Interpretation Estimations on a large sample of industries, to evaluate the global consequences of those strategies ⇒ Main results Large pass-through of exchange rate movement ...
economics - basics economics studies
... 64. When the price of the substitute commodity of X falls, the demand for X: A. Rises B. Falls C. Remains unchanged D. All of the above is possible 65. If the quantity demanded remains unchanged as the price of the commodity falls, the coefficient of price elasticity of demand is: A. Greater than B. ...
... 64. When the price of the substitute commodity of X falls, the demand for X: A. Rises B. Falls C. Remains unchanged D. All of the above is possible 65. If the quantity demanded remains unchanged as the price of the commodity falls, the coefficient of price elasticity of demand is: A. Greater than B. ...
a case study
... accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy. Students will be able to use this knowle ...
... accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy. Students will be able to use this knowle ...
NBER WORKING PAPER SERIES VALUE-BASED DIFFERENTIAL PRICING:
... for an efficient structure of relative prices but do not address optimal absolute price levels or suggest a practical strategy for implementation. This paper develops a framework of analysis and assumptions designed to achieve efficient absolute and relative prices between and within countries for p ...
... for an efficient structure of relative prices but do not address optimal absolute price levels or suggest a practical strategy for implementation. This paper develops a framework of analysis and assumptions designed to achieve efficient absolute and relative prices between and within countries for p ...
What does it imply for commodity markets?
... Russian Federation, and South Africa), four slowed or even contracted in 2015. China’s economy continued to slow, and its rebalancing away from commodityintensive activities toward services has weighed on global trade and commodity prices. Brazil and Russia, two large commodity exporters, are in dee ...
... Russian Federation, and South Africa), four slowed or even contracted in 2015. China’s economy continued to slow, and its rebalancing away from commodityintensive activities toward services has weighed on global trade and commodity prices. Brazil and Russia, two large commodity exporters, are in dee ...
Part and/or Chapter Number and Title
... Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved ...
... Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved ...
SRAS - Pasadena ISD
... • Because input prices are sticky in the shortrun, the SRAS is upward sloping.This reflects the fact that in the short-run, increases in the price-level increase firm’s profits and create incentives to increase output. As the price-level falls, firm’s profits drop and this creates an incentive to re ...
... • Because input prices are sticky in the shortrun, the SRAS is upward sloping.This reflects the fact that in the short-run, increases in the price-level increase firm’s profits and create incentives to increase output. As the price-level falls, firm’s profits drop and this creates an incentive to re ...
Mr. Mayer AP Macroeconomics - Lake Travis ISD / Overview
... • Because input prices are sticky in the shortrun, the SRAS is upward sloping.This reflects the fact that in the short-run, increases in the price-level increase firm’s profits and create incentives to increase output. As the price-level falls, firm’s profits drop and this creates an incentive to re ...
... • Because input prices are sticky in the shortrun, the SRAS is upward sloping.This reflects the fact that in the short-run, increases in the price-level increase firm’s profits and create incentives to increase output. As the price-level falls, firm’s profits drop and this creates an incentive to re ...
IOSR Journal of Business and Management (IOSR-JBM)
... productions, and household sector, similarly energy like electricity is in different ways light for lightning and used in computer etc (Hamilton, 1983, 1996, 2003).High FP create huge crises during 1970s.Economic performance decline with the increase of CP demand and supply are highly affected by hi ...
... productions, and household sector, similarly energy like electricity is in different ways light for lightning and used in computer etc (Hamilton, 1983, 1996, 2003).High FP create huge crises during 1970s.Economic performance decline with the increase of CP demand and supply are highly affected by hi ...
Aggregate supply - The Good, the Bad and the Economist
... curve is drawn under the assumption that prices of factor inputs do not change in the short run, so a higher price level means larger profit margins for firms. Thus the price level and output are positively correlated. The upward slope of AS also shows how firms experience diminishing returns (as ...
... curve is drawn under the assumption that prices of factor inputs do not change in the short run, so a higher price level means larger profit margins for firms. Thus the price level and output are positively correlated. The upward slope of AS also shows how firms experience diminishing returns (as ...
Price rigidity and flexibility: recent theoretical developments
... the product and thus, firms may wish to change the waiting time for a product to be supplied rather than to change the product’s price. The last four papers of the special issue focus on macroeconomic implications of price rigidity and cost of price adjustment. In ‘Costly Price Adjustment and the Opt ...
... the product and thus, firms may wish to change the waiting time for a product to be supplied rather than to change the product’s price. The last four papers of the special issue focus on macroeconomic implications of price rigidity and cost of price adjustment. In ‘Costly Price Adjustment and the Opt ...
Oil Prices and a Stronger Dollar: Causation or Correlation?
... Relationship with Oil Prices There are many factors that affect the strength of the dollar; in addition, the strong dollar, in turn, also affects multiple facets of the economy, mainly the price of oil. Since oil is traded in U.S. dollars, a stronger dollar will force commodity prices, particularly ...
... Relationship with Oil Prices There are many factors that affect the strength of the dollar; in addition, the strong dollar, in turn, also affects multiple facets of the economy, mainly the price of oil. Since oil is traded in U.S. dollars, a stronger dollar will force commodity prices, particularly ...
Answers to Exercise 1 Question 1 (a) One of the most important
... Term-of-Trade-Effect Ricardian model: export the good in which you have a comparative advantage (lower opportunity cost) Developing countries have a CA when it comes to the production and export of agricultural products which serve as inputs in the manufacturing of the final good by developed countr ...
... Term-of-Trade-Effect Ricardian model: export the good in which you have a comparative advantage (lower opportunity cost) Developing countries have a CA when it comes to the production and export of agricultural products which serve as inputs in the manufacturing of the final good by developed countr ...
Ch 10 The Macro Model
... prices rise the real value of money goes down, therefore the demand to borrow money increases, driving up interest rates. Conversely if prices fall, interest rates fall. ...
... prices rise the real value of money goes down, therefore the demand to borrow money increases, driving up interest rates. Conversely if prices fall, interest rates fall. ...
Short Macro Review
... The greater the MPC, the more total output (Y), income and spending results from an initial increase in spending ...
... The greater the MPC, the more total output (Y), income and spending results from an initial increase in spending ...
Macroeconomics
... “Price Index”: wtd average of sample of prices Several Price Indices CPI PPI GDP Deflator Index Number: base year = 100 ...
... “Price Index”: wtd average of sample of prices Several Price Indices CPI PPI GDP Deflator Index Number: base year = 100 ...
Market Demand Curve
... To construct the market demand curve, PX is allowed to vary while PY, I1, and I2 are held constant If each individual’s demand for X is downward sloping, the market demand curve will also be downward sloping ...
... To construct the market demand curve, PX is allowed to vary while PY, I1, and I2 are held constant If each individual’s demand for X is downward sloping, the market demand curve will also be downward sloping ...
Reading Graphs and Making Graphs
... rose by the same vertical distance, the rise. Recall that the slope of a line is given by the rise/run. Thus, we can also say that on a ratio graph, equal slopes mean equal percentage growth rates. The log scale or ratio graph reveals more clearly than our earlier graph that stock prices increased f ...
... rose by the same vertical distance, the rise. Recall that the slope of a line is given by the rise/run. Thus, we can also say that on a ratio graph, equal slopes mean equal percentage growth rates. The log scale or ratio graph reveals more clearly than our earlier graph that stock prices increased f ...
2000s commodities boom
The 2000s commodities boom or the commodities super cycle was the rise in many physical commodity prices (such as those of food stuffs, oil, metals, chemicals, fuels and the like) which occurred during the decade of the 2000s (2000–2009), following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising demand from emerging markets such as the BRIC countries, as well as the result of concerns over long-term supply availability. There was a sharp down-turn in prices during 2008 and early 2009 as a result of the credit crunch and sovereign debt crisis, but prices began to rise as demand recovered from late 2009 to mid-2010. Oil began to slip downwards after mid-2010, but peaked at $101.80 on 30 and 31 January 2011, as then Egyptian political crisis and rioting broke out, leading to concerns over both the safe use of the Suez Canal and over all security in Arabia itself. On 3 March, Libya's National Oil Corp said that output had halved due to the departure of foreign workers. As this happened, Brent Crude surged to a new high of above $116.00 a barrel as supply disruptions and potential for more unrest in the Middle East and North Africa continued to worry investors. Thus the price of oil kept rising into the 2010s. The commodities super-cycle peaked in 2011, ""driven by a combination of strong demand from emerging nations and low supply growth."" Prior to 2002, only 5 to 10 per cent of trading in the commodities market was attributable to investors. Since 2002 ""30 per cent of trading is attributable to investors in the commodities market"" which ""has caused higher price volatility.""