From Recession to Recovery: How Soon and How
... II. 1. Recessions and Expansions: Some Basic Facts On average, advanced economies have experienced six complete cycles of recession and expansion since 1960.6 The number of recessions, however, varies significantly across countries, with some (Canada, Ireland, Japan, Norway, and Sweden) experiencing ...
... II. 1. Recessions and Expansions: Some Basic Facts On average, advanced economies have experienced six complete cycles of recession and expansion since 1960.6 The number of recessions, however, varies significantly across countries, with some (Canada, Ireland, Japan, Norway, and Sweden) experiencing ...
From Recession to Recovery
... II. 1. Recessions and Expansions: Some Basic Facts On average, advanced economies have experienced six complete cycles of recession and expansion since 1960.6 The number of recessions, however, varies significantly across countries, with some (Canada, Ireland, Japan, Norway, and Sweden) experiencing ...
... II. 1. Recessions and Expansions: Some Basic Facts On average, advanced economies have experienced six complete cycles of recession and expansion since 1960.6 The number of recessions, however, varies significantly across countries, with some (Canada, Ireland, Japan, Norway, and Sweden) experiencing ...
Recent Changes in Europe`s Competitive Landscape. How the
... before 2004, both GDP growth and GDP per capita growth fell between periods in all economies, except Germany and the Netherlands. For the new member states (EU-12), only Poland (and Malta) saw an increase in GDP growth and GDP per capita growth. Some Central and Eastern European countries were hurt ...
... before 2004, both GDP growth and GDP per capita growth fell between periods in all economies, except Germany and the Netherlands. For the new member states (EU-12), only Poland (and Malta) saw an increase in GDP growth and GDP per capita growth. Some Central and Eastern European countries were hurt ...
Aggregate Demand and Aggregate Supply
... primarily by demand factors in the short run. • The aggregate demand curve depicts the relationship between the price level and total demand for real output in the economy. The aggregate demand curve is downward sloping because of the wealth effect, the interest rate effect, and the international tr ...
... primarily by demand factors in the short run. • The aggregate demand curve depicts the relationship between the price level and total demand for real output in the economy. The aggregate demand curve is downward sloping because of the wealth effect, the interest rate effect, and the international tr ...
A Classical View of the Business Cycle
... (“Disturbance of Equation [of Exchange] and of Purchasing Power during Transition Periods”), which connected variations in money to variations in the price level and, subsequently, to changes in the real rate of interest and output, it is again reasonable to infer that he saw variations in the quant ...
... (“Disturbance of Equation [of Exchange] and of Purchasing Power during Transition Periods”), which connected variations in money to variations in the price level and, subsequently, to changes in the real rate of interest and output, it is again reasonable to infer that he saw variations in the quant ...
What Do We Know (And Not Know) About Potential Output?
... Yet a third definition considers potential output as the current optimal rate of output. With distortionary taxes and other market imperfections (such as monopolistic competition), neither steady-state output nor the flexible price equilibrium level of output needs to be optimal or efficient. Like t ...
... Yet a third definition considers potential output as the current optimal rate of output. With distortionary taxes and other market imperfections (such as monopolistic competition), neither steady-state output nor the flexible price equilibrium level of output needs to be optimal or efficient. Like t ...
Financial development, real sector output, and economic growth
... These theoretical findings suggest that the causal effects of financial development should be considered jointly with the state of development in other sectors governing economic growth. For example, if financial deepening increases systemic risk because excess financing is allocated to risky invest ...
... These theoretical findings suggest that the causal effects of financial development should be considered jointly with the state of development in other sectors governing economic growth. For example, if financial deepening increases systemic risk because excess financing is allocated to risky invest ...
Commercial Real Estate and the 1990
... million in 1947 (31 percent of the population) to 133 million in 2012 (42 percent of the population, but stubbornly below the peak of 138 million or 45 percent of the population reached in 2007). The graph reveals that the 1990-91 recession had a more sluggish recovery in employment than previous re ...
... million in 1947 (31 percent of the population) to 133 million in 2012 (42 percent of the population, but stubbornly below the peak of 138 million or 45 percent of the population reached in 2007). The graph reveals that the 1990-91 recession had a more sluggish recovery in employment than previous re ...
Aggregate Demand and Aggregate Supply
... real output in the economy. The aggregate demand curve is downward sloping because of the wealth effect, the interest rate effect, and the international trade effect. • Decreases in taxes, increases in government spending, and increases in the supply of money all increase aggregate demand and shift ...
... real output in the economy. The aggregate demand curve is downward sloping because of the wealth effect, the interest rate effect, and the international trade effect. • Decreases in taxes, increases in government spending, and increases in the supply of money all increase aggregate demand and shift ...
- Munich Personal RePEc Archive
... estimate for the trend’s annual growth rate for NGDP is eb / 4 − 1 . Because our focus is on NGAP, our determination of quarter 0 for some recessions differs from the official beginning of some recessions. Table 1 summarizes our analysis that led to the determination of what quarter to treat as quar ...
... estimate for the trend’s annual growth rate for NGDP is eb / 4 − 1 . Because our focus is on NGAP, our determination of quarter 0 for some recessions differs from the official beginning of some recessions. Table 1 summarizes our analysis that led to the determination of what quarter to treat as quar ...
The Long-Run Aggregate Supply Curve Page 1 of 3
... Full employment output is the output of the economy when all resources are employed, perhaps all employed in their best uses. You see, now we’re starting to get into some fuzzy stuff because you can always work people harder, right? You can always go try to find more materials. But there’s a notion ...
... Full employment output is the output of the economy when all resources are employed, perhaps all employed in their best uses. You see, now we’re starting to get into some fuzzy stuff because you can always work people harder, right? You can always go try to find more materials. But there’s a notion ...
The Transmission of Monetary Policy Operations through
... In sharp contrast, expansionary helicopter drops in the baseline model that generate a comparable fall in the nominal interest rate as in the OMO, cause a bust in durables and a fall in output and hours, though the e¤ects are quantitatively small. In other words, two interventions causing a similar ...
... In sharp contrast, expansionary helicopter drops in the baseline model that generate a comparable fall in the nominal interest rate as in the OMO, cause a bust in durables and a fall in output and hours, though the e¤ects are quantitatively small. In other words, two interventions causing a similar ...
Econ 100 - Aggregate demand and aggregate supply
... 1. The Sticky-Wage Theory: An unexpectedly low price level raises the real wage, which causes firms to hire fewer workers and produce a smaller quantity of goods and services. 2. The Sticky-Price Theory: An unexpectedly low price level leaves some firms with higher-than desired prices, which depress ...
... 1. The Sticky-Wage Theory: An unexpectedly low price level raises the real wage, which causes firms to hire fewer workers and produce a smaller quantity of goods and services. 2. The Sticky-Price Theory: An unexpectedly low price level leaves some firms with higher-than desired prices, which depress ...
Value Theory, the Transformation Problem and Crisis Theory
... Gold is not money by nature, but money is by nature gold Long before the rise of capitalist production, commodity production arose out of accidental exchanges of different products of human labor. As this process developed, one or at most a few commodities emerged as universal equivalents. Over thou ...
... Gold is not money by nature, but money is by nature gold Long before the rise of capitalist production, commodity production arose out of accidental exchanges of different products of human labor. As this process developed, one or at most a few commodities emerged as universal equivalents. Over thou ...
The Role of Government: Impact on Macroeconomy
... Some of the world’s poorest countries have tried to achieve more rapid economic growth by pursuing inward-orientated policies. Most economists today believe that poor countries are better off pursuing outward orientated policies that integrate these countries into the world economy. Trade is, in som ...
... Some of the world’s poorest countries have tried to achieve more rapid economic growth by pursuing inward-orientated policies. Most economists today believe that poor countries are better off pursuing outward orientated policies that integrate these countries into the world economy. Trade is, in som ...
The 1990s Acceleration in Labor Productivity: Causes and Measurement
... 2001 recession. Forecasters adopted new views of the trend. By 2001, the Council of Economic Advisors had increased its projection of the annual growth of structural labor productivity to 2.3 percent per year. Other forecasters, including many in the Blue Chip Economic Indicators and the Federal Res ...
... 2001 recession. Forecasters adopted new views of the trend. By 2001, the Council of Economic Advisors had increased its projection of the annual growth of structural labor productivity to 2.3 percent per year. Other forecasters, including many in the Blue Chip Economic Indicators and the Federal Res ...
Commodity prices and their role in assessing euro area growth and
... relative commodity price trends over the period since 2003 cannot be taken as firm indications of truly secular trends. After recovering from the lows reached following the 2008 financial crisis, commodity prices broadly stabilised again amid some volatility since mid-2010. Commodity prices have als ...
... relative commodity price trends over the period since 2003 cannot be taken as firm indications of truly secular trends. After recovering from the lows reached following the 2008 financial crisis, commodity prices broadly stabilised again amid some volatility since mid-2010. Commodity prices have als ...
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... money supply, some studies have been documented. For instance, Aliyu and Englama (2009) use vector autoregressive and Granger causality tests to investigate the causal links among inflation, price, exchange rate, credit and interest rate in Nigeria. Their findings indicate that inflation is not affe ...
... money supply, some studies have been documented. For instance, Aliyu and Englama (2009) use vector autoregressive and Granger causality tests to investigate the causal links among inflation, price, exchange rate, credit and interest rate in Nigeria. Their findings indicate that inflation is not affe ...
28 pages - World bank documents
... not distinguished in the ICP and PWT is that these projects treat the net foreign balance in an unsatisfactory way. While there may have been some data justifications for that treatment in benchmark studies of the 1970s, this is no longer the case. The treatment of exports and imports e ...
... not distinguished in the ICP and PWT is that these projects treat the net foreign balance in an unsatisfactory way. While there may have been some data justifications for that treatment in benchmark studies of the 1970s, this is no longer the case. The treatment of exports and imports e ...
Transmission of Monetary Policy with Heterogeneity in Household
... which represents the most important income source for the majority of households. The revaluation of nominal claims, including debt deflation, adds another indirect channel of monetary policy, which roughly accounts for 15% of the total response. The importance of indirect effects contrasts sharply ...
... which represents the most important income source for the majority of households. The revaluation of nominal claims, including debt deflation, adds another indirect channel of monetary policy, which roughly accounts for 15% of the total response. The importance of indirect effects contrasts sharply ...
Can Italy Grow Out of Its NPL Overhang?
... Given Italy’s moderate growth outlook, banks could thus struggle to grow out of their NPL overhang. Italy has experienced historically weak economic growth (and negative productivity growth) predating the global financial crisis (Figure 3). It is, therefore, important for Italy to improve its growth ...
... Given Italy’s moderate growth outlook, banks could thus struggle to grow out of their NPL overhang. Italy has experienced historically weak economic growth (and negative productivity growth) predating the global financial crisis (Figure 3). It is, therefore, important for Italy to improve its growth ...
Teaching note
... No Self-Adjustment a. Keynes thought the private economy was inherently unstable. b. Argued that the Great Depression not a unique event and would recur if reliance on the market to "self-adjust" continued. ...
... No Self-Adjustment a. Keynes thought the private economy was inherently unstable. b. Argued that the Great Depression not a unique event and would recur if reliance on the market to "self-adjust" continued. ...
May 2007 by Alexander J. Field*
... understanding why inflationary pressures may be quiescent for prolonged periods before accelerating sharply as the economy approaches potential output. A number of papers since the 1960s have suggested a tendency toward procyclical productivity. These have typically focused on labor rather than tota ...
... understanding why inflationary pressures may be quiescent for prolonged periods before accelerating sharply as the economy approaches potential output. A number of papers since the 1960s have suggested a tendency toward procyclical productivity. These have typically focused on labor rather than tota ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... But the interindustry structures of wage rates and of capital compensation per unit have been relatively stable over time, in contrast to the marked difference in movement between the prices of the two major factor classes, labor and capital. Between 1919 and 1957, average hourly labor compensation ...
... But the interindustry structures of wage rates and of capital compensation per unit have been relatively stable over time, in contrast to the marked difference in movement between the prices of the two major factor classes, labor and capital. Between 1919 and 1957, average hourly labor compensation ...
Natural Resources and Economic Growth
... tradable sector as well as exports and imports of goods and services. The Dutch disease can also strike in countries that do not have their own currency (e.g., ...
... tradable sector as well as exports and imports of goods and services. The Dutch disease can also strike in countries that do not have their own currency (e.g., ...
Long Depression
The Long Depression was a worldwide price recession, beginning in 1873 and running through the spring of 1879. It was the most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the ""Great Depression"" at the time, and it held that designation until the Great Depression of the 1930s. Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression.It was most notable in Western Europe and North America, at least in part because reliable data from the period are most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit; during this period it lost some of its large industrial lead over the economies of Continental Europe. While it was occurring, the view was prominent that the economy of the United Kingdom had been in continuous depression from 1873 to as late as 1896 and some texts refer to the period as the Great Depression of 1873–96.In the United States, economists typically refer to the Long Depression as the Depression of 1873–79, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction.In the US, from 1873–1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the panic ended. Different sources peg the peak unemployment rate anywhere from 8.25% to 14%.