The Concept of Scale and Its Relation to Allocation, Distribution, and
... to the ecosystem? Is there an optimal scale (less than the biophysical maximum) beyond which physical growth of the economic subsystem (even if possible) begins to cost more at the margin than it is worth, in terms of human welfare? You will not find these questions in standard economics textbooks. ...
... to the ecosystem? Is there an optimal scale (less than the biophysical maximum) beyond which physical growth of the economic subsystem (even if possible) begins to cost more at the margin than it is worth, in terms of human welfare? You will not find these questions in standard economics textbooks. ...
Memoirs of a Would-be Macroeconomist
... impact on my own thinking, and such ideas will not be covered here. Organizing this intellectual history has been a challenge. There is a multi-dimensional matrix to be filled in. One dimension consists of different macroeconomic viewpoints. These tend to go by the pretentious term “models,” such as ...
... impact on my own thinking, and such ideas will not be covered here. Organizing this intellectual history has been a challenge. There is a multi-dimensional matrix to be filled in. One dimension consists of different macroeconomic viewpoints. These tend to go by the pretentious term “models,” such as ...
Output gap - McGraw Hill Higher Education
... Economists have studied business cycles for at least a century Recessions ...
... Economists have studied business cycles for at least a century Recessions ...
Finance and Economics Discussion Series Federal Reserve Board, Washington, D.C.
... A wave of recent research shows that the U.S. economy has been markedly more stable since the mid-1980s than it had been in the preceding couple of decades. The reduction in volatility has been widespread, showing up in real GDP and most of its components as well as other measures of economic activi ...
... A wave of recent research shows that the U.S. economy has been markedly more stable since the mid-1980s than it had been in the preceding couple of decades. The reduction in volatility has been widespread, showing up in real GDP and most of its components as well as other measures of economic activi ...
Influence of Monetary Policy on Aggregate Demand
... 6. When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases. d. decrease, so the money supply decreases. ANSWER: a. increase, so the money supply increases ...
... 6. When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases. d. decrease, so the money supply decreases. ANSWER: a. increase, so the money supply increases ...
Nature, Power, and Growth
... II. Natural wealth and economic growth Even though the world’s population has more than doubled since 1965 to almost 6 billion in 1998, and there were many predictions that economic growth would hardly be able to keep up with such an increase, per capita incomes around the world have nonetheless gro ...
... II. Natural wealth and economic growth Even though the world’s population has more than doubled since 1965 to almost 6 billion in 1998, and there were many predictions that economic growth would hardly be able to keep up with such an increase, per capita incomes around the world have nonetheless gro ...
Dissing U.S. Disinflation Talk
... o think that just a few short weeks ago the biggest concern for the Canadian energy industry was access to global markets. How quaint. OPEC’s decision this week to hold its production ceiling steady at 30 million bpd dealt yet another heavy blow to already reeling oil prices. WTI fell 13% this week ...
... o think that just a few short weeks ago the biggest concern for the Canadian energy industry was access to global markets. How quaint. OPEC’s decision this week to hold its production ceiling steady at 30 million bpd dealt yet another heavy blow to already reeling oil prices. WTI fell 13% this week ...
ECONOMIC OUTLOOK
... again and hit around USD 50 recently. Core inflation, which excludes volatile components (food and energy), has not moved much of late, however. It was running at an average of 1.1 percent in April and May, having reached 1.3 percent in the first quarter. Consumer prices have remained largely unchan ...
... again and hit around USD 50 recently. Core inflation, which excludes volatile components (food and energy), has not moved much of late, however. It was running at an average of 1.1 percent in April and May, having reached 1.3 percent in the first quarter. Consumer prices have remained largely unchan ...
Determinants of Inflation: A Case Study of Iran
... Studying the causes of inflation in previous decades has given rise to one of the most significant macroeconomic debates in the field of economics. The debates differ in their hypotheses, mainly due to conventional views about appropriate measures to control inflation and differences between develop ...
... Studying the causes of inflation in previous decades has given rise to one of the most significant macroeconomic debates in the field of economics. The debates differ in their hypotheses, mainly due to conventional views about appropriate measures to control inflation and differences between develop ...
Money in Economic Analysis
... (1934). By the way, Figure 1 is an adaptation from Niehans (1978) Chap. 6. Suppose that there are three economic agents, D (Denmark) who has the commodity w (wheat), S (Sweden) who has the commodity t (timber), and N (Norway) who has the commodity f (fishes). Suppose, furthermore, that D wants t , S ...
... (1934). By the way, Figure 1 is an adaptation from Niehans (1978) Chap. 6. Suppose that there are three economic agents, D (Denmark) who has the commodity w (wheat), S (Sweden) who has the commodity t (timber), and N (Norway) who has the commodity f (fishes). Suppose, furthermore, that D wants t , S ...
Facts of Growth
... output per capita growth in Europe • 1500-1700 -- Small growth in output per capita (0.1%/year and 0.2%/year 1700 to 1820) • 1820-1950 -- Modest growth (U.S. = 1.5%) • The high-growth of the 1950s and 1960s is unusual Leaders in output/capita change frequently: Italy Netherlands U.K. US Blanch ...
... output per capita growth in Europe • 1500-1700 -- Small growth in output per capita (0.1%/year and 0.2%/year 1700 to 1820) • 1820-1950 -- Modest growth (U.S. = 1.5%) • The high-growth of the 1950s and 1960s is unusual Leaders in output/capita change frequently: Italy Netherlands U.K. US Blanch ...
Outsourcing and Offshoring: Problems for Price and Productivity
... cases of domestic outsourcing. The bias in input price indexes that results from switching sources for intermediate inputs is analogous to the outlet substitution noted in the literature pertaining to biases in Consumer Price Index. Just as the outlet substitution bias can be addressed by sampling c ...
... cases of domestic outsourcing. The bias in input price indexes that results from switching sources for intermediate inputs is analogous to the outlet substitution noted in the literature pertaining to biases in Consumer Price Index. Just as the outlet substitution bias can be addressed by sampling c ...
Aff Inflation DA 7WK - Open Evidence Archive
... faster under one than under the other. I find it especially instructive to look at spending levels three years into each man’s administration – that is, in the first quarter of 1984 in Reagan’s case, and in the first quarter of 2012 in Obama’s – compared with four years earlier, which in each case c ...
... faster under one than under the other. I find it especially instructive to look at spending levels three years into each man’s administration – that is, in the first quarter of 1984 in Reagan’s case, and in the first quarter of 2012 in Obama’s – compared with four years earlier, which in each case c ...
Winter 2017 - Sleeping Polar Bear
... in the AD function except for the price level. • A change in the price level causes a shift in the AE but only a movement along the AD. • Anything (other than price) that causes an upward shift of the AE (lower interest rate, increased wealth, increased G, etc.) will also cause a rightward shift of ...
... in the AD function except for the price level. • A change in the price level causes a shift in the AE but only a movement along the AD. • Anything (other than price) that causes an upward shift of the AE (lower interest rate, increased wealth, increased G, etc.) will also cause a rightward shift of ...
Marco Casiraghi and Giuseppe Ferrero
... mechanism is known as the “paradox of flexibility”. 6 In the aftermath of a large deleveraging shock, which puts the economy at the ZLB, the short-run aggregate demand curve is upward sloping. The reason for this seemingly perverse slope is that a lower price level increases the real interest rate, ...
... mechanism is known as the “paradox of flexibility”. 6 In the aftermath of a large deleveraging shock, which puts the economy at the ZLB, the short-run aggregate demand curve is upward sloping. The reason for this seemingly perverse slope is that a lower price level increases the real interest rate, ...
NBER WORKING PAPER SERIES SHIFTS IN THE NINETEENTH-CENTURY PHILLIPS CURVE RELATIONSHIP
... decade more than 20,000 miles of telegraph line had been put in place. From its inception it was used primarily for business purposes, and its 'market ...
... decade more than 20,000 miles of telegraph line had been put in place. From its inception it was used primarily for business purposes, and its 'market ...
US: thinking about the next US recession - 1
... accident waiting to happen. Monetary policy is in uncharted waters with an economy that has been used to near-zero policy rates for 7 years and a central bank balance sheet that has skyrocketed. What’s more, these very policies may have created bubbles that could pop during the Fed’s tightening cycl ...
... accident waiting to happen. Monetary policy is in uncharted waters with an economy that has been used to near-zero policy rates for 7 years and a central bank balance sheet that has skyrocketed. What’s more, these very policies may have created bubbles that could pop during the Fed’s tightening cycl ...
Classical Macroeconomics
... • MD + PYD = p + wLS + MS – MS acts like additional income that is available to buy commodities. – MD represents the money people do not spend during the period. It is the amount they set aside for future purchases. – The decision to hold money idle imposes an opportunity cost on people equal to the ...
... • MD + PYD = p + wLS + MS – MS acts like additional income that is available to buy commodities. – MD represents the money people do not spend during the period. It is the amount they set aside for future purchases. – The decision to hold money idle imposes an opportunity cost on people equal to the ...
Macroeconomics Chapter 13W Disputes Over Macro Theory and
... financial assets, holding real assets, and buying current output. The factors that determine the amount of money the public wants to hold depend mainly on the level of nominal GDP. Example: Assume that when the level of nominal GDP is $400 billion, the public desires $100 billion of money to purchas ...
... financial assets, holding real assets, and buying current output. The factors that determine the amount of money the public wants to hold depend mainly on the level of nominal GDP. Example: Assume that when the level of nominal GDP is $400 billion, the public desires $100 billion of money to purchas ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... respectively. (He uses medium Industry Bank Loans and foreign currency loans to estimate total long-term loans for export promotion.) The major source of domestic long-term funding, the Korea Reconstruction Bank, had access to only limited funds through the government. Furthermore, the slowdown of a ...
... respectively. (He uses medium Industry Bank Loans and foreign currency loans to estimate total long-term loans for export promotion.) The major source of domestic long-term funding, the Korea Reconstruction Bank, had access to only limited funds through the government. Furthermore, the slowdown of a ...
NBER WOR}(ING PAPERS SERIES MONEY, INTEREST AND PRICES Stanley Fischer
... the last chapter of Part I, Chapter Vifi, "A Critique of Neoclassical Monetary Theory." Much of this chapter will strike today's reader as dealing with outmoded questions. But that is in large part because the critique of the previous literature is definitive: for instance, it was not possible later ...
... the last chapter of Part I, Chapter Vifi, "A Critique of Neoclassical Monetary Theory." Much of this chapter will strike today's reader as dealing with outmoded questions. But that is in large part because the critique of the previous literature is definitive: for instance, it was not possible later ...
Microeconomics and Macroeconomics
... Europe, Britain and the United States, governments played a relatively small role in the macroeconomy. Economic growth was fueled by private investment and consumption, which were left largely unregulated and unchecked by government. When labor unions were weak and minimum wages and unemployment ben ...
... Europe, Britain and the United States, governments played a relatively small role in the macroeconomy. Economic growth was fueled by private investment and consumption, which were left largely unregulated and unchecked by government. When labor unions were weak and minimum wages and unemployment ben ...
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... The prominent role for money – the “first pillar” of the Eurosystem’s monetary policy strategy – embodies a commitment to analyse monetary developments in detail for the information that they contain about future price developments. To signal the prominent role assigned to money, the Governing Counc ...
... The prominent role for money – the “first pillar” of the Eurosystem’s monetary policy strategy – embodies a commitment to analyse monetary developments in detail for the information that they contain about future price developments. To signal the prominent role assigned to money, the Governing Counc ...
Principles of Economic Growth
... Sources of endogenous growth II Five sources of increased efficiency 1. Liberalization of prices and trade increases efficiency, which is good for growth 2. Stabilization reduces the inefficiency associated with inflation, which is good for growth 3. Privatization reduces the inefficiency associate ...
... Sources of endogenous growth II Five sources of increased efficiency 1. Liberalization of prices and trade increases efficiency, which is good for growth 2. Stabilization reduces the inefficiency associated with inflation, which is good for growth 3. Privatization reduces the inefficiency associate ...
NBER WORKING PAPER SERIES WHAT DO WE KNOW ABOUT MACROECONOMICS THAT
... in allowing for the eventual integration of goods markets (where the natural rate is determined), and financial markets (where the money rate is determined). It would also prove to be the key in allowing for the eventual integration of monetary theory (where an increase in money decreases the money ...
... in allowing for the eventual integration of goods markets (where the natural rate is determined), and financial markets (where the money rate is determined). It would also prove to be the key in allowing for the eventual integration of monetary theory (where an increase in money decreases the money ...
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%.