The Aggregate
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
33 Power Point
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
Document
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
Document
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
Temporal Causality between House Prices and Output
... This paper investigates the temporal (Granger) causal relationship, if any, between the real house price index and real GDP per capita, using bootstrap full- and sub-sample rollingwindow estimation for the U.S. economy. Empirical studies that examine the causal relationships between variables may su ...
... This paper investigates the temporal (Granger) causal relationship, if any, between the real house price index and real GDP per capita, using bootstrap full- and sub-sample rollingwindow estimation for the U.S. economy. Empirical studies that examine the causal relationships between variables may su ...
NBER WORKING PAPER SERIES THE END OF THE GREAT
... 1941, particularly in the second half of that year. As a result our preferred government spending multiplier is 1.80 when the time period ends in 1941:Q2 but only 0.88 when the time period ends in supply-constrained 1941:Q4. Only the 1.80 multiplier is relevant to situations like 2009-10 when capaci ...
... 1941, particularly in the second half of that year. As a result our preferred government spending multiplier is 1.80 when the time period ends in 1941:Q2 but only 0.88 when the time period ends in supply-constrained 1941:Q4. Only the 1.80 multiplier is relevant to situations like 2009-10 when capaci ...
The Aggregate
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
... Changes in G Federal spending, e.g., defense State & local spending, e.g., roads, schools Changes in NX Booms/recessions in countries that buy our exports. Appreciation/depreciation resulting from international speculation in foreign exchange market ...
Chapter 7 Aggregate Demand, Aggregate Supply, and the Self
... A) fall to E1 causing output to rise and unemployment would be temporary. B) rise to E0 causing output to rise and unemployment would be temporary. C) rise to A causing output to fall and unemployment would be temporary. D) fall to A causing output to fall and unemployment would be permanently incre ...
... A) fall to E1 causing output to rise and unemployment would be temporary. B) rise to E0 causing output to rise and unemployment would be temporary. C) rise to A causing output to fall and unemployment would be temporary. D) fall to A causing output to fall and unemployment would be permanently incre ...
NBER WORKING PAPER SERIES Oleksiy Kryvtsov
... papers, Khan and Thomas (2008) and Jung and Yun (2005), also study sticky price economies with inventories and ask whether the model can account for the behavior of inventories in the data: Khan and Thomas (2008) argue the presence of capital is a necessary ingredient to match the countercyclicality ...
... papers, Khan and Thomas (2008) and Jung and Yun (2005), also study sticky price economies with inventories and ask whether the model can account for the behavior of inventories in the data: Khan and Thomas (2008) argue the presence of capital is a necessary ingredient to match the countercyclicality ...
The Economic Performance Index (EPI)
... 1. Existing Indexes and Their Shortfalls One simple way to understand the economy is to look at GDP or GDP per capita, probably the most widely accepted indicator for measuring economic welfare in theory and practice. Unfortunately, it provides only a limited snapshot of the economy. Therefore, more ...
... 1. Existing Indexes and Their Shortfalls One simple way to understand the economy is to look at GDP or GDP per capita, probably the most widely accepted indicator for measuring economic welfare in theory and practice. Unfortunately, it provides only a limited snapshot of the economy. Therefore, more ...
NBER WORKING PAPER SERIES MONETARY POLICY MATTER? A NEW TEST IN
... developments on the real side of the economy. The test of whether monetary disturbances matter is then simply to see whether output is unusually low following negative shocks of this type and unusually high following positive ...
... developments on the real side of the economy. The test of whether monetary disturbances matter is then simply to see whether output is unusually low following negative shocks of this type and unusually high following positive ...
Abstract - Brad DeLong`s Website
... productivity slowdown meant that, according to official statistics, Americans in 1995 were only 70 percent as productive as their predecessors back in the early 1970s would have expected them to be. The productivity slowdown gave rise to an age of diminished expectations that had powerful although s ...
... productivity slowdown meant that, according to official statistics, Americans in 1995 were only 70 percent as productive as their predecessors back in the early 1970s would have expected them to be. The productivity slowdown gave rise to an age of diminished expectations that had powerful although s ...
CHAP1.WP (Word5)
... develop theoretical models that will determine the speed at which the economy adjusts to its long-run equilibrium output level. This topic is introduced in Sections 8-7and 8-8 and more fully developed in Chapter 9. Section 8-8 includes a discussion of the quantity theory of money and the “self-corre ...
... develop theoretical models that will determine the speed at which the economy adjusts to its long-run equilibrium output level. This topic is introduced in Sections 8-7and 8-8 and more fully developed in Chapter 9. Section 8-8 includes a discussion of the quantity theory of money and the “self-corre ...
NBER WORKING PAPER SERIES ESTIMATING REAL PRODUCTION AND EXPENDITURES ACROSS NATIONS:
... When the International Comparison Program began in 1968 there was some experience with purchasing power comparisons, including the expenditure side efforts of Gilbert and Kravis (1954) for the OEEC, and several bilateral comparisons with the USSR for the Comecon countries, and the study of Paige and ...
... When the International Comparison Program began in 1968 there was some experience with purchasing power comparisons, including the expenditure side efforts of Gilbert and Kravis (1954) for the OEEC, and several bilateral comparisons with the USSR for the Comecon countries, and the study of Paige and ...
Chapter 11 - Pearson Canada
... Real Business Cycle Theory and the Business Cycle Facts Although the RBC theory—which combines the classical, or market-clearing, version of the IS–LM–FE model with the assumption that productivity shocks are the dominant form of economic disturbance—is relatively simple, it is consistent with many ...
... Real Business Cycle Theory and the Business Cycle Facts Although the RBC theory—which combines the classical, or market-clearing, version of the IS–LM–FE model with the assumption that productivity shocks are the dominant form of economic disturbance—is relatively simple, it is consistent with many ...
AP Macroeconomics Crash Course
... With all the information out there, how do you know in what areas to focus? One thing all AP Macro students should know as they progress through the course and prepare for the exam is the relative importance of each of the units in the course. The AP Macro exam is a two-part examination. The first p ...
... With all the information out there, how do you know in what areas to focus? One thing all AP Macro students should know as they progress through the course and prepare for the exam is the relative importance of each of the units in the course. The AP Macro exam is a two-part examination. The first p ...
NBER WORKING PAPER SERIES IMPORTED MATERIAlS PRICES, WAGE POLICY, AND MACROECONOMIC STABILIZATION
... value added. The fall in employment is mitigated if real wages can adjust downward in some fashion. However, the amount of adjustment required depends upon the production structure of the economy. Without detailed knowledge of that structure, an appropriate wage policy is difficult to formulate. Thi ...
... value added. The fall in employment is mitigated if real wages can adjust downward in some fashion. However, the amount of adjustment required depends upon the production structure of the economy. Without detailed knowledge of that structure, an appropriate wage policy is difficult to formulate. Thi ...
NATIONAL BANK OF POLAND WORKING PAPER No. 135
... According to the theory of the bank lending channel, loans and other revenue generating instruments are not perfect substitutes (due to differences in the level of liquidity and risk), which makes monetary policy impulses affect the structure of banks' balance sheets, including the supply of credit. ...
... According to the theory of the bank lending channel, loans and other revenue generating instruments are not perfect substitutes (due to differences in the level of liquidity and risk), which makes monetary policy impulses affect the structure of banks' balance sheets, including the supply of credit. ...
Money and generalized exchange: A critical look at Neo
... This is made implicit in Arrow and Debreu (1954) by the mere fact that their model, as all NeoWalrasian constructs assume that (p. 266) “each commodity may be bought or sold for delivery at one of a finite number of distinct locations and one of a finite number of future time points.” The fact that th ...
... This is made implicit in Arrow and Debreu (1954) by the mere fact that their model, as all NeoWalrasian constructs assume that (p. 266) “each commodity may be bought or sold for delivery at one of a finite number of distinct locations and one of a finite number of future time points.” The fact that th ...
2. A More Realistic Aggregate Demand
... example, the absence of deflation over the past half-century for the U.S. economy. The conventional treatment of the AD-AS model typically found in economic principles texts falls short on both accounts. In particular, the concept of the long-run aggregate supply curve, as traditionally presented, i ...
... example, the absence of deflation over the past half-century for the U.S. economy. The conventional treatment of the AD-AS model typically found in economic principles texts falls short on both accounts. In particular, the concept of the long-run aggregate supply curve, as traditionally presented, i ...
chapter 6 - McGraw
... Although Phillips’s own curve relates the rate of increase of wages or wage inflation to unemployment, as in equation (3) above, the term “Phillips curve” gradually came to be used to describe either the original Phillips curve or a curve relating the rate of increase of prices—the rate of inflation ...
... Although Phillips’s own curve relates the rate of increase of wages or wage inflation to unemployment, as in equation (3) above, the term “Phillips curve” gradually came to be used to describe either the original Phillips curve or a curve relating the rate of increase of prices—the rate of inflation ...
Walentin 2013
... than in most other countries. First, the models assume that mortgages have variable interest rates. For Sweden, this assumption is reasonable as the country has a high fraction of mortgages with variable interest rates. The share of mortgages with variable interest rate since 1996 has averaged rough ...
... than in most other countries. First, the models assume that mortgages have variable interest rates. For Sweden, this assumption is reasonable as the country has a high fraction of mortgages with variable interest rates. The share of mortgages with variable interest rate since 1996 has averaged rough ...
Global liquidity
... exchange reserves resulting from substantial surpluses built up by China and oil-exporting countries. Many surplus economies have accumulated large foreign exchange reserves in order to control the appreciation effect of capital inflows on the exchange rate. The bulk of the assets consisted of low-r ...
... exchange reserves resulting from substantial surpluses built up by China and oil-exporting countries. Many surplus economies have accumulated large foreign exchange reserves in order to control the appreciation effect of capital inflows on the exchange rate. The bulk of the assets consisted of low-r ...
Global Economic Prospects
... Growth prospects have weakened throughout the world economy. Global growth for 2016 is projected at 2.4 percent, unchanged from the disappointing pace of 2015, and 0.5 percentage point below the January forecast. Emerging market and developing economies (EMDEs) are facing stronger headwinds, includi ...
... Growth prospects have weakened throughout the world economy. Global growth for 2016 is projected at 2.4 percent, unchanged from the disappointing pace of 2015, and 0.5 percentage point below the January forecast. Emerging market and developing economies (EMDEs) are facing stronger headwinds, includi ...
Sample
... 1) Which of the following concepts determines how goods are priced? a. give and take Incorrect: Understanding the need for an item (demand) and the availability of that item (supply) determines the pricing of the item. b. buyer and seller Incorrect: Understanding the need for an item (demand) and th ...
... 1) Which of the following concepts determines how goods are priced? a. give and take Incorrect: Understanding the need for an item (demand) and the availability of that item (supply) determines the pricing of the item. b. buyer and seller Incorrect: Understanding the need for an item (demand) and th ...
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%.