NBER WORKING PAPER SERIES Jesús Fernández-Villaverde
... face the fact that actual decisions tell us only about what was done, but say little about what would have been done in other circumstances. And while the absence of an explicit counterfactual may be a minor problem for historians, it is a deep ‡aw for economists who are interested in evaluating who ...
... face the fact that actual decisions tell us only about what was done, but say little about what would have been done in other circumstances. And while the absence of an explicit counterfactual may be a minor problem for historians, it is a deep ‡aw for economists who are interested in evaluating who ...
Money and Information in a New Neoclassical Synthesis Framework
... for money arises over and above any information contained in output, inflation and the nominal interest rate. To formally assess the validity of the above hypothesis regarding the usefulness of money we use US data from 1959 II to 2007 IV to estimate a (canonical) version of the model with rule-of-t ...
... for money arises over and above any information contained in output, inflation and the nominal interest rate. To formally assess the validity of the above hypothesis regarding the usefulness of money we use US data from 1959 II to 2007 IV to estimate a (canonical) version of the model with rule-of-t ...
Textbook of Economics
... machine is placed, and you need the machines. If you operate u bus from Prague to Brno, you need a driver, you need to pay for the road and terminals, and you need the bus. If you produce software, you need the programmers, you need premises, and you need computers. The volume of Labour and Land is ...
... machine is placed, and you need the machines. If you operate u bus from Prague to Brno, you need a driver, you need to pay for the road and terminals, and you need the bus. If you produce software, you need the programmers, you need premises, and you need computers. The volume of Labour and Land is ...
Growth, Democracy, and Civil War - e
... Between 1945 and 1999 there were around 127 civil conflicts with at least 1000 battle deaths. Total casualties as a direct result of these wars are estimated to be at least 16.2 million (Fearon and Laitin, 2003), with many more killed or disabled by diseases caused by civil wars (e.g. Sambanis, 2002 ...
... Between 1945 and 1999 there were around 127 civil conflicts with at least 1000 battle deaths. Total casualties as a direct result of these wars are estimated to be at least 16.2 million (Fearon and Laitin, 2003), with many more killed or disabled by diseases caused by civil wars (e.g. Sambanis, 2002 ...
The Aggregate-Supply - Churchill High School
... U.S. interest rates rise (the interest-rate effect). Foreign investors desire more U.S. bonds. Higher demand for $ in foreign exchange market. U.S. exchange rate appreciates. U.S. exports more expensive to people abroad, imports cheaper to U.S. residents. Result: NX falls. AGGREGATE DEMAND ...
... U.S. interest rates rise (the interest-rate effect). Foreign investors desire more U.S. bonds. Higher demand for $ in foreign exchange market. U.S. exchange rate appreciates. U.S. exports more expensive to people abroad, imports cheaper to U.S. residents. Result: NX falls. AGGREGATE DEMAND ...
Aggregate Demand and Aggregate Supply
... the factors that change its position—that is, cause the AD curve to shift. The AD curve is downward-sloping because an increase in the price level reduces the aggregate demand for goods and services if nothing else changes. Although the aggregate demand curve and the demand curves for individual goo ...
... the factors that change its position—that is, cause the AD curve to shift. The AD curve is downward-sloping because an increase in the price level reduces the aggregate demand for goods and services if nothing else changes. Although the aggregate demand curve and the demand curves for individual goo ...
The Changing Dynamics of the Global Business Cycle
... vidual countries therefore tended to offset one another to a greater degree during the 1960s. The evolution of output volatility over time can be broken down into several phases. In advanced economies, volatility was high in the 1950s, partly as a result of the boom-andbust cycle associated with th ...
... vidual countries therefore tended to offset one another to a greater degree during the 1960s. The evolution of output volatility over time can be broken down into several phases. In advanced economies, volatility was high in the 1950s, partly as a result of the boom-andbust cycle associated with th ...
After the Boom–Commodity Prices and Economic Growth in
... countries. For instance, Uruguay did not experience NCPI gains along this period.14 Other countries that also export mainly food commodities, such as Honduras and Paraguay, experienced a lower-than-average NCPI growth rate, of about 3½-4 percent. On the other end, Bolivia, Ecuador, Colombia and Chil ...
... countries. For instance, Uruguay did not experience NCPI gains along this period.14 Other countries that also export mainly food commodities, such as Honduras and Paraguay, experienced a lower-than-average NCPI growth rate, of about 3½-4 percent. On the other end, Bolivia, Ecuador, Colombia and Chil ...
Fiscal and Monetary Policies The Nominal Anchor
... the long-run equilibrium values of real variables (e.g., employment, output, real interest rates) don’t depend on monetary conditions The Quantity Theory of Money (MV = PY ) was typically the link between the money supply and the price level But some classical (neoclassical) economists discussed pri ...
... the long-run equilibrium values of real variables (e.g., employment, output, real interest rates) don’t depend on monetary conditions The Quantity Theory of Money (MV = PY ) was typically the link between the money supply and the price level But some classical (neoclassical) economists discussed pri ...
Chapter 4: Economic costs associated with the
... the high level of non-…nancial sector debt, as well as the simultaneous decline in collateral values, these factors quickly translated into huge loan-losses, wiping out the capital of many banks. The banking crisis was on its way. During the …rst phase of the crisis (1988-90) problems were not regar ...
... the high level of non-…nancial sector debt, as well as the simultaneous decline in collateral values, these factors quickly translated into huge loan-losses, wiping out the capital of many banks. The banking crisis was on its way. During the …rst phase of the crisis (1988-90) problems were not regar ...
Beyond capital fundamentalism
... distinction between actual, warranted and natural growth rates. They were aware that the use of the Harrod-Domar formula to calculate “capital requirements” to reach a target growth rate differed from the original texts, but adapted it to their own agenda. From that perspective, they formed an “inte ...
... distinction between actual, warranted and natural growth rates. They were aware that the use of the Harrod-Domar formula to calculate “capital requirements” to reach a target growth rate differed from the original texts, but adapted it to their own agenda. From that perspective, they formed an “inte ...
Optimal Monetary Policy when Information is - HEC Lausanne
... steering the economy towards the ecient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
... steering the economy towards the ecient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
Bank of England Inflation Report February 2015
... Bank staff estimate that the recent falls in import prices are likely to be more than offsetting the upward pressure from past rises such that, currently, non-energy import prices are weighing slightly on CPI inflation. There is more uncertainty than three months ago about the extent to which the pa ...
... Bank staff estimate that the recent falls in import prices are likely to be more than offsetting the upward pressure from past rises such that, currently, non-energy import prices are weighing slightly on CPI inflation. There is more uncertainty than three months ago about the extent to which the pa ...
Economics 101 Assignment #3 (20 Points) Name
... 1. A Depression is a period of time during which Real GDP is falling. From 1929 to 1941, during what years was there a Depression (or recession)? How much (or by what percent) did Real GDP fall? _____________________________________ __________________________________________________________________ ...
... 1. A Depression is a period of time during which Real GDP is falling. From 1929 to 1941, during what years was there a Depression (or recession)? How much (or by what percent) did Real GDP fall? _____________________________________ __________________________________________________________________ ...
krugman ir macro module 28(64).indd
... output and the difference between a perfectly competitive firm and an imperfectly competitive firm. To explain the difference between short-run and long-run aggregate supply, remind students that there is a difference between potential output and actual output. Potential output is defined by the eco ...
... output and the difference between a perfectly competitive firm and an imperfectly competitive firm. To explain the difference between short-run and long-run aggregate supply, remind students that there is a difference between potential output and actual output. Potential output is defined by the eco ...
NBER WORKING PAPER SERIES LAND-PRICE DYNAMICS AND MACROECONOMIC FLUCTUATIONS Zheng Liu Pengfei Wang
... I. Introduction The recent financial crisis caused by a collapse of the housing market propelled the U.S. economy into the Great Recession. A notable development during the crisis period was a slump in business investment in tandem with a sharp decline in land prices (Figure 1). The crisis has gener ...
... I. Introduction The recent financial crisis caused by a collapse of the housing market propelled the U.S. economy into the Great Recession. A notable development during the crisis period was a slump in business investment in tandem with a sharp decline in land prices (Figure 1). The crisis has gener ...
The Contributions of Milton Friedman to Economics
... that prices perform is to provide an incentive for people to adopt the least costly methods of production and to use available resources for the most highly valued uses. They perform that function because of their third function, which is to determine who gets what and how much—the distribution of i ...
... that prices perform is to provide an incentive for people to adopt the least costly methods of production and to use available resources for the most highly valued uses. They perform that function because of their third function, which is to determine who gets what and how much—the distribution of i ...
S How Will Unemployment Fare Following the Recession?
... light on how future unemployment in the United States is likely to behave. In general, the international data reveal large and persistent increases in unemployment in the aftermath of such events. This article examines these factors and quantifies their potential implications for the future U.S. une ...
... light on how future unemployment in the United States is likely to behave. In general, the international data reveal large and persistent increases in unemployment in the aftermath of such events. This article examines these factors and quantifies their potential implications for the future U.S. une ...
Inflation, Its Causes and Cures
... equipment (e.g., in the railroads) entailing waste, slower growth, and lower average real wages are the unavoidable consequences. ...
... equipment (e.g., in the railroads) entailing waste, slower growth, and lower average real wages are the unavoidable consequences. ...
Abstract - Brad DeLong
... 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 ...
The Threat Is Real: Labor-Market Competition
... Hagendoon and Prior 2004; Levine and Campbell 1972 in Bobo 1999). Although competition can take place over a wide range of valued economic goods, including access to welfare services and education, the most immediate source of competitive pressure for natives is their own position in the labor marke ...
... Hagendoon and Prior 2004; Levine and Campbell 1972 in Bobo 1999). Although competition can take place over a wide range of valued economic goods, including access to welfare services and education, the most immediate source of competitive pressure for natives is their own position in the labor marke ...
NBER WORKING PAPER SERIES TOWARDS A THEORY OF FIRM ENTRY
... Business cycles are characterized by sizeable investment dynamics of …rm entry and exit. Just as real and monetary shocks may lead …rms to adjust the scale of production, they also create opportunities to introduce new goods in the market, as lower costs or higher demand raise the pro…tability of ne ...
... Business cycles are characterized by sizeable investment dynamics of …rm entry and exit. Just as real and monetary shocks may lead …rms to adjust the scale of production, they also create opportunities to introduce new goods in the market, as lower costs or higher demand raise the pro…tability of ne ...
What Is New-Keynesian Economics? Robert J. Gordon Journal of Economic Literature
... A prerequisite for any theory purporting to explain wage and/or price stickiness is a demonstration that the phenomenon of stickiness exists in realworld data. In Part I1 we begin by defining three different dimensions of price For convenience, this introduction concludes some references to the ma ...
... A prerequisite for any theory purporting to explain wage and/or price stickiness is a demonstration that the phenomenon of stickiness exists in realworld data. In Part I1 we begin by defining three different dimensions of price For convenience, this introduction concludes some references to the ma ...
WORD - unece
... The strong dollar has had adverse effects on corporate profitability and exports. Corporate profits growth slowed down in the first two quarters of 2000, but the average masks a decline in the profits of financial corporations. Banks have become increasingly cautious about the economic prospects of ...
... The strong dollar has had adverse effects on corporate profitability and exports. Corporate profits growth slowed down in the first two quarters of 2000, but the average masks a decline in the profits of financial corporations. Banks have become increasingly cautious about the economic prospects of ...
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%.