Short-Run and Long-Run Aggregate Supply
... • Employers are somewhat reluctant to immediately lower nominal wages because they will lose employees. • Some employees have already signed contracts at a higher wage so those wages are fixed for the time being. • Eventually the labor market gets so weak, and unemployment is so high, that nominal w ...
... • Employers are somewhat reluctant to immediately lower nominal wages because they will lose employees. • Some employees have already signed contracts at a higher wage so those wages are fixed for the time being. • Eventually the labor market gets so weak, and unemployment is so high, that nominal w ...
Rational and Irrational Bubbles
... The rational story for the U.S. in 1929 starts by noting that capitalization rates for corporate earnings increased in 1926, with rising profit anticipations. The capitalization rate remained between 40 and 50 until the fall of 1929, after the recession began. The stock price increase in the first e ...
... The rational story for the U.S. in 1929 starts by noting that capitalization rates for corporate earnings increased in 1926, with rising profit anticipations. The capitalization rate remained between 40 and 50 until the fall of 1929, after the recession began. The stock price increase in the first e ...
E P CONOMIC ERSPECTIVE
... taxable sales have declined sharply in recent quarters. Board of Equalization staff estimate that first quarter 2002 taxable sales decreased 4.5 percent compared to those of the first quarter of 2001. This fall in sales follows reductions in both the third and fourth quarters of 2001 (2.9 percent de ...
... taxable sales have declined sharply in recent quarters. Board of Equalization staff estimate that first quarter 2002 taxable sales decreased 4.5 percent compared to those of the first quarter of 2001. This fall in sales follows reductions in both the third and fourth quarters of 2001 (2.9 percent de ...
Reaganomics and the Supply-Side: A Rationale
... employment level implicit in their model was the assumption that demand creates its own supply create the demand necessary to achieve full employment and the needed supply would be forthcoming this is just the opposite of the classical model government was the only effective means of stimulating agg ...
... employment level implicit in their model was the assumption that demand creates its own supply create the demand necessary to achieve full employment and the needed supply would be forthcoming this is just the opposite of the classical model government was the only effective means of stimulating agg ...
CHAPTER OVERVIEW
... were to rise for a considerable length of time at a faster rate than the rate at which they were increasing production (their rate of productivity growth), the workers’ income would equal the entire national output; there would be nothing for the other factors of production. Long before this happene ...
... were to rise for a considerable length of time at a faster rate than the rate at which they were increasing production (their rate of productivity growth), the workers’ income would equal the entire national output; there would be nothing for the other factors of production. Long before this happene ...
This PDF is a selection from an out-of-print volume from... Volume Title: The State of Monetary Economics
... marily by purchases and sales, of government likewise between partisans of income-expendiwith operations concen- ture and quantity-theory analysis. Relating the securities of all trated in issues with interest-elastic demand 12 instrument to the target variables in (i) and in order to minimize inter ...
... marily by purchases and sales, of government likewise between partisans of income-expendiwith operations concen- ture and quantity-theory analysis. Relating the securities of all trated in issues with interest-elastic demand 12 instrument to the target variables in (i) and in order to minimize inter ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Conference on Business Cycles
... of changes is recurrent but not periodic; in duration business cycles vary from more than one year to ten or twelve years; they are not divisible into shorter cycles of similar character with amplitudes approximating their own. ...
... of changes is recurrent but not periodic; in duration business cycles vary from more than one year to ten or twelve years; they are not divisible into shorter cycles of similar character with amplitudes approximating their own. ...
Real GDP per Capital
... • Pollution is a negative externality because it allows firms to impose a cost on society without having to pay compensation • Many have called for “cap and trade” policies which impose costs and limits/purchases/trades on firms who are engaged in pollution type industries. ...
... • Pollution is a negative externality because it allows firms to impose a cost on society without having to pay compensation • Many have called for “cap and trade” policies which impose costs and limits/purchases/trades on firms who are engaged in pollution type industries. ...
THE EFFECT OF GOVERNMENT SIZE ON ECONOMIC GROWTH
... To establish the relationship between govenunent and overall growth, existing studies usually employ a relatively simple neoclassical growth model. Gross national product (GNP) or gross domestic product (GDP) is used as the dependent variable with labor, capital, various govenunent measures, and oft ...
... To establish the relationship between govenunent and overall growth, existing studies usually employ a relatively simple neoclassical growth model. Gross national product (GNP) or gross domestic product (GDP) is used as the dependent variable with labor, capital, various govenunent measures, and oft ...
N 6
... regarded as (upper bound) estimates of the gains from this technology and in most cases, of course, this represents technology transfer. Several points worth noting can be taken from the research underlying Table 1. First, the benefits were relatively small initially but grew over time as rail outpu ...
... regarded as (upper bound) estimates of the gains from this technology and in most cases, of course, this represents technology transfer. Several points worth noting can be taken from the research underlying Table 1. First, the benefits were relatively small initially but grew over time as rail outpu ...
Medieval origins to the Industrial Revolution
... tenuously preserved by the clergy. In Italy the pope could no longer rely on Byzantine protection and so became dependent on the Carolingian emperors. The evidence for this startling thesis was summed up by a distinguished commentator, Robert Lopez (1943), as the “four disappearances” from Western E ...
... tenuously preserved by the clergy. In Italy the pope could no longer rely on Byzantine protection and so became dependent on the Carolingian emperors. The evidence for this startling thesis was summed up by a distinguished commentator, Robert Lopez (1943), as the “four disappearances” from Western E ...
Globalization and the European Economy: Medieval Origins to the
... tenuously preserved by the clergy. In Italy the pope could no longer rely on Byzantine protection and so became dependent on the Carolingian emperors. The evidence for this startling thesis was summed up by a distinguished commentator, Robert Lopez (1943), as the “four disappearances” from Western E ...
... tenuously preserved by the clergy. In Italy the pope could no longer rely on Byzantine protection and so became dependent on the Carolingian emperors. The evidence for this startling thesis was summed up by a distinguished commentator, Robert Lopez (1943), as the “four disappearances” from Western E ...
Chapter 1 Economic Principles and Cycles
... Anything permanently attached to the land Anything incidental or appurtenant to the land That which is immovable by law ...
... Anything permanently attached to the land Anything incidental or appurtenant to the land That which is immovable by law ...
The United States and Europe Short-Run Divergence and
... wiped out, about five times the amount that was lost in the Great Depression, and global trade volumes fell by 17 percent, even more than at the onset of the Great Depression. By the fourth quarter of 2013, per-capita GDP had recovered to pre-crisis levels, and in the first quarter of this year it w ...
... wiped out, about five times the amount that was lost in the Great Depression, and global trade volumes fell by 17 percent, even more than at the onset of the Great Depression. By the fourth quarter of 2013, per-capita GDP had recovered to pre-crisis levels, and in the first quarter of this year it w ...
President’s Report Board Directors
... Current Economic Developments - Addendum: Data released in the past week Last Friday's employment report showed robust improvement in the labor market. Nonfarm payrolls added 151,000 jobs - well above expectations - and payroll estimates for the previous two months were revised substantially upward. ...
... Current Economic Developments - Addendum: Data released in the past week Last Friday's employment report showed robust improvement in the labor market. Nonfarm payrolls added 151,000 jobs - well above expectations - and payroll estimates for the previous two months were revised substantially upward. ...
DISCUSSION Keynes` Theory on America`s Great Depression: An
... entrepreneurs who had bet their money on continued prosperity were the big losers of the Depression. Production was a third less than normal and the distribution of income had shifted toward those who kept steady employment or who had invested their financial wealth conservatively. As a result, at t ...
... entrepreneurs who had bet their money on continued prosperity were the big losers of the Depression. Production was a third less than normal and the distribution of income had shifted toward those who kept steady employment or who had invested their financial wealth conservatively. As a result, at t ...
6.6 Is Economic Growth Desirable and Sustainable?
... • First advanced to France, Germany, and other parts of Western Europe in the early 1800s before spreading to Canada, the United States, and Australia by the late 1800s. • Japan began to industrialize in the 1870s • The rest of Asia did not follow until the early to mid 1900s, at which time large pa ...
... • First advanced to France, Germany, and other parts of Western Europe in the early 1800s before spreading to Canada, the United States, and Australia by the late 1800s. • Japan began to industrialize in the 1870s • The rest of Asia did not follow until the early to mid 1900s, at which time large pa ...
NBER WORKING PAPER SERIES
... new ideas that could aid in restoring prosperity. And there are two developments around the time of the GT that advanced its prominence substantially. One is that the theory seemed to be consistent with the subsequent evolution of economic time series, at least for a while. A second fundamental comp ...
... new ideas that could aid in restoring prosperity. And there are two developments around the time of the GT that advanced its prominence substantially. One is that the theory seemed to be consistent with the subsequent evolution of economic time series, at least for a while. A second fundamental comp ...
1994-5
... Duck4 extended the island concept of Lucas5 to the case of an open economies by introducing an external sector. His model preserves the main features of the closed MRE model : markets are assumed to clear continuously and instantaneously; economic agents do not have perfect information; and expectat ...
... Duck4 extended the island concept of Lucas5 to the case of an open economies by introducing an external sector. His model preserves the main features of the closed MRE model : markets are assumed to clear continuously and instantaneously; economic agents do not have perfect information; and expectat ...
presentation source
... Canada strong, Mexico accelerating Asia in Recovery. biggest risk now is oil. Growth in W. Europe is gaining strength. E. Europe: growth tied to Western Europe Commodity price improvement is helping Africa Middle East: oil prices up, economies recovering Latin America was in recession ...
... Canada strong, Mexico accelerating Asia in Recovery. biggest risk now is oil. Growth in W. Europe is gaining strength. E. Europe: growth tied to Western Europe Commodity price improvement is helping Africa Middle East: oil prices up, economies recovering Latin America was in recession ...
NBER WORKING PAPER SERIES A QUICK REFRESHER COURSE IN MACROECONOMICS
... Refresher Course," Journal of Money. Credit, and Banking, August 1988, Part 2. I am grateful to Moses Abramovitz, David Laidler, and Thomas Mayer for comments, and to the National Science Foundation for financial support. This paper is part of NBER's research programs in Economic Fluctuations and Fi ...
... Refresher Course," Journal of Money. Credit, and Banking, August 1988, Part 2. I am grateful to Moses Abramovitz, David Laidler, and Thomas Mayer for comments, and to the National Science Foundation for financial support. This paper is part of NBER's research programs in Economic Fluctuations and Fi ...
Power Point - The University of Chicago Booth School of Business
... “Classic” Theories of Money Quantity Theory of Money (Milton Friedman) Money growth + velocity of money growth = real GPD growth + inflation Velocity of money growth is how much times an average unit money turns over in the economy (Nominal GDP divided by money supply) If velocity of money is ...
... “Classic” Theories of Money Quantity Theory of Money (Milton Friedman) Money growth + velocity of money growth = real GPD growth + inflation Velocity of money growth is how much times an average unit money turns over in the economy (Nominal GDP divided by money supply) If velocity of money is ...
69. Adina Dornean - Danubius Proceedings
... Juglar cycles (in Clement Juglar’s opinion – credit contractions and periodical crises at every 9-10 years), Berry cycles (25-30 years), Kondratieff cycles (50-60 years), Strauss cycles (90-99 years) and cycles of the modern world (300 years). The studies regarding the cyclic evolutions in the econo ...
... Juglar cycles (in Clement Juglar’s opinion – credit contractions and periodical crises at every 9-10 years), Berry cycles (25-30 years), Kondratieff cycles (50-60 years), Strauss cycles (90-99 years) and cycles of the modern world (300 years). The studies regarding the cyclic evolutions in the econo ...
Data Snapshot - Şeker Yatırım
... This report has been prepared by Şeker Yatırım Menkul Değerler A.Ş. (Şeker Invest). The information and opinions contained in this report have been obtained from and are based upon public sources that Şeker Invest believes to be reliable, but no representation or warranty, express or implied, is mad ...
... This report has been prepared by Şeker Yatırım Menkul Değerler A.Ş. (Şeker Invest). The information and opinions contained in this report have been obtained from and are based upon public sources that Şeker Invest believes to be reliable, but no representation or warranty, express or implied, is mad ...
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%.