Textbook of Economics
... the area of the Earth and can be enlarged only by building above or under the surface. Accumulation of Capital On the other hand, capital can be accumulated to infinity. Capital goods include tools, machines, and buildings. They are not produced for immediate consumption they are used to produce oth ...
... the area of the Earth and can be enlarged only by building above or under the surface. Accumulation of Capital On the other hand, capital can be accumulated to infinity. Capital goods include tools, machines, and buildings. They are not produced for immediate consumption they are used to produce oth ...
NBER WORXING PAPER SERIES REAL RIGIDITIES AND NON-NEUTRALITY OF MONEY Laurence Ball
... Wisconsin, Yale and the NBER; and for financiel support from the NSF. The research reported here is part of the NBER's research program in Economic Fluctuations. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. Support from the Lynde and Harr ...
... Wisconsin, Yale and the NBER; and for financiel support from the NSF. The research reported here is part of the NBER's research program in Economic Fluctuations. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. Support from the Lynde and Harr ...
A Critique of Monetarist and Austrian Doctrines on the Utility and
... This treatment has money held in a portfolio of interest-earning assets, and not as an exchange medium appreciating to the point where it would be too valuable to be held any longer and would be "sold." The fallacy in Keynes's argument lies in the clause, "its utility is solely derived from its purc ...
... This treatment has money held in a portfolio of interest-earning assets, and not as an exchange medium appreciating to the point where it would be too valuable to be held any longer and would be "sold." The fallacy in Keynes's argument lies in the clause, "its utility is solely derived from its purc ...
NBER WORKING PAPER SERIES WHAT'S A RECESSION, ANYWAY? Edward E. Leamer
... compiles the first and the Federal Reserve Board the second. Because manufacturing is a relatively small part of the economy, the movements of these indicators often differ from those reflecting other sectors. Although the four indicators described above are the most important measures considered by ...
... compiles the first and the Federal Reserve Board the second. Because manufacturing is a relatively small part of the economy, the movements of these indicators often differ from those reflecting other sectors. Although the four indicators described above are the most important measures considered by ...
2014-15 Budget medium-term economic projections
... Treasury’s forecasting process and methodologies have evolved substantially since then, but a constant has been the separation of the estimates horizon between near-term forecasts and longer-term projections. While the former take into account cyclical movements in the economy, the latter has been l ...
... Treasury’s forecasting process and methodologies have evolved substantially since then, but a constant has been the separation of the estimates horizon between near-term forecasts and longer-term projections. While the former take into account cyclical movements in the economy, the latter has been l ...
Measurement of Real Income in the System of National Accounts
... gross and net saving and methods to include terms-of-trade adjustments are all present. However, these metrics are not as widely known or discussed as GDP. The aim of this paper is to demonstrate how using the recommendations contained in the SNA 1993 for transforming GDP measures to GNDI measures b ...
... gross and net saving and methods to include terms-of-trade adjustments are all present. However, these metrics are not as widely known or discussed as GDP. The aim of this paper is to demonstrate how using the recommendations contained in the SNA 1993 for transforming GDP measures to GNDI measures b ...
Real Unit Labour Costs in Eurozone Countries: Drivers and
... whether these clusters are driven by some of the components in which the RULCs can be decomposed. These are real wages, capital intensity, and technology, the latter two being the drivers of labour productivity and economic growth. For the clusters to be examined, we first decompose the RULCs into t ...
... whether these clusters are driven by some of the components in which the RULCs can be decomposed. These are real wages, capital intensity, and technology, the latter two being the drivers of labour productivity and economic growth. For the clusters to be examined, we first decompose the RULCs into t ...
NBER WORKING PAPER SERIES Craig Burnside
... the cross-sectional regressions given that they use generated regressors. We also provide an interpretation of our empirical work that relates growth rates, rates of return, and risk. In Section 1 we revisit the evidence on the links between volatility and growth by reexamining and extending Ramey a ...
... the cross-sectional regressions given that they use generated regressors. We also provide an interpretation of our empirical work that relates growth rates, rates of return, and risk. In Section 1 we revisit the evidence on the links between volatility and growth by reexamining and extending Ramey a ...
CHAPTER 29: AGGREGATE DEMAND AND - jb
... falls at higher prices, and at lower prices, the quantity demanded is higher. Bear in Mind The aggregate demand-aggregate supply model is part of a free-response question on almost every AP macroeconomics exam. As part of the question, you are asked to draw a correctly labeled graph. It is very impo ...
... falls at higher prices, and at lower prices, the quantity demanded is higher. Bear in Mind The aggregate demand-aggregate supply model is part of a free-response question on almost every AP macroeconomics exam. As part of the question, you are asked to draw a correctly labeled graph. It is very impo ...
Aggregate Demand/Supply
... 8. In the AD–AS model, the intersection of the short-run aggregate supply curve and the aggregate demand curve is the point of short-run macroeconomic equilibrium. It determines the short-run equilibrium aggregate price level and the level of short-run equilibrium aggregate output. 9. Economic fluct ...
... 8. In the AD–AS model, the intersection of the short-run aggregate supply curve and the aggregate demand curve is the point of short-run macroeconomic equilibrium. It determines the short-run equilibrium aggregate price level and the level of short-run equilibrium aggregate output. 9. Economic fluct ...
Chapter 9 Aggregate Demand and Aggregate Supply
... bonds, bills, stocks, and so forth will see their assets go down in value. If people become less wealthy, they are likely to spend less, causing aggregate demand to fall. There are other reasons for the downward slope of the aggregate demand curve. These will be explained in future chapters. The gra ...
... bonds, bills, stocks, and so forth will see their assets go down in value. If people become less wealthy, they are likely to spend less, causing aggregate demand to fall. There are other reasons for the downward slope of the aggregate demand curve. These will be explained in future chapters. The gra ...
Objectives for Chapter 9 Aggregate Demand and Aggregate Supply
... bonds, bills, stocks, and so forth will see their assets go down in value. If people become less wealthy, they are likely to spend less, causing aggregate demand to fall. There are other reasons for the downward slope of the aggregate demand curve. These will be explained in future chapters. The gra ...
... bonds, bills, stocks, and so forth will see their assets go down in value. If people become less wealthy, they are likely to spend less, causing aggregate demand to fall. There are other reasons for the downward slope of the aggregate demand curve. These will be explained in future chapters. The gra ...
Block I - Bhoj University
... During much of the "Mercantilist" period, growth was seen as involving an increase in the total amount of specie, that is circulating medium such as silver and gold, under the control of the state. This "Bullionist" theory led to policies to force trade through a particular state, the acquisition of ...
... During much of the "Mercantilist" period, growth was seen as involving an increase in the total amount of specie, that is circulating medium such as silver and gold, under the control of the state. This "Bullionist" theory led to policies to force trade through a particular state, the acquisition of ...
New Portada
... In this paper I examine the empirical relationships between capital and output and the trend in total factor productivity (TFP) from 1990 to 2010 using data from PWT 6.3, 7.1, and 8.0. The evidence is not conclusive, but it indicates that across countries the investment data in PWT 6.3 are more accu ...
... In this paper I examine the empirical relationships between capital and output and the trend in total factor productivity (TFP) from 1990 to 2010 using data from PWT 6.3, 7.1, and 8.0. The evidence is not conclusive, but it indicates that across countries the investment data in PWT 6.3 are more accu ...
Stylised Facts for New Zealand Business Cycles
... and for Australia by Crosby and Otto (1995) and by Fisher, Otto and Voss (1996). More recent results for Australia have been reported in Tawardros (2011). In their examinations, KBH (1994) documented the volatility, autocorrelation, and crosscorrelation with real GDP of a comprehensive set of macro ...
... and for Australia by Crosby and Otto (1995) and by Fisher, Otto and Voss (1996). More recent results for Australia have been reported in Tawardros (2011). In their examinations, KBH (1994) documented the volatility, autocorrelation, and crosscorrelation with real GDP of a comprehensive set of macro ...
The data are collected at a quarterly frequency, over a
... number of industrialised and developing countries and we analyse the co-movement across them by means of a factor analysis. Moreover, we analyse whether the common factor – which we interpret as a measure of "global excess liquidity" – Granger-causes excess liquidity and nominal spending (measured b ...
... number of industrialised and developing countries and we analyse the co-movement across them by means of a factor analysis. Moreover, we analyse whether the common factor – which we interpret as a measure of "global excess liquidity" – Granger-causes excess liquidity and nominal spending (measured b ...
macroeconomic developments report
... Macroeconomic Developments Report No. 1, Prishtina. Any correction that may be required will be made in the web site version. ...
... Macroeconomic Developments Report No. 1, Prishtina. Any correction that may be required will be made in the web site version. ...
Around the European Periphery 1870–1913
... the world) in the late nineteenth century, of that there can be no doubt. What about the rest of the periphery? Based on Maddison's data, Austria seems to have done about as well as Scandinavia: GDP per capita and GDP per worker-hour grew almost exactly as fast (1.46 vs 1.45 and 1.76 vs 1.77). In co ...
... the world) in the late nineteenth century, of that there can be no doubt. What about the rest of the periphery? Based on Maddison's data, Austria seems to have done about as well as Scandinavia: GDP per capita and GDP per worker-hour grew almost exactly as fast (1.46 vs 1.45 and 1.76 vs 1.77). In co ...
CHAPTER IX THEORIES OP INFLATION There are seven important
... Y, the equilibrium share of wages in national income represented by b, that of profits by 1-b and the marginal propensity to consume of the wage earners by Cw and that of profit-earners by C_ and autonomous expenditure (G+I) as a fraction of national income to be represented by g. In that case, ...
... Y, the equilibrium share of wages in national income represented by b, that of profits by 1-b and the marginal propensity to consume of the wage earners by Cw and that of profit-earners by C_ and autonomous expenditure (G+I) as a fraction of national income to be represented by g. In that case, ...
Chapter 1 - IDEAS/RePEc
... component of GDP and include items that last longer than the current period such as automobiles and furniture. Nondurables are goods that are consumed or “used up” within the period such as food. Services are non-tangible items such as haircuts and massages. Investment consists of fixed investment, ...
... component of GDP and include items that last longer than the current period such as automobiles and furniture. Nondurables are goods that are consumed or “used up” within the period such as food. Services are non-tangible items such as haircuts and massages. Investment consists of fixed investment, ...
NBER WORKING PAPER SERIES CALLING RECESSIONS IN REAL TIME James D. Hamilton
... of both simulated real-time analysis-- looking at what the inference of a proposed model would have been using data as they were actually released at the time-- and actual real-time analysis, in which a researcher stakes his or her reputation on publicly using the model to generate out-of-sample, re ...
... of both simulated real-time analysis-- looking at what the inference of a proposed model would have been using data as they were actually released at the time-- and actual real-time analysis, in which a researcher stakes his or her reputation on publicly using the model to generate out-of-sample, re ...
The Macroeconomic Effects of El Niño
... We contribute to the literature that assesses the macroeconomic effects of weather shocks in several dimensions, including a novel multi-country methodology. Our modelling framework accounts for the effects of common factors (whether observed or unobserved), and ensures that the El Niño-economy rela ...
... We contribute to the literature that assesses the macroeconomic effects of weather shocks in several dimensions, including a novel multi-country methodology. Our modelling framework accounts for the effects of common factors (whether observed or unobserved), and ensures that the El Niño-economy rela ...
Supply - Breathitt County Schools
... surprising to hear that the same is true with supply. Supply can increase or decrease, depending on many different factors. In order for a change in supply to take place, producers must decide to offer a different quantity of output at each possible price in the market. This might happen for a numbe ...
... surprising to hear that the same is true with supply. Supply can increase or decrease, depending on many different factors. In order for a change in supply to take place, producers must decide to offer a different quantity of output at each possible price in the market. This might happen for a numbe ...
Velocity: Money`s Second Dimension
... balances, is a constant fraction of the level of income. However, Keynes believed that money is held for purposes other than as a medium of exchange. The speculative motive for holding money is not directly related to expenditures, according to Keynes, but depends instead on the "liquidity preferenc ...
... balances, is a constant fraction of the level of income. However, Keynes believed that money is held for purposes other than as a medium of exchange. The speculative motive for holding money is not directly related to expenditures, according to Keynes, but depends instead on the "liquidity preferenc ...
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%.