Advanced Studies in International Economic Policy Research Kiel
... The signing of the Maastricht Treaty and the introduction of the EMU brought about changes in the way that fiscal policy is conducted in the EMU. These changes include, among other things, the restrictions imposed by the Stability and Growth Pact. Motivated by these changes, a number of econometric ...
... The signing of the Maastricht Treaty and the introduction of the EMU brought about changes in the way that fiscal policy is conducted in the EMU. These changes include, among other things, the restrictions imposed by the Stability and Growth Pact. Motivated by these changes, a number of econometric ...
I Is Inflation Dead?
... rate for men aged 35 to 54 as a function of the group’s population share and participation rate. This new series portrays how the unemployment rate varies through time relative to the early 1960s, based on changes in basic demographics. These demographic shifts do not have a huge impact. The highest ...
... rate for men aged 35 to 54 as a function of the group’s population share and participation rate. This new series portrays how the unemployment rate varies through time relative to the early 1960s, based on changes in basic demographics. These demographic shifts do not have a huge impact. The highest ...
lecture6_2006_hv
... Q: Why does GDP values fluctuate around the potential? A: Interest Rate becomes cyclic which makes Investment cyclical Q: So? A: Interest rate is cyclical because inflation rate in the model at first is smaller than or lags the money supply growth rate, and then later overshoots it. The important th ...
... Q: Why does GDP values fluctuate around the potential? A: Interest Rate becomes cyclic which makes Investment cyclical Q: So? A: Interest rate is cyclical because inflation rate in the model at first is smaller than or lags the money supply growth rate, and then later overshoots it. The important th ...
International Comparisons of GDP: Issues of - ANU Press
... year or over a series of years, there is a close analogy with the procedures that are called for, and the problems that arise, when making estimates of changes over time in real GDP for a particular economy. As in the inter-temporal case, the point of departure for a cross-border comparison is the r ...
... year or over a series of years, there is a close analogy with the procedures that are called for, and the problems that arise, when making estimates of changes over time in real GDP for a particular economy. As in the inter-temporal case, the point of departure for a cross-border comparison is the r ...
The Interest Rate Effect on Private Saving: Alternative Perspectives
... Is the PRC’s documented interest-rate-saving link an isolated instance or an example of the negative income effect of the interest rate? To shed some light on this question, we employ a panel of countries to conduct an extensive empirical study on the link between interest rates and private saving. ...
... Is the PRC’s documented interest-rate-saving link an isolated instance or an example of the negative income effect of the interest rate? To shed some light on this question, we employ a panel of countries to conduct an extensive empirical study on the link between interest rates and private saving. ...
Reinventing Fiscal Policy Philip Arestis and Malcolm Sawyer The
... rate” so that the problem of aggregate demand deficiency appears to be effectively dispensed with.3 This can be seen in the operation of Taylor’s rule for the setting of the discount rate (Taylor 1993). In Arestis and Sawyer (2003a), we critically examine the significance of this shift in terms of m ...
... rate” so that the problem of aggregate demand deficiency appears to be effectively dispensed with.3 This can be seen in the operation of Taylor’s rule for the setting of the discount rate (Taylor 1993). In Arestis and Sawyer (2003a), we critically examine the significance of this shift in terms of m ...
Chapter 19. The Goods Market in an Open Economy
... answer: Not very much, if at all. How much consumers decide to spend still depends on their income and their wealth. While the real exchange rate surely affects the composition of consumption spending between domestic goods and foreign goods, there is no obvious reason why it should affect the overa ...
... answer: Not very much, if at all. How much consumers decide to spend still depends on their income and their wealth. While the real exchange rate surely affects the composition of consumption spending between domestic goods and foreign goods, there is no obvious reason why it should affect the overa ...
The effects of Monetary Policy shocks across the Greek Regions
... Monetary policy is structurally designed at the national level as a stabilisation policy, aiming mainly at controlling inflation. In theory there are a significant number of channels through which monetary policy affects economy (for an excellent review see Miskhin, 2009). However, identifying empir ...
... Monetary policy is structurally designed at the national level as a stabilisation policy, aiming mainly at controlling inflation. In theory there are a significant number of channels through which monetary policy affects economy (for an excellent review see Miskhin, 2009). However, identifying empir ...
INFLATION AND UNEMPLOYMENT IN THE EU: COMPARATIVE
... was later (in certain periods) confimed in other countries as well. The existence of systemic trade-off characterized by regularity has been confirmed. Practical benefits of the discovery lie in the fact that creators of economic policies had a choice: a politically acceptable combination of lower u ...
... was later (in certain periods) confimed in other countries as well. The existence of systemic trade-off characterized by regularity has been confirmed. Practical benefits of the discovery lie in the fact that creators of economic policies had a choice: a politically acceptable combination of lower u ...
Introduction
... or 3 percent) stable inflation is desirable. For example, this point of view is advocated by Lawrence Summers (1991). However, Alan Greenspan declares that his long-term monetary goal is stable prices and zero inflation.3 Nevertheless, very few countries with good macroeconomic dynamics show close t ...
... or 3 percent) stable inflation is desirable. For example, this point of view is advocated by Lawrence Summers (1991). However, Alan Greenspan declares that his long-term monetary goal is stable prices and zero inflation.3 Nevertheless, very few countries with good macroeconomic dynamics show close t ...
An Empirical Examination of the dynamics of Negative INFLATION
... This paper provides an analysis of inflation dynamics in Zimbabwe under the multiple currency regime for the period 2011 to 2015. The analysis includes the main drivers of the inflationary trends and its potential effects on the economy. The analysis helps to determine the relative contributions of ...
... This paper provides an analysis of inflation dynamics in Zimbabwe under the multiple currency regime for the period 2011 to 2015. The analysis includes the main drivers of the inflationary trends and its potential effects on the economy. The analysis helps to determine the relative contributions of ...
Full Text - Life Science Journal
... in 1986 — 2002 and lasted for 16 years. This inflationary cycle has several peculiarities. First of all, this inflationary cycle occurred during the business cycle rise stage which provided an unprotracted character of the high inflation period. Secondly, inflationary cycle of 1986—2002 period was d ...
... in 1986 — 2002 and lasted for 16 years. This inflationary cycle has several peculiarities. First of all, this inflationary cycle occurred during the business cycle rise stage which provided an unprotracted character of the high inflation period. Secondly, inflationary cycle of 1986—2002 period was d ...
Financial Markets
... contract, and if we know the current price of the bond, which we may be able to observe in the bond market, we can use the formula to determine the bond’s yield to maturity. ...
... contract, and if we know the current price of the bond, which we may be able to observe in the bond market, we can use the formula to determine the bond’s yield to maturity. ...
12 INFLATION, JOBS, AND THE BUSINESS CYCLE*
... The Keynesian cycle theory regards fluctuations in investment driven by fluctuations in business confidence as the main sources of fluctuations in aggregate demand. The money wage rate is rigid. The monetarist cycle theory sees fluctuations in consumption expenditure and investment driven by flu ...
... The Keynesian cycle theory regards fluctuations in investment driven by fluctuations in business confidence as the main sources of fluctuations in aggregate demand. The money wage rate is rigid. The monetarist cycle theory sees fluctuations in consumption expenditure and investment driven by flu ...
Interest Rates and Their Role in the Economy during Transition. The
... developed, monetization of the economy is low and, therefore, the impact of interest rates on real economy is not very significant. They also test a hypothesis that increase of interest from already high level would not lead to significant changes on the real economy. They simulated a change in cred ...
... developed, monetization of the economy is low and, therefore, the impact of interest rates on real economy is not very significant. They also test a hypothesis that increase of interest from already high level would not lead to significant changes on the real economy. They simulated a change in cred ...
Cours 6 - Solvay Brussels School
... Another argument is that, if inflation and the current account deficit is brought under control by demand reduction, then sticky prices and wages may lead to a deterioration in output and unemployment. Devaluation, by changing the relative prices in favour of the country, might moderate the deflati ...
... Another argument is that, if inflation and the current account deficit is brought under control by demand reduction, then sticky prices and wages may lead to a deterioration in output and unemployment. Devaluation, by changing the relative prices in favour of the country, might moderate the deflati ...
Chapter 13
... React to exchange rate movements, such as when the foreign currency appears to be undervalued. DFI can also help reduce the MNC’s exposure to exchange rate fluctuations. ...
... React to exchange rate movements, such as when the foreign currency appears to be undervalued. DFI can also help reduce the MNC’s exposure to exchange rate fluctuations. ...
Reinventing fiscal policy
... exogenously given. However, DS should be treated as endogenous in that its size responds to changes in, inter alia, government expenditure. Then an increase in GD could be expected to lead to an increase in DS. This could also happen when we come to the argument of (10). For in both cases, it is pos ...
... exogenously given. However, DS should be treated as endogenous in that its size responds to changes in, inter alia, government expenditure. Then an increase in GD could be expected to lead to an increase in DS. This could also happen when we come to the argument of (10). For in both cases, it is pos ...
Chapter 16 Money in macroeconomics
... 2. It is a store of value. 3. It serves as a unit of account in which prices are quoted and books kept (the numeraire). On can argue, however, that the last function is on a di¤erent footing compared to the two others. Thus, we should make a distinction between the functions that money necessarily p ...
... 2. It is a store of value. 3. It serves as a unit of account in which prices are quoted and books kept (the numeraire). On can argue, however, that the last function is on a di¤erent footing compared to the two others. Thus, we should make a distinction between the functions that money necessarily p ...
Economics of Money, Banking, and Fin. Markets, 10e, Global Edition
... B) the costs of higher inflation in terms of the distortions it produces in the economy are high. C) it is more difficult to stabilize the inflation rate at a higher targeting level. D) all of the above. Answer: D Ques Status: New AACSB: Reflective thinking skills 3) The "Greenspan doctrine" - centr ...
... B) the costs of higher inflation in terms of the distortions it produces in the economy are high. C) it is more difficult to stabilize the inflation rate at a higher targeting level. D) all of the above. Answer: D Ques Status: New AACSB: Reflective thinking skills 3) The "Greenspan doctrine" - centr ...
Structural reforms and macroeconomic performance in the euro area
... countries. This has contributed to renew the interest in understanding the macroeconomic impact of competition-friendly structural reforms, aimed at increasing the economic efficiency and, as such, the maximum amount of output an economy can produce. This is true in particular for European and euro ...
... countries. This has contributed to renew the interest in understanding the macroeconomic impact of competition-friendly structural reforms, aimed at increasing the economic efficiency and, as such, the maximum amount of output an economy can produce. This is true in particular for European and euro ...
GOVERNMENT SPENDING, INTEREST BATES, PRICES, AND
... purchases. Further, until World War I, the economy was free of most other governmental interventions, such as extensive price and interest-rate controls, which often accompany wars. Fig. 3 shows the ratio of real military spending to trend GNP for the United Kingdom from 1701 to 1920. Real military ...
... purchases. Further, until World War I, the economy was free of most other governmental interventions, such as extensive price and interest-rate controls, which often accompany wars. Fig. 3 shows the ratio of real military spending to trend GNP for the United Kingdom from 1701 to 1920. Real military ...
Monetary Theory and Monetary Policy: Reflections on the
... * This paper has been prepared as a contribution to the Special Issue on “150 years Journal of Economics and Statistics” of the Journal of Economics and Statistics/Jahrbücher für Nationalökonomie und Statistik. We would like to thank Peter Bernholz, Knut Borchardt and Heinz Rieter, the editor, Peter ...
... * This paper has been prepared as a contribution to the Special Issue on “150 years Journal of Economics and Statistics” of the Journal of Economics and Statistics/Jahrbücher für Nationalökonomie und Statistik. We would like to thank Peter Bernholz, Knut Borchardt and Heinz Rieter, the editor, Peter ...
Page 277
... What Phillips also discovered was that this trade-off had been stable. His data extended back nearly 100 years. Whatever the relation had been in the 1950s, the same relation had existed in the 1920s, the 1890s, and even the 1870s. This was an amazing discovery. Relationships in Economics rarely sta ...
... What Phillips also discovered was that this trade-off had been stable. His data extended back nearly 100 years. Whatever the relation had been in the 1950s, the same relation had existed in the 1920s, the 1890s, and even the 1870s. This was an amazing discovery. Relationships in Economics rarely sta ...