readme
... and updated version of the Table, has been placed on this diskette. It was prepared by Alan Heston and Robert Summers of the University of Pennsylvania, Daniel A. Nuxoll of the Virginia Polytechnic Institute, and Bettina Aten of the University of Illinois at Urbana-Champaign, with the research assis ...
... and updated version of the Table, has been placed on this diskette. It was prepared by Alan Heston and Robert Summers of the University of Pennsylvania, Daniel A. Nuxoll of the Virginia Polytechnic Institute, and Bettina Aten of the University of Illinois at Urbana-Champaign, with the research assis ...
NBER WORKING PAPER SERIES R&D SPILLOVERS AND GLOBAL
... determined by the same factors, and the capital output ratio is constant. An implication of these relationships is that the long-run growth rate of per capita output is entirely determined by the growth rate of total factor productivity, ...
... determined by the same factors, and the capital output ratio is constant. An implication of these relationships is that the long-run growth rate of per capita output is entirely determined by the growth rate of total factor productivity, ...
chapter overview
... for policy change and to affect that change in a timely fashion. Although policy changes can be implemented rapidly, there is a lag of at least 3 to 6 months before the changes will have their full impact. 2. The velocity of money (number of times the average dollar is spent in a year) may be unpred ...
... for policy change and to affect that change in a timely fashion. Although policy changes can be implemented rapidly, there is a lag of at least 3 to 6 months before the changes will have their full impact. 2. The velocity of money (number of times the average dollar is spent in a year) may be unpred ...
4V - EconStor
... its reduced income from copper. The balance of trade would deteriorate and unemployment would increase. The maintenance of real domestic absorption need not however imply that the shares of the absorption accounted for by households, private investors and government remain constant. For example, if ...
... its reduced income from copper. The balance of trade would deteriorate and unemployment would increase. The maintenance of real domestic absorption need not however imply that the shares of the absorption accounted for by households, private investors and government remain constant. For example, if ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... real depreciation, but it also depends on the responsiveness of velocity to inflation and on the degree to which higher inflation erodes real tax collection. The important point to recognize is that each of these factors will increase significantly the inflationary impact of the debt shock. During h ...
... real depreciation, but it also depends on the responsiveness of velocity to inflation and on the degree to which higher inflation erodes real tax collection. The important point to recognize is that each of these factors will increase significantly the inflationary impact of the debt shock. During h ...
Document
... Fiscal Policy with Money Likewise, monetary effects will temper any fiscal policy designed to reduce aggregate demand Suppose in an attempt to cool inflation, income taxes are increases, which reduces consumption reduces aggregate expenditures and aggregate demand equilibrium output and the pri ...
... Fiscal Policy with Money Likewise, monetary effects will temper any fiscal policy designed to reduce aggregate demand Suppose in an attempt to cool inflation, income taxes are increases, which reduces consumption reduces aggregate expenditures and aggregate demand equilibrium output and the pri ...
Bade_Parkin_Macro_Lecture_CH13
... and the interest rate rises. A rise in the nominal interest rate decreases the quantity of real money demanded. 3. If the interest rate is 5 percent a year, the quantity of money held equals the quantity demanded and the money market is in equilibrium. ...
... and the interest rate rises. A rise in the nominal interest rate decreases the quantity of real money demanded. 3. If the interest rate is 5 percent a year, the quantity of money held equals the quantity demanded and the money market is in equilibrium. ...
The Phillips Curve A
... Changes in attitudes by households and firms shift aggregate demand; if the government does not respond, the result is undesirable and unnecessary fluctuations in output and employment. ...
... Changes in attitudes by households and firms shift aggregate demand; if the government does not respond, the result is undesirable and unnecessary fluctuations in output and employment. ...
capr 1+) New Ke,Jne5Ian conomIcs: SticL,9 PrIces
... firms to fix the prices for their products for long periods of time. Consider a restaurant, which must print new menus whenever it changes its prices. Printing menus is costly, and this causes the restaurant to change prices infrequently. Given that prices change infrequently, there may be periods w ...
... firms to fix the prices for their products for long periods of time. Consider a restaurant, which must print new menus whenever it changes its prices. Printing menus is costly, and this causes the restaurant to change prices infrequently. Given that prices change infrequently, there may be periods w ...
7. Medium-Term Projections
... use the interest rate corridor and other policy instruments should such a risk materialize. Meanwhile, the possibility for a delay in the global economic recovery, which therefore requires maintaining quantitative easing policies in advanced economies for an extended period remains as downside risks ...
... use the interest rate corridor and other policy instruments should such a risk materialize. Meanwhile, the possibility for a delay in the global economic recovery, which therefore requires maintaining quantitative easing policies in advanced economies for an extended period remains as downside risks ...
Shocks and Frictions in US Business Cycles: A Bayesian DSGE
... Mark Watson (1988), who use a structural VAR methodology to examine the sources of business cycle fluctuations. While “demand” shocks such as the risk premium, exogenous spending, and investment-specific technology shocks explain a significant fraction of the short-run forecast variance in output, b ...
... Mark Watson (1988), who use a structural VAR methodology to examine the sources of business cycle fluctuations. While “demand” shocks such as the risk premium, exogenous spending, and investment-specific technology shocks explain a significant fraction of the short-run forecast variance in output, b ...
Digression: The European Debt Crisis
... 2. Ho to overcome the crisis ➤ In the short run: What measures are necessary to overcome the crisis? ■ The Governments of indebted countries have overtaken the bad debt losses of the commercial banks in their countries. This has caused an increase of the government indebtedness. ...
... 2. Ho to overcome the crisis ➤ In the short run: What measures are necessary to overcome the crisis? ■ The Governments of indebted countries have overtaken the bad debt losses of the commercial banks in their countries. This has caused an increase of the government indebtedness. ...
Unemployment Rate
... The income tax treats the nominal interest earned on savings as income, even though part of the nominal interest rate merely compensates for inflation. The after-tax real interest rate falls, making saving less attractive. ...
... The income tax treats the nominal interest earned on savings as income, even though part of the nominal interest rate merely compensates for inflation. The after-tax real interest rate falls, making saving less attractive. ...
surplues (+)/deficits(-) adjusted for government
... series process. If the government debt and/or deficits are stationary, the implication is that fiscal policy is sustainable. The procedure involves the use of unit root tests on government debt and/or deficits (see Hamilton and Flavin,1986; Wilcox, 1988; Kremer, 1996, for applications). A related a ...
... series process. If the government debt and/or deficits are stationary, the implication is that fiscal policy is sustainable. The procedure involves the use of unit root tests on government debt and/or deficits (see Hamilton and Flavin,1986; Wilcox, 1988; Kremer, 1996, for applications). A related a ...
Lecture 6 - Universität Bamberg
... Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
... Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
Decomposing Sources of Inflation
... change individuals’ behavior that could possibly lead to the change in investment. Finally, since the price level in an economy at a particular time is determined by three shocks, inflation is assumed to be affected by all, supply, demand, and inflation expectations shocks. ...
... change individuals’ behavior that could possibly lead to the change in investment. Finally, since the price level in an economy at a particular time is determined by three shocks, inflation is assumed to be affected by all, supply, demand, and inflation expectations shocks. ...
Chapter 21 Stabilization Policy with Backward
... Stabilization policy involves the use of monetary and fiscal policy to dampen fluctuations in output and inflation. In this chapter we offer an introduction to the problems of macroeconomic stabilization policy. The first part of the chapter discusses the goals of stabilization policy, asking why bus ...
... Stabilization policy involves the use of monetary and fiscal policy to dampen fluctuations in output and inflation. In this chapter we offer an introduction to the problems of macroeconomic stabilization policy. The first part of the chapter discusses the goals of stabilization policy, asking why bus ...
Quasi-Commodity Money
... may consist of something that has a nonmonetary use or uses, but is only contingently rather than absolutely or “naturally” scarce. An example would be a durable good which, though capable of being reproduced at zero marginal cost, is rendered scarce by having rights to it, or to the technology need ...
... may consist of something that has a nonmonetary use or uses, but is only contingently rather than absolutely or “naturally” scarce. An example would be a durable good which, though capable of being reproduced at zero marginal cost, is rendered scarce by having rights to it, or to the technology need ...
PDF
... Stryker’s empirical analysis, which stops in 1985, there has been no comparable attempt to quantify agricultural policy distortions, assess their economic impacts, and put their importance in the context of Ghana’s broader development challenges. A general finding of the present analysis is that the ...
... Stryker’s empirical analysis, which stops in 1985, there has been no comparable attempt to quantify agricultural policy distortions, assess their economic impacts, and put their importance in the context of Ghana’s broader development challenges. A general finding of the present analysis is that the ...
Overlapping Generations Model
... close to the steady state value for most of the time. This is the turnpike property: the best way to go from any k0 to any kT is to stay close to k ∗ for a long time. So, even in a finite horizon program, the modified golden rule is very significant. The infinite horizon problem is the limit case wh ...
... close to the steady state value for most of the time. This is the turnpike property: the best way to go from any k0 to any kT is to stay close to k ∗ for a long time. So, even in a finite horizon program, the modified golden rule is very significant. The infinite horizon problem is the limit case wh ...
Foreign Asset Accumulation, Macroeconomic Policies and
... Follow Fischer (1979) and Obstfeld (1981, 1982), we examine the perfect foresight equilibrium path of the mercantilist economy, where the expected and actual in‡ation rates coincide, and ...
... Follow Fischer (1979) and Obstfeld (1981, 1982), we examine the perfect foresight equilibrium path of the mercantilist economy, where the expected and actual in‡ation rates coincide, and ...
File - MCNEIL ECONOMICS
... 2. The Federal Reserve Banks use four principal tools (techniques or instruments) to control the reserves of banks and the size of the money supply. a. The Federal Reserve can buy or sell government securities in the open market to change the lending ability of the banking system. (1) Buying securit ...
... 2. The Federal Reserve Banks use four principal tools (techniques or instruments) to control the reserves of banks and the size of the money supply. a. The Federal Reserve can buy or sell government securities in the open market to change the lending ability of the banking system. (1) Buying securit ...
A Dynamic Model of Aggregate Demand and Aggregate Supply
... A Shock to Aggregate Supply Suppose that the aggregate supply shock variable t increases to 1 percent for one period of time and then returns to zero. The DAS curve will shift to the left in period t by exactly the amount of the shock. The DAD curve will remain unchanged. Inflation rises and output ...
... A Shock to Aggregate Supply Suppose that the aggregate supply shock variable t increases to 1 percent for one period of time and then returns to zero. The DAS curve will shift to the left in period t by exactly the amount of the shock. The DAD curve will remain unchanged. Inflation rises and output ...