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Telecommunications in small economies: the impact of liberalization
... empirical studies of the effects of competition on Universal Service and is followed by a discussion regarding the role of mobile telephony in Universal Service. A fourth part brings up the issue of the size of the economy and unfolds the generic leverage that size may have on the liberalization of ...
... empirical studies of the effects of competition on Universal Service and is followed by a discussion regarding the role of mobile telephony in Universal Service. A fourth part brings up the issue of the size of the economy and unfolds the generic leverage that size may have on the liberalization of ...
Keynesian and Monetarist Views on the German Unemployment
... controversy on the causes of the unemployment problem and the appropriate policy response. The opposing viewpoints, and in particular the public exchanges on this issues, are often based either on Keynesian or on monetarist theories of business cycle fluctuations which lead to very different conclus ...
... controversy on the causes of the unemployment problem and the appropriate policy response. The opposing viewpoints, and in particular the public exchanges on this issues, are often based either on Keynesian or on monetarist theories of business cycle fluctuations which lead to very different conclus ...
** Complementary Credit Networks and Macro-Economic Stability * * uses data from a Swiss barter network to argue that large scale internet barter helps to stabilize the business cycle. My paper was recently invited for a 2nd presentation to the Central Bank of Brazil, and is in the
... such system, operating on the basis of centralized credit, rather than a circulating currency. The WIR is also longer-lived than any LETS or corporate barter network (Stodder, 1998; Studer, 1998). The thesis of this paper is that WIR exchange has been strongly counter-cyclical within the Swiss Econo ...
... such system, operating on the basis of centralized credit, rather than a circulating currency. The WIR is also longer-lived than any LETS or corporate barter network (Stodder, 1998; Studer, 1998). The thesis of this paper is that WIR exchange has been strongly counter-cyclical within the Swiss Econo ...
NBER WORKING PAPER SERIES STABILIZING EXPECTATIONS UNDER MONETARY AND FISCAL POLICY COORDINATION
... ables on endogenous macroeconomic developments, the greater the likelihood of expectationsdriven instability. This gives support to concerns about the ability of policy-makers to …ne tune the macroeconomy expounded in Friedman (1968). However, a policy regime which guarantees stability of expectati ...
... ables on endogenous macroeconomic developments, the greater the likelihood of expectationsdriven instability. This gives support to concerns about the ability of policy-makers to …ne tune the macroeconomy expounded in Friedman (1968). However, a policy regime which guarantees stability of expectati ...
generations
... imbalances that leave their descendents facing 30 to 50 percent higher lifetime net tax rates. ...
... imbalances that leave their descendents facing 30 to 50 percent higher lifetime net tax rates. ...
In‡ation Targeting: Is the NKM …t for purpose? Peter N. Smith and
... and an output equation derived loosely from an inter-temporal model of the economy called the new “IS” function. This model is commonly known as the New Keynesian model (NKM).1 This re‡ects the introduction of price stickiness through a Phillips equation in a dynamic stochastic general equilibrium ( ...
... and an output equation derived loosely from an inter-temporal model of the economy called the new “IS” function. This model is commonly known as the New Keynesian model (NKM).1 This re‡ects the introduction of price stickiness through a Phillips equation in a dynamic stochastic general equilibrium ( ...
Kirjallisen työn pohja
... In 1996, a research found that inflation was the term that appeared most frequently in the popular media. At that time, there were statistically 872,000 news stories which contained the word “inflation”. Unemployment ranked second in the frequency of appearance with 603,000 stories. The public inter ...
... In 1996, a research found that inflation was the term that appeared most frequently in the popular media. At that time, there were statistically 872,000 news stories which contained the word “inflation”. Unemployment ranked second in the frequency of appearance with 603,000 stories. The public inter ...
Saving Transitions - Harvard Kennedy School
... sources. In practice, there have been few cases of high-investment countries, perhaps none at all, where foreign saving has accounted for more than 20 percent of investment over long stretches of time. In an economy investing, say, 30 percent of its GDP, relying on foreign saving beyond this limit w ...
... sources. In practice, there have been few cases of high-investment countries, perhaps none at all, where foreign saving has accounted for more than 20 percent of investment over long stretches of time. In an economy investing, say, 30 percent of its GDP, relying on foreign saving beyond this limit w ...
THE RETURN OF THE WAGE PHILLIPS CURVE
... price setting.1 The degree of nominal wage rigidities and other features of wage setting play an important role in determining the response of the economy to monetary and other shocks. Furthermore, the coexistence of price and wage rigidities has important implications for the optimal design of mone ...
... price setting.1 The degree of nominal wage rigidities and other features of wage setting play an important role in determining the response of the economy to monetary and other shocks. Furthermore, the coexistence of price and wage rigidities has important implications for the optimal design of mone ...
NBER WORKING PAPER SERIES MONETARY POLICY MATTER? A NEW TEST IN
... period covered by the Monetary History. In keeping with the view that the most compelling evidence that Friedman and Schwartz provide of the importance of monetary shocks comes from the most dramatic events that they describe, we limit our attention to the episodes that they emphasize in their summa ...
... period covered by the Monetary History. In keeping with the view that the most compelling evidence that Friedman and Schwartz provide of the importance of monetary shocks comes from the most dramatic events that they describe, we limit our attention to the episodes that they emphasize in their summa ...
The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty
... Finally, it has been argued that monetary policy can effectively stabilize both inflation and output through a rule that only involves inflation forecasts, with no explicit response to the output gap. (Batini and Haldane (1999) refer to this feature of forecast-based rules as “output encompassing.”) In ...
... Finally, it has been argued that monetary policy can effectively stabilize both inflation and output through a rule that only involves inflation forecasts, with no explicit response to the output gap. (Batini and Haldane (1999) refer to this feature of forecast-based rules as “output encompassing.”) In ...
A-level Economics Mark scheme Unit 04 - The National and
... inflation The impact of imported inflation on future balance of payments’ performance Inflation, the UK exchange rate and the balance of payments The impact of global inflation on the macroeconomy of other countries and how this will inevitably impact on the UK’s balance of payments Investment flows ...
... inflation The impact of imported inflation on future balance of payments’ performance Inflation, the UK exchange rate and the balance of payments The impact of global inflation on the macroeconomy of other countries and how this will inevitably impact on the UK’s balance of payments Investment flows ...
How Independent Should a Central Bank Be?
... short-run inflation/output trade-off, then is there any such trade-off that may be reliably exploited by monetary policy? If not, then monetary policy should focus exclusively on inflation (or the price level) and ignore the consequences, if any, for the real economy. ...
... short-run inflation/output trade-off, then is there any such trade-off that may be reliably exploited by monetary policy? If not, then monetary policy should focus exclusively on inflation (or the price level) and ignore the consequences, if any, for the real economy. ...
Kad Brunner*
... maintain full employment. For a state resting at B this instruction is translated into an expansion of the government sector’s net spending sufficient to move the expenditure line from IS0 to IS~. The magnitude of the shift is determined by the requirement that the IS line ultimately intersect the f ...
... maintain full employment. For a state resting at B this instruction is translated into an expansion of the government sector’s net spending sufficient to move the expenditure line from IS0 to IS~. The magnitude of the shift is determined by the requirement that the IS line ultimately intersect the f ...
On the Desirability of Nominal GDP Targeting
... are therefore easily motivated as potentially desirable policy rules. In a version of the model where only prices are sticky, the so-called “Divine Coincidence” (Blanchard and Gali (2007)) holds, and either targeting rule fully implements the flexible price allocation. In other words, stabilizing in ...
... are therefore easily motivated as potentially desirable policy rules. In a version of the model where only prices are sticky, the so-called “Divine Coincidence” (Blanchard and Gali (2007)) holds, and either targeting rule fully implements the flexible price allocation. In other words, stabilizing in ...
Inflation dynamics, marginal cost, and the output gap:
... rationalize a disturbance (or “cost-push shock”) term in empirical NKPCs, that is the basis for the existence for a trade-off between price inflation and output gap variability. We will argue that such a shock term can be rationalized even in the absence of labor market rigidities, once one consider ...
... rationalize a disturbance (or “cost-push shock”) term in empirical NKPCs, that is the basis for the existence for a trade-off between price inflation and output gap variability. We will argue that such a shock term can be rationalized even in the absence of labor market rigidities, once one consider ...
NBER WORKING PAPER SERIES WHY HAVE BUSINESS CYCLE FLUCTUATIONS BECOME LESS VOLATILE?
... McConnell and Perez-Quiros (2002) argue that the “information revolution” has changed the way shocks are propagated. In particular, they argue that the volatility reduction resulting largely from improvements in inventory management techniques, using a model that differs substantially from the stand ...
... McConnell and Perez-Quiros (2002) argue that the “information revolution” has changed the way shocks are propagated. In particular, they argue that the volatility reduction resulting largely from improvements in inventory management techniques, using a model that differs substantially from the stand ...
MacroPolicy - Purdue Agriculture
... market see an increase in the price of a substitute good. They are willing to buy more of the product at every price. Starting equilibrium price and quantity are at 1. Demand increases (a). Because the substitute is more expensive, at the original equilibrium price consumers want to buy more, at 2. ...
... market see an increase in the price of a substitute good. They are willing to buy more of the product at every price. Starting equilibrium price and quantity are at 1. Demand increases (a). Because the substitute is more expensive, at the original equilibrium price consumers want to buy more, at 2. ...
NATIONAL
... Income flows to bank accounts, where it is constant flow of consumption. protected from inflation, and consumers withdraw cash at discrete intervals to finance consumption. In this case, the real value of consumer spending decreases one-for-one with the inflation tax on cash. ...
... Income flows to bank accounts, where it is constant flow of consumption. protected from inflation, and consumers withdraw cash at discrete intervals to finance consumption. In this case, the real value of consumer spending decreases one-for-one with the inflation tax on cash. ...
Medium Term Debt Management Strategy (2011
... has increased by 2.3 pp versus 2008, reaching the value of 12.05%. Concerning the cost of the central government debt, it is useful to analyze the interest payments, which indicate an increase in 2009 comparing to 2008. This evolution owes to the increase of the domestic debt interest payments by ap ...
... has increased by 2.3 pp versus 2008, reaching the value of 12.05%. Concerning the cost of the central government debt, it is useful to analyze the interest payments, which indicate an increase in 2009 comparing to 2008. This evolution owes to the increase of the domestic debt interest payments by ap ...
Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers
... revived the classic debate on the effectiveness of fiscal policy as an instrument of macroeconomic stabilization (van der Ploeg, 2005). On the theory side, the rapid development of micro-founded general equilibrium models with non-Ricardian features has allowed researchers to assess the benefits of ...
... revived the classic debate on the effectiveness of fiscal policy as an instrument of macroeconomic stabilization (van der Ploeg, 2005). On the theory side, the rapid development of micro-founded general equilibrium models with non-Ricardian features has allowed researchers to assess the benefits of ...
What has Happened to Monetarism? An Investigation into the
... rejecting the idea that velocity might be some "natural constant," an overstatement of the quantity theory which had contributed to its downfall, Friedman (1956, 21) refers to the "extraordinary empirical stability and regularity" of income velocity--when properly specified as a stable function of c ...
... rejecting the idea that velocity might be some "natural constant," an overstatement of the quantity theory which had contributed to its downfall, Friedman (1956, 21) refers to the "extraordinary empirical stability and regularity" of income velocity--when properly specified as a stable function of c ...
On the Receiving End? External Conditions and Emerging
... on impact. On average, in the medium term, external shocks—stemming from external demand, financing costs, and terms of trade—explain about half of the variance in emerging market economies’ growth rates. The incidence of external shocks varies across economies, with stronger growth in advanced econ ...
... on impact. On average, in the medium term, external shocks—stemming from external demand, financing costs, and terms of trade—explain about half of the variance in emerging market economies’ growth rates. The incidence of external shocks varies across economies, with stronger growth in advanced econ ...