Reinventing Fiscal Policy Philip Arestis and Malcolm Sawyer The
... There has been a major shift within macroeconomic policy over the past two decades or so in terms of the relative importance given to monetary policy and to fiscal policy, with the former gaining considerably in importance, and the latter being so much downgraded that it is rarely mentioned. Monetar ...
... There has been a major shift within macroeconomic policy over the past two decades or so in terms of the relative importance given to monetary policy and to fiscal policy, with the former gaining considerably in importance, and the latter being so much downgraded that it is rarely mentioned. Monetar ...
IS-LM and Monetarism
... regarded it as a weak one. Even the view of inflation as a monetary phenomenon, a core monetarist proposition, to many Keynesians before 1970 was unacceptable.1 There is no canon, however, that one can consult to establish the orthodox monetarist position. Proponents of monetarism all accept the quan ...
... regarded it as a weak one. Even the view of inflation as a monetary phenomenon, a core monetarist proposition, to many Keynesians before 1970 was unacceptable.1 There is no canon, however, that one can consult to establish the orthodox monetarist position. Proponents of monetarism all accept the quan ...
12 INFLATION, JOBS, AND THE BUSINESS CYCLE*
... The New Keynesian cycle theory asserts that money wages are set at many past dates so past rational expectations of the price level influence the money wage rate and the position of the SAS curve. Both currently expected and unexpected fluctuations in aggregate demand bring fluctuations in real GD ...
... The New Keynesian cycle theory asserts that money wages are set at many past dates so past rational expectations of the price level influence the money wage rate and the position of the SAS curve. Both currently expected and unexpected fluctuations in aggregate demand bring fluctuations in real GD ...
Why Monetary Policy Matters
... of growth of aggregate output relatively high. After all, low unemployment and high rates of growth would mean higher real incomes and higher average living standards. This brings us to the second proposition above―the limitations on what can be achieved by monetary policy. Arguments put forward mos ...
... of growth of aggregate output relatively high. After all, low unemployment and high rates of growth would mean higher real incomes and higher average living standards. This brings us to the second proposition above―the limitations on what can be achieved by monetary policy. Arguments put forward mos ...
Interest Rates, Unemployment and Inflation
... conditions, and the sharp fiscal retrenchment were all initiated by the high interest rates the Bank of Canada had begun to set as early as in 1988. It can also be argued that, in contrast, fiscal policy had been on the right course. The structural fiscal balance had been improving every year after ...
... conditions, and the sharp fiscal retrenchment were all initiated by the high interest rates the Bank of Canada had begun to set as early as in 1988. It can also be argued that, in contrast, fiscal policy had been on the right course. The structural fiscal balance had been improving every year after ...
Biographical Information Curriculum Vitae of Willem H. Buiter General
... Economics of Transition, 8(3), 2000, pp. 603-622. 52. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? With an Application to UK Membership in EMU", Sixth Royal Bank of Scotland/Scottish Economic Society Annual Lecture, given at the Royal College of Physicians, Edinburgh, on Tuesda ...
... Economics of Transition, 8(3), 2000, pp. 603-622. 52. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? With an Application to UK Membership in EMU", Sixth Royal Bank of Scotland/Scottish Economic Society Annual Lecture, given at the Royal College of Physicians, Edinburgh, on Tuesda ...
UNIVERSITY OF CALICUT
... the curriculum is the essential ingredient of any vibrant university academic system. There ought to be the dynamic curriculum with necessary additions and changes introduced in it from time to time by the respective university with a prime objective to maintain updated curriculum and also providing ...
... the curriculum is the essential ingredient of any vibrant university academic system. There ought to be the dynamic curriculum with necessary additions and changes introduced in it from time to time by the respective university with a prime objective to maintain updated curriculum and also providing ...
Real Fluctuations at the Zero Lower Bound
... by Christiano, Eichenbaum and Rebelo (2011) and many others argue that the benefits of increased government spending are much larger when the economy is in a liquidity trap. Since the European Central Bank is also at the zero lower bound, Eggertsson, Ferrero and Raffo (2013) argues that structural r ...
... by Christiano, Eichenbaum and Rebelo (2011) and many others argue that the benefits of increased government spending are much larger when the economy is in a liquidity trap. Since the European Central Bank is also at the zero lower bound, Eggertsson, Ferrero and Raffo (2013) argues that structural r ...
Reinventing fiscal policy
... the relative importance given to monetary policy and to fiscal policy, with the former gaining considerably in importance, and the latter being so much downgraded that it is rarely mentioned. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the ad ...
... the relative importance given to monetary policy and to fiscal policy, with the former gaining considerably in importance, and the latter being so much downgraded that it is rarely mentioned. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the ad ...
The NAIRU in Theory and Practice
... A second, more tractable econometric issue is the computation of standard errors. Until recently, the empirical literature on the Phillips curve rarely provided standard errors for estimates of the NAIRU. This odd oversight was corrected in an important paper by Staiger, Stock and Watson (1997). Usi ...
... A second, more tractable econometric issue is the computation of standard errors. Until recently, the empirical literature on the Phillips curve rarely provided standard errors for estimates of the NAIRU. This odd oversight was corrected in an important paper by Staiger, Stock and Watson (1997). Usi ...
Quantitative Easing in Joseph`s Egypt with Keynesian Producers
... When there is no storage, households’ optimal bond purchases resolve the Phillipscurve indeterminacy: the Euler equation determines the level of current consumption given a fixed real interest rate and the rational anticipation that consumption will equal its flexible-price level when the shock to ...
... When there is no storage, households’ optimal bond purchases resolve the Phillipscurve indeterminacy: the Euler equation determines the level of current consumption given a fixed real interest rate and the rational anticipation that consumption will equal its flexible-price level when the shock to ...
Unemployment
... Duration of Unemployment: The average duration for all employed workers over the past decade is 15.2 weeks. The duration of unemployment increases when the overall activity slows down and falls when it speeds up. Discouraged worker: A person who does not have a job, is available to work, but has ...
... Duration of Unemployment: The average duration for all employed workers over the past decade is 15.2 weeks. The duration of unemployment increases when the overall activity slows down and falls when it speeds up. Discouraged worker: A person who does not have a job, is available to work, but has ...
chapter 17
... Suggestions and Pitfalls The purpose of stabilization policies is to counteract economic disturbances that may arise from changes in private or public spending, wars, technological innovations, changes in supply conditions, or a wide range of other occurrences. But policy makers themselves may also ...
... Suggestions and Pitfalls The purpose of stabilization policies is to counteract economic disturbances that may arise from changes in private or public spending, wars, technological innovations, changes in supply conditions, or a wide range of other occurrences. But policy makers themselves may also ...
Chapter 25 060413-1 檔案
... Long-term contracts reduce the cost of negotiations between buyers and sellers. Labor contracts may be multi-year agreements. Long-term contracts serve to build in (內建) wage and price increases that depend on inflation expectations at the time the contracts were signed. 如果長期契約加入通膨調整預期，物價變動自動 ...
... Long-term contracts reduce the cost of negotiations between buyers and sellers. Labor contracts may be multi-year agreements. Long-term contracts serve to build in (內建) wage and price increases that depend on inflation expectations at the time the contracts were signed. 如果長期契約加入通膨調整預期，物價變動自動 ...
as a PDF
... six weeks for the Federal Reserve) and attempts at fine tuning. Fiscal policy, in contrast, typically involves infrequent decisions (often annually), and could be described as ‘coarse tuning.’1 It could be argued that the ‘fine tuning’ nature of monetary policy means that it suffers more from proble ...
... six weeks for the Federal Reserve) and attempts at fine tuning. Fiscal policy, in contrast, typically involves infrequent decisions (often annually), and could be described as ‘coarse tuning.’1 It could be argued that the ‘fine tuning’ nature of monetary policy means that it suffers more from proble ...
DEPARTMENT OF ECONOMICS UNIVERSITY OF BURDWAN PG Syllabus – 2014-15 session onwards
... A minimum of 70 credits shall have to be earned from Departmental Core Courses and shall be Compulsory (marked with an * in the framework) A minimum of 20 credits shall have to be earned from Departmental Optional papers / Major Electives (marked with a # in the framework) A minimum of 5 credits sha ...
... A minimum of 70 credits shall have to be earned from Departmental Core Courses and shall be Compulsory (marked with an * in the framework) A minimum of 20 credits shall have to be earned from Departmental Optional papers / Major Electives (marked with a # in the framework) A minimum of 5 credits sha ...
Edmund Phelps
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation—one featuring imperfect information, incomplete knowledge and expectations about wages and prices—to support a macroeconomic theory of employment determination and price-wage dynamics. This led to his development of the natural rate of unemployment—its existence and the mechanism governing its size.Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.