Does slack influence public and private labor market interactions?
... In this paper we empirically analyze the impact of public employment and wages’ shocks on labor market outcomes in the short and medium-term, by studying if policies operate differently in periods of economic slack than in normal times. Our research questions are the following: (i) Is the impact of ...
... In this paper we empirically analyze the impact of public employment and wages’ shocks on labor market outcomes in the short and medium-term, by studying if policies operate differently in periods of economic slack than in normal times. Our research questions are the following: (i) Is the impact of ...
inflation - WordPress.com
... to supply (its potential output). This is most obvious when governments finance spending in a crisis, such as a civil war, by printing money excessively, often leading to hyperinflation, a condition where prices can double in a month or less. Another cause can be a rapid decline in the demand for m ...
... to supply (its potential output). This is most obvious when governments finance spending in a crisis, such as a civil war, by printing money excessively, often leading to hyperinflation, a condition where prices can double in a month or less. Another cause can be a rapid decline in the demand for m ...
LECTURE 7. Unemployment and Economic Growth
... rate calculation since they give the most comprehensive results and enables calculation of unemployment by different group categories such as race and gender. Official Estimates are determined by a combination of information from one or more of the other three methods. The use of this method has bee ...
... rate calculation since they give the most comprehensive results and enables calculation of unemployment by different group categories such as race and gender. Official Estimates are determined by a combination of information from one or more of the other three methods. The use of this method has bee ...
Unemployment - Business @ UOW
... reduction in the unemployment rate. Now consider the effects of expansionary policy when the economy is initially at A. the increased demand for labour will reduce unemployment to u1 but now the unemployment rate is below the NAIRU (U*- Long Run Phillips Curve), money wage growth will increase and i ...
... reduction in the unemployment rate. Now consider the effects of expansionary policy when the economy is initially at A. the increased demand for labour will reduce unemployment to u1 but now the unemployment rate is below the NAIRU (U*- Long Run Phillips Curve), money wage growth will increase and i ...
Tracking the Efficient Real Interest Rate
... have previously appeared in the literature. Others, including the best-fitting one, have not. The most notable feature of the best-fitting rule is that the monetary authority tracks the evolution of the efficient real interest rate—the real interest rate that would prevail in equilibrium if the econ ...
... have previously appeared in the literature. Others, including the best-fitting one, have not. The most notable feature of the best-fitting rule is that the monetary authority tracks the evolution of the efficient real interest rate—the real interest rate that would prevail in equilibrium if the econ ...
Title of Part A - Tufts University
... Along with the growth rate of GDP, the rate of unemployment is one of the official measures of macroeconomic performance most discussed in the media, by policymakers, by business leaders, and by economists. Like the other indicators discussed in Chapters 5 and 6, the official unemployment rate is in ...
... Along with the growth rate of GDP, the rate of unemployment is one of the official measures of macroeconomic performance most discussed in the media, by policymakers, by business leaders, and by economists. Like the other indicators discussed in Chapters 5 and 6, the official unemployment rate is in ...
UNIVERSITY OF CALICUT ABSTRACT
... Generally, curriculum brings out the academic programme’s educational philosophy, specific objectives of learning and understanding of a discipline and implementation strategies as well as assessment and evaluation criteria. However, Syllabus traditionally represents the content of a given Course an ...
... Generally, curriculum brings out the academic programme’s educational philosophy, specific objectives of learning and understanding of a discipline and implementation strategies as well as assessment and evaluation criteria. However, Syllabus traditionally represents the content of a given Course an ...
View/Open
... restriction between the shocks to the cycle and trend is imposed. In a recent paper, Morley, Nelson and Zivot (2003) show importance of the assumption that trend and cycle shocks are uncorrelated. In the side of the economic approaches, one way to calculate the output gap is to use an aggregate prod ...
... restriction between the shocks to the cycle and trend is imposed. In a recent paper, Morley, Nelson and Zivot (2003) show importance of the assumption that trend and cycle shocks are uncorrelated. In the side of the economic approaches, one way to calculate the output gap is to use an aggregate prod ...
Commentary: How Should Monetary Policy Be ∗ Michael Woodford
... Lars rightly calls attention to the possibility that, even if the central bank’s loss function is of the form (2) assumed above – and therefore depends only upon the variability of a relatively short-run measure of the inflation rate, not upon cumulative changes in the price level – a policy that re ...
... Lars rightly calls attention to the possibility that, even if the central bank’s loss function is of the form (2) assumed above – and therefore depends only upon the variability of a relatively short-run measure of the inflation rate, not upon cumulative changes in the price level – a policy that re ...
Ogbokor. Is Namibia`s inflation import driven
... Introduction and Research Background Economists have long recognized the potential dangers often associated with the phenomenon of inflation, especially if uncontrolled over a protracted period of time. The Monetarists, Keynesians, and the Structuralists in one way or another do ascribe to the notio ...
... Introduction and Research Background Economists have long recognized the potential dangers often associated with the phenomenon of inflation, especially if uncontrolled over a protracted period of time. The Monetarists, Keynesians, and the Structuralists in one way or another do ascribe to the notio ...
The Phillips Curve in the 1990s - Digital Commons @ IWU
... In 1968, Friedman and Phelps attacked the Phillips curve on theoretical grounds as they argued that workers and employers are concerned with real wages, not nominal wages, thus deriving the expectations-augmented Phillips curve (The Economist, 1994). They argued that there should not be a stable neg ...
... In 1968, Friedman and Phelps attacked the Phillips curve on theoretical grounds as they argued that workers and employers are concerned with real wages, not nominal wages, thus deriving the expectations-augmented Phillips curve (The Economist, 1994). They argued that there should not be a stable neg ...
Aging Population, Health-Care Costs, and the National Debt
... oriented” belief in humans’ limited knowledge of the economy and the system that generates economic data that Keynes (1937, p. 151) called “facts.” In his “critique” O’Donnell claims that the ergodic vs. nonergodic approach to uncertainty is “untenable” and that “its treatment of Keynes’s … work is ...
... oriented” belief in humans’ limited knowledge of the economy and the system that generates economic data that Keynes (1937, p. 151) called “facts.” In his “critique” O’Donnell claims that the ergodic vs. nonergodic approach to uncertainty is “untenable” and that “its treatment of Keynes’s … work is ...
The Information Content of Inflationary Expectations Derived from
... intercept is close to one and even at a significance level of 56 percent the hypothesis of unbiasedness cannot be rejected. In the third row, we test the hypothesis that the fifth lag of unexpected inflation is orthogonal to the residuals of the equation. As shown in the eighth column of that row, e ...
... intercept is close to one and even at a significance level of 56 percent the hypothesis of unbiasedness cannot be rejected. In the third row, we test the hypothesis that the fifth lag of unexpected inflation is orthogonal to the residuals of the equation. As shown in the eighth column of that row, e ...
Wages Behaviour and Unemployment in Keynes and New
... real wages behaviour. Second, the different theories and interpretations concerning the ability of flexible nominal wages in assuring full employment in the economy. One of the most discussed issue about Keynes’s contribution is represented by his explanation for a possible source of downward nomina ...
... real wages behaviour. Second, the different theories and interpretations concerning the ability of flexible nominal wages in assuring full employment in the economy. One of the most discussed issue about Keynes’s contribution is represented by his explanation for a possible source of downward nomina ...
NBER WORKING PAPER SERIES USING MONETARY CONTROL 10 DAMPEN THE
... the business cycle still rages. Many commentators have interpreted the shift by the Federal Reserve in October, 1979, toward greater emphasis on targets for monetary growth as representing the official adoption of ...
... the business cycle still rages. Many commentators have interpreted the shift by the Federal Reserve in October, 1979, toward greater emphasis on targets for monetary growth as representing the official adoption of ...
Fiscal Policy in an Unemployment Crisis
... Nevertheless, the eventual effect on economic activity depends crucially on the conduct of monetary policy, and the fiscal multiplier remains below one under a wide range of circumstances.3 These circumstances do not extend to a situation of a liquidity trap. In recent seminal work, Christiano, Eich ...
... Nevertheless, the eventual effect on economic activity depends crucially on the conduct of monetary policy, and the fiscal multiplier remains below one under a wide range of circumstances.3 These circumstances do not extend to a situation of a liquidity trap. In recent seminal work, Christiano, Eich ...
The Phillips Curve and US Monetary Policy
... analysis of forecasts of inflation, unemployment, and the output gap formulated by the Federal Reserve Board staff and included in the “Greenbook.”4 While these forecasts do not necessarily reflect the views of Committee members about the role of the Phillips curve framework in the policymaking proc ...
... analysis of forecasts of inflation, unemployment, and the output gap formulated by the Federal Reserve Board staff and included in the “Greenbook.”4 While these forecasts do not necessarily reflect the views of Committee members about the role of the Phillips curve framework in the policymaking proc ...
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.