ResearchBrief173
... employment is above the growth rate of GDP. First, even if firms reduced their production in this period, they preferred to keep their existing employees due to dismissal costs and the expectation that the crisis is not prolonged. During this period, government's policy aiming at protecting employme ...
... employment is above the growth rate of GDP. First, even if firms reduced their production in this period, they preferred to keep their existing employees due to dismissal costs and the expectation that the crisis is not prolonged. During this period, government's policy aiming at protecting employme ...
6010 T : M
... In the early stages of demand management policies, the ‘loose’ reasoning was that, by a judicious timing, no public finance instrument would, over the business cycle, create financing problems. This would be the result of the automatic stabilizing properties of taxation. This view was supported by t ...
... In the early stages of demand management policies, the ‘loose’ reasoning was that, by a judicious timing, no public finance instrument would, over the business cycle, create financing problems. This would be the result of the automatic stabilizing properties of taxation. This view was supported by t ...
6010 - Reference
... In the early stages of demand management policies, the ‘loose’ reasoning was that, by a judicious timing, no public finance instrument would, over the business cycle, create financing problems. This would be the result of the automatic stabilizing properties of taxation. This view was supported by t ...
... In the early stages of demand management policies, the ‘loose’ reasoning was that, by a judicious timing, no public finance instrument would, over the business cycle, create financing problems. This would be the result of the automatic stabilizing properties of taxation. This view was supported by t ...
Price-level targeting as a monetary policy strategy
... it would not be better to base monetary policy on a target path for the price level. Theory does suggest that price-level targeting could wield an advantage over targeting the inflation rate, the main reason being that, under a monetary policy geared towards the price level, undesirable movements in ...
... it would not be better to base monetary policy on a target path for the price level. Theory does suggest that price-level targeting could wield an advantage over targeting the inflation rate, the main reason being that, under a monetary policy geared towards the price level, undesirable movements in ...
WHAT KEYNESIAN REVOLUTION
... monetary economy involved much more than the spending multiplier (or, moving from changes to levels, the goods market equilibrium condition), and provided a new analytical focus crucial to transforming the rich and variegated heritage of business cycle analysis and the quantity theory of money into ...
... monetary economy involved much more than the spending multiplier (or, moving from changes to levels, the goods market equilibrium condition), and provided a new analytical focus crucial to transforming the rich and variegated heritage of business cycle analysis and the quantity theory of money into ...
Chapter 10: Classical Business Cycle Analysis: Market
... ECON2102/2220: Intermediate Macroeconomics ...
... ECON2102/2220: Intermediate Macroeconomics ...
the impact of fiscal policy on inflation in nigeria
... reduce inflation is likely to generate unemployment and lower the rate of economic growth (Philips, 1958). Studies (Rudiger, 1992) have also identified the problem of stagflation in many developing economies. This work simply attempts to examine the impact of fiscal policy on inflation in Nigeria. I ...
... reduce inflation is likely to generate unemployment and lower the rate of economic growth (Philips, 1958). Studies (Rudiger, 1992) have also identified the problem of stagflation in many developing economies. This work simply attempts to examine the impact of fiscal policy on inflation in Nigeria. I ...
Modeling the Unemployment Rate at the Eu Level
... identify convergence clubs in unemployment dynamics. The first comprises the Baltic States, Hungary, and Poland, and the second group of countries is composed of the Czech Republic and Slovakia. Interestingly, this classification matches the labor market policies and institutional divergences observed ...
... identify convergence clubs in unemployment dynamics. The first comprises the Baltic States, Hungary, and Poland, and the second group of countries is composed of the Czech Republic and Slovakia. Interestingly, this classification matches the labor market policies and institutional divergences observed ...
A Post-Keynesian Behavioral Critique of Neoclassical Economics
... economics at understanding reality is not great when compared to other sciences. Many prominent economists failed to anticipate the Great Recession of 2008. There was a major economic crisis that affected ...
... economics at understanding reality is not great when compared to other sciences. Many prominent economists failed to anticipate the Great Recession of 2008. There was a major economic crisis that affected ...
1. What is Economics
... (v) Economists of late twentieth century have also started talking about welfare of future generation and protection of natural environment. Hence economics is also treated as science of Sustainable Development. To achieve higher level of growth and development, economies around the world have been ...
... (v) Economists of late twentieth century have also started talking about welfare of future generation and protection of natural environment. Hence economics is also treated as science of Sustainable Development. To achieve higher level of growth and development, economies around the world have been ...
A Dynamic Model of Aggregate Demand and 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 falls in period t. These ef ...
... 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 falls in period t. These ef ...
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... related to inflation; the latter is negatively related. Topic: 1.1 The Practice of Macroeconomics AACSB: Reflective Thinking 41) Common sense suggests (and macroeconomists agree!) that sustained economic growth over extended time periods is more important than the economy's short-term fluctuations. ...
... related to inflation; the latter is negatively related. Topic: 1.1 The Practice of Macroeconomics AACSB: Reflective Thinking 41) Common sense suggests (and macroeconomists agree!) that sustained economic growth over extended time periods is more important than the economy's short-term fluctuations. ...
Spanish unemployment and inflation persistence: are there phillips
... economy in response to a demand shock. We organize our empirical approach as a structural but eclectic one. In doing so, we use a bivariate Structural VAR to identify demand and supply shocks. Our eclecticism comes from using three alternative just-identifying outlines, giving rise to alternative in ...
... economy in response to a demand shock. We organize our empirical approach as a structural but eclectic one. In doing so, we use a bivariate Structural VAR to identify demand and supply shocks. Our eclecticism comes from using three alternative just-identifying outlines, giving rise to alternative in ...
Taylor Economics Chapter 28 Test Bank
... A. Lower wages will cause an economy-wide increase in the price of a key input. B. Because wages are flexible, they are unaffected by high rates of unemployment. C. A surge in aggregate demand ends up as a rise in output, but does not increase price levels. D. The economy cannot sustain production a ...
... A. Lower wages will cause an economy-wide increase in the price of a key input. B. Because wages are flexible, they are unaffected by high rates of unemployment. C. A surge in aggregate demand ends up as a rise in output, but does not increase price levels. D. The economy cannot sustain production a ...
Macreconomics: Policy and Practice (Mishkin)
... related to inflation; the latter is negatively related. Topic: 1.1 The Practice of Macroeconomics AACSB: Reflective Thinking 41) Common sense suggests (and macroeconomists agree!) that sustained economic growth over extended time periods is more important than the economy's short-term fluctuations. ...
... related to inflation; the latter is negatively related. Topic: 1.1 The Practice of Macroeconomics AACSB: Reflective Thinking 41) Common sense suggests (and macroeconomists agree!) that sustained economic growth over extended time periods is more important than the economy's short-term fluctuations. ...
The Big Picture of Monetary–Fiscal Interactions
... Prediction 2: Stronger monetary commitment may be able to discipline fiscal policy. This is because the government realises that a strongly committed central bank will not accommodate excessive fiscal spending, and is willing to engage in a policy conflict by strongly counter-acting fiscal actions a ...
... Prediction 2: Stronger monetary commitment may be able to discipline fiscal policy. This is because the government realises that a strongly committed central bank will not accommodate excessive fiscal spending, and is willing to engage in a policy conflict by strongly counter-acting fiscal actions a ...
Keynes` Theory of Money and His Attack on the Classical Model
... removal of these linchpins can, therefore, be said to represent the analytical preconditions for the theory of money contained in The General Theory [Johnson and Cate, 2000]. The first of these preconditions was Keynes' rejection of the loanable funds theory of interest rate determination. In the Ge ...
... removal of these linchpins can, therefore, be said to represent the analytical preconditions for the theory of money contained in The General Theory [Johnson and Cate, 2000]. The first of these preconditions was Keynes' rejection of the loanable funds theory of interest rate determination. In the Ge ...
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.