del11 Carlin 16783019 en
... The Eurozone’s first decade (to the eve of the global financial crisis) was marked by satisfactory performance at the level of the Eurozone as a whole combined with divergent performance of members. This raises the question of the role played by national policy-making and by cross-national differenc ...
... The Eurozone’s first decade (to the eve of the global financial crisis) was marked by satisfactory performance at the level of the Eurozone as a whole combined with divergent performance of members. This raises the question of the role played by national policy-making and by cross-national differenc ...
Fiscal Policy in an Unemployment Crisis
... well as the size of the stimulus package. But in a severe recession with unemployment exceeding the natural rate with three percentage points or more, the fiscal multiplier is equal to 1.5. Some may argue that the above scenario yields few further insights than those traditionally associated with Ke ...
... well as the size of the stimulus package. But in a severe recession with unemployment exceeding the natural rate with three percentage points or more, the fiscal multiplier is equal to 1.5. Some may argue that the above scenario yields few further insights than those traditionally associated with Ke ...
Long-Run and Short-Run Concerns: Growth, Productivity
... inefficiencies. Without inflation, time could be used more efficiently. • The opportunity cost of holding cash is high during inflations. People therefore hold less cash and need to stop at the bank more often. • People are not fully informed about price changes and may make mistakes that lead to a ...
... inefficiencies. Without inflation, time could be used more efficiently. • The opportunity cost of holding cash is high during inflations. People therefore hold less cash and need to stop at the bank more often. • People are not fully informed about price changes and may make mistakes that lead to a ...
CWPE1405 - Faculty of Economics
... I further explore these nonlinearities by computing the response to a variety of different news shocks. During a deep recession with an unemployment rate exceeding the natural by two percentage points or more the marginal multiplier remains in the neighborhood of three. Optimal spending is about thr ...
... I further explore these nonlinearities by computing the response to a variety of different news shocks. During a deep recession with an unemployment rate exceeding the natural by two percentage points or more the marginal multiplier remains in the neighborhood of three. Optimal spending is about thr ...
NBER WORKING PAPER SERIES Christina D. Romer David H. Romer
... rates were often used as a supplement to instructions about free reserves. A very common instruction was that the Account Manager should pay close attention to the "color, feel, and tone of the market" (9/30/58, p. 46). To a large degree, this instruction meant that he was to watch shortterm interes ...
... rates were often used as a supplement to instructions about free reserves. A very common instruction was that the Account Manager should pay close attention to the "color, feel, and tone of the market" (9/30/58, p. 46). To a large degree, this instruction meant that he was to watch shortterm interes ...
N 62
... malfunctioning, some economists suggested planning a whole new economy. In the post 1950s period, the notions have been more evolutionary and less mechanical, namely to affect the environment within which people act in order to produce adaptive economic behavior. Western economists have been expecte ...
... malfunctioning, some economists suggested planning a whole new economy. In the post 1950s period, the notions have been more evolutionary and less mechanical, namely to affect the environment within which people act in order to produce adaptive economic behavior. Western economists have been expecte ...
NBER WORKING PAPER SERIES THE SHADOW OF HISTORY
... These figures suggest that the U.S. take-off was closely linked to the sizable increase in the U.S. GDP share, and to the decline in the GDP share of Germany. The purpose of our paper was to analyze the factors accounting for these dramatic changes systematically, putting these factors in the contex ...
... These figures suggest that the U.S. take-off was closely linked to the sizable increase in the U.S. GDP share, and to the decline in the GDP share of Germany. The purpose of our paper was to analyze the factors accounting for these dramatic changes systematically, putting these factors in the contex ...
Macro Economics - e
... b) Fiscal policy : Fiscal policy is the policies of the government expenditure and its revenue. As Keynes believes that expenditure is the causing factor of inflation. When such expenditures are reduced, aggregate demand will be reduced and ultimately it helps to curb inflation in the economy. The o ...
... b) Fiscal policy : Fiscal policy is the policies of the government expenditure and its revenue. As Keynes believes that expenditure is the causing factor of inflation. When such expenditures are reduced, aggregate demand will be reduced and ultimately it helps to curb inflation in the economy. The o ...
NBER WORKING PAPER SERIES Peter N. Ireland Working Paper 16420
... context of a conventional, small-scale aggregative framework, such impulses ought to be interpreted as shocks to aggregate demand, working through their effects on household wealth and consumer and business confidence, aggregate supply, working through their effects on the efficiency of the distribu ...
... context of a conventional, small-scale aggregative framework, such impulses ought to be interpreted as shocks to aggregate demand, working through their effects on household wealth and consumer and business confidence, aggregate supply, working through their effects on the efficiency of the distribu ...
Introduction to Macroeconomics
... adjust rapidly to maintain the equality between quantity supplied and quantity demanded. • Example: Suppose there is an inflation occurred in Gaza Strip, and the labor of PALTEL company asked the administration of the company to increase their wages. The administration decided to delay this decision ...
... adjust rapidly to maintain the equality between quantity supplied and quantity demanded. • Example: Suppose there is an inflation occurred in Gaza Strip, and the labor of PALTEL company asked the administration of the company to increase their wages. The administration decided to delay this decision ...
NBER WORKING PAPER SERIES FISCAL LIMITS IN ADVANCED ECONOMIES Eric M. Leeper
... Extreme fiscal stress and fears of outright sovereign debt default were once the exclusive domains of emerging economies, and a sizeable literature has grown up to understand the causes and consequences of those fiscal crises. But these are topsy-turvy times. Emerging economies are in good fiscal shape ...
... Extreme fiscal stress and fears of outright sovereign debt default were once the exclusive domains of emerging economies, and a sizeable literature has grown up to understand the causes and consequences of those fiscal crises. But these are topsy-turvy times. Emerging economies are in good fiscal shape ...
14 - Weber State University
... 16) Which of the following multiplier concepts is most important from the point of view of devising an activist policy? A) the income and money creation multipliers B) the dynamic multipliers, that is the timing of multiplier effects given a policy change C) the long-term multipliers, that is the t ...
... 16) Which of the following multiplier concepts is most important from the point of view of devising an activist policy? A) the income and money creation multipliers B) the dynamic multipliers, that is the timing of multiplier effects given a policy change C) the long-term multipliers, that is the t ...
Mankiw 5/e Chapter 13: Aggregate Supply
... only in the short run. In the long run, the economy returns to the levels of output, employment, and unemployment described by the classical model (chapters 3-8). CHAPTER 13 ...
... only in the short run. In the long run, the economy returns to the levels of output, employment, and unemployment described by the classical model (chapters 3-8). CHAPTER 13 ...
inertial inflation and the cruzado plan - Bresser
... heterodox shock. An orthodox shock, inspired by monetarist or Keynesian economics, is based on a cut in state spending and an increase in taxes, on a drastic reduction in the money supply, on an increase in the interest rate and on a recession which would have indirectly led to a reduction in wages ...
... heterodox shock. An orthodox shock, inspired by monetarist or Keynesian economics, is based on a cut in state spending and an increase in taxes, on a drastic reduction in the money supply, on an increase in the interest rate and on a recession which would have indirectly led to a reduction in wages ...
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.