Metroeconomica paper outline proposal (10-04-03)
... long-run trade-off between inflation and unemployment. The main policy implication of this principle is that inflation targeting strategies, namely aggregate demand fine-tuning through interest-rate management with a view to hitting inflation targets, do not affect unemployment, output or any other ...
... long-run trade-off between inflation and unemployment. The main policy implication of this principle is that inflation targeting strategies, namely aggregate demand fine-tuning through interest-rate management with a view to hitting inflation targets, do not affect unemployment, output or any other ...
14THE BUSINESS CYCLE*
... curve. The economy moves along an upwardsloping SAS curve, as is illustrated in Figure 14.2, for a decline in the monetary growth rate. Aggregate demand decreases from AD0 to AD1. ♦ Eventually, money wages respond to the change in the price level so that the SAS curve shifts and the economy returns ...
... curve. The economy moves along an upwardsloping SAS curve, as is illustrated in Figure 14.2, for a decline in the monetary growth rate. Aggregate demand decreases from AD0 to AD1. ♦ Eventually, money wages respond to the change in the price level so that the SAS curve shifts and the economy returns ...
Concepts for Review: Cyclical Unemployment Frictional
... remains unemployed also is of interest. The severity of the impact of unemployment depends in part on how quickly and easily an unemployed person can find work. For example, teenagers have an unemployment rate that is much higher than average, but also find jobs quicker and therefore have a lower du ...
... remains unemployed also is of interest. The severity of the impact of unemployment depends in part on how quickly and easily an unemployed person can find work. For example, teenagers have an unemployment rate that is much higher than average, but also find jobs quicker and therefore have a lower du ...
How Powerful Is Monetary Policy in the Long Run?
... these high levels of unemployment. Although Keynes’s theory discussed the long-term implications of government policies, his focus was on the short run. And although monetary factors played a role in determining real economic activity in his theory (unlike in classical theory), Keynes’s analysis emp ...
... these high levels of unemployment. Although Keynes’s theory discussed the long-term implications of government policies, his focus was on the short run. And although monetary factors played a role in determining real economic activity in his theory (unlike in classical theory), Keynes’s analysis emp ...
Retirement at 69 – a Matter of Reason and Fairness German
... from several special factors, among them renewed building activity, which began (in a manner untypical for the season) in February and March and partially made up for the loss in construction production that had resulted from the early onset of winter in December 2010. Another factor was the Easter ...
... from several special factors, among them renewed building activity, which began (in a manner untypical for the season) in February and March and partially made up for the loss in construction production that had resulted from the early onset of winter in December 2010. Another factor was the Easter ...
Nicholas C Garganas: Macroeconomic management
... The discussion until this point has largely been in an analytical context. One of the basic messages to emerge from the analysis is the fact that theory does not give us a clear lead – there are too many ‘ifs’ and ‘buts’. For this reason, it is useful to examine the recent experience with supply-sid ...
... The discussion until this point has largely been in an analytical context. One of the basic messages to emerge from the analysis is the fact that theory does not give us a clear lead – there are too many ‘ifs’ and ‘buts’. For this reason, it is useful to examine the recent experience with supply-sid ...
CHAPTER OVERVIEW
... Inflation is accorded a rather detailed treatment from both a cause and an effect perspective. International comparisons of inflation rates in the post-1992 period are given in Global Perspective 7.2. Demand-pull and cost-push inflation are described. Considerable emphasis is placed on the fact that ...
... Inflation is accorded a rather detailed treatment from both a cause and an effect perspective. International comparisons of inflation rates in the post-1992 period are given in Global Perspective 7.2. Demand-pull and cost-push inflation are described. Considerable emphasis is placed on the fact that ...
Economics - Whitman College
... irrational behavior will be presented in the context of other topics in economics - such as health economics, development economics, and financial economics - with the objective of improving our understanding of decisionmaking in a variety of settings. There will be discussion regarding the role and ...
... irrational behavior will be presented in the context of other topics in economics - such as health economics, development economics, and financial economics - with the objective of improving our understanding of decisionmaking in a variety of settings. There will be discussion regarding the role and ...
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.