Learning in Macroeconomics
... dynamics. Branch and Evans (2006) combine dynamic predictor selection with RLS learning and show the existence of ‘misspecification equilibria’ when all forecasting models are underparameterized. Other topics and applications include empirical work on expectation formation, calibration and estimatio ...
... dynamics. Branch and Evans (2006) combine dynamic predictor selection with RLS learning and show the existence of ‘misspecification equilibria’ when all forecasting models are underparameterized. Other topics and applications include empirical work on expectation formation, calibration and estimatio ...
economists occupational outlook
... Corporations that are too small or that do not have sufficient funding might hire economists working in economic consulting or research firms to perform the same tasks as staff economists. Economists in consulting firms also perform much of the macroeconomic analysis and forecasting that is compl ...
... Corporations that are too small or that do not have sufficient funding might hire economists working in economic consulting or research firms to perform the same tasks as staff economists. Economists in consulting firms also perform much of the macroeconomic analysis and forecasting that is compl ...
Inflation in Canada - Pearson Higher Education
... By 1995, economic growth had picked up considerably, even though the unemployment rate seemed to decline only slowly. The Bank’s main challenge during this period of recovery was to provide enough growth in the money supply to allow a healthy recovery while at the same time not expanding so much tha ...
... By 1995, economic growth had picked up considerably, even though the unemployment rate seemed to decline only slowly. The Bank’s main challenge during this period of recovery was to provide enough growth in the money supply to allow a healthy recovery while at the same time not expanding so much tha ...
Inflation, Unemployment, and Hayek
... But it is by no means excluded that it should happen for Hayek’s reason: in the aftermath of an attempted expansion, greater than the economy was able, or willing, to afford so that it has been abortive. If shortages develop from such a cause, prices will rise; there may be no rate of price-rise whi ...
... But it is by no means excluded that it should happen for Hayek’s reason: in the aftermath of an attempted expansion, greater than the economy was able, or willing, to afford so that it has been abortive. If shortages develop from such a cause, prices will rise; there may be no rate of price-rise whi ...
Orthodox Keynesianism
... investment or the existence of a liquidity trap prevent the economy from reaching full employment equilibrium? Show within the IS-LM model. What criticisms have been made concerning the existence and effectiveness of the Pigou effect? ...
... investment or the existence of a liquidity trap prevent the economy from reaching full employment equilibrium? Show within the IS-LM model. What criticisms have been made concerning the existence and effectiveness of the Pigou effect? ...
... to monetary policy. Brock, Durlauf, and West analyze the design of monetary policy rules in an environment where the policymaker is uncertain about the true structure of the economy. Ang, Dong, and Piazzesi develop a new method of estimating monetary policy reaction functions using information in th ...
inflasi - E-conosmart.com
... Public demand for goods always exceeds the number of available items ...
... Public demand for goods always exceeds the number of available items ...
IOSR Journal of Economics and Finance (IOSR-JEF) e-ISSN: 2321-5933, p-ISSN: 2321-5925.
... Generally, inflation symbolizes a situation of rapid persistent and unacceptable high rise in the general price level in an economy resulting in the loss of purchasing power of the country’s currency. The high rate of inflation, which Nigeria has been experiencing since the 1970s has its origin in t ...
... Generally, inflation symbolizes a situation of rapid persistent and unacceptable high rise in the general price level in an economy resulting in the loss of purchasing power of the country’s currency. The high rate of inflation, which Nigeria has been experiencing since the 1970s has its origin in t ...
Aggregate Supply, Aggregate Demand, and Inflation: Putting It All
... 27. Shifts in the AS curve are caused by: changes in inflationary expectations, and supply shocks (whether beneficial or harmful) such as changes in the price of a key input, or changes in productivity. 28. The classical AS curve is perfectly vertical because the economy is always at its full employ ...
... 27. Shifts in the AS curve are caused by: changes in inflationary expectations, and supply shocks (whether beneficial or harmful) such as changes in the price of a key input, or changes in productivity. 28. The classical AS curve is perfectly vertical because the economy is always at its full employ ...
This PDF is a selection from a published volume from... Research Volume Title: International Dimensions of Monetary Policy
... between the end of the 1981 to 1982 recession in the United States and 2007, and these two recessions have been very short and mild by historical comparison. The standard deviation of real GDP growth was cut in half to 1.5 percent. Though this improvement began in the United States in the early 1980 ...
... between the end of the 1981 to 1982 recession in the United States and 2007, and these two recessions have been very short and mild by historical comparison. The standard deviation of real GDP growth was cut in half to 1.5 percent. Though this improvement began in the United States in the early 1980 ...
Macroeconomics: Events and Ideas
... in the short run—or, to use modern terms, they were aware that the short-run aggregate supply curve slopes upward. But they regarded such short-run effects as unimportant, stressing the long run instead. It was this attitude that led John Maynard Keynes to scoff at the focus on the long run, in whic ...
... in the short run—or, to use modern terms, they were aware that the short-run aggregate supply curve slopes upward. But they regarded such short-run effects as unimportant, stressing the long run instead. It was this attitude that led John Maynard Keynes to scoff at the focus on the long run, in whic ...
test yourself: unemployment
... actively seeking employment but would look for or accept a job if one were available. Discouraged workers are not counted as part of the unemployment problem after they give up looking for a job. (But perhaps they should be!?) ...
... actively seeking employment but would look for or accept a job if one were available. Discouraged workers are not counted as part of the unemployment problem after they give up looking for a job. (But perhaps they should be!?) ...
learning from adversity: policy responses to two oil shocks
... In the first oil shock, the price of oil more than tripled in 1974 to over $11 a barrel from its 1973 level of about $3 a barrel. Oil revenue of the OPEC countries rose about $70 billion in 1974, raising import costs and lowering real incomes in the industrialized and oil-importing developing countr ...
... In the first oil shock, the price of oil more than tripled in 1974 to over $11 a barrel from its 1973 level of about $3 a barrel. Oil revenue of the OPEC countries rose about $70 billion in 1974, raising import costs and lowering real incomes in the industrialized and oil-importing developing countr ...
Student Study Guide for Chapter 12
... 11. (In appendix) The theory that changes in employment levels are caused by change in technological capacities or people’s preferences concerning work is a theory associated with ____________________. 12. (In appendix). The theory that said that people will use all available information, including ...
... 11. (In appendix) The theory that changes in employment levels are caused by change in technological capacities or people’s preferences concerning work is a theory associated with ____________________. 12. (In appendix). The theory that said that people will use all available information, including ...
The new classical/real business cycle revolution: a - FEA
... that this notion does not run counter to the view that agents are rational and develop optimal plans. Equilibrium tout court is what I labeled interactive equilibrium above. “The general equilibrium implies that all subsets of agents are in equilibrium and in particular that all individual agents ar ...
... that this notion does not run counter to the view that agents are rational and develop optimal plans. Equilibrium tout court is what I labeled interactive equilibrium above. “The general equilibrium implies that all subsets of agents are in equilibrium and in particular that all individual agents ar ...
Macroeconomic Policy and the External Sector
... to foreign suppliers from domestic holdings of foreign assets or by borrowing from abroad. If private sources of payment are in short supply, then payment has to be made from official holdings of international reserves unless relevant prices, including the exchange rate, are free to move. In either ...
... to foreign suppliers from domestic holdings of foreign assets or by borrowing from abroad. If private sources of payment are in short supply, then payment has to be made from official holdings of international reserves unless relevant prices, including the exchange rate, are free to move. In either ...
The unemployment rate is the number of people
... There are a number of explanations for the unemployment rate differentials between teenagers and adults. Many jobs require a degree of education, skill, and experience that teenagers lack. Education and experience measure the amount of what economists call human capital. Most adults possess more hum ...
... There are a number of explanations for the unemployment rate differentials between teenagers and adults. Many jobs require a degree of education, skill, and experience that teenagers lack. Education and experience measure the amount of what economists call human capital. Most adults possess more hum ...
What Is Economics?
... Why some economies grow faster than others What effect monetary and fiscal policy has on economic well-being How interest rates are determined In order to fully understand what economics is, it’s important to also understand a bit about what economics isn’t. For example, economics and finance are re ...
... Why some economies grow faster than others What effect monetary and fiscal policy has on economic well-being How interest rates are determined In order to fully understand what economics is, it’s important to also understand a bit about what economics isn’t. For example, economics and finance are re ...
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.