M10_ABEL4987_7E_IM_C10
... 4. Application: Calibrating the business cycle a. A major element of RBC theory is that it attempts to make quantitative, not just qualitative, predictions about the business cycle b. RBC theorists use the method of calibration to work out a detailed numerical example of the theory (1) First they wr ...
... 4. Application: Calibrating the business cycle a. A major element of RBC theory is that it attempts to make quantitative, not just qualitative, predictions about the business cycle b. RBC theorists use the method of calibration to work out a detailed numerical example of the theory (1) First they wr ...
How Did Economists Get It So Wrong?
... Some returned to the view of Schumpeter and other apologists for the Great Depression, viewing recessions as a good thing, part of the economy’s adjustment to change. And even those not willing to go that far argued that any attempt to fight an economic slump would do more harm than good. Not all ma ...
... Some returned to the view of Schumpeter and other apologists for the Great Depression, viewing recessions as a good thing, part of the economy’s adjustment to change. And even those not willing to go that far argued that any attempt to fight an economic slump would do more harm than good. Not all ma ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... in the G‐20 economies over the period of 2008–10, above and beyond automatic stabilizers and measures to support the financial sector. The active use of discretionary fiscal policy was excluded from consideration in research on the ZLB. For example, Reifschneider and Williams (2000) assume that auto ...
... in the G‐20 economies over the period of 2008–10, above and beyond automatic stabilizers and measures to support the financial sector. The active use of discretionary fiscal policy was excluded from consideration in research on the ZLB. For example, Reifschneider and Williams (2000) assume that auto ...
Chpt. 12: “The Business Cycle and Unemployment”
... peak. Conservative politicians, on the other hand, tend to reduce government spending, destimulating the economy into ...
... peak. Conservative politicians, on the other hand, tend to reduce government spending, destimulating the economy into ...
NBER WORKING PAPER SERIES Roger E.A. Farmer Dmitry Plotnikov
... event ushered in the Great Depression, a period when unemployment climbed to 25% and remained above 10% for ten years in a row. Keynes argued that the drop in the stock market in 1929 caused the Great Depression. Some empirical evidence for this view can be found in the work of Romer (1990) and a th ...
... event ushered in the Great Depression, a period when unemployment climbed to 25% and remained above 10% for ten years in a row. Keynes argued that the drop in the stock market in 1929 caused the Great Depression. Some empirical evidence for this view can be found in the work of Romer (1990) and a th ...
AP Macroeconomics - Wyoming City Schools
... AP Macroeconomics Text: Economics: Principles & Policy, 9th edition; William J. Baumol & Alan S. Blinder Course Objectives: The purpose of an AP course in macroeconomics is to give students a thorough understanding of the principles of economics that apply to an economic system as a whole. Topics wi ...
... AP Macroeconomics Text: Economics: Principles & Policy, 9th edition; William J. Baumol & Alan S. Blinder Course Objectives: The purpose of an AP course in macroeconomics is to give students a thorough understanding of the principles of economics that apply to an economic system as a whole. Topics wi ...
английский язык
... economy. Equilibrium in microeconomics typically comes about when supply and demand for one particular company are even. In macroeconomics, on the ...
... economy. Equilibrium in microeconomics typically comes about when supply and demand for one particular company are even. In macroeconomics, on the ...
1 Are monetary policy and fiscal policy gender neutral? Selin Secil
... reduction periods’ in 17 low and middle-income countries. They apply HodrikPrescott filter to the employment series in their estimation. Their results show that contractionary monetary policy has negative disproportionate effects on women’s employment. On the other hand, maintaining a competitive ex ...
... reduction periods’ in 17 low and middle-income countries. They apply HodrikPrescott filter to the employment series in their estimation. Their results show that contractionary monetary policy has negative disproportionate effects on women’s employment. On the other hand, maintaining a competitive ex ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... over short periods different in kind or only in degree from the adjustment to slower changes over longer periods? How long does it take for people to alter their anticipations in light of experience? Much of the controversy that has swirled about the r&e of money in ...
... over short periods different in kind or only in degree from the adjustment to slower changes over longer periods? How long does it take for people to alter their anticipations in light of experience? Much of the controversy that has swirled about the r&e of money in ...
Aggregate Demand - FBLA-PBL
... 10. Analyze the impact of labor market imperfections and various government policies on wages and incentives to work. 11. Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity. 12. Explain the significance of an unemployment rate, th ...
... 10. Analyze the impact of labor market imperfections and various government policies on wages and incentives to work. 11. Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity. 12. Explain the significance of an unemployment rate, th ...
EC2010 Intermediate Economics Macroeconomics Module
... This module provides an overview of macroeconomic analysis. It is an intermediate course and the material covered in EC1010 Introduction to Economics is the starting point. Students should revise introductory principles as we proceed if necessary. This module takes a three-step approach. In the shor ...
... This module provides an overview of macroeconomic analysis. It is an intermediate course and the material covered in EC1010 Introduction to Economics is the starting point. Students should revise introductory principles as we proceed if necessary. This module takes a three-step approach. In the shor ...
Makeup for Second 2006 Prelim
... Statistics Agency said Monday. On month, the inflation rate was 0.03%. In February, onyear inflation was 17.92% while the on-month reading was 0.58%. Core inflation - which excludes prices that are controlled by the government, such as energy and food - was 9.64% on year. March inflation was below t ...
... Statistics Agency said Monday. On month, the inflation rate was 0.03%. In February, onyear inflation was 17.92% while the on-month reading was 0.58%. Core inflation - which excludes prices that are controlled by the government, such as energy and food - was 9.64% on year. March inflation was below t ...
From Keynes to Hayek: The Marvel of Thriving
... obstacles must be overcome (in the forms, for instance, of dispersed knowledge and even lacking knowledge) resources seem to get allocated in patterns that conform with intertemporal preferences— as depicted by Hayek’s warped pie-shaped figures, which abstract from uncertainty and other market imper ...
... obstacles must be overcome (in the forms, for instance, of dispersed knowledge and even lacking knowledge) resources seem to get allocated in patterns that conform with intertemporal preferences— as depicted by Hayek’s warped pie-shaped figures, which abstract from uncertainty and other market imper ...
appendix to chapter 26
... recessionary gap equals $4 trillion. In part (a), the economy closes the gap through the self-correction process. The key classical assumption is that nominal wages are flexible and fall as a result of competition among unemployed workers for jobs. Over time, the result is that the short-term aggreg ...
... recessionary gap equals $4 trillion. In part (a), the economy closes the gap through the self-correction process. The key classical assumption is that nominal wages are flexible and fall as a result of competition among unemployed workers for jobs. Over time, the result is that the short-term aggreg ...
NBER WORKING PAPER SERIES HISTORY VS. EXPECTATIONS Paul Krugman Working Paper No. 2971
... Krugman (1987), which is a little less careful about the intertemporal aspect but could be made more so, there is no room for expectations. Yet in the real ...
... Krugman (1987), which is a little less careful about the intertemporal aspect but could be made more so, there is no room for expectations. Yet in the real ...
Course Student Name
... a balanced budget? ____________. What will be the combined effect of these policies on the economy? _______ _____ (contractionary effect, expansionary effect, no effect). Will these policies work in tandem, or will they contradict each other? ________________________. Click “No Shock.” What has happ ...
... a balanced budget? ____________. What will be the combined effect of these policies on the economy? _______ _____ (contractionary effect, expansionary effect, no effect). Will these policies work in tandem, or will they contradict each other? ________________________. Click “No Shock.” What has happ ...
Modelling for monetary policy: the New Zealand experience
... advice from the Bank and The Treasury supporting this approach was also influenced by the New Classical and Time Consistency literature. Following the move to market-determined interest rates and the floating of the exchange rate in March 1985, the Reserve Bank gained greater control over monetary con ...
... advice from the Bank and The Treasury supporting this approach was also influenced by the New Classical and Time Consistency literature. Following the move to market-determined interest rates and the floating of the exchange rate in March 1985, the Reserve Bank gained greater control over monetary con ...
Main points for the Final Exam—ECO 3202 Chapter 10 Main Points
... Expectations—Understand the two main ways that economic models assume people form expectations; so the difference between adaptive and rational expectations. Also study the changes to the Phillips curve when we assume one type of expectations or the other, and how that may affect the sacrifice ratio ...
... Expectations—Understand the two main ways that economic models assume people form expectations; so the difference between adaptive and rational expectations. Also study the changes to the Phillips curve when we assume one type of expectations or the other, and how that may affect the sacrifice ratio ...
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.