Policymaker Roundtable
... John's research showed that nominal rigidities were not merely a theoretical possibility, but were a feature of the actual economy. He developed and estimated his now-famous model of staggered nominal wage setting (Taylor 1980). This paper made two important breakthroughs. First, his model was an ea ...
... John's research showed that nominal rigidities were not merely a theoretical possibility, but were a feature of the actual economy. He developed and estimated his now-famous model of staggered nominal wage setting (Taylor 1980). This paper made two important breakthroughs. First, his model was an ea ...
1 The Insufficiency of Economics Dan Hammond
... there are also references to contemporary economics literature (if late 20th century counts as contemporary) – Paul Krugman (1998 & 1999); Robert Barro (1995); a 2014 NBER Working Paper. Finally, and significantly, there are references to four recent papers by Lawrence Summers (2014‐16) and Micha ...
... there are also references to contemporary economics literature (if late 20th century counts as contemporary) – Paul Krugman (1998 & 1999); Robert Barro (1995); a 2014 NBER Working Paper. Finally, and significantly, there are references to four recent papers by Lawrence Summers (2014‐16) and Micha ...
Supply Side Approaches
... settle in equilibrium at any level of unemployment. This meant that Classical policies of nonintervention would not work. The economy would need prodding if it was to head in the right direction, and this meant active intervention by the government to manage the level of demand. Keynesian beliefs ca ...
... settle in equilibrium at any level of unemployment. This meant that Classical policies of nonintervention would not work. The economy would need prodding if it was to head in the right direction, and this meant active intervention by the government to manage the level of demand. Keynesian beliefs ca ...
Introduction to Economics: Training: Lecture3 .Unemployment
... The unemployment rate is an imperfect measure of joblessness. Some people who call themselves unemployed may actually not want work, and some people who would like to work, and some people who would like to work have left the labor force after an unsuccessful search. In the U.S. economy, most people ...
... The unemployment rate is an imperfect measure of joblessness. Some people who call themselves unemployed may actually not want work, and some people who would like to work, and some people who would like to work have left the labor force after an unsuccessful search. In the U.S. economy, most people ...
the phillips curve quiz
... The Phillips curve shows the relationship between the A: nominal interest rate and the real interest rate. B: real interest rate and the unemployment rate. C: unemployment rate and the inflation rate. D: expected rate of inflation and the nominal interest rate. ...
... The Phillips curve shows the relationship between the A: nominal interest rate and the real interest rate. B: real interest rate and the unemployment rate. C: unemployment rate and the inflation rate. D: expected rate of inflation and the nominal interest rate. ...
Business Cycle Theory Fichier
... is that recessions are periods that are associated with larger sectoral shocks that require sectoral adjustment processes. The sectoral adjustment processes are accompanied by increased levels of unemployment and lower incomes that reduce the aggregate demand for products for all sectors. The result ...
... is that recessions are periods that are associated with larger sectoral shocks that require sectoral adjustment processes. The sectoral adjustment processes are accompanied by increased levels of unemployment and lower incomes that reduce the aggregate demand for products for all sectors. The result ...
Annual Departmental Assessment Analysis Report for
... Explain Monetary and Fiscal policy and their respective influences on the business cycle. D-1. Which of the following statements is most accurate regarding fiscal policy and monetary policy? a. Fiscal policy includes changes in government spending and taxes and is controlled by the Federal Reserve. ...
... Explain Monetary and Fiscal policy and their respective influences on the business cycle. D-1. Which of the following statements is most accurate regarding fiscal policy and monetary policy? a. Fiscal policy includes changes in government spending and taxes and is controlled by the Federal Reserve. ...
Learning Outcomes. By the end of the course students should be
... and governments across all the markets in the economy. These variables are thought of as equilibrium prices and quantities in such markets. This is the general equilibrium nature of macroeconomics. Thus, emphasis will be placed on understanding how these different markets work and how they interact ...
... and governments across all the markets in the economy. These variables are thought of as equilibrium prices and quantities in such markets. This is the general equilibrium nature of macroeconomics. Thus, emphasis will be placed on understanding how these different markets work and how they interact ...
ECON 3080-003 Intermediate Macroeconomic Theory
... VI. Acceptance of Keynesianism 1. By 1964 most economists were Keynesians 2. The first Keynesian guided U.S. president was J.F. Kennedy. 3. Richard Nixon said, ''we're all Keynesians now." VII. Break down of Keynesian Monopoly on Economic Ideas 1. Starting in the 1950's Milton Friedman challenges th ...
... VI. Acceptance of Keynesianism 1. By 1964 most economists were Keynesians 2. The first Keynesian guided U.S. president was J.F. Kennedy. 3. Richard Nixon said, ''we're all Keynesians now." VII. Break down of Keynesian Monopoly on Economic Ideas 1. Starting in the 1950's Milton Friedman challenges th ...
1 The original Phillips curve and its Policy Implications Phillips
... without a recession and thus an enhanced efficiency of resource allocation for the economy. ...
... without a recession and thus an enhanced efficiency of resource allocation for the economy. ...
Meeting Date: August 16, 2012
... Nevertheless, international oil prices, which have recently trended upwards, led energy prices to increase in August. 4. On the services front, annual inflation has remained unchanged for the last three months. Annual inflation increased in transport services, while it edged down in restaurants and ...
... Nevertheless, international oil prices, which have recently trended upwards, led energy prices to increase in August. 4. On the services front, annual inflation has remained unchanged for the last three months. Annual inflation increased in transport services, while it edged down in restaurants and ...
Matching History and Theory
... at their natural rates. Panel (a) shows the model of AD and AS with a vertical aggregate-supply curve. When expansionary monetary policy shifts the AD curve to the right from AD1 to AD2, the equilibrium moves from point A to point B. The price level rises from P1 to P2, while output remains the same ...
... at their natural rates. Panel (a) shows the model of AD and AS with a vertical aggregate-supply curve. When expansionary monetary policy shifts the AD curve to the right from AD1 to AD2, the equilibrium moves from point A to point B. The price level rises from P1 to P2, while output remains the same ...
Presentation to the University of California at Berkeley Boalt School... San Francisco, California
... percentage point from real GDP growth in the first half of this year. Whether the trade gap will narrow depends—in part—on the strength of economic growth among our trading partners, because that affects demand for our exports. However, most of our major trading partners have had only moderate growt ...
... percentage point from real GDP growth in the first half of this year. Whether the trade gap will narrow depends—in part—on the strength of economic growth among our trading partners, because that affects demand for our exports. However, most of our major trading partners have had only moderate growt ...
Principles of Macroeconomics – ECO 101
... possible policy responses to each. Over the semester you will become familiar with the construction and use of several macroeconomics statistics (unemployment, GDP, inflation, price indexes, monetary aggregates). The course will also devote some time to the theories that explain growth. Finally, it ...
... possible policy responses to each. Over the semester you will become familiar with the construction and use of several macroeconomics statistics (unemployment, GDP, inflation, price indexes, monetary aggregates). The course will also devote some time to the theories that explain growth. Finally, it ...
Et - Economics
... cost is the current marginal utility. (The LHS). The gain is the extra return next period, R(t). How much you value this in utils is given by the product of MU and the return. This is then discounted back to compare values. At the optimum: MC = MB As an aside – this is the starting point for modern ...
... cost is the current marginal utility. (The LHS). The gain is the extra return next period, R(t). How much you value this in utils is given by the product of MU and the return. This is then discounted back to compare values. At the optimum: MC = MB As an aside – this is the starting point for modern ...
Does Macroeconomics Need Microeconomic Foundations?
... 1976). (See Janssen 2008 for the motivations behind this in the late 1950s and 1960s). The criticism was addressed to the use of large scale macro econometric models then commonly employed to help policy making. Take monetary policy, for example. A central bank that adjusts its instrument interest r ...
... 1976). (See Janssen 2008 for the motivations behind this in the late 1950s and 1960s). The criticism was addressed to the use of large scale macro econometric models then commonly employed to help policy making. Take monetary policy, for example. A central bank that adjusts its instrument interest r ...
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.