Massachusetts Avenue
... expectations can calculate the future consequences of maintaining high B and y Indexation parameters in the face of a permanent supply shock——permanentjy higher inflation if the policy authorities ...
... expectations can calculate the future consequences of maintaining high B and y Indexation parameters in the face of a permanent supply shock——permanentjy higher inflation if the policy authorities ...
NBER WORKING PAPER SERIES MACROECONOMICS OF STAGFLATION UNDER FLEXIBLE EXCHANGE RATES
... rates was that the flexible rate system would insulate the domestic ...
... rates was that the flexible rate system would insulate the domestic ...
File
... members have jobs? Are they more concentrated in one area of the country than another? After these statistics are obtained, they have to be interpreted properly so they can be used—together with other economic data—by policymakers in making decisions as to whether measures should be taken to influen ...
... members have jobs? Are they more concentrated in one area of the country than another? After these statistics are obtained, they have to be interpreted properly so they can be used—together with other economic data—by policymakers in making decisions as to whether measures should be taken to influen ...
This PDF is a selection from a published volume
... tation. In addition to the policy significance of Stokey's paper, it gives an extremely useful introduction to recent research on time consistency and monetary policy. How can it be that macroeconomic volatility has gone down when exchange-rate volatility, at least among the largest three currencies ...
... tation. In addition to the policy significance of Stokey's paper, it gives an extremely useful introduction to recent research on time consistency and monetary policy. How can it be that macroeconomic volatility has gone down when exchange-rate volatility, at least among the largest three currencies ...
FRBSF L CONOMIC
... Supply or demand? These are four key factors holding back growth during the recovery. Let me now turn to the question of whether they primarily affect supply or demand. This is a critical issue for monetary policy. Indeed, in my own research with Athanasios Orphanides (Orphanides and Williams 2005, ...
... Supply or demand? These are four key factors holding back growth during the recovery. Let me now turn to the question of whether they primarily affect supply or demand. This is a critical issue for monetary policy. Indeed, in my own research with Athanasios Orphanides (Orphanides and Williams 2005, ...
CHAPTER 36: CURRENT ISSUES IN MACRO - jb
... consumers and firms are knowledgeable about economic conditions and fiscal and monetary policy. When faced with certain economic conditions, firms and consumers anticipate the policies Congress and the Fed will undertake and then take action to protect themselves from the effects of those policies. ...
... consumers and firms are knowledgeable about economic conditions and fiscal and monetary policy. When faced with certain economic conditions, firms and consumers anticipate the policies Congress and the Fed will undertake and then take action to protect themselves from the effects of those policies. ...
6/17/99+ - Harvard Kennedy School
... of increased integration of global financial markets. Another is countries’ choice of monetary regime, especially the degree of exchange rate flexibility. There will be applications to the Dutch disease and financial crises, among other topics. Nature of the approach: The course is built around anal ...
... of increased integration of global financial markets. Another is countries’ choice of monetary regime, especially the degree of exchange rate flexibility. There will be applications to the Dutch disease and financial crises, among other topics. Nature of the approach: The course is built around anal ...
ECON 3080-002 Intermediate Macroeconomic Theory
... Throughout the semester, we shall study the fundamental macroeconomic concepts and issues such as inflation, economic growth, unemployment, business cycles and macroeconomic policy. The primary goal of this course is to develop a general analytical framework to understand these concepts and their in ...
... Throughout the semester, we shall study the fundamental macroeconomic concepts and issues such as inflation, economic growth, unemployment, business cycles and macroeconomic policy. The primary goal of this course is to develop a general analytical framework to understand these concepts and their in ...
Economics for an Open Society: An Alternative to Neo
... notions of collective economic action and denial of the limitations of market capitalism. In particular, collective economic action was tarred by identification with the communist approach to economic management. The Cold War, therefore, provided fertile ground for popularizing an economic rhetoric ...
... notions of collective economic action and denial of the limitations of market capitalism. In particular, collective economic action was tarred by identification with the communist approach to economic management. The Cold War, therefore, provided fertile ground for popularizing an economic rhetoric ...
2008 14
... unemployment and the rate of change in money wages in a national economy. This relation, however is not originally discovered by Phillips, since economist Irving Fisher has also discovered the negative correlation between the rate of goods-price inflation and the level of unemployment [2]. Theoretica ...
... unemployment and the rate of change in money wages in a national economy. This relation, however is not originally discovered by Phillips, since economist Irving Fisher has also discovered the negative correlation between the rate of goods-price inflation and the level of unemployment [2]. Theoretica ...
– 62 No: 2012 Release date: 25 December 2012
... 12. The Committee expects that year-end inflation will be significantly lower than the forecast presented in the October Inflation Report, owing to the favorable course of unprocessed food prices. Core inflation indicators are also expected to follow a downward trend in the short-term owing to cost ...
... 12. The Committee expects that year-end inflation will be significantly lower than the forecast presented in the October Inflation Report, owing to the favorable course of unprocessed food prices. Core inflation indicators are also expected to follow a downward trend in the short-term owing to cost ...
Implications of Behavioral Economics for Monetary Policy
... to treat workers in ways they consider unfair—either by cutting nominal wages or by raising nominal wages by less than workers think they should receive, causing inflation to “bottom out” as unemployment rises. For the United States, Clark, Laxton, and Rose (1996) find evidence of nonlinearity, althou ...
... to treat workers in ways they consider unfair—either by cutting nominal wages or by raising nominal wages by less than workers think they should receive, causing inflation to “bottom out” as unemployment rises. For the United States, Clark, Laxton, and Rose (1996) find evidence of nonlinearity, althou ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... between the proxies for technical change and measured changes in total factor productivity is weak (except when technical progress takes place in process-intensive industries). This finding casts doubt on approaches which equate changes in measured TFP (i.e., the Solow residual) with technological c ...
... between the proxies for technical change and measured changes in total factor productivity is weak (except when technical progress takes place in process-intensive industries). This finding casts doubt on approaches which equate changes in measured TFP (i.e., the Solow residual) with technological c ...
HE1002 –PRINCIPLES OF MACROECONOMICS Semester 1, 2014
... output, unemployment and inflation. The core of the course explores three important questions: What causes unemployment? What causes inflation? And what are the impacts of fiscal policy and monetary policy on short-run output? In addition, students will be introduced to the determinants of long-run ...
... output, unemployment and inflation. The core of the course explores three important questions: What causes unemployment? What causes inflation? And what are the impacts of fiscal policy and monetary policy on short-run output? In addition, students will be introduced to the determinants of long-run ...
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.