MACROECONOMIC THEORY Mondays and Wednesdays 10:30-11:30
... Do disinflation policies inevitably lead to high unemployment and recession? (Phillips curve, Okun’s law) How do saving and technological progress impact production and growth in the long run? (Solow growth model). How do expectations affect today’s interest rates, stock prices, consumption and inve ...
... Do disinflation policies inevitably lead to high unemployment and recession? (Phillips curve, Okun’s law) How do saving and technological progress impact production and growth in the long run? (Solow growth model). How do expectations affect today’s interest rates, stock prices, consumption and inve ...
Econ 199 Sum 12 Syllabus
... Charles Wheelan, Naked Economics* (revised edition) = NE Articles and Photocopied Handouts = PH The New York Times, Chicago Tribune, The Wall Street Journal, or The Economist * For sale at the University Barnes & Noble Bookstore Examinations: There will be two midterm tests and a final examination, ...
... Charles Wheelan, Naked Economics* (revised edition) = NE Articles and Photocopied Handouts = PH The New York Times, Chicago Tribune, The Wall Street Journal, or The Economist * For sale at the University Barnes & Noble Bookstore Examinations: There will be two midterm tests and a final examination, ...
What Would Keynes D ould Keynes D ould Keynes Do?
... Name one economist whose ideas have been important to the shaping of capitalism. How are his or her ideas similar to or different from those of Keynes? ____________________________________________________________________________________ _______________________________________________________________ ...
... Name one economist whose ideas have been important to the shaping of capitalism. How are his or her ideas similar to or different from those of Keynes? ____________________________________________________________________________________ _______________________________________________________________ ...
Unit 6 The Phillips Curve
... Expectations and The Short-Run Phillips Curve ● Just as the aggregate supply curve slopes upward only in the short run, the tradeoff between unemployment and inflation only holds in the short run ● Expected Inflation- Measures how much people expect the overall price level to ...
... Expectations and The Short-Run Phillips Curve ● Just as the aggregate supply curve slopes upward only in the short run, the tradeoff between unemployment and inflation only holds in the short run ● Expected Inflation- Measures how much people expect the overall price level to ...
Zarnowitz, Victor. Business Cycles Observed and Assessed
... had demonstrably eminent roles, which they retain” (Zarnowitz). What we can derive from this is that recessions have high social costs in terms of unemployment and depressed growth. On the other hand, expansions can also be costly by causing imbalances and excesses. Structural and policy problems ma ...
... had demonstrably eminent roles, which they retain” (Zarnowitz). What we can derive from this is that recessions have high social costs in terms of unemployment and depressed growth. On the other hand, expansions can also be costly by causing imbalances and excesses. Structural and policy problems ma ...
Keynes and IS
... • Keynes had long been a critic of classical (long run) economic theory because it could explain only the long-run effects of policies – “In the long run we are all dead” ...
... • Keynes had long been a critic of classical (long run) economic theory because it could explain only the long-run effects of policies – “In the long run we are all dead” ...
Análise Econômica
... only microeconomic policy matters, how do the new classicals explain fluctuations in output and unemployment levels in the real world? According to the new classicals, cyclical fluctuations in real output can be explained due to technological and productivity changes in the economy. Then, the new cl ...
... only microeconomic policy matters, how do the new classicals explain fluctuations in output and unemployment levels in the real world? According to the new classicals, cyclical fluctuations in real output can be explained due to technological and productivity changes in the economy. Then, the new cl ...
Economics - Klein Oak.org
... potential GDP, and inflation results, we call the economy _______. ...
... potential GDP, and inflation results, we call the economy _______. ...
14.02 Principles of Macroeconomics Problem Set 3 Fall 2005
... 14.02 Principles of Macroeconomics Problem Set 3 Fall 2005 ...
... 14.02 Principles of Macroeconomics Problem Set 3 Fall 2005 ...
Back to the drawing board
... unemployment was rising. The West’s industrial base was being eroded and we could do nothing about it. At LSE we responded by setting up the Centre for Labour Economics, a research centre that brought together all of us interested in unemployment, to exchange ideas and interact with other economists ...
... unemployment was rising. The West’s industrial base was being eroded and we could do nothing about it. At LSE we responded by setting up the Centre for Labour Economics, a research centre that brought together all of us interested in unemployment, to exchange ideas and interact with other economists ...
FedViews
... gasoline prices. Second, higher prices can sometimes pass through into final consumer prices and eventually into wages. In the past few decades, such pass-through has not been evident in the United States, in part because the acquisition costs of energy and industrial commodities account for a small ...
... gasoline prices. Second, higher prices can sometimes pass through into final consumer prices and eventually into wages. In the past few decades, such pass-through has not been evident in the United States, in part because the acquisition costs of energy and industrial commodities account for a small ...
keynesian economics - Cabarrus County Schools
... Demand-side economics – the idea that govt. spending and tax cuts help an economy by raising demand John Maynard Keynes - developed this theory after the Great Depression. His ultimate goal was to tell economists and politicians how to get out of and avoid economic crisis. Keynes believe that 2 thin ...
... Demand-side economics – the idea that govt. spending and tax cuts help an economy by raising demand John Maynard Keynes - developed this theory after the Great Depression. His ultimate goal was to tell economists and politicians how to get out of and avoid economic crisis. Keynes believe that 2 thin ...
The Future of Monetary Policy - Federal Reserve Bank of Minneapolis
... same way economists model other economic behavior: by assuming agents maximize their objective functions subject to the constraints they face. With this in mind, Muth assumed that agents' subjective probability distributions are equal to the objective or actual probability distributions plus a rando ...
... same way economists model other economic behavior: by assuming agents maximize their objective functions subject to the constraints they face. With this in mind, Muth assumed that agents' subjective probability distributions are equal to the objective or actual probability distributions plus a rando ...
Lucas80
... ganized impressions, stimulated a great deal of theoretical work. The idea that one could, with a firm empirical basis, speak of something like a "typical business cycle," divided into stages invariant in character (if not in duration) suggested that a substantial part of observed fluctuations might ...
... ganized impressions, stimulated a great deal of theoretical work. The idea that one could, with a firm empirical basis, speak of something like a "typical business cycle," divided into stages invariant in character (if not in duration) suggested that a substantial part of observed fluctuations might ...
Monetary Policy
... When the FOMC decides to counter a recession with loose or easy money policy, how would it use its open market operations? ...
... When the FOMC decides to counter a recession with loose or easy money policy, how would it use its open market operations? ...
Economics
... Purpose: to gain insight into development challenges posed by poverty, income inequality, population growth, unemployment, urbanisation and migration, as well as to deepen students’ understanding of the contributions to economic development of agricultural and rural development, education, trade pol ...
... Purpose: to gain insight into development challenges posed by poverty, income inequality, population growth, unemployment, urbanisation and migration, as well as to deepen students’ understanding of the contributions to economic development of agricultural and rural development, education, trade pol ...
ECON 2020-400 Principles of Macroeconomics
... Throughout the course, we will compare and contrast the different schools of thought on the workings of the macroeconomy. The first six chapters of your text are about microeconomics, for macroeconomics cannot be well-understood without some grounding in·microeconomics. The remainder of the text dea ...
... Throughout the course, we will compare and contrast the different schools of thought on the workings of the macroeconomy. The first six chapters of your text are about microeconomics, for macroeconomics cannot be well-understood without some grounding in·microeconomics. The remainder of the text dea ...
Presentation to the Money Marketeers of New York University
... the past several years. We also see a large number of people who have dropped out of the labor force but still say they want a job. Combined, these groups account for a good part of the increase in non-participation not related to retirement. It’s likely that many of these people will come back to ...
... the past several years. We also see a large number of people who have dropped out of the labor force but still say they want a job. Combined, these groups account for a good part of the increase in non-participation not related to retirement. It’s likely that many of these people will come back to ...
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.