Final Exam
... Based on your reading of Professor Pollin’s article (Real World Macro, article 7.2), discuss why John Maynard Keynes believed that free market capitalism was fundamentally unstable. In the post-WWII period, social democratic capitalism was implemented in many countries. However, by the 1970s, both K ...
... Based on your reading of Professor Pollin’s article (Real World Macro, article 7.2), discuss why John Maynard Keynes believed that free market capitalism was fundamentally unstable. In the post-WWII period, social democratic capitalism was implemented in many countries. However, by the 1970s, both K ...
ECON 6080-001 Applied Macroeconomic Theory
... macroeconomics dominated the economics profession and policy circles. Weaknesses in the Keynesian model became apparent with the coexistence of high unemployment and price inflation during the 1970s and the failure of Keynesian based econometric models to predict macroeconomic fluctuations during th ...
... macroeconomics dominated the economics profession and policy circles. Weaknesses in the Keynesian model became apparent with the coexistence of high unemployment and price inflation during the 1970s and the failure of Keynesian based econometric models to predict macroeconomic fluctuations during th ...
ECON 3080-002 Intermediate Macroeconomic Theory
... only affect the "real" portion of the economy when their use is unexpected. Since it is thought that policy changes cannot be kept secret in the modern economy, New Classical economists concluded that anticipated government action can have no impact on the economy. Hence, the economy will, under act ...
... only affect the "real" portion of the economy when their use is unexpected. Since it is thought that policy changes cannot be kept secret in the modern economy, New Classical economists concluded that anticipated government action can have no impact on the economy. Hence, the economy will, under act ...
Steinar Holden, ECON 4325
... New Keynesian framework usually does not allow for asymmetric fluctuations, where downturns are more persistent or larger than upturns o If economy does not work due to severe frictions or distortions, excess downturns may result o Implies that business fluctuations may have a negative effect of a ...
... New Keynesian framework usually does not allow for asymmetric fluctuations, where downturns are more persistent or larger than upturns o If economy does not work due to severe frictions or distortions, excess downturns may result o Implies that business fluctuations may have a negative effect of a ...
The Ordinary Economics of an Extraordinary Crisis
... By June of 1930, the Dow had largely recovered. Then the economy was hit with a massive policy shift on tariffs. The Smoot-Hawley Tariff Act effectively raised the prices of 20,000 imported goods by up to 50 percent. As a consequence, trade was destroyed. The natural process of market correction, wh ...
... By June of 1930, the Dow had largely recovered. Then the economy was hit with a massive policy shift on tariffs. The Smoot-Hawley Tariff Act effectively raised the prices of 20,000 imported goods by up to 50 percent. As a consequence, trade was destroyed. The natural process of market correction, wh ...
Chapter 1: Are your smart choices smart for all?
... focus on the connections between money/banks/expectations and the input and output markets of the circular flow ...
... focus on the connections between money/banks/expectations and the input and output markets of the circular flow ...
The art of distinguishing between cause and effect in the macroeconomy
... A clear-cut example of a two-way relationship is the economic development in the early 1980s, when many countries shifted their policy in order to combat inflation. This change was primarily a reaction to economic events during the 1970s, when the inflation rate increased due to higher oil prices a ...
... A clear-cut example of a two-way relationship is the economic development in the early 1980s, when many countries shifted their policy in order to combat inflation. This change was primarily a reaction to economic events during the 1970s, when the inflation rate increased due to higher oil prices a ...
ECON 3080-003 Intermediate Macroeconomic Theory
... we wish to place great emphasis on these policy implications, whether they be fiscal policies, monetary policies, or policies of other types. As I see it, we are concerned with understanding how policy makers can make society a better place for us to live and work. Thus, without neglecting theory, I ...
... we wish to place great emphasis on these policy implications, whether they be fiscal policies, monetary policies, or policies of other types. As I see it, we are concerned with understanding how policy makers can make society a better place for us to live and work. Thus, without neglecting theory, I ...
ECON 7040-001 Macroeconomic Theory II
... Bl inder, A. & J. Stiglitz (1983) "Money, Credit Constraints and Economic Activity," American Economic Review (Papers and Proceedings), Vol. 73 , No . 2 (May), pp. 297302. Scheinkman, J. & L. Weiss (1986) "Bo rrowing Constraints and Aggregate Econom ic Activity," Econometrica , Vol. 54, No. 1, (Janu ...
... Bl inder, A. & J. Stiglitz (1983) "Money, Credit Constraints and Economic Activity," American Economic Review (Papers and Proceedings), Vol. 73 , No . 2 (May), pp. 297302. Scheinkman, J. & L. Weiss (1986) "Bo rrowing Constraints and Aggregate Econom ic Activity," Econometrica , Vol. 54, No. 1, (Janu ...
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... well the role of efficiency wages, by attempting to answer the question of what the effects are of revenue-neutral changes in tax progression and tax structure on wage formation, worker effort and thereby labour productivity and equilibrium unemployment, both under exogenous and endogenous outside o ...
... well the role of efficiency wages, by attempting to answer the question of what the effects are of revenue-neutral changes in tax progression and tax structure on wage formation, worker effort and thereby labour productivity and equilibrium unemployment, both under exogenous and endogenous outside o ...
Dates - Houston ISD
... Then explain that the act of hiring people and paying them to build it stimulates Aggregate Demand and shifts the Aggregate Demand curve but we will not have more capacity and therefore more potential output until the new store is done. When the store is we can produce more and therefore have had ec ...
... Then explain that the act of hiring people and paying them to build it stimulates Aggregate Demand and shifts the Aggregate Demand curve but we will not have more capacity and therefore more potential output until the new store is done. When the store is we can produce more and therefore have had ec ...
Unit 4 Exam - cloudfront.net
... 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? ...
Argia M. Sbordone`s CV - Federal Reserve Bank of New York
... Member, American Economic Association. Associate Editor, Macroeconomic Dynamics. Referee for: American Economic Review; American Economic Journal: Macroeconomics; B.E. Journal of Macroeconomics; Econometrica; Economic Inquiry; Economic Journal; Economic Letters; European Economic Review; Internation ...
... Member, American Economic Association. Associate Editor, Macroeconomic Dynamics. Referee for: American Economic Review; American Economic Journal: Macroeconomics; B.E. Journal of Macroeconomics; Econometrica; Economic Inquiry; Economic Journal; Economic Letters; European Economic Review; Internation ...
Economics
... changing the interest rate can influence the economy. They should be able to explain how the interest rate affects AD, Inflation, Unemployment, Economic Growth and the Current account of the Balance of Payments. It must be clear that monetary policy is an action by the Central Bank and students shou ...
... changing the interest rate can influence the economy. They should be able to explain how the interest rate affects AD, Inflation, Unemployment, Economic Growth and the Current account of the Balance of Payments. It must be clear that monetary policy is an action by the Central Bank and students shou ...
Presentation to the Association of Trade and Forfaiting in the... Ritz Carlton, San Francisco, CA
... workers’ pay has been pretty modest. In fact, wage growth has averaged only about 2 percent over the past few years, and there are few signs of any acceleration in wages. That said, I expect that once the unemployment rate gets even closer to its natural rate, wage growth should pick up. Now you may ...
... workers’ pay has been pretty modest. In fact, wage growth has averaged only about 2 percent over the past few years, and there are few signs of any acceleration in wages. That said, I expect that once the unemployment rate gets even closer to its natural rate, wage growth should pick up. Now you may ...
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.