NBER WORKING PAPER SERIES ECONOMIC GROWTH IN THE MID ATLANTIC REGION:
... Alice Hanson Jones (1980), for example, used changes in wealth and an assumption about the likely ratio of wealth to income to estimate GDP. Marc Egnal (1998, Table 3.6, p. 43) explained that to arrive at his estimates “initial approximations were derived from data on per capita imports.” ...
... Alice Hanson Jones (1980), for example, used changes in wealth and an assumption about the likely ratio of wealth to income to estimate GDP. Marc Egnal (1998, Table 3.6, p. 43) explained that to arrive at his estimates “initial approximations were derived from data on per capita imports.” ...
Does Annual Real Gross Domestic Product per Capita Overstate or
... The preceding discussion suggests that we are not yet close to a consensus on whether annual real GDP per capita overstates the improvement in human welfare over the past two centuries. The discussion, however, does bring out a more subtle and more important point, which is that economists and stati ...
... The preceding discussion suggests that we are not yet close to a consensus on whether annual real GDP per capita overstates the improvement in human welfare over the past two centuries. The discussion, however, does bring out a more subtle and more important point, which is that economists and stati ...
How Effective is Fiscal Policy Response in Financial Crises?
... which fiscal deficits may reduce long-term growth is via higher interest rates, as economic agents anticipate the effect of future taxes to compensate current deficits and become less confident about debt sustainability. However, fiscal contractions during recessions can harm growth as fiscal multip ...
... which fiscal deficits may reduce long-term growth is via higher interest rates, as economic agents anticipate the effect of future taxes to compensate current deficits and become less confident about debt sustainability. However, fiscal contractions during recessions can harm growth as fiscal multip ...
The growth impact of discretionary fiscal policy - ECB
... actions. One drawback of this measure, however, is that it is usually computed using simple statistical adjustment methods based on times series, which do not reveal the underlying policy choices. To overcome this difficulty, we use a new measure of discretionary changes in fiscal policy. In particu ...
... actions. One drawback of this measure, however, is that it is usually computed using simple statistical adjustment methods based on times series, which do not reveal the underlying policy choices. To overcome this difficulty, we use a new measure of discretionary changes in fiscal policy. In particu ...
Monetary and Fiscal Policy in a Liquidity Trap:
... to rise in early March. This was clearly against the BOJ’s expectation that the zero overnight call rate would spread to longer-term nominal interest rates. Forced to make the bank’s policy intention clearer, Governor Masaru Hayami announced on April 13, 1999 that the monetary policy board would kee ...
... to rise in early March. This was clearly against the BOJ’s expectation that the zero overnight call rate would spread to longer-term nominal interest rates. Forced to make the bank’s policy intention clearer, Governor Masaru Hayami announced on April 13, 1999 that the monetary policy board would kee ...
Searching for Non-Keynesian Effects of Fiscal Policy
... stimulating aggregate demand. It can also drastically change people’s view of the future and therefore the estimate of their human capital. For instance, in a high-debt country a fiscal correction may prevent a financial crisis, thus improving confidence and increasing consumption and investment. Th ...
... stimulating aggregate demand. It can also drastically change people’s view of the future and therefore the estimate of their human capital. For instance, in a high-debt country a fiscal correction may prevent a financial crisis, thus improving confidence and increasing consumption and investment. Th ...
NBER WORKING PAPER SERIES Timothy J. Kehoe Kim J. Ruhl
... measure of output, the terms of trade cannot have a direct effect on a country’s TFP. An increase in the terms of trade lowers the purchasing power of the country, which can be very painful in terms of consumption and welfare, but does not impact TFP directly. The empirical literature on growth is r ...
... measure of output, the terms of trade cannot have a direct effect on a country’s TFP. An increase in the terms of trade lowers the purchasing power of the country, which can be very painful in terms of consumption and welfare, but does not impact TFP directly. The empirical literature on growth is r ...
The composition of government spending and the multiplier at the
... increasing productive government spending is effectively an aggregate demand policy. This is why the all-productive and first polar/ARRA1 cases yield very similar results (which we do not report for the ARRA1 to save space on the graph): beyond γ = 0.35, productive and non-substitutable government s ...
... increasing productive government spending is effectively an aggregate demand policy. This is why the all-productive and first polar/ARRA1 cases yield very similar results (which we do not report for the ARRA1 to save space on the graph): beyond γ = 0.35, productive and non-substitutable government s ...
NBER WORKING PAPER SERIES Robert J. Gordon Working Paper 11778
... between 1913 and 1929 than in the recent period, as shown in Figure 3. Excluding the wartime effect of 1918-19, the peacetime range was between 1.8 percent (1926) and and 11.7 percent (1921). The equivalent range over the 1984-2003 interval was between 4.0 percent (2000) and 7.5 percent (1984 and 19 ...
... between 1913 and 1929 than in the recent period, as shown in Figure 3. Excluding the wartime effect of 1918-19, the peacetime range was between 1.8 percent (1926) and and 11.7 percent (1921). The equivalent range over the 1984-2003 interval was between 4.0 percent (2000) and 7.5 percent (1984 and 19 ...
An Alternative Framework for Sectoral Contributions to GDP
... Readily available data on nominal GDP (i.e., in current prices) and on real GDP (i.e., either in constant prices or in chained prices), by sectors or industries over time, will suffice for the analytic procedures in this paper. The price and quantity indexes used in the analysis are implicit or comp ...
... Readily available data on nominal GDP (i.e., in current prices) and on real GDP (i.e., either in constant prices or in chained prices), by sectors or industries over time, will suffice for the analytic procedures in this paper. The price and quantity indexes used in the analysis are implicit or comp ...
How to measure a fiscal stimulus
... private sector, which are in general reflected by budgetary developments. Therefore, it is straightforward to measure the impulse on the basis of changes in the government budget. This input-side definition/measurement appears relatively easy to adopt in practice and may yield relatively comparable ...
... private sector, which are in general reflected by budgetary developments. Therefore, it is straightforward to measure the impulse on the basis of changes in the government budget. This input-side definition/measurement appears relatively easy to adopt in practice and may yield relatively comparable ...
+ = GDP - Binus Repository
... probably biased upward because more output now takes place in the market sector and less in the household sector. • However, it is also probably biased downward because of failure to adjust for increased leisure, improvements in the work environment, and the introduction of improved products and new ...
... probably biased upward because more output now takes place in the market sector and less in the household sector. • However, it is also probably biased downward because of failure to adjust for increased leisure, improvements in the work environment, and the introduction of improved products and new ...
The Uses and Limitations of Real GDP
... same currency units as the real GDP of the other country. 2. The goods and services in both countries must be valued at the same prices. ...
... same currency units as the real GDP of the other country. 2. The goods and services in both countries must be valued at the same prices. ...
The Uses and Limitations of Real GDP
... same currency units as the real GDP of the other country. 2. The goods and services in both countries must be valued at the same prices. ...
... same currency units as the real GDP of the other country. 2. The goods and services in both countries must be valued at the same prices. ...
Gerald P. Dwyer Jr.
... officials, regardless of whether they are elected or appointed. In addition, the political process can commit policy in the sense that certain policies become impossible or, to be more precise, high-cost alternatives. Constitutional restrictions are one explicit way of constraining behavior. If effi ...
... officials, regardless of whether they are elected or appointed. In addition, the political process can commit policy in the sense that certain policies become impossible or, to be more precise, high-cost alternatives. Constitutional restrictions are one explicit way of constraining behavior. If effi ...
THE EVALUATION OF ECONOMIC RECESSION MAGNITUDE
... a character of a financial crisis, while Romer (1990) described the low consumption spending because of the uncertainty of consumers about their future income. On the other hand, Olney (1999) argued that before the Great Depression, the decrease in consumption spending was caused by high cost of cred ...
... a character of a financial crisis, while Romer (1990) described the low consumption spending because of the uncertainty of consumers about their future income. On the other hand, Olney (1999) argued that before the Great Depression, the decrease in consumption spending was caused by high cost of cred ...
Building the Aggregate Expenditures Model
... 71. Assume the economy's consumption and saving schedules simultaneously shift downward. This must be the result of: A) an increase in disposable income. B) an increase in household wealth. C) an increase in personal taxes. D) the expectation of a recession. ...
... 71. Assume the economy's consumption and saving schedules simultaneously shift downward. This must be the result of: A) an increase in disposable income. B) an increase in household wealth. C) an increase in personal taxes. D) the expectation of a recession. ...
Macroeconomic Management When Policy Space is Constrained
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
Economics 101 Assignment #3 (20 Points) Name
... By what percent did the GDP Deflator rise in 2006? _______________ What was the CPI for 2006? ________________ By what percent did the CPI rise in 2006? ________________ How do you account for the differences in the number and in the rise in prices between these two measures of inflation? 16. Go bac ...
... By what percent did the GDP Deflator rise in 2006? _______________ What was the CPI for 2006? ________________ By what percent did the CPI rise in 2006? ________________ How do you account for the differences in the number and in the rise in prices between these two measures of inflation? 16. Go bac ...
Abenomics
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Abenomics (アベノミクス, Abenomikusu) refers to the economic policies advocated by Shinzō Abe since the December 2012 general election, which elected Abe to his second term as prime minister of Japan. Abenomics is based upon ""three arrows"" of fiscal stimulus, monetary easing and structural reforms. The Economist characterized the program as a ""mix of reflation, government spending and a growth strategy designed to jolt the economy out of suspended animation that has gripped it for more than two decades.""The term ""Abenomics"" is a portmanteau of Abe and economics, and follows previous political neologisms for economic policies linked to specific leaders, such as Reaganomics, Clintonomics and Rogernomics.