Who`s Afraid of a Big Bad Oil Shock? (Brookings Papers on
... years. (These elasticities, along with inelastic supply, suggest why crude oil prices are so volatile in the short run.) Using a calculation roughly similar to that described above, I estimate that a doubling of real oil prices would lead to a slowdown in productivity growth by 0.11 percentage point ...
... years. (These elasticities, along with inelastic supply, suggest why crude oil prices are so volatile in the short run.) Using a calculation roughly similar to that described above, I estimate that a doubling of real oil prices would lead to a slowdown in productivity growth by 0.11 percentage point ...
NBER WORKINO PAPER SERIES TESTING DEVIATTONS FROM Joshua Aizenman Working Paper No 1475
... of models. One allowed for short-run goods price rigidity and for a flexible assets market, and focused on issues related to the overshooting hypothesis (See Dornhusch (1976)), The second considered a sysrnmetric setup, allowing for flexible goods and assets prices, and focusing on issues related to ...
... of models. One allowed for short-run goods price rigidity and for a flexible assets market, and focused on issues related to the overshooting hypothesis (See Dornhusch (1976)), The second considered a sysrnmetric setup, allowing for flexible goods and assets prices, and focusing on issues related to ...
Document
... Quantity demanded is still greater than quantity supplied • Some consumers who are willing and able to rent housing at ceiling price are unable to find a vacancy ...
... Quantity demanded is still greater than quantity supplied • Some consumers who are willing and able to rent housing at ceiling price are unable to find a vacancy ...
chapter 13
... Sacrifice ratio = (lost GDP)/(total disinflation) = 19/6.7 = 2.8 percentage points of GDP were lost for each 1 percentage point reduction in inflation. CHAPTER 13 ...
... Sacrifice ratio = (lost GDP)/(total disinflation) = 19/6.7 = 2.8 percentage points of GDP were lost for each 1 percentage point reduction in inflation. CHAPTER 13 ...
Mankiw 6e PowerPoints
... Sacrifice ratio = (lost GDP)/(total disinflation) = 19/6.7 = 2.8 percentage points of GDP were lost for each 1 percentage point reduction in inflation. CHAPTER 13 ...
... Sacrifice ratio = (lost GDP)/(total disinflation) = 19/6.7 = 2.8 percentage points of GDP were lost for each 1 percentage point reduction in inflation. CHAPTER 13 ...
At current price - United Nations Statistics Division
... Accounting Spreadsheet Model” for the Gambian economy. The analytical framework is consistent with the basic concepts and interrelations under the UN System of National Accounts (UNSNA), and the IMF Government Finance Statistics (GFS), Balance of Payments (BOP) Statistics, and the MonetaryFinancial ...
... Accounting Spreadsheet Model” for the Gambian economy. The analytical framework is consistent with the basic concepts and interrelations under the UN System of National Accounts (UNSNA), and the IMF Government Finance Statistics (GFS), Balance of Payments (BOP) Statistics, and the MonetaryFinancial ...
PDF
... prices, holding constant the all other sources of possible change such as land use, labor market adjustments and policy responses. In Vietnam, for example, Linh and Glewwe found that for a 10% rise in food (rice) price, aggregate welfare rises by 1.17% (0.63%), and poverty falls by 0.59% (0.10%). Us ...
... prices, holding constant the all other sources of possible change such as land use, labor market adjustments and policy responses. In Vietnam, for example, Linh and Glewwe found that for a 10% rise in food (rice) price, aggregate welfare rises by 1.17% (0.63%), and poverty falls by 0.59% (0.10%). Us ...
View/Open
... The purpose of this article is to review the theoretical framework that can be used to assess the trade impact of devaluation or revaluation—on any commodity or any subsector of a country's economy. It traces the effects of changes in an exchange rate on commodity production, consumption, trade leve ...
... The purpose of this article is to review the theoretical framework that can be used to assess the trade impact of devaluation or revaluation—on any commodity or any subsector of a country's economy. It traces the effects of changes in an exchange rate on commodity production, consumption, trade leve ...
2003 - PDST
... 1. Transactions in foreign financial assets and foreign liabilities. 2. Direct investment i.e. net investment by foreign companies in Ireland. 3. Portfolio investment: acquisition & disposal of equity and debt. 4. Other investment: loans, currency & deposits, financial derivatives & other accounts r ...
... 1. Transactions in foreign financial assets and foreign liabilities. 2. Direct investment i.e. net investment by foreign companies in Ireland. 3. Portfolio investment: acquisition & disposal of equity and debt. 4. Other investment: loans, currency & deposits, financial derivatives & other accounts r ...
Chapter 6 Notes
... well for the following reasons. – First, prices in a competitive market economy are neutral because they favor neither the producer nor the consumer. This is because prices are the result of competition between buyers and sellers. – Second, prices in a market economy are ...
... well for the following reasons. – First, prices in a competitive market economy are neutral because they favor neither the producer nor the consumer. This is because prices are the result of competition between buyers and sellers. – Second, prices in a market economy are ...
Deflation and Japan Revisited
... expenditure accounts for roughly three-fourths of the overall GDR expenditure (see Appendix), we can make the rough conclusion that overall prices seem to have fallen in 1991, 1992, 1993, 1994, 1995, 1996, 1998, 1999, and 2001, i.e., all years but 1997 and 2000. On top of that, prices of real estate ...
... expenditure accounts for roughly three-fourths of the overall GDR expenditure (see Appendix), we can make the rough conclusion that overall prices seem to have fallen in 1991, 1992, 1993, 1994, 1995, 1996, 1998, 1999, and 2001, i.e., all years but 1997 and 2000. On top of that, prices of real estate ...
Aggregate Demand/Aggregate Supply
... Monetary growth rule A plan for increasing the quantity of money at a steady, predictable rate that does not respond to changes in economic conditions. • Steady monetary growth can serve as an automatic stabilizer. Monetarism The macroeconomic theories of Milton Friedman and his followers; particula ...
... Monetary growth rule A plan for increasing the quantity of money at a steady, predictable rate that does not respond to changes in economic conditions. • Steady monetary growth can serve as an automatic stabilizer. Monetarism The macroeconomic theories of Milton Friedman and his followers; particula ...
Chap26
... about the economy’s actual price level Long-run equilibrium: The price level and real GDP that occurs when (1) the actual price level equals the expected price level, (2) real GDP supplied equals potential output, and (3) real GDP supplied equals real GDP demanded ...
... about the economy’s actual price level Long-run equilibrium: The price level and real GDP that occurs when (1) the actual price level equals the expected price level, (2) real GDP supplied equals potential output, and (3) real GDP supplied equals real GDP demanded ...
4 Impact of High Oil Prices on African Economies
... oil price increase was not associated with any perceptible change in economic performance in net oil-importing countries unlike in the 1970s and the 1980s (Dudine et al., 2006). A similar conclusion was derived from a number of recent studies (World Bank, 2006a; 2006c; and 2006d), and earlier studie ...
... oil price increase was not associated with any perceptible change in economic performance in net oil-importing countries unlike in the 1970s and the 1980s (Dudine et al., 2006). A similar conclusion was derived from a number of recent studies (World Bank, 2006a; 2006c; and 2006d), and earlier studie ...
The Role of imperfect competition in new Keynesian Economics
... takers; prices (and wages) adjusted so that markets cleared. Agents maximized something subject to some constraint. However, in macroeconomics, this approach was not taken. Rather, a series of separate assumptions were made as necessary. For example, Keynes had been willing to assume that consumptio ...
... takers; prices (and wages) adjusted so that markets cleared. Agents maximized something subject to some constraint. However, in macroeconomics, this approach was not taken. Rather, a series of separate assumptions were made as necessary. For example, Keynes had been willing to assume that consumptio ...
An Introduction to Predation
... 1) short run MC is not a good test because even though most prices below it are predatory, some prices above it can be predatory, too; 2) assuming that short run MC is a good test, AVC is often a poor substitute because it tends to fall below MC (and therefore underestimate it) at higher output leve ...
... 1) short run MC is not a good test because even though most prices below it are predatory, some prices above it can be predatory, too; 2) assuming that short run MC is a good test, AVC is often a poor substitute because it tends to fall below MC (and therefore underestimate it) at higher output leve ...
2007:2 Increased competition and inflation
... growth and has proved capable of explaining a large part of the shortrun fluctuations in the main macro variables. The model is, moreover, used regularly in the Riksbank’s forecasting work. For a fuller description of the model, see Adolfson et al. (2005, 2007). The model is constructed to describe ...
... growth and has proved capable of explaining a large part of the shortrun fluctuations in the main macro variables. The model is, moreover, used regularly in the Riksbank’s forecasting work. For a fuller description of the model, see Adolfson et al. (2005, 2007). The model is constructed to describe ...
Inflation and Anti-inflationary Policy Fichier
... because money loses its purchase power during inflation. Beside it, deflation is not desirable, too. Within the text, we will discuss ways of measuring inflation, inflation forms; we will discuss the implications of inflation on the economy and take into account the possibilities of macroeconomic po ...
... because money loses its purchase power during inflation. Beside it, deflation is not desirable, too. Within the text, we will discuss ways of measuring inflation, inflation forms; we will discuss the implications of inflation on the economy and take into account the possibilities of macroeconomic po ...
Answers to Practice Questions 8
... movement along it). A market purchase of bonds increases money supply which leads to a decrease in the interest rate. As a result spending increases and the aggregate expenditure line sift upward. The equilibrium output will increase (for all price levels) and the aggregate demand curve will shift t ...
... movement along it). A market purchase of bonds increases money supply which leads to a decrease in the interest rate. As a result spending increases and the aggregate expenditure line sift upward. The equilibrium output will increase (for all price levels) and the aggregate demand curve will shift t ...
NBER WORKING PAPER David Romer Working Paper No. 2327
... proaches infinity because A approaches zero more quickly than xN). markets are competitive, a farmer's desired price change is small If others' prices are rigid, but the cost of forgoing even a small change Is large. Formally, GN- because V22 grows more quickly than (1_4)2 shrinks (see (13)). ...
... proaches infinity because A approaches zero more quickly than xN). markets are competitive, a farmer's desired price change is small If others' prices are rigid, but the cost of forgoing even a small change Is large. Formally, GN- because V22 grows more quickly than (1_4)2 shrinks (see (13)). ...
Aggregate Demand, Aggregate Supply, and Modern Macroeconomics
... The economy will slow down by itself or the government will step in with a policy to contract output and eliminate the inflationary ...
... The economy will slow down by itself or the government will step in with a policy to contract output and eliminate the inflationary ...
Marketing Time and Sales Price of Residential
... between sales price and marketing period is complex and that properties selling at or above list prices are likely to be sold quicker than those selling below list price. This however conflicts with the finding of Knight (2002) that houses with initial list prices take longer to sell and ultimately ...
... between sales price and marketing period is complex and that properties selling at or above list prices are likely to be sold quicker than those selling below list price. This however conflicts with the finding of Knight (2002) that houses with initial list prices take longer to sell and ultimately ...
Oil Shocks and Economic Growth in OPEC countries
... and economic growth have different patterns depending of the studied horizons. This interdependence is a mediumlived phenomenon, revealed on a three years and one quarter horizon, being weak in the short-run (ten months). We show that oil price shocks in periods of world turmoil or during fluctuatio ...
... and economic growth have different patterns depending of the studied horizons. This interdependence is a mediumlived phenomenon, revealed on a three years and one quarter horizon, being weak in the short-run (ten months). We show that oil price shocks in periods of world turmoil or during fluctuatio ...
Powerpoint - DebtDeflation
... – But could aggregate to classes – Should revive Classical economic class-based analysis • Alan Kirman’s sensible reaction to this result: – “If we are to progress further we may well be forced to theorise in terms of groups who have collectively coherent behaviour. – Thus demand and expenditure fun ...
... – But could aggregate to classes – Should revive Classical economic class-based analysis • Alan Kirman’s sensible reaction to this result: – “If we are to progress further we may well be forced to theorise in terms of groups who have collectively coherent behaviour. – Thus demand and expenditure fun ...
What is Wrong with the GDP Implicit Price Deflator
... not exact for the underlying aggregator function, which itself is assumed to be fairly general and well behaved. Specifically, we will look at the direct Paasche price index (the Laspeyres and the Fisher indexes will be briefly examined as well), while assuming that the production possibilities fron ...
... not exact for the underlying aggregator function, which itself is assumed to be fairly general and well behaved. Specifically, we will look at the direct Paasche price index (the Laspeyres and the Fisher indexes will be briefly examined as well), while assuming that the production possibilities fron ...
2000s commodities boom
The 2000s commodities boom or the commodities super cycle was the rise in many physical commodity prices (such as those of food stuffs, oil, metals, chemicals, fuels and the like) which occurred during the decade of the 2000s (2000–2009), following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising demand from emerging markets such as the BRIC countries, as well as the result of concerns over long-term supply availability. There was a sharp down-turn in prices during 2008 and early 2009 as a result of the credit crunch and sovereign debt crisis, but prices began to rise as demand recovered from late 2009 to mid-2010. Oil began to slip downwards after mid-2010, but peaked at $101.80 on 30 and 31 January 2011, as then Egyptian political crisis and rioting broke out, leading to concerns over both the safe use of the Suez Canal and over all security in Arabia itself. On 3 March, Libya's National Oil Corp said that output had halved due to the departure of foreign workers. As this happened, Brent Crude surged to a new high of above $116.00 a barrel as supply disruptions and potential for more unrest in the Middle East and North Africa continued to worry investors. Thus the price of oil kept rising into the 2010s. The commodities super-cycle peaked in 2011, ""driven by a combination of strong demand from emerging nations and low supply growth."" Prior to 2002, only 5 to 10 per cent of trading in the commodities market was attributable to investors. Since 2002 ""30 per cent of trading is attributable to investors in the commodities market"" which ""has caused higher price volatility.""