The Impact of a Reduced Rate of VAT on Restaurants 3
... The literature indicates that tourists are sensitive to several economic variables. Income in the origin country is a primary explanatory variable. A priori, according to demand theory, positive income elasticity indicates that a commodity is normal, while a negative value indicates that it is an in ...
... The literature indicates that tourists are sensitive to several economic variables. Income in the origin country is a primary explanatory variable. A priori, according to demand theory, positive income elasticity indicates that a commodity is normal, while a negative value indicates that it is an in ...
Does Indexation Bias the Estimated Frequency of Price Adjustment?
... Alternatively, one can assume zero trend in‡ation. This assumption yields the same forward-looking NKPC that is obtained under positive in‡ation trend and indexation to average in‡ation rate. Ascari (2004) argues that assuming zero instead of an empirically-relevant positive trend in‡ation has impor ...
... Alternatively, one can assume zero trend in‡ation. This assumption yields the same forward-looking NKPC that is obtained under positive in‡ation trend and indexation to average in‡ation rate. Ascari (2004) argues that assuming zero instead of an empirically-relevant positive trend in‡ation has impor ...
NBER WORKING PAPER SERIES WHY DOES MONEY AFFECT OUTPUT? A SURVEY
... It was clear even then that while the wage—price mechanism appeared to fit the facts successfully, its components were at sharp variance with standard neoclassical theory. In the price equation, whether the lack of effects of demand on the markup of prices over labor costs was due to flat marginal c ...
... It was clear even then that while the wage—price mechanism appeared to fit the facts successfully, its components were at sharp variance with standard neoclassical theory. In the price equation, whether the lack of effects of demand on the markup of prices over labor costs was due to flat marginal c ...
Optimal Monetary Policy when Information is - HEC Lausanne
... steering the economy towards the e cient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
... steering the economy towards the e cient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
The Price of Capital - Harvard Business School
... across regions (many associated with the “regionalization” method used to collect data) further limit comparisons. Across countries, collecting prices for similar capital goods, as discussed later in the paper, present additional challenges beyond the coverage and quality of the data. The methodolog ...
... across regions (many associated with the “regionalization” method used to collect data) further limit comparisons. Across countries, collecting prices for similar capital goods, as discussed later in the paper, present additional challenges beyond the coverage and quality of the data. The methodolog ...
krugman ir macro module 29(65).indd
... the effect of an increase in aggregate demand. Note that real GDP increases (economic growth is considered a good thing), but at the same time the price level increases (and we would like to have price stability). Now present a new starting long-run macroeconomic equilibrium and illustrate a decreas ...
... the effect of an increase in aggregate demand. Note that real GDP increases (economic growth is considered a good thing), but at the same time the price level increases (and we would like to have price stability). Now present a new starting long-run macroeconomic equilibrium and illustrate a decreas ...
Dynamic Change, Economic Fluctuations, and the AD
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
CH_10_13th - Florida State University
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
... Copyright ©2010 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
Historical Energy Price Shocks and their Effects on the Economy
... effects and to an even larger extent by speculation, the effects of supply shocks on oil prices are relatively low. The effects of supply shocks are a little more disruptive for GDP during the first year after the shock, while oil-specific demand shocks and aggregate demand shocks (more significant) ...
... effects and to an even larger extent by speculation, the effects of supply shocks on oil prices are relatively low. The effects of supply shocks are a little more disruptive for GDP during the first year after the shock, while oil-specific demand shocks and aggregate demand shocks (more significant) ...
chapter 4 aggregate demand and aggregate supply
... willing to offer higher prices to employ them. The higher prices paid for these resources raises the prices of goods produced with them. Another way of explaining the upward-sloping segment is to suppose that the price level increases from 100 to 110. As the price level increases, so does the spread ...
... willing to offer higher prices to employ them. The higher prices paid for these resources raises the prices of goods produced with them. Another way of explaining the upward-sloping segment is to suppose that the price level increases from 100 to 110. As the price level increases, so does the spread ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Output Measurement in the Service Sectors
... in recent years. In large part this interest is the result of the apparent growing importance of services in the economic life of nations. This, in turn, could be either because the demand for services is income elastic and, as national economies have developed over time, their real incomes have ris ...
... in recent years. In large part this interest is the result of the apparent growing importance of services in the economic life of nations. This, in turn, could be either because the demand for services is income elastic and, as national economies have developed over time, their real incomes have ris ...
inflation - Economics
... pension would decrease drastically if the pensioners went home and came back the next day. So they waited in line knowing that the value of their pension payment was decreasing with each minute they had to wait in line. Many Yugoslavian businesses refused to take the Yugoslavian currency at all and ...
... pension would decrease drastically if the pensioners went home and came back the next day. So they waited in line knowing that the value of their pension payment was decreasing with each minute they had to wait in line. Many Yugoslavian businesses refused to take the Yugoslavian currency at all and ...
This PDF is a selection from a published volume from... Research Volume Title: Asset Prices and Monetary Policy
... consumption relative to the option of shifting consumption intertemporally (in other words, a violation of the Euler equation), which can be validated only by a rise in current consumption. In turn, the increased demand for borrowing further stimulates the demand for durables and its relative price, ...
... consumption relative to the option of shifting consumption intertemporally (in other words, a violation of the Euler equation), which can be validated only by a rise in current consumption. In turn, the increased demand for borrowing further stimulates the demand for durables and its relative price, ...
PDF
... Production quotas in European Union agriculture are normally transferable between firms within the frontiers of each country, whilst there are practically fixed and not transferable between the different EU Member States. Economic literature has frequently underlined the dead weight loss that an ind ...
... Production quotas in European Union agriculture are normally transferable between firms within the frontiers of each country, whilst there are practically fixed and not transferable between the different EU Member States. Economic literature has frequently underlined the dead weight loss that an ind ...
- Kendriya Vidyalaya No. 2 Raipur
... 1. Budget set:- It refers to attainable combinations of a set of two goods, given prices of goods and income of the consumer. 2. Budget line(price line):- It is a line showing different possible combinations of good-1 and good-2, which a consumer can buy, given his budget and the prices of good-1 an ...
... 1. Budget set:- It refers to attainable combinations of a set of two goods, given prices of goods and income of the consumer. 2. Budget line(price line):- It is a line showing different possible combinations of good-1 and good-2, which a consumer can buy, given his budget and the prices of good-1 an ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... rates (i.e., from rate A to rate B, and from the latter to rate C), until in early 1953 the large majority of transactions were conducted at rate C. In April 1953 a still higher rate, IL 1.800 per dollar, was added. The rate was formally established by adding IL 0.800 per dollar to rate C as a premi ...
... rates (i.e., from rate A to rate B, and from the latter to rate C), until in early 1953 the large majority of transactions were conducted at rate C. In April 1953 a still higher rate, IL 1.800 per dollar, was added. The rate was formally established by adding IL 0.800 per dollar to rate C as a premi ...
chapter overview - Amazon Web Services
... A. In the mid- and late 1970s, oil price shocks caused cost-push inflation, rising unemployment, and a negative GDP gap (stagflation). B. In the late 1980s and through most of the 1990s, oil prices fell, prompting OPEC (along with Mexico, Norway, and Russia) to restrict output and raise prices (up t ...
... A. In the mid- and late 1970s, oil price shocks caused cost-push inflation, rising unemployment, and a negative GDP gap (stagflation). B. In the late 1980s and through most of the 1990s, oil prices fell, prompting OPEC (along with Mexico, Norway, and Russia) to restrict output and raise prices (up t ...
Inflation, Deflation and All That
... Deflation is certainly not happening in Australia. For the year just past, the CPI rose by about 3 per cent. Underlying measures rose slightly less than that (Graph 3). About 70 per cent of the items in the CPI basket recorded increases, while 30 per cent of them fell, which as I noted above is fair ...
... Deflation is certainly not happening in Australia. For the year just past, the CPI rose by about 3 per cent. Underlying measures rose slightly less than that (Graph 3). About 70 per cent of the items in the CPI basket recorded increases, while 30 per cent of them fell, which as I noted above is fair ...
Dynamic Change, Economic Fluctuations, and the AD
... Copyright ©2017 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
... Copyright ©2017 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. ...
1 - Whitman People
... Over time, capital deteriorates and eventually wears out completely if it is not properly maintained. If an economy fails to invest in both public capital and private capital at a sufficient rate, the stock of capital will decline. This can cause economic decline and a shift of the aggregate supply ...
... Over time, capital deteriorates and eventually wears out completely if it is not properly maintained. If an economy fails to invest in both public capital and private capital at a sufficient rate, the stock of capital will decline. This can cause economic decline and a shift of the aggregate supply ...
1. - OECD.org
... are measurement errors either in one or more of the PPP benchmarks or the national accounts. It is only such measurement errors that pose a genuine problem of consistency. The situation is much like the relationship between the national accounts deflator for household consumption expenditure and the ...
... are measurement errors either in one or more of the PPP benchmarks or the national accounts. It is only such measurement errors that pose a genuine problem of consistency. The situation is much like the relationship between the national accounts deflator for household consumption expenditure and the ...
year12 inspection sample
... It is suggested students work through this exam preparation workbook throughout the year, either as end of topic revision or for homework as each topic is taught. It is vital students practise test technique throughout the year and that exam preparation is not rushed in Term Four. In 2.5 Government ...
... It is suggested students work through this exam preparation workbook throughout the year, either as end of topic revision or for homework as each topic is taught. It is vital students practise test technique throughout the year and that exam preparation is not rushed in Term Four. In 2.5 Government ...
The impact of Crude oilprice volatility on selected Asian emerging economies
... Hence, this studyin handincludes only two macroeconomic variables in the model which may indicate the overall macoeconomic performance of the economies namely, GDP growth and inflation. Furthermore, it employs generalized version of the impulse response functions and variance decompositions tests wh ...
... Hence, this studyin handincludes only two macroeconomic variables in the model which may indicate the overall macoeconomic performance of the economies namely, GDP growth and inflation. Furthermore, it employs generalized version of the impulse response functions and variance decompositions tests wh ...
Aggregate Demand and Aggregate Supply
... 2. For the public to be willing to hold a smaller quantity of real money balances and a larger quantity of nonmoney assets, the real interest rate must rise. A higher real interest rate on nonmoney assets increases the opportunity cost of holding money, so the public is willing to hold the lower lev ...
... 2. For the public to be willing to hold a smaller quantity of real money balances and a larger quantity of nonmoney assets, the real interest rate must rise. A higher real interest rate on nonmoney assets increases the opportunity cost of holding money, so the public is willing to hold the lower lev ...
Chap23
... Why the Aggregate-Supply Curve Slopes Upward in the Short Run • In the short run, an increase in the overall level of prices in the economy tends to raise the quantity of goods and services supplied. • A decrease in the level of prices tends to reduce the quantity of goods and services supplied. • ...
... Why the Aggregate-Supply Curve Slopes Upward in the Short Run • In the short run, an increase in the overall level of prices in the economy tends to raise the quantity of goods and services supplied. • A decrease in the level of prices tends to reduce the quantity of goods and services supplied. • ...
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.""