Macroeconomic theory and policy phần 4 pps

... 4. 8. REFERENCES 101 theory? (see Figure 4. 17). -3 -2 -1 0 1 2 3 4 78 80 82 84 86 88 90 92 94 96 GDP Consumption-Output Ratio Percent Deviation from Trend Figure 4. 17 Dominca Real ... zero. • Exercise 4. 14. You and your friend Bob are the only two people on the planet. If you borrow a case of beer (at zero in terest) from Bob and 106 CHAPTER 4. CONSUMPTION AND SAVING 4. C...

Ngày tải lên: 09/08/2014, 19:21

... Canadian Journal of Economics, XVIII(3): 531—565. 4. Wallace, Neil (1983). “A Legal Restrictions Theory of the Demand for ‘Money’ and the Role of Monetary Policy, ” Federal Reserve Bank of Min- neapolis ... (AS) function and an ‘aggregate demand’ (AD) function. These labels are perhaps not the best ones available, since these ‘supply’ and ‘demand’ functions do not correspond to stan...

Ngày tải lên: 09/08/2014, 19:21

... current living standards depend on past growth rates and that our future living standards (or those of our children) will depend on current and future growth rates, the question of growth and development ... the hands of the English, the balance of power shifted in the Baroque era (1600 A.D. - 1750 A.D.) toward England, France and Holland. This episode in European history is known mor...

Ngày tải lên: 09/08/2014, 19:21

... APersistentDeclineinWorldGDP 93 4. 5 .4 Evidence 94 4.6 Summary 97 4. 7 Problems 99 4. 8 References 101 4. A AlexanderHamiltononRepayingtheU.S.WarDebt 103 4. B MiltonFriedmanMeetsJohnMaynardKeynes 1 04 4.C TheTermStructureofInterestRates ... 38 2 .4 PolicyImplications 39 2.5 UncertaintyandRationalExpectations 41 2.6 AnimalSpirits 42 2.6.1 IrrationalExpectations 43 2.6.2 Self-Fu...

Ngày tải lên: 09/08/2014, 19:21

... Complementarities and Macroeconomics, New York: Cambridge University Press. 2. Keynes, John M. (1936). The General Theory of Employment, Interest and Money, MacMillan, Cambridge Univ ersity Press. 3. Kydland, ... 36 (4) : 923— 948 . 5. Long, John B. and Charles Plosser (1983). “Real Business Cycles,” Jour- nal of Political Economy, 91(1): 39—69. 6. Schumpeter, Joseph A. (1 942 ). Capi...

Ngày tải lên: 09/08/2014, 19:21

... investment demand function x D 1 (as a function of R, k 1 and z 2 ); seeFigure6 .4. 0 1 + MPK(k + x , z ) 112 R x 1 D x 1 Rate of Return FIGURE 6 .4 Determination of Domestic Investment Demand • Exercise ... activity. 144 CHAPTER 6. C APITAL AND INVESTMENT Now, if this economy was closed to international trade, then there would be an excess demand for credit if the interest rate remain...

Ngày tải lên: 09/08/2014, 19:21

... Conference Series on Public Policy, 44 : 47 —82. 3. Jones, Stephen R. ( 1993). “Cyclical and Seasonal Properties o f Canadian Gross Flows of Labour,” Canadian Public Policy, 19(1): 1—17. 4. Pissarides, Christopher ... (since ln e =1) ;and ln(xy)=ln(x)+ln(y). 148 CHAPTER 7. LABOR MARKET FLOWS AND U NEMPLOYMEN T and out of employment. Employment 11,100,000 Nonemployment 7,708,000...

Ngày tải lên: 09/08/2014, 19:21

... from a royal family? And why does the nominal exchange rate between Queens and Lauriers remain constant over time? Are there separate and stable supplies and demands for Queens and Lauriers? No, ... can purch ase one share of General Motors on the New York Stock Exchange for $ 34. 45 USD and the same share for $43 . 34 CDN on the Toronto Stock Exchange (these are the respective c...

Ngày tải lên: 09/08/2014, 19:21

... East West/East 1820 1, 140 540 2.1 1870 1,880 560 3.3 1900 2,870 580 4. 2 1913 3,590 740 4. 8 1950 5 ,45 0 727 7.5 1973 10,930 1,670 6.5 1989 13,980 2,970 4. 7 1992 13,790 3, 240 4. 3 The data in Table ... that F and G are regular neoclassical production functions. Notice that Y 1 is produced with capital and labor, while Y 2 is produced with land and labor. In this model, capital...

Ngày tải lên: 09/08/2014, 19:21

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