Macroeconomic theory and policy phần 5 pot

... investment spending and lead to higher interest rates. These issues can be explored in later chapters once we have an appropriate theory of investment developed. 5. 7. U.S. FISCAL POLICY 121 5. 6.2 G o vernm ... distortions) and kept at this higher level until the debt is paid off. 5. 7 U.S . Fisc a l Policy There has been much talk recently of George W. Bush’s fiscal policy. In a...

Ngày tải lên: 09/08/2014, 19:21

... ThiscanonlybetrueatapointlikeB. 228 CHAPTER 11. INTERNATIONAL MONETARY SYSTEMS 0.6 0.7 0.8 0.9 1.0 1.1 55 60 65 70 75 80 85 90 95 00 05 FIGURE 11.1 Canada - U.S. Exchange Rate $CDN per $US Fixed Exchange Rate Regime The ... 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...

Ngày tải lên: 09/08/2014, 19:21

... AModelwithCapitalandLabor 50 2.B Schumpeter’sProcessofCreativeDestruction 53 3 Fiscal Policy 55 3.1 Introduction 55 3.2 GovernmentPurchases 55 3.2.1 Lump-SumTaxes 56 3.2.2 DistortionaryTaxation 59 3.3 GovernmentandRedistribution ... Production 119 5. 6.1 RicardianEquivalence 120 5. 6.2 GovernmentSpendingShocks 121 5. 6.3 Barro’sTax-SmoothingArgument 121 5. 7 U.S.FiscalPoli...

Ngày tải lên: 09/08/2014, 19:21

... the U.S. economy. -6 -4 -2 0 2 4 6 8 65 70 75 80 85 90 95 00 Real per capita GDP Hours per capita Percent per Annum -6 -4 -2 0 2 4 6 8 65 70 75 80 85 90 95 00 Real per capita GDP Labor Productivity Percent ... Productivity Percent per Annum -6 -4 -2 0 2 4 6 8 65 70 75 80 85 90 95 00 Real per capita GDP Real Wage Percent per Annum -6 -4 -2 0 2 4 6 65 70 75 80 85 90 95 00 Ho...

Ngày tải lên: 09/08/2014, 19:21

... remains to be seen. - 15 -10 -5 0 5 10 15 1970 19 75 1980 19 85 1990 19 95 2000 GDP Real Interest Rate Percent per Annum Figure 4.13 Growth Rate in Real per Capita GDP (Actual) and the Real Short-Term ... CONSUMPTION AND SAVING may play a significan t role in explaining wh y employment varies so much across seasons. 96 CHAPTER 4. CONSUMPTION AND SAVING 1 2 3 4 5 6 7 1970 19 7...

Ngày tải lên: 09/08/2014, 19:21

... participation mandatory and collect ‘fees’ by way of taxes. 5 By operating a well-designed insurance scheme, the government may be able to improve economic welfare; see Andolfatto and Gomme (1996). 4 Anoth ... there are many different types of interest rates. There are ‘short’ and ‘long’ rates; ‘real’ and ‘nominal’ rates; and ‘risky and risk-free’ rates. Some of these interest ra...

Ngày tải lên: 09/08/2014, 19:21

... PUZZLE 181 0 4 8 12 16 55 60 65 70 75 80 85 90 95 00 Inflation Nominal Interest Rate Percent per Annum FIGURE 8.3 Inflation and the Nominal Interest Rate United States 1 953 .2 - 2003.3 According ... VIEW 10.2 10.3 10.4 10 .5 10.6 10.7 10.8 1970 19 75 1980 19 85 1990 19 95 2000 Real per capita GDP Potential GDP (HP Trend) Log Scale Negative Output Gap Positive Output Gap Actual a...

Ngày tải lên: 09/08/2014, 19:21

... incomplete). 12 .5 R eferences 1. Andolfatto, David (2003). “Taking Intermediation Seriously: A Com- men t ,” Journal of Money, Credit and Banking, 35( 6-2): 1 359 —1366. 2. Tobin, James (19 65) . “Money and Economic ... the defeat of the Armada ( 158 8) at the hands of the English, the balance of power shifted in the Baroque era (1600 A.D. - 1 750 A.D.) toward England, France and Holl...

Ngày tải lên: 09/08/2014, 19:21

... (1990 US$) Year West East West/East 1820 1,140 54 0 2.1 1870 1,880 56 0 3.3 1900 2,870 58 0 4.2 1913 3 ,59 0 740 4.8 1 950 5, 450 727 7 .5 1973 10,930 1,670 6 .5 1989 13,980 2,970 4.7 1992 13,790 3,240 4.3 The ... 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,...

Ngày tải lên: 09/08/2014, 19:21

... GROSS DOMESTIC PRODUCT 0 20 40 60 80 100 65 70 75 80 85 90 95 00 Wage Income Capital Income Percent of GDP United States 20 40 60 80 100 65 70 75 80 85 90 95 00 Wage Income Capital Income Canada FIGURE ... the U.S. economy. -6 -4 -2 0 2 4 6 8 65 70 75 80 85 90 95 00 Real per capita GDP Hours per capita Percent per Annum -6 -4 -2 0 2 4 6 8 65 70 75 80 85 90 95 00 Real per c...

Ngày tải lên: 09/04/2014, 16:05