Macroeconomic theory and policy phần 6 doc

... 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 (19 96) . 4 Anoth ... David (2002). “A Theory of Inalienable Property Rights,” Journal of Political Economy, 110(2): 382-393. 2. Andolfatto, David and Paul A . Gomme (19 96) . “Unemployment Insuran...

Ngày tải lên: 09/08/2014, 19:21

... ATransitoryProductivityShock 138 6. 4.4 APersistentProductivityShock 140 6. 4.5 Evidence 142 6. 5 DeterminationoftheRealInterestRate 142 6. 6 Summary 144 6. 7 Problems 1 46 6.8 References 1 46 7 Labor Market Flows and Unemployment ... References 160 7.A ADynamicModelofUnemployment 161 II Macroeconomic Theory: Mo ney 165 8 Money, Interest, and Prices 167 8.1 Introduction 167...

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... these variables in 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 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 Hours...

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... the demand for 92 CHAPTER 4. CONSUMPTION AND SAVING Equation (4 .6) tells us that, in theory, the real rate of interest is determined in part by preferences (the patience parameter β) and in part ... 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 per capita GD...

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... difference between points A and B). Note that point A corresponds to the same point A in Figure 6. 6. Likewise, point B corresponds tothesamepointBinFigure6 .6. 138 CHAPTER 6. C APITAL AND INVESTMENT in ... 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 Deman...

Ngày tải lên: 09/08/2014, 19:21

... endogenous 2 06 CHAPTER 9. THE NEW-KEYNESIAN VIEW 9 .6 R eferences 1. Bills, Mark and P eter Klenow (2002). “Some Evidence on the Importance of Sticky Prices,” NBER working paper #9 069 . 2. Caplin, Andrew and ... www.bankofcanada.ca/ en/ inside.htm 8 .6. A RATE OF RETURN DOMINANCE PUZZLE 181 0 4 8 12 16 55 60 65 70 75 80 85 90 95 00 Inflation Nominal Interest Rate Percent per Annu...

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... 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, ... Contrivance of Money,” Journal of Political Economy , 66 : 467 —82. 3. Smith, Bruce D. (1985). “American Colonial Regimes: The Failure of the Quantity Theory and Some Evidence in Fa...

Ngày tải lên: 09/08/2014, 19:21

... eferences 1. Andolfatto, David (2003). “Taking Intermediation Seriously: A Com- men t ,” Journal of Money, Credit and Banking, 35 (6- 2): 1359—1 366 . 2. Tobin, James (1 965 ). “Money and Economic ... the hands of the English, the balance of power shifted in the Baroque era ( 160 0 A.D. - 1750 A.D.) toward England, France and Holland. This episode in European history is known more for a...

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... 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 and land are ... um is 56 times t he average income; in Ethiopia and Yemen, it’s 17 times and in Mali, six. You can enforce a simple commercial contract in seven days in Tunisia and 39 days in the Nethe...

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... discrete and is called at 18 months: p 1 ϭ p 2 ϭ p 3 ϭ p 4 ϭ 100%. 3. The callable is discrete and may or may not be called at 18 months: p 1 ϭ p 2 ϭ 100%, and p 3 ϭ p 4 ϭ p 5 ϭ 50%. Assuming YϭC 6% , ... bonds from equities (and other conventional product categories). Issuers and investors, as well as regulators and rating agencies, will increasingly ask these questions and crea...

Ngày tải lên: 14/08/2014, 05:20