The Building Blocks of Keynesian Analysis

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[...]... century s trend toward larger and larger accelerators was necessitated by the need for higher and higher energies In turn, higher energies were required to probe the innards of particles such as the proton as well as to create new particles with substantial masses such as the W and Z as well as the top quark The objective of elementary particle physics is twofold: to establish the identity of all the elementary... Extraction Systems Injector System Accelerators, Fixed-target: Proton B Factory Cyclotron Z Factory Astrophysics and Cosmology Astrophysics Big Bang Big Bang Nucleosynthesis Cosmic Microwave Background Radiation Cosmic Rays Cosmic Strings, Domain Walls Cosmological Constant and Dark Energy Cosmology Dark Matter Hubble Constant Inflation Neutrino, Solar Quark-Gluon Plasma Universe Basic Interactions Accelerator... Ernest Orlando Lawrence Badash University of California, Santa Barbara Radioactivity, Discovery of Rutherford, Ernest Jonathan Bagger Johns Hopkins University Planck Scale Vernon Barger University of Wisconsin, Madison Gauge Theory Grand Unification William A Barletta Lawrence Berkeley National Laboratory Devices, Accelerating Katharina Baur Stanford Synchrotron Radiation Laboratory Radiation, Synchrotron... National Laboratory Gordon Fraser Accelerators, Colliding Beams: Hadron Sally Dawson Brookhaven National Laboratory Boson, Gauge Standard Model Michael Dine University of California, Santa Cruz Particle Symmetry Principles Wendy L Freedman Carnegie Observatories, Pasadena, CA Hubble Constant Robert Garisto Physical Review Letters Virtual Processes Marcelo Gleiser Dartmouth College Phase Transitions Gabor... is shared among the quarks and gluons, so the energy of a single quark is much lower than the proton beam energy Accelerators may also be classified in terms of the final use of the accelerated beam In accelerators prior to the 196 0s, the high-energy beam struck a stationary target, in which the reactions to be observed took place This was done either by placing the target within the accelerator or... beams are focused using quadrupole magnets, which have a magnetic field strength that is proportional to the distance from the magnet s axis The use of quadrupole magnets is essential to the operation of all types of accelerators Their focusing properties ensure that the beam will oscillate stably about the ideal orbit if displaced from it Optical lenses are cylindrically symmetric and can focus simultaneously... but must be The Building Blocks of Keynesian Analysis The Building Blocks of Keynesian Analysis By: OpenStaxCollege Now that we have a clear understanding of what constitutes aggregate demand, we return to the Keynesian argument using the model of aggregate demand/aggregate supply (AD/AS) (For a similar treatment using Keynes’ income-expenditure model, see the appendix on The Expenditure-Output Model.) Keynesian economics focuses on explaining why recessions and depressions occur and offering a policy prescription for minimizing their effects The Keynesian view of recession is based on two key building blocks First, aggregate demand is not always automatically high enough to provide firms with an incentive to hire enough workers to reach full employment Second, the macroeconomy may adjust only slowly to shifts in aggregate demand because of sticky wages and prices, which are wages and prices that not respond to decreases or increases in demand We will consider these two claims in turn, and then see how they are represented in the AD/AS model The first building block of the Keynesian diagnosis is that recessions occur when the level of household and business sector demand for goods and services is less than what is produced when labor is fully employed In other words, the intersection of aggregate supply and aggregate demand occurs at a level of output less than the level of GDP consistent with full employment Suppose the stock market crashes, as occurred in 1929 Or, suppose the housing market collapses, as occurred in 2008 In either case, household wealth will decline, and consumption expenditure will follow Suppose businesses see that consumer spending is falling That will reduce expectations of the profitability of investment, so businesses will decrease investment expenditure This seemed to be the case during the Great Depression, since the physical capacity of the economy to supply goods did not alter much No flood or earthquake or other natural disaster ruined factories in 1929 or 1930 No outbreak of disease decimated the ranks of workers No key input price, like the price of oil, soared on world markets The U.S economy in 1933 had just about the same factories, workers, and state of technology as it had had four years earlier in 1929—and yet the economy had shrunk dramatically This also seems to be what happened in 2008 1/7 The Building Blocks of Keynesian Analysis As Keynes recognized, the events of the Depression contradicted Say’s law that “supply creates its own demand.” Although production capacity existed, the markets were not able to sell their products As a result, real GDP was less than potential GDP Visit this website for raw data used to calculate GDP Wage and Price Stickiness Keynes also pointed out that although AD fluctuated, prices and wages did not immediately respond as economists often expected Instead, prices and wages are “sticky,” making it difficult to restore the economy to full employment and potential GDP Keynes emphasized one particular reason why wages were sticky: the coordination argument This argument points out that, even if most people would be willing—at least hypothetically—to see a decline in their own wages in bad economic times as long as everyone else also experienced such a decline, a market-oriented economy has no obvious way to implement a plan of coordinated wage reductions Unemployment proposed a number of reasons why wages might be sticky downward, most of which center on the argument that businesses avoid wage cuts because they may in one way or another depress morale and hurt the productivity of the existing workers Some modern economists have argued in a Keynesian spirit that, along with wages, other prices may be sticky, too Many firms not change their prices every day or even every month When a firm considers changing prices, it must consider two sets of costs First, changing prices uses company resources: managers must analyze the competition and market demand and decide what the new prices will be, sales materials must be updated, billing records will change, and product labels and price labels must be redone Second, frequent price changes may leave customers confused or angry—especially if they find out that a product now costs more than expected These costs of changing prices are called menu costs—like the costs of printing up a new set of menus with different prices in a restaurant Prices respond to forces of supply and demand, but from a macroeconomic perspective, the process of changing all prices throughout the economy takes time To understand the effect of sticky wages and prices in the economy, consider [link] (a) illustrating the overall labor market, while [link] (b) illustrates a market for a specific good or service The original equilibrium (E0) in each market occurs at the intersection 2/7 The Building Blocks of Keynesian Analysis of the demand curve (D0) and supply curve (S0) When aggregate demand declines, the demand for labor shifts to the left ...the essential step-by-step guide to internet marketing 1 WWW.HUBSPOT.COM Share This Ebook! 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CREATE A KEYWORD STRATEGY /7 OPTIMIZE YOUR WEBSITE TO GET FOUND /12 CREATE A BLOG & MARKETING OFFERS /24 PROMOTE CONTENT THROUGH SOCIAL MEDIA /32 CONVERT WEBSITE TRAFFIC INTO LEADS /38 NURTURE LEADS WITH TARGETED MESSAGES /45 OPTIMIZE YOUR MARKETING FOR MOBILE VIEWING /53 ANALYZE & REFINE STRATEGIES /57 CONCLUSION & ADDITIONAL RESOURCES Introducing the MIDAS Method of Technical Analysis by Paul Levine In this, the first of a series of columns, we will introduce to the community of technical analysts a new approach to charting the price history of a stock or commodity. I call this technique the MIDAS method, an acronym for Market Interpretation/Data Analysis System. It is designed to focus attention on the dynamic interplay of support/resistance and accumulation/distribution which are the ultimate determinants of price behavior. Indeed, a Midas chart makes immediately visually apparent an unexpected degree of orderliness in what might otherwise seem to be a random or chaotic process. Take a look at the first of the figures. Here we have a standard price and volume bar chart for Magma Copper as of the April 19, 1995 close. I do not believe any of the familiar charting methods would contribute anything of value to the interpretation of this chart. There are no clearly evident trend channels, trendlines, support or resistance lines, etc. Indeed, after the initial runup from 9 to 17, the subsequent sideways pattern appears to be random and trendless. Now look at the Midas chart for the same stock. First observe that to simplify things we only plot the daily average price (i.e. the average of the high and low). More signifcantly, we plot the prices vs. CUMULATIVE VOLUME rather than time. This has the effect of giving less visual weight to periods of relative inactivity (e.g. Feb 1995) since the lower cumulative volume increase during such a period compresses the daily points into a smaller space. (We will see later on why it is important to deemphasize periods when there is little alteration of the ownership profile of the people holding the stock). Next, observe the curve marked "theoretical support level", and in particular how this corresponds precisely to the trend reversal points. You might think that in some sense the theoretical support curve has been "fitted" to these reversal points, much in the same way that trendlines are fitted to bar or point and figure charts. Remarkably, this is not the case; the theoretical support curve is determined a priori, has no adjustable parameters and follows from a very simple equation. In a later column I will derive this equation from a quantitative consideration of a few universal features in the psychology of the trader. For now just take my word for the fact that the theoretical support curve was constructed in a universal fashion from the raw price and volume data. From the standpoint of practical trading, the important thing is that the price trend reversals (eight in all) all occurred precisely where they were expected to. This by itself both confirms a primary bull trend, and provides low risk entry points for long positions. One simply waits for the price to approach the support curve and jumps on board at the first indication of a "bounce". (Where to sell is of course another matter which we will treat at length in future columns). But how strong a bounce are we to expect, or to put it another way, how strong is the underlying bull trend? To assess this, we add one final feature to the Midas chart, viz. a minor variant of Joe Granville's on- balance volume ("obv"). This curve is constructed by adding today's volume to the (accumulated) on-balance volume if today's average price exceeds Life Sciences Standards Preview 2.e Students know how sugar, water, and minerals are transported in a vascular plant Standard Set Life Sciences Plants and animals have structures for respiration, digestion, waste disposal, and transport of materials As a basis for understanding this concept: 2.f Students know plants use carbon dioxide (CO2) and energy from sunlight to build molecules of sugar and release oxygen 2.a Students know many multicellular organisms have specialized structures to support the transport of materials 2.g Students know plant and animal cells break down sugar to obtain energy, a process resulting in carbon dioxide (CO2) and water (respiration) by Lillian Duggan Genre Comprehension Skill Nonfiction Make Generalizations Text Features • • • • Captions Diagrams Labels Glossary Science Content Structures of Living Things Scott Foresman Science 5.3 ISBN 0-328-23570-9 ì[...]... century s trend toward larger and larger accelerators was necessitated by the need for higher and higher energies In turn, higher energies were required to probe the innards of particles such as the proton as well as to create new particles with substantial masses such as the W and Z as well as the top quark The objective of elementary particle physics is twofold: to establish the identity of all the elementary... Extraction Systems Injector System Accelerators, Fixed-target: Proton B Factory Cyclotron Z Factory Astrophysics and Cosmology Astrophysics Big Bang Big Bang Nucleosynthesis Cosmic Microwave Background Radiation Cosmic Rays Cosmic Strings, Domain Walls Cosmological Constant and Dark Energy Cosmology Dark Matter Hubble Constant Inflation Neutrino, Solar Quark-Gluon Plasma Universe Basic Interactions Accelerator... Ernest Orlando Lawrence Badash University of California, Santa Barbara Radioactivity, Discovery of Rutherford, Ernest Jonathan Bagger Johns Hopkins University Planck Scale Vernon Barger University of Wisconsin, Madison Gauge Theory Grand Unification William A Barletta Lawrence Berkeley National Laboratory Devices, Accelerating Katharina Baur Stanford Synchrotron Radiation Laboratory Radiation, Synchrotron... National Laboratory Gordon Fraser Accelerators, Colliding Beams: Hadron Sally Dawson Brookhaven National Laboratory Boson, Gauge Standard Model Michael Dine University of California, Santa Cruz Particle Symmetry Principles Wendy L Freedman Carnegie Observatories, Pasadena, CA Hubble Constant Robert Garisto Physical Review Letters Virtual Processes Marcelo Gleiser Dartmouth College Phase Transitions Gabor... is shared among the quarks and gluons, so the energy of a single quark is much lower than the proton beam energy Accelerators may also be classified in terms of the final use of the accelerated beam In accelerators prior to the 196 0s, the high-energy beam struck a stationary target, in which the reactions to be observed took place This was done either by placing the target within the accelerator or... beams are focused using quadrupole magnets, which have a magnetic field strength that is proportional to the distance from the magnet s axis The use of quadrupole magnets is essential to the operation of all types of accelerators Their focusing properties ensure that the beam will oscillate stably about the ideal orbit if displaced from it Optical lenses are cylindrically symmetric and can focus simultaneously... but must be The Building Blocks of Molecules The Building Blocks of Molecules Bởi: OpenStaxCollege At its most fundamental level, life is made up of matter Matter occupies space and has mass All matter is composed of elements, substances that cannot be broken down or transformed chemically into other substances Each element is made of atoms, each with a constant number of protons and unique properties A total of 118 elements have been defined; however, only 92 occur naturally, and fewer than 30 are found in living cells The remaining 26 elements are unstable and, therefore, not exist for very long or are theoretical and have yet to be detected Each element is designated by its chemical symbol (such as H, N, O, C, and Na), and possesses unique properties These unique properties allow elements to combine and to bond with each other in specific ways Atoms An atom is the smallest component of an element that retains all of the chemical properties of that element For example, one hydrogen .. .The Building Blocks of Keynesian Analysis As Keynes recognized, the events of the Depression contradicted Say’s law that “supply creates... Dominos, and 3/7 The Building Blocks of Keynesian Analysis Walmart have threatened to strike for higher wages Their plight is part of a larger trend in job growth and pay in the post–recession... pushing real wages down The Two Keynesian Assumptions in the AD/AS Model These two Keynesian assumptions the importance of aggregate demand in causing recession and the stickiness of wages and prices—are