Download or read book Long run Growth and Short run Stabilization written by The late Lawrence R. Klein and published by Edward Elgar Publishing. This book was released on 2006-02-24 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.
Download or read book Long Run Effects of Short Run Stabilization Policy written by Lars Calmfors and published by Springer. This book was released on 1983-06-18 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Finance Development September 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-08-25 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Download or read book Fiscal Policy Stabilization and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Download or read book Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Download or read book Stabilization and Growth in Developing Countries written by L. Taylor and published by Taylor & Francis. This book was released on 2013-06-17 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lance Taylor uses structuralist models to examine the issues of short-term fluctuations and long-term growth in developing economies.
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Download or read book Optimal Policies for Stabilization and Growth written by Judith N. Yates and published by Gower Publishing Company, Limited. This book was released on 1971 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Budget and Economic Outlook written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inequality Business Cycles and Growth written by Alexandre Gaillard and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the efficacy of discretionary stabilization policies, when household heterogeneity, business cycles and long-run growth interact. Consistent with empirical evidence, we develop a unified heterogeneous agent New Keynesian growth framework in which: (i) growth arises from innovative investment, (ii) a demand externality shapes economic activity, and (iii) household heterogeneity acts on those channels through the joint distribution of marginal propensities to consume (MPCs) and marginal propensities to invest (MPIs). First, we analytically show that an income redistribution channel from high-MPI "entrepreneurs" to high-MPC households increases technology growth if the stabilizer is sufficiently persistent. Second, while the aggregate demand externality pushes toward progressive stabilizers, the endogenous growth channel pushes toward regressive stabilizers. When policymakers do not balance among both extremes, a short- versus long-run stabilization tradeoff arises. We quantitatively investigate this tension based on temporary unemployment insurance extensions during the U.S. Great Recession. The government maximizes the short-run output multiplier at a value of 1.2 by financing the policy with progressive income taxes. This is, however, at the cost of a long-run output loss with a multiplier of -0.2. Overall, our analysis provides a rationale to finance stabilizers by issuing government debt and/or by shifting the tax incidence on middle-class households.
Download or read book Law and Macroeconomics written by Yair Listokin and published by Harvard University Press. This book was released on 2019-03-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.
Download or read book International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-10-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018
Download or read book Volatility Growth and Large Welfare Gains from Stabilization Policies written by Pengfei Wang and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper proposes a simple endogenous-fluctuations growth model to show: (1) long-run growth and short-run fluctuations can be intimately linked; in particular, the rate of long run growth can be negatively affected by volatilities; (2) imperfect competition can cause endogenous fluctuations, and it reduces not only the level of output but also its mean growth rate by amplifying the volatility of the economy; and (3) the welfare gain of stabilization policy can be enormous (e.g., as high as 25% of annual consumption when calibrated to the U.S. data) because policies designed to reduce sunspots-driven fluctuations can generate permanently higher rates of growth"--Federal Reserve Bank of St. Louis web site.
Download or read book The U S Economy written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Stabilization and published by . This book was released on 1992 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Macroeconomic Effects of Public Investment written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Download or read book Stabilization and Growth in Developing Countries written by Lance Taylor and published by Psychology Press. This book was released on 2001 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lance Taylor uses structuralist models to examine the issues of short-term fluctuations and long-term growth in developing economies.
