Simple macroeconomic

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  • This is a short book. It aims to get across the essential elements of dynamics that are used in modern treatments of the subject. More significantly, it aims to do this through the means of examples. Some of these examples are purely algebraic. But many others consider economic models: both microeconomic and macroeconomic. Macroeconomics is replete with dynamic models – some simple and others quite complex. But this is not true of microeconomics.

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  • This book is authored by James Lamb who has been a student of mine in “Introduction to Macroeconomics”, Fall 2004. The reasons for this assignment are: Learning is a “Cumulative” procedure. The students learn a little bit every day...

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  • Chapter 21 Optimal Unemployment Insurance 21.1. History-dependent UI schemes This chapter applies the recursive contract machinery studied in chapters 19, 20, and 22 in contexts that are simple enough that we can go a long way toward computing the optimal contracts by hand.

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  • The Santa Fe Institute (SFI) is interested in understanding evolving complex social, biological, and physical adaptive systems in a most general sense (see Cowan et al. 1994). Those of us at SFI interested in the evolution of social behavior have tended to focus on either small-scale societies or on specific aspects of more complex societies, such as the economy.

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  • Also, since most job holders do useful work, job creation is tied to wealth creation—for the simple reason that when more people are put to work, more work gets done. This point requires a bit of explaining, as an exception comes to mind right away. Certainly it is possible for a given company to get more work done without adding jobs, or even while eliminating jobs. That is called raising productivity, and we as a society are constantly coming up with ways to raise productivity. For instance, this paper you are reading did not need to be...

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  • This paper analyzes the cyclical effects of bank capital requirements in a simple model with credit market imperfections. Lending rates are set as a premium over the cost of borrowing from the central bank, with the premium itself depending on collateral. Basel I- and Basel II-type regulatory regimes are defined and a capital channel is introduced through a signaling effect of capital buffers. The macroeconomic effects of

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  • The plan of the paper is as follows. Section 1 argues that very high government debt/GDP ratios will increase uncertainty about the future path of interest rates. This will reduce the degree of asset substitutability between short-dated and long-dated paper, impairing the effectiveness of changes to the policy rate and making the short-term/long-term mix of government debt sales a more effective instrument of macroeconomic policy (Section 2). But the long-term interest rate on government bonds also has fundamental implications for financial stability (Section 3).

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  • Briefly, we construct a measure of relative macroeconomic performance by first identifying the global business cycle using a simple factor model. We calculate seasonally adjusted quarter-over-quarter real GDP growth rates and extract the first principal component across the 46 economies in our sample. This single factor explains around 40 per cent of the variation in the average economy’s output, but with wide variation across economies. We then use the residuals from the principal component analysis as the measure of an economy’s idiosyncratic performance.

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  • In this chapter you will: See how economists apply the methods of science, consider how assumptions and models can shed light on the world, learn two simple models - the circular flow and the production possibilities frontier, distinguish between microeconomics and macroeconomics,...

    ppt29p youcanletgo_04 17-01-2016 17 1   Download


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