Author: Lars CalmforsPublisher: Springer
ISBN: 1349063495
Category : Business & Economics
Languages : en
Pages : 268
Book Description
Long-Run Effects of Short-Run Stabilization Policy
Author: Lars CalmforsPublisher: Springer
ISBN: 1349063495
Category : Business & Economics
Languages : en
Pages : 268
Book Description
Long-run Effects of Short-run Stabilization Policy
Author: Long-run Effects of Short-run Stabilization Policy
Author: Lars CalmforsPublisher: Macmillan Pub Limited
ISBN: 9780333331729
Category : Economic policy
Languages : en
Pages : 269
Book Description
Are Long-run Price Stability and Short-run Output Stabilization All that Monetary Policy Can Aim For?
Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
A central tenet of the so-called new consensus view in macroeconomics is that there is no long-run trade-off between inflation and unemployment. The main policy implication of this principle is that all monetary policy can aim for is (modest) short-run output stabilization and long-run price stability-i.e., monetary policy is neutral with respect to output and employment in the long run. However, research on the different sources of path dependency in the economy suggests that persistent but nevertheless transitory changes in aggregate demand may have a permanent effect on output and employment. If this is the case, then, the way monetary policy is run does have long-run effects on real variables. This paper provides an overview of this research and explores how monetary policy should be implemented once these long-run effects are acknowledged. -- monetary policy ; new consensus ; path dependency ; opportunistic approach
Hysteresis and Business Cycles
Author: Ms.Valerie CerraPublisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
Book Description
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.
Law and Macroeconomics
Author: Yair ListokinPublisher: Harvard University Press
ISBN: 0674976053
Category : Law
Languages : en
Pages : 281
Book Description
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.
The Effectiveness of Fiscal Policy in Stimulating Economic Activity
Author: Richard HemmingPublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 62
Book Description
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Finance & Development, September 2014
Author: International Monetary Fund. External Relations Dept.Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60
Book Description
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.
Long-run Growth and Short-run Stabilization
Author: The late Lawrence R. KleinPublisher: Edward Elgar Publishing
ISBN: 9781781950500
Category : Business & Economics
Languages : en
Pages : 434
Book Description
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.
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