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Author: Holger Strulik Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
Most of the discussion about fiscal stimulus focuses on the multiplier of government spending on impact. In this paper we shift the focus to the multiplier at the end, i.e. to the period in which a deficit spending program terminates. We show that recent time series analyses as well as models of different schools of thought predict that the multiplier turns negative before spending expires. This means that aggregate output at the time of expiry of fiscal stimulus is predicted to be lower than it could be without deficit spending. We set up a simple model that explains this phenomenon. Using phase diagram analysis we prove that the aggregate capital stock at the time of expiry of fiscal stimulus is lower than it would be without the deficit spending program. This fact explains why aggregate output is below its laissez faire level as well. We then calibrate an extended version of the model for the US and demonstrate how fiscal stimulus slows down recovery from a recession in the medium-run.
Author: Holger Strulik Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
Most of the discussion about fiscal stimulus focuses on the multiplier of government spending on impact. In this paper we shift the focus to the multiplier at the end, i.e. to the period in which a deficit spending program terminates. We show that recent time series analyses as well as models of different schools of thought predict that the multiplier turns negative before spending expires. This means that aggregate output at the time of expiry of fiscal stimulus is predicted to be lower than it could be without deficit spending. We set up a simple model that explains this phenomenon. Using phase diagram analysis we prove that the aggregate capital stock at the time of expiry of fiscal stimulus is lower than it would be without the deficit spending program. This fact explains why aggregate output is below its laissez faire level as well. We then calibrate an extended version of the model for the US and demonstrate how fiscal stimulus slows down recovery from a recession in the medium-run.
Author: Leila Simona Talani Publisher: Springer ISBN: 303005117X Category : Political Science Languages : en Pages : 232
Book Description
Firmly rooted in the International Political Economy (IPE) tradition, this book addresses the negative consequences of globalisation, what is termed here the ‘dark side of globalisation’. It explores different definitions of globalisation, whether the globalisation we have seen since the 1970s is substantially new, and to what extent it can be governed. Building on these foundations, the work assesses the prospects for de-globalisation. By focusing on this dark side of globalistion, the authors show how the global economic crisis, and its various local and sectorial manifestations, intensified – rather than generated – existing trends. This scholarship provides an account of the current predicament that is both more complex and more persuasive than the opposition between globalisation and de-globalisation.
Author: Óscar Dejuán Publisher: Routledge ISBN: 1134052154 Category : Business & Economics Languages : en Pages : 318
Book Description
At the end of the 20th century, mainstream economics was based on theories which viewed capitalism as a self-regulating system, whereby crises come about due to external shocks and would be automatically corrected by the price mechanism if it was flexible enough. Post-Keynesian economists, however, consider that the business cycle and the crises are endogenously generated. They recommend active policies as a response, though the remedies may be worse than the illness if they are not applied at the right moment and in the right proportions. The first great recession of the 21st century offers post-Keynesian economists an opportunity to prove the realism of their models. It is also a chance to make theoretical improvements, to abandon some hypotheses and to introduce new ones. This book, from a top group of international economists, analyzes the causes, consequences and evolution of the crisis from a variety of post-Keynesian perspectives. It then presents a case for realistic and essential remedies. The book is both theoretical and applied, with a global reach and a particular focus on the European debt crisis.
Author: Michael Grunwald Publisher: Simon and Schuster ISBN: 1451642342 Category : Political Science Languages : en Pages : 627
Book Description
In a riveting account based on new documents and interviews with more than 400 sources on both sides of the aisle, award-winning reporter Michael Grunwald reveals the vivid story behind President Obama’s $800 billion stimulus bill, one of the most important and least understood pieces of legislation in the history of the country. Grunwald’s meticulous reporting shows how the stimulus, though reviled on the right and the left, helped prevent a depression while jump-starting the president’s agenda for lasting change. As ambitious and far-reaching as FDR’s New Deal, the Recovery Act is a down payment on the nation’s economic and environmental future, the purest distillation of change in the Obama era. The stimulus has launched a transition to a clean-energy economy, doubled our renewable power, and financed unprecedented investments in energy efficiency, a smarter grid, electric cars, advanced biofuels, and green manufacturing. It is computerizing America’s pen-and-paper medical system. Its Race to the Top is the boldest education reform in U.S. history. It has put in place the biggest middle-class tax cuts in a generation, the largest research investments ever, and the most extensive infrastructure investments since Eisenhower’s interstate highway system. It includes the largest expansion of antipoverty programs since the Great Society, lifting millions of Americans above the poverty line, reducing homelessness, and modernizing unemployment insurance. Like the first New Deal, Obama’s stimulus has created legacies that last: the world’s largest wind and solar projects, a new battery industry, a fledgling high-speed rail network, and the world’s highest-speed Internet network. Michael Grunwald goes behind the scenes—sitting in on cabinet meetings, as well as recounting the secret strategy sessions where Republicans devised their resistance to Obama—to show how the stimulus was born, how it fueled a resurgence on the right, and how it is changing America. The New New Deal shatters the conventional Washington narrative and it will redefine the way Obama’s first term is perceived.
Author: Vito Tanzi Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 304
Book Description
From his two-decade position as Director of Fiscal Affairs Department of the International Monetary Fund, Tanzi casts light on the gap that exists between the economics found in textbooks and the one discussed at policy makers' meetings. The collection of 15 essays--some new, some previously published, and some significantly revised from earlier publication-- he shows how the outcome of tidy formulae becomes variable due to the role of the institutions responsible for implementing policy and the behavior of people working for the institutions. He explores the different ways of looking at the role of government and at the instruments it uses; phenomena such as corruption, tax evasion, money laundering, and the underground economy; and the role institutions play in economic policy. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Marcel Fratzscher Publisher: Oxford University Press ISBN: 0190676574 Category : Business & Economics Languages : en Pages : 233
Book Description
Europe is in a period of transition and there is great uncertainty about its direction. No country plays a greater role in influencing Europe's future path than Germany, which is either seen as overbearing or indecisive in its imposition of policies-and sometimes is seen as both at once. In The Germany Illusion, Marcel Fratzscher provides a distinctive corrective to common misunderstandings of Germany's domestic political economy and how it affects its European and global roles. Fratzscher's trenchant analysis sheds light on the true state of Germany's economy, which is neither as rosy as optimists believe nor as hidebound as pessimists fear. He covers the breadth of the German economy, from its deceptive employment miracle, the sources and underlying problems of its export strengths, its large investment gap, and not least the differences between east and west that continue since reunification. Understanding the domestic scene in Germany is crucial to understanding its relationships with other European countries, the European Union, and the United States. Fratzscher traces the sources and implications of the differences and conflict between Germany and its neighbors on European policymaking generally and in particular during the European economic and financial crisis, the Brexit debate, the refugee crisis, the rising populism and protectionism in the United States and in Europe, and over fundamental reforms of European institutions. The Germany Illusion is a balanced and nuanced examination of pressing and complex issues that enhances our understanding of German policies-the strengths and weaknesses, the possibilities and the limits. It also proposes a realistic path for Germany to re-engage with its European neighbors and with the United States, and to help re-build Europe's future.
Author: Yair Listokin Publisher: 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.
Author: Bing Ran Publisher: IAP ISBN: 1623960630 Category : Business & Economics Languages : en Pages : 420
Book Description
Managing technological innovations and related policy and strategy issues have been a central focus of the new millennium. This book series presents an interdisciplinary scholarship and dialogue on the management of innovation and technological change in a global context from a variety of perspectives, including strategic, managerial, behavioral, and policy issues. Papers selected in this volume have four prominent themes: the wide spread interests and the global application of the technological innovation; the practicality of the research on technological innovation implementation to foster success and financial growth; the socio-technical challenges behind innovation and creativity that might outweigh the benefits; and the new principles/practices/perspectives on our understanding of the technological innovation. Contributed by prominent scholars and practitioners from around the world in innovation, management and policy area, this book will become a very useful read for anyone who is interested in learning the most contemporary perspectives on the subject.
Author: Peter Townsend Publisher: Oxford University Press ISBN: 0192507788 Category : Science Languages : en Pages : 319
Book Description
The Dark Side of Technology is intended as a powerful wake-up call to the potential dangers that could, in the near future, destroy our current advanced civilizations. The author examines how fragile our dependence on electronic communications, information storage, and satellites is, as vulnerability increases in an age of raising security concerns. This weakness is evident from the exponential rise in cyber-crime and terrorism. Satellites are crucial to modern-day living, but they can be destroyed by energetic space debris or damaged by solar emissions. Destruction of data, communications, and electrical power grids would bring disaster to advanced nations. Such events could dramatically change our social and economic landscapes within the next 10-20 years. New technology equally impacts employment, agriculture, biology, medicine, transport, languages, and our social well-being. This book explores both the good and the bad aspects of technological advances, in order to raise awareness and promote caution. Technology may be impressive, but we need to be mindful of potential negative future effects. We ought to seriously consider the long term consequences of an increasing failure to pursue healthy life styles, use of ineffective antibiotics, genetic mutations, and the destruction of food supplies and natural resources. The diverse topics covered aims to show why we must act now to plan for both the predictable downsides of technology, and also develop contingency plans for potential major catastrophes, including natural events where we cannot define accurate time scales.
Author: Holger Strulik
Author: Holger Strulik
Author: Leila Simona Talani
Author: Óscar Dejuán
Author: Michael Grunwald
Author: Vito Tanzi
Author: Marcel Fratzscher
Author: Yair Listokin
Author: Geoffrey Robinson
Author: Bing Ran
Author: Peter Townsend