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Author: Tuğba Dayıoğlu Publisher: ISBN: Category : Economics Languages : en Pages : 0
Book Description
The relations between economic growth, unemployment, inflation and current account balance are analyzed theoretically and different comments on theoretical approaches are discussed in the study. Accordingly, while the unemployment-inflation relationship is considered with Phillips analysis and the scope of the growth-unemployment with Okun Law, the interaction between the current account balance and growth is shown with the equality of national income accounting. After the theoretical approaches described in detail with shared data and interpreted for Turkey. This study also examines the relation between the unemployment, inflation, economic growth, current account deficit with symmetric and asymmetric reserved causality tests were examined for the 2000Q1¬†,àí¬†2020Q4 period. The asymmetric hidden causality relationships between the series were researched with Hatemi-J (2012) method based on Toda-Yamamoto (1995) test in this study. When the relationship between the growth rate and the unemployment rate are examined between these years in Turkey it is observed that there is an inverse relationship between growth and unemployment, especially during crisis periods. After that to find this relationship we used symmetric and asymmetric causality. As a result of the estimates growth also has a one-way symmetrical causality relationship from negative shocks to negative inflation shocks. When the relationship between them is viewed only with one-way or two-way causality, there may be no relationship so the causality must be checked asymmetrically even to catch the assumption of the Okun,Äôs law correctly for Turkey.
Author: Tuğba Dayıoğlu Publisher: ISBN: Category : Economics Languages : en Pages : 0
Book Description
The relations between economic growth, unemployment, inflation and current account balance are analyzed theoretically and different comments on theoretical approaches are discussed in the study. Accordingly, while the unemployment-inflation relationship is considered with Phillips analysis and the scope of the growth-unemployment with Okun Law, the interaction between the current account balance and growth is shown with the equality of national income accounting. After the theoretical approaches described in detail with shared data and interpreted for Turkey. This study also examines the relation between the unemployment, inflation, economic growth, current account deficit with symmetric and asymmetric reserved causality tests were examined for the 2000Q1¬†,àí¬†2020Q4 period. The asymmetric hidden causality relationships between the series were researched with Hatemi-J (2012) method based on Toda-Yamamoto (1995) test in this study. When the relationship between the growth rate and the unemployment rate are examined between these years in Turkey it is observed that there is an inverse relationship between growth and unemployment, especially during crisis periods. After that to find this relationship we used symmetric and asymmetric causality. As a result of the estimates growth also has a one-way symmetrical causality relationship from negative shocks to negative inflation shocks. When the relationship between them is viewed only with one-way or two-way causality, there may be no relationship so the causality must be checked asymmetrically even to catch the assumption of the Okun,Äôs law correctly for Turkey.
Author: Mehmet Terzioğlu Publisher: BoD – Books on Demand ISBN: 1839624868 Category : Business & Economics Languages : en Pages : 339
Book Description
The importance of experimental economics and econometric methods increases with each passing day as data quality and software performance develops. New econometric models are developed by diverging from earlier cliché econometric models with the emergence of specialized fields of study. This book, which is expected to be an extensive and useful reference by bringing together some of the latest developments in the field of econometrics, also contains quantitative examples and problem sets. We thank all the authors who contributed to this book with their studies that provide extensive and accessible explanations of the existing econometric methods.
Author: Jon Shields Publisher: Springer ISBN: 1349201731 Category : Business & Economics Languages : en Pages : 271
Book Description
A companion text to "Making the Economy Work", this covers aspects of the Employment Institute's published output in its first three years. Based on items produced by the Institute, it explains why alternative action to "monetarism" could have avoided the rise in unemployment in the early 1980s.
Author: Gerald A. Epstein Publisher: Edward Elgar Publishing ISBN: 1849801983 Category : Business & Economics Languages : en Pages : 333
Book Description
Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies peril. Dani Rodrik, Harvard University, US As the world economy is devastated by a virulent financial crisis and jobs are lost in scores, central bankers are increasingly questioned as to why they have failed to sustain stability and growth even though they told us all along that conquering inflation would be necessary and sufficient to do so while hoping to get a pat on the back for achieving a degree of price stability unprecedented in recent times. This book provides a lot of food for thought on why. It is a powerful critique of the orthodox obsession with inflation in neglect of the two deepseated problems of the unbridled market economy financial instability and unemployment. It is a must for all policy makers, notably in the developing world, and for the mainstream. Yilmaz Akyuz, formerly of the United Nations Conference on Trade and Development, Geneva, Switzerland This collective volume makes a compelling case for balancing the developmental and stabilization functions of central banks. In particular, the authors emphasize that, as practiced in many successful developing countries, competitive real exchange rates can be good for growth and employment generation, and should thus be a specific focus of central bank actions. The book is a must read for those looking for a more balanced framework for central bank policies. José Antonio Ocampo, Columbia University, US and former Under-Secretary-General of the United Nations for Economic and Social Affairs and Finance Minister of Colombia This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques. This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.
Author: Michael D. Bordo Publisher: University of Chicago Press ISBN: 0226066959 Category : Business & Economics Languages : en Pages : 545
Book Description
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.
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
For some time, economic growth has been steady, unemployment has been low, and inflation has been subdued. Absent other considerations, faster economic growth is desirable, as are lower unemployment and inflation rates. However, there may be limits to how compatible those goals are. The success of macroeconomic policy cannot be measured by just one of these variables in isolation, because they are interdependent. Over the long run, the faster the economy grows, the better off people are materially. In the short run, however, the rate of growth has consequences for other economic variables. If growth persists at too rapid a rate, there is a risk that inflation may accelerate. If growth is too slow, then there is a risk of rising unemployment. Although rising unemployment is typically associated with economic contractions, or recessions, it is entirely possible for the economy to be growing but not rapidly enough to prevent the unemployment rate from rising. There is an inverse relation between economic growth and unemployment. A simple statistical analysis suggests that the critical rate of economic growth between 1950 and 2005 was 3.4%. Growth above that rate tended to push the unemployment rate down, and growth below that rate was associated with an increase in the unemployment rate. Because labor force growth is expected to slow somewhat in coming years, the rate of economic growth needed to prevent the unemployment rate from rising might be expected to be closer to 3% for the foreseeable future. There is also a relationship between unemployment and inflation. For some time, it was believed that there was a trade-off between inflation and unemployment that policymakers could exploit. That is no longer widely considered to be a sustainable policy. While minimal unemployment might seem a desirable policy goal, few economists would define full employment as employment for everyone who wants a job. Instead, many would argue that full employment is the lowest rate of unemployment consistent with a stable rate of inflation. It seems safe to say, given recent evidence, that an unemployment rate of 2% is too low if a rising rate of inflation is to be avoided. Similarly an unemployment rate of 8% would appear to be unnecessarily high. Most estimates suggest that an unemployment rate somewhere between 5% and 6% might be consistent with a stable rate of inflation. While inexact, it may be a guide that policymakers use in an effort to benefit the overall economy. This report will not be updated.
Author: Kazimierz Łaski Publisher: Oxford University Press ISBN: 0192579398 Category : Business & Economics Languages : en Pages : 264
Book Description
Lectures in Macroeconomics: A Capitalist Economy Without Unemployment provides a systematic account of the principle of aggregate demand based on the work of Polish economist Michał Kalecki, best known as one of the originators of the Keynesian Revolution in macroeconomics.The lectures demonstrate the importance of aggregate demand in determining total output and employment in the capitalist economy. They show how the investment decisions of firms affect economic growth, arguing that due to the unstable nature of investment it is important that the government has a central role in stabilizing the economy. This English translation of Kazimierz Łaski's final work brings up to date fundamental concepts to give a picture of the twenty-first capitalist economy, and the obstacles that must be overcome in bringing it to full employment. It introduces the role of money and finance in the contemporary capitalist economy, as well as the central role of the labour market and wages. The analysis is illustrated with statistics and discussion around the evolution of capitalist economies and the rise of economic inequality since the Second World War, culminating in the 2008 crisis and the economic deflation affecting Europe since that crisis. Lectures in Macroeconomics remarks critically upon the neo-classical approach to economics that has brought about slow economic growth, unemployment, and inequality.
Author: Md. Abdul Wadud Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The main objective of the study is to critically examine the macroeconomic determinants of economic growth of World Bank newly categorized lower middle income countries. In specific, the study try to find out the relationship between the key macroeconomic indicators namely foreign direct investment, current account balance, exports of goods and services, imports of goods and services, government total investment, inflation, total population, unemployment rate, life expectancy at birth, total remittances received and economic growth among lower middle income countries. To achieve the objective, the study employed panel data approach and run multiple regression analysis. The study use different type of regression model to describe the relationship and deployed Hausman Specification Test and Breusch and Pagan Lagrangian multiplier test for random effects to find best model for estimation. After a rigorous analysis, the study select random effect model is the best model for our estimation. Empirical results show that current account balance, total investment, total population, life expectancy at birth and remittance received is proved to be significant in confidence level of five percent. It also deduced from study that export performance, import performance and inflation are found insignificant while FDI, interest rate and unemployment rate are found highly insignificant. Empirical results also suggest that export performance, total investment, inflation, total population, unemployment rate and remittance have positive coefficient on economic growth of lower middle income country.
Author: Tuğba Dayıoğlu
Author: Tuğba Dayıoğlu
Author: Mehmet Terzioğlu
Author: Jon Shields
Author: Gerald A. Epstein
Author: 
Author: Michael D. Bordo
Author: 
Author: Robert James Ball
Author: Kazimierz Łaski
Author: Md. Abdul Wadud