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Between Institutions and Global Forces: Norwegian Wage Formation Since Industrialisation †
econometrics Article Between Institutions and Global Forces: Norwegian Wage Formation Since Industrialisation † Ragnar Nymoen 1,2 1 Department of Economics, University of Oslo, POB 1095 0317 Oslo, Norway; [email protected]; Tel.: +47-22-855-148 2 Centre for Wage Formation at Economic Analysis, POB 0650, Oslo, Norway † Paper presented at the workshop Macroeconomics and Policy Making, arranged in honour of Asbjørn Rødseth, 18 May, 2016, by the Department of Economics, University of Oslo. Thanks to Olav Bjerkholt for comments, and for showing me the article written by Frisch about “rational wage policies”, and the correspondence with Haavelmo that it led to. Discussions at the Workshop in econometrics at Statistics Norway, 21 October 2016, were also very useful, thanks to the participants. Thanks also to Jan Morten Dyrstad, David F. Hendry , Steinar Holden, Tord S. Krogh and Mikkel Myhre Walbækken for important comments and suggestions. Finally, thanks to the editors and to two anonymous referees for their comments, both critical and constructive. The numerical results in this paper were obtained by the use of OxMetrics 7/PcGive 14 and Eviews 9.5. Academic Editors: Gilles Dufrénot, Fredj Jawadi and Alexander Mihailov Received: 31 August 2016; Accepted: 13 December 2016; Published: 12 January 2017 Abstract: This paper reviews the development of labour market institutions in Norway, shows how labour market regulation has been related to the macroeconomic development, and presents dynamic econometric models of nominal and real wages. Single equation and multi-equation models are reported. The econometric modelling uses a new data set with historical time series of wages and prices, unemployment and labour productivity. -
Charaia Papava Challenges-Of-The
Ivane Javakhishvili Tbilisi State University Faculty of Economics and Business The 2nd International Scientific Conference CHALLENGES OF GLOBALIZATION IN ECONOMICS AND BUSINESS The conference is dedicated to the centennial of Ivane Javakhishvili Tbilisi State University PROCEEDINGS Tbilisi 2017 მურმან ცარციძე, ნათელა ლაცაბიძე, უმუშევრობა და დასაქმების აქტიური პოლიტიკა შრომის ბაზრის ფორმირების მიმდინარე ეტაპზე საქართველოში .............................................................582 Murman Tsartsidze, Natela Latsabidze, Unemployment and the Active Employment Policy at the Current Stage of Labor Market Formation in Georgia..................................................................................588 დემნა ძირკვაძე, სასოფლოსამეურნეო კოოპერატივების როლი სოფლად სიღარიბის დაძლევაში.......................................................................................................................................................589 Demna Dzirkvadze, The Role of Agricultural Cooperatives in Overcoming Poverty in Rural Areas .......................593 მაია ჭანია, სახელმწიფო როლის მოდიფიკაცია ეკონომიკის გლობალიზაციის პირობებში...................594 Maia Chania, Modification of the State's Role in the Context of Economic Globalization ......................................598 Vakhtang Charaia, Vladimer Papava, Challenges of the Inflation Targeting in LowIncome Countries ................599 ვახტანგ ჭარაია, ვლადიმერ პაპავა, ინფალაციის თარგეთირების გამოწვევები დაბალშემოსავლიან ქვეყნებში......................................................................................................................602 -
Macroeconomic Policy Interdependence and the G-20
Think Tank 20: Macroeconomic Policy Interdependence and the G-20 Izak Atiyas Badye Essid E. Fuat Keyman Raden Pardede Agnès Bénassy-Quéré Gustavo H.B. Franco Homi Kharas Jean Pisani-Ferry Suman Bery Thomas Fues Miguel Kiguel Aleh Tsyvinski Colin Bradford Paolo Guerrieri Wonhyuk Lim Peter Wolff Kemal Derviş Sergei Guriev Jacques Mistral Qiao Yu Peter Drysdale Paul Jenkins Guillermo Ortiz Yongding Yu April 2011 Think Tank 20: Macroeconomic Policy Interdependence and the G-20 Izak Atiyas Badye Essid E. Fuat Keyman Raden Pardede Agnès Bénassy-Quéré Gustavo H.B. Franco Homi Kharas Jean Pisani-Ferry Suman Bery Thomas Fues Miguel Kiguel Aleh Tsyvinski Colin Bradford Paolo Guerrieri Wonhyuk Lim Peter Wolff Kemal Derviş Sergei Guriev Jacques Mistral Qiao Yu Peter Drysdale Paul Jenkins Guillermo Ortiz Yongding Yu April 2010 COnTEnts Introduction: Macroeconomic Policy Interdependence and the G-20 . 1 Kemal Derviş Vice President, Global Economy and Development, Brookings Institution; Former Executive Head of the United Nations Development Program; Former Secretary of Treasury and Economy Minister, The Republic of Turkey; Advisor, Istanbul Policy Center, Sabanci University Homi Kharas Senior Fellow and Deputy Director, Global Economy and Development, Brookings Institution; Former Chief Economist, East Asia, World Bank argenTina World Inflation: A New Challenge for the G-20 . 6 Miguel Kiguel Former Under Secretary of Finance and Chief Advisor to the Minister of the Economy, Argentina; Former President, Banco Hipotecario; Director, Econviews; Professor, Universidad Torcuato Di Tella ausTralia Defining an Asian Agenda in the G-20 . 9 Peter Drysdale Emeritus Professor of Economics, Australian National University; Head of the East Asian Bureau of Economic Research; Co-editor, East Asia Forum Brazil Inconvenient Asymmetries . -
Agflation and Other Modifications of Inflation
Annals of Agrarian Science 16 (2018) 201–205 Contents lists available at ScienceDirect Annals of Agrarian Science journal homepage: www.elsevier.com/locate/aasci Agflation and other modifications of inflation (the cases of Georgia and its T neighboring countries) ∗ Vakhtang Charaiaa, Vladimer Papavab, a Business and Technology University, 82, Ivane Chavchavadze Ave., Tbilisi, 0162, Georgia b Ivane Javakhishvili Tbilisi State University, 1, Ivane Chavchavadze Ave., Tbilisi, 0179, Georgia ARTICLE INFO ABSTRACT Keywords: The article explores the agflation index and other modifications of the inflation index using examples from Agflation Georgia and its neighboring countries. The findings showed that a traditional inflation index fails to fully reflect Inflation the problems caused by price changes, especially for poorer populations in developing countries. Therefore, new fl Food in ation instruments need to be identified. The article suggests using the munflation index for observing changes in Imflation prices. The munflation index consists of agflation, utilities expenses and health care expenses incurred. The Munflation article shows that applying the munflation instrument along with the inflation index allows us to have a clearer Poverty picture. These indices do not exclude but complement each other. Introduction the methodology is quite correct although we should keep in mind that, unfortunately, the consumer basket, according to which the above in- According to the World Bank 10.7% (approximately 800 million flation is calculated, does not reflect key issues for the citizenry, espe- people) of the world's population spend less than USD 1.9 a day [1]. cially for poorer citizens in developing countries. This is due to the fact Notwithstanding the quite meager index, it is to be noted that the same that the main interests of the population are oriented only on the index amounted to 12.7% in 2011 and it was 44% in 1981 [2]. -
The Role of the History of Economic Thought in Modern Macroeconomics
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper The role of the history of economic thought in modern macroeconomics Research Report, No. 2001-6 Provided in Cooperation with: Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2001) : The role of the history of economic thought in modern macroeconomics, Research Report, No. 2001-6, The University of Western Ontario, Department of Economics, London (Ontario) This Version is available at: http://hdl.handle.net/10419/70392 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu The Role of the History of Economic Thought in Modern Macroeconomics* by David Laidler Bank of Montreal Professor, University of Western Ontario Abstract: Most “leading” economics departments no longer teach the History of Economic Thought. -
FOMC Meeting Transcript, September 18, 2007
September 18, 2007 1 of 188 Meeting of the Federal Open Market Committee on September 18, 2007 A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors in Washington, D.C., on Tuesday, September 18, 2007, at 8:30 a.m. Those present were the following: Mr. Bernanke, Chairman Mr. Geithner, Vice Chairman Mr. Evans Mr. Hoenig Mr. Kohn Mr. Kroszner Mr. Mishkin Mr. Poole Mr. Rosengren Mr. Warsh Mr. Fisher, Ms. Pianalto, and Messrs. Plosser and Stern, Alternate Members of the Federal Open Market Committee Messrs. Lacker and Lockhart, and Ms. Yellen, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively Mr. Madigan, Secretary and Economist Ms. Danker, Deputy Secretary Ms. Smith, Assistant Secretary Mr. Skidmore, Assistant Secretary Mr. Alvarez, General Counsel Mr. Baxter, Deputy General Counsel Ms. K. Johnson, Economist Mr. Stockton, Economist Messrs. Clouse, Connors, Fuhrer, Kamin, Rasche, Slifman, and Wilcox, Associate Economists Mr. Dudley, Manager, System Open Market Account Ms. J. Johnson,¹ Secretary, Office of the Secretary, Board of Governors Mr. Frierson,¹ Deputy Secretary, Office of the Secretary, Board of Governors Ms. Bailey¹ and Mr. Roberts,¹ Deputy Directors, Division of Banking Supervision and Regulation, Board of Governors _______________ ¹ Attended portion of the meeting relating to the discussion of approaches to stabilizing money markets. September 18, 2007 2 of 188 Mr. English, Senior Associate Director, Division of Monetary Affairs, Board of Governors Ms. Liang and Mr. Reifschneider, Associate Directors, Division of Research and Statistics, Board of Governors Mr. -
Roke 05 Abeles Proof 517..535
Review of Keynesian Economics, Vol. 3 No. 4, Winter 2015, pp. 517–535 Dealing with cost-push inflation in Latin America: multi-causality in a context of increased openness and commodity price volatility* Martín Abeles Economic Commission for Latin America and the Caribbean (ECLAC), United Nations, and Universidad Nacional de San Martín (UNSAM), Argentina Demian Panigo Researcher, CITRA-CONICET/Universidad Metropolitana para la Educación y el Trabajo, Argentina, and Professor of Economics, Universidad Nacional de la Plata and Universidad Nacional de Moreno, Argentina Despite recognizing the exogenous, cost-push nature of recent inflationary pressures in Latin America, plus the difficulties faced by monetary authorities in dealing, under such circumstances, with internal and external disequilibria simultaneously, intellectual atten- tion in policy circles remains focused on demand-side issues and policy instruments. This paper develops an eclectic model that has the potential to nest demand-side elements, but focuses on cost-push factors – distributional conflict and propagation mechanisms – as typically addressed by the post-Keynesian–structuralist tradition. In addition to shedding some light on the nature of inflationary pressures as experienced in Latin American coun- tries during the recent commodity boom – in particular South American commodity export- ing economies – the paper’s main goal is to portray the policy and instrumental trade-offs faced by policy-makers themselves. By bringing unconventional policy devices into the model (such as direct interventions in commodity markets), we hope to broaden the scope of the conventional macroeconomic policy instruments. Keywords: cost-push inflation, alternative exchange-rate regimes, decoupling instruments, Latin America, agflation, commodity prices JEL codes: E31, F31, D33 1 INTRODUCTION The post-Keynesian–structuralist tradition has consistently warned policy-makers and academic economists about the historical nature of their subject matter. -
ECONOMICS of the FREE SOCIETY By
ECONOMICS OF THE FREE SOCIETY by WILHELM RÖPKE Professor at the Graduate Institute of International Studies—Geneva Translated by PATRICK M. BOARMAN HENRY REGNERY COMPANY Chicago, 1963 The assistance o£ the Intercollegiate Society of Individualists, Philadelphia, in the publication of this book is gratefully acknowledged. First Published in Austria in 1937 Die Lehre von der Wirtschaft (Julius Springer, Vienna) Translated from the 9th German Edition Published in Switzerland in 1961 by Eugen-Rentsch Verlag Erlenbach-Zurich Library of Congress Card Catalog Number 63-10948 COPYRIGHT © 1963 BY HENRY REGNERY COMPANY, CHICAGO 4, ILLINOIS Manufactured in the United States of America DISTURBANCES OF ECONOMIC EQUILIBRIUM 221 3. The Impact of Keynesianism John Maynard Keynes, who died in 1946 at the age of 62, is not only the best known economist o£ our times but also a man who by any standards must be reckoned as one of the leading personages of the first half of the twentieth century. The history of the era which followed World War I can no more dispense with the name of this singular individual than it can with the names of Einstein, Churchill, Roosevelt, or Hitler. It is only in this broad perspective that Keynes' full importance becomes visible. How ought we to judge the in- fluence of this man? Is he the Copernicus of economics, as so many claim, the man who banished the ghosts of economics grown rigid in the chains of tradition, who opened the door to prosperity and stability? Or did he destroy more than he created and has he sum- moned into being spirits that today he possibly would be gladly rid of? It is difficult to make a simple answer to these questions. -
Budget Vote Speech National Treasury (Vote 7) and Statistics
Budget Vote Speech National Treasury (Vote 7) and Statistics South Africa (Vote 11) Trevor A. Manuel, MP Minister of Finance 29 May 2008 Madam speaker, honourable members, dear friends Today, I bring you no fireworks and no surprises. My address today is an exercise in accountability. I ask Parliament to approve Vote 7 of the Appropriation Bill, for the National Treasury and Vote 11 for Statistics South Africa and I pledge to meet the commitments set out in the Estimates of National Expenditure. That is the main purpose of today’s address and the rest is just an explanatory footnote. The context within which we are asked to discharge our responsibilities is changing constantly. The economic circumstances we face at present are the most complex since the advent of democracy. To quote today’s Business Report, ‘the good news is that South Africa is not alone’. Almost every country in the world is going through a similarly challenging experience. Our present circumstance also introduces new terminology. We’ve all heard of inflation, we’ve heard of stagflation and now we have agflation – inflation caused by rising prices of food and other agricultural commodities. Changed circumstances calls for a review of policy and so our responsibility as policymakers is to provide an honest, sober assessment of our environment. Price instability creates hardship and our people are hurting. They feel this hardship at the checkout till in the supermarket and at the petrol pump. This hardship is felt when families cannot stretch their income to cover even the most basic food stuffs. -
Agflation and the PDS: Some Issues
WP-2008-009 Agflation and the PDS: Some Issues M.H. Suryanarayana Indira Gandhi Institute of Development Research, Mumbai April 2008 http://www.igidr.ac.in/pdf/publication/WP-2008-009.pdf Agflation and the PDS: Some Issues M.H. Suryanarayana Indira Gandhi Institute of Development Research (IGIDR) General Arun Kumar Vaidya Marg Goregaon (E), Mumbai- 400065, INDIA Email (corresponding author): [email protected] Abstract In the context of the current public policy focus on rising food prices and their implications for food security, this paper examines two major issues raised: (i) Universalization of the public distribution system; and (ii) its implications for procurement and buffer-stocks. This paper is based on the recent evidence on the profile of public distribution system, its targeted version in particular, household’s reliance on the public distribution system and the open market, and its policy implications. The paper concludes that the need of the hour is not universalisation of the PDS but a revision of the food security norm, a BPL-friendly PDS and its efficient functioning. Key words: BPL (Below Poverty Line), Stable food prices, Targeting Effectiveness JEL Code(s): I38 2 Agflation and the PDS: Some Issues M.H. Suryanarayana The threat of agflation that is, rising food prices has received much public and policy attention in India as well as the world over in recent weeks.1 Some political parties in India have demanded even universalisation of the public distribution system (PDS). Of course, the government seems to be aware of the constraints on such a policy option as evident from the agriculture minister who has tried to explain them in terms of the huge procurement and buffer stock requirements for the PDS and their adverse implications for food grain prices and hence, for the food security of the poor. -
THE CAPITALIST MODE of POWER: Programme
The Second Annual Forum on Capital as Power THE CAPITALIST MODE OF POWER: PAST, PRESENT, FUTURE Conference Program October 20–21, 2011, Senate Chamber, Ross Building (Room N940), York University, Toronto We would like to thank our York University sponsors for their generous financial support: Alumni Association; Office of the Vice- President, Research and Innovation; Office of the Vice-President, Academic and Provost; Faculty of Liberal Arts and Professional Studies; Faculty of Graduate Studies; Department of Political Science. Call for Papers The annual conference series organized by the Forum on Capital as Power brings together a diverse range of radically minded people interested in exploring the concept of power as a basis for re-thinking and re-searching value, capital and accumulation. As the name of our forum suggests, we think that the Capital as Power framework offers a promising new, but by no means the only, alternative for pursuing radical and innovative research in political economy. By conceptualizing capital as the symbolic quantification of power, and capitalism as a mode of power, this framework challenges the foundational bifurcations between politics/economics, ‘real’/’nominal’ and state/capital upon which conventional theories of capitalism rest. And by re-casting accumulation as a process of differential capitalization, this framework also offers research tools for empirically exploring capitalism; something that liberal and Marxist theories, anchored respectively in problematic units of ‘utility’ and ‘abstract labour’, have difficulty providing. This combined focus on theoretical-empirical research is, for us, of paramount importance. It points the way to a more democratic form of knowledge production. And it corresponds with what we believe should be a guiding maxim of radical praxis: that in order to change the world, we first have to adequately interpret and explain it. -
Two Views of Monetary Policy: the Attwood-Mill Debate Revisited
Thomas M. Humphrey price stability is an essential prerequisite for an effi- ciently functioning economy and a sustained high average level of employment, (2) recommends that the monetary authority gracluaily approach and there- after permanently adhere to a target path of money are again in full en~plojwenf at ample mages. growth consistent with a zero rate of inflation, (3) THOW% ATTWOOD (1819) prescribes that discretionary fine-tuning be replaced by fixed monetary rules, in particular the noninfla- Mr. Attwood opines, that the multiplication of tionary constant money growth rate rule, and (4j the circulating p>zedEClizlm,and the consequent di- warns that the social cost of accepting inherited n&&ion of its value, do not wzerely ditninislz the inflation far exceeds the cost of eradicating it. pressure of taxes and debts, and other fixed The debate between policy activists and stable charges, but give en@oy+newt to labor, and fhaf money proponents is not new. The essentials of the to an indefinite extent . Mr. Attwood’s debate can be traced back more than 140 years to a error is that of supposing that a depreciation of celebrated controversy between Thomas Attwood and the currency really increases the demand for all John Stuart Mill over gold versus paper monetary articles, and conseqztently their prodlrction, be- standards in post-Napoleonic war Britain. This cause, zcnder sogme circumstances, it nzay create debate occurred during a long deflationary period a false opinion of an increase of depnand; which that abruptly succeeded a wartime inflationary boom. false opinion leads, as tlze reality would do, to an The postwar deflation brought severe unemployment.