Economics, Demography, and Epidemiology: an Interdisciplinary Glossary
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COVID-19 and Economic Policy Toward the New Normal: a Monetary-Fiscal Nexus After the Crisis?
IN-DEPTH ANALYSIS Requested by the ECON committee Monetar y Dialogue Papers, November 2020 COVID-19 and Economic Policy Toward the New Normal: A Monetary-Fiscal Nexus after the Crisis? Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies Author: Thomas MARMEFELT EN PE 658.193 - November 2020 COVID-19 and Economic Policy Toward the New Normal: A Monetary-Fiscal Nexus after the Crisis? Monetary Dialogue Papers, November 2020 Abstract Current developments during the COVID-19 pandemic involve strongly complementary monetary and fiscal policy, but both as responses to COVID-19 and not the outcome of an emergent monetary-fiscal nexus. Therefore, the ECB maintains its independence by using unconventional monetary policy measures to reach price stability, according to its mandate. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020. This document was requested by the European Parliament's committee on Economic and Monetary Affairs (ECON). AUTHOR Thomas MARMEFELT, CASE – Center for Social and Economic Research (Warsaw, Poland) and University of Södertörn (Huddinge, Sweden) ADMINISTRATOR RESPONSIBLE Drazen RAKIC EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support European Parliament committees -
Uncertainty and Hyperinflation: European Inflation Dynamics After World War I
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER June 2018 Working Paper 2018-06 https://www.frbsf.org/economic-research/publications/working-papers/2018/06/ Suggested citation: Lopez, Jose A., Kris James Mitchener. 2018. “Uncertainty and Hyperinflation: European Inflation Dynamics after World War I,” Federal Reserve Bank of San Francisco Working Paper 2018-06. https://doi.org/10.24148/wp2018-06 The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER* May 9, 2018 ABSTRACT. Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland, and Hungary (GAPH) suffered from frequent uncertainty shocks – and correspondingly high levels of uncertainty – caused by protracted political negotiations over reparations payments, the apportionment of the Austro-Hungarian debt, and border disputes. In contrast, other European countries exhibited lower levels of measured uncertainty between 1919 and 1925, allowing them more capacity with which to implement credible commitments to their fiscal and monetary policies. -
Estimating the Effects of Fiscal Policy in OECD Countries
Estimating the e®ects of ¯scal policy in OECD countries Roberto Perotti¤ This version: November 2004 Abstract This paper studies the e®ects of ¯scal policy on GDP, in°ation and interest rates in 5 OECD countries, using a structural Vector Autoregression approach. Its main results can be summarized as follows: 1) The e®ects of ¯scal policy on GDP tend to be small: government spending multipliers larger than 1 can be estimated only in the US in the pre-1980 period. 2) There is no evidence that tax cuts work faster or more e®ectively than spending increases. 3) The e®ects of government spending shocks and tax cuts on GDP and its components have become substantially weaker over time; in the post-1980 period these e®ects are mostly negative, particularly on private investment. 4) Only in the post-1980 period is there evidence of positive e®ects of government spending on long interest rates. In fact, when the real interest rate is held constant in the impulse responses, much of the decline in the response of GDP in the post-1980 period in the US and UK disappears. 5) Under plausible values of its price elasticity, government spending typically has small e®ects on in°ation. 6) Both the decline in the variance of the ¯scal shocks and the change in their transmission mechanism contribute to the decline in the variance of GDP after 1980. ¤IGIER - Universitµa Bocconi and Centre for Economic Policy Research. I thank Alberto Alesina, Olivier Blanchard, Fabio Canova, Zvi Eckstein, Jon Faust, Carlo Favero, Jordi Gal¶³, Daniel Gros, Bruce Hansen, Fumio Hayashi, Ilian Mihov, Chris Sims, Jim Stock and Mark Watson for helpful comments and suggestions. -
What If There Were No Ecological Limits to Growth?
What if There Were No Ecological Limits to Growth? © Stephen A Marglin I see us free, therefore, to return to some of the most sure and certain principles of religion and traditional virtue—that avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable, that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow. We shall once more value ends above means and prefer the good to the useful. We shall honour those who can teach us how to pluck the hour and the day virtuously and well, the delightful people who are capable of taking direct enjoyment in things, the lilies of the field who toil not, neither do they spin. (John Maynard Keynes, 1931 [1930], 371–372) It is only in the backward countries of the world that increased production is still an important object; in those most advanced, what is economically needed is a better distribution. (John Stuart Mill, 1909 [1848], p 749) This paper abstracts from the most important question of our age—is growth sustainable?—in order to focus on another important question—is growth desirable? What if ecological constraints do not decide the matter? For the poor, there is nothing to debate. Mohandas Karamchand Gandhi, the Mahatma, said that if God wanted a warm welcome in India, He should appear in the form of a loaf of bread (Gandhi, 1931). But the case is not so clear for the rich. What if consumption could go on, world without end? Would that be a good thing In 1930, about the same time as Gandhi was advising God about the choice of avatars, John Maynard Keynes wrote “Economic Possibilities for Our Grandchildren” to make the point that in two or three generations it would become easy if not effortless to provide enough to satisfy people’s needs; consequently, there would no longer be the need to organize our lives around the economy, and we would be able to devote ourselves the finer things of life—as sketched in the epigraph above. -
The Economic Policy Response to the Covid-19 Crisis Note for Discussion April 9, 2020 *
The economic policy response to the Covid-19 crisis Note for discussion April 9, 2020 * The dramatic social distancing measures that were needed to contain the Covid-19 outbreak and save lives have resulted in a major economic crisis. The magnitude and spread of the global decline in output exceeds that triggered by the Global Financial Crisis, if not the Great Depression. But the very nature of the crisis is unprecedented. As in previous major downturns, developing countries are facing a decline in foreign demand and a drop of commodity prices. They are also being locked out from global financial markets, suffer capital outflows and experience a fall of remittances. But in addition to the demand shortfall and the financial stress, this new crisis involves a major supply shock. Domestically, social distancing measures drastically reduce labor supply and increase transaction costs. Internationally, supply chains break down, which may result in shortages of key inputs and potentially in higher food prices. Another important difference with previous crises is the potential, recurrent return of the supply shock until a vaccine is developed, weighing on the prospects for recovery. A crisis of this magnitude and nature is not going to be reverted quickly. Even once the crisis bottoms out, widespread bankruptcies, increased unemployment and under-employment, and a depressed investment climate will make its effects persist. Moreover, developing countries are confronting this crisis from a weaker position compared to the Global Financial Crisis. Some financial sectors are vulnerable, corporate debt is generally high, and sovereign debt levels often constrain the fiscal space available to governments. -
API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020
Sep 1, 2020 API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020 Harvard Kennedy School Course Syllabus: prospectus, outline/schedule and readings Staff: Professor: Jeffrey Frankel [email protected] Faculty Assistant: Minoo Ghoreishi [email protected] Teaching Fellow: Can Soylu Course Assistants: Julio Flores, Alberto Huitron & Yi Yang. Email address to send all questions for the teaching team: [email protected]. Times: Lectures: Tuesdays and Thursdays, 10:30-11:45 a.m. EST.1 Review Sessions: Tuesdays, 12:30-1:30 pm; Fridays, 1:30-2:30 pm EST.2 Final exam: Friday, Dec. 11, 8:00-11:00 am EST. Prospectus Course Description: This course is the first in the two-course sequence on Macroeconomic Policy in the MPA/ID program. It particularly emphasiZes the international dimension. The general perspective is that of developing countries and other small open economies, defined as those for whom world income, world inflation and world interest rates can be taken as given, and possibly the terms of trade as well. The focus is on monetary, fiscal, and exchange rate policy, and on the determination of the current account balance, national income, and inflation. Models of devaluation include one that focuses on the price of internationally traded goods relative to non-traded goods. A theme is the implications of increased integration of global financial markets. Another is countries’ choice of monetary regime, especially the degree of exchange rate flexibility. Applications include Emerging Market crises and problems of commodity-exporting countries. (Such topics as exchange rate overshooting, speculative attacks, portfolio diversification and debt crises will be covered in the first half of Macro II in February-March.) Nature of the approach: The course is largely built around analytical models. -
Economist Series, GS-0110 TS-54 December 1964, TS-45 April 1963
Economist Series, GS-0110 TS-54 December 1964, TS-45 April 1963 Position Classification Standard for Economist Series, GS-0110 Table of Contents SERIES DEFINITION.................................................................................................................................... 2 GENERAL STATEMENT.............................................................................................................................. 2 SPECIALIZATION AND TITLING PATTERN .............................................................................................. 5 SUPERVISORY POSITIONS...................................................................................................................... 13 FUNCTIONAL PATTERNS AND GRADE-LEVEL DISTINCTIONS .......................................................... 13 ECONOMIST, GS-0110-05..................................................................................................................... 15 ECONOMIST, GS-0110-07..................................................................................................................... 16 ECONOMIST, GS-0110-09..................................................................................................................... 17 ECONOMIST, GS-0110-11..................................................................................................................... 18 ECONOMIST, GS-0110-12..................................................................................................................... 20 ECONOMIST, GS-0110-13.................................................................................................................... -
Monetary Policy and the Long Boom
NOVEMBER/DECEMBER1998 John B. Taylor is a professor of economics at Stanford University. The article that follows is a reprint of The Homer Jones Lecture delivered at Southern Illinois University-Edwardsville on April 16, 1998. Kent Koch provided research assistance. this lecture. This month (April 1998) the Monetary Policy United States economy celebrates seven years of economic expansion. By definition and The Long an economic expansion is the period between recessions; that is, a period of con- Boom tinued growth without a recession. The last recession in the United States ended in April 1991, so as of this April we have had seven John B. Taylor years of expansion and we are still going. This current expansion is a record breaker: regret that I never had the opportunity to to be exact it is the second longest peacetime work or study with Homer Jones. But I expansion in American history. Iknow people who worked and studied with But what is more unusual is that this him, and I have enjoyed talking with them and current expansion was preceded by the reading about their recollections of Homer first longest peacetime expansion in Amer- Jones. What is most striking to me, of all that ican history. That expansion began in has been said and written about Homer Jones, November 1982 and continued through is his incessant striving to learn more about August 1990. It lasted seven years and economics and his use of rigorous economic eight months. Although the 1980s expansion research to improve the practical operation of was the first longest peacetime expansion in economic policy. -
Tomasz Koźluk Counsellor to the OECD Chief Economist
Tomasz Koźluk Counsellor to the OECD Chief Economist Contact information [email protected] Education PhD, European University Institute, Florence, 2007 MA, International Economics, Sussex University, 2002 MA, Economics Department, Warsaw University, 2002 Professional experience 2021-present Counsellor to the OECD Chief Economist 2012-2017 Senior Economist, Head of Green Growth Workstream, joint Economics Department & Environment Directorate, OECD Chair of Research Committee on Metrics and Indicators, Green Growth, Green Growth Knowledge Platform 2007-2011 Economist, Economics Department , OECD Structural Policy Analysis Division, Macroeconomic Analysis Division and Country Studies Branch 2004-2007 Researcher, Bank of Finland Institute for Economies in Transition; European Central Bank (Financial Research); European Investment Bank (Economic and Financial Studies); CASE; Robert Schuman Centre for Advanced Studies, EUI Selected publications and working papers Empirical projects linking environmental policies and economic outcomes (http://oe.cd/eps) "Environmental policies and productivity growth: Evidence across industries and firms," (2017), Journal of Environmental Economics and Management vol. 81, (with V. Zipperer and S. Albrizio) “Environmental Policies and Productivity Growth – A Critical Review of Empirical Findings”, (2014), OECD Journal: Economic Studies, OECD Publishing, vol. 2014(1), (with V. Zipperer) “Effects of vintage-differentiated environmental regulations - evidence from survival analysis of coal-fired power plants”, -
Course Syllabus ECN101G
Course Syllabus ECN101G - Introduction to Economics Number of ECTS credits: 6 Time and Place: Tuesday, 10:00-11:30 at VeCo 3 Thursday, 10:00-11:30 at VeCo 3 Contact Details for Professor Name of Professor: Abdel. Bitat, Assistant Professor E-mail: [email protected] Office hours: Monday, 15:00-16:00 and Friday, 15:00-16:00 (Students who are unable to come during these hours are encouraged to make an appointment.) Office Location: -1.63C CONTENT OVERVIEW Syllabus Section Page Course Prerequisites and Course Description 2 Course Learning Objectives 2 Overview Table: Link between MLO, CLO, Teaching Methods, 3-4 Assignments and Feedback Main Course Material 5 Workload Calculation for this Course 6 Course Assessment: Assignments Overview and Grading Scale 7 Description of Assignments, Activities and Deadlines 8 Rubrics: Transparent Criteria for Assessment 11 Policies for Attendance, Later Work, Academic Honesty, Turnitin 12 Course Schedule – Overview Table 13 Detailed Session-by-Session Description of Course 14 Course Prerequisites (if any) There are no pre-requisites for the course. However, since economics is mathematically intensive, it is worth reviewing secondary school mathematics for a good mastering of the course. A great source which starts with the basics and is available at the VUB library is Simon, C., & Blume, L. (1994). Mathematics for economists. New York: Norton. Course Description The course illustrates the way in which economists view the world. You will learn about basic tools of micro- and macroeconomic analysis and, by applying them, you will understand the behavior of households, firms and government. Problems include: trade and specialization; the operation of markets; industrial structure and economic welfare; the determination of aggregate output and price level; fiscal and monetary policy and foreign exchange rates. -
Economic Integration, Macroeconomic Policy and Micro Markets*
Economic integration, macroeconomic policy and micro markets¤ Christopher Loewald South African National Treasury ABSTRACT: The New Partnership For Africa’s Development (NEPAD) has been established to provide a substantive platform for African countries to initiate a series of policy steps toward more rapid economic growth and poverty reduction. Critics have argued that some of the policies, especially regional integration, will do more harm than good, and have cast the debate as a binary choice between the open and closed economy. Neither a fully closed nor a fully open economy is likely to maximize welfare and growth. In contrast to the notion of policy autonomy in the closed economy, the closed economy requires far more stringent application of price controls, monetary, …scal, and competition policies than do more open economies to prevent rising in‡ation and worsening income distribution. On balance, more open trade and capital relationships are preferred, because they help to ensure consistency between macroeconomic policy and microeconomic behaviour and are more conducive to improving income distribution. ¤Dr Christopher Loewald is Chief Director of International Economics in the National Treasury. The views and opinions in this paper are solely those of the author. They should not be attributed to the National Treasury. The author thanks Kevin Fletcher, Johann Fedderke, Adam Schwartzman and John Luiz for their helpful comments. Economic integration, macroeconomic policy and micro markets 1 1 Introduction Over the past year, NEPAD has emerged as the primary vehicle for bringing African countries into what might be described as the ‘reformist’ wing of the world’s economic and political community. -
The Third Great Wave
SPECIAL REPORT THE WORLD ECONOMY October 4th 2014 The third great wave 20141004_SR_WorldEcon.indd 1 23/09/2014 14:30 SPECIAL REPORT THE WORLD ECONOMY The third great wave The first two industrial revolutions inflicted plenty of pain but ultimately benefited everyone. The digital one may prove far more divisive, argues Ryan Avent MOST PEOPLE ARE discomfited by radical change, and often for good CONTENTS reason. Both the first Industrial Revolution, starting in the late 18th cen- 3 Productivity tury, and the second one, around 100 years later, had their victims who Technology isn’t lost their jobs to Cartwright’s power loom and later to Edison’s electric working lighting, Benz’s horseless carriage and countless other inventions that changed the world. But those inventions also immeasurably improved 5 The privileged few many people’s lives, sweeping away old economic structures and trans- To those that have forming society. They created new economic opportunity on a mass shall be given scale, with plenty ofnew workto replace the old. 6 Housing A third great wave of invention and economic disruption, set off by Home economics advances in computing and information and communication technol- ogy (ICT) in the late 20th century, promises to deliver a similar mixture of 8 Emerging economies social stress and economic transformation. It is driven by a handful of Arrested development technologies—including machine intelligence, the ubiquitous web and 10 New opportunities advanced robotics—capable ofdeliveringmany remarkable innovations: Silver lining unmanned vehicles; pilotless drones; machines that can instantly trans- late hundreds of languages; mobile technology that eliminates the dis- 12 Easing the transition tance between doctorand patient, teacherand student.