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Chapter 24 Financial Accelerator
Chapter 24 Financial Accelerator Starting in 2007, and becoming much more pronounced in 2008, macro-financial events took center stage in the macroeconomic landscape. The “financial collapse,” as many have termed it, had its proximate cause in the U.S., as several financial-sector institutions experienced severe or catastrophic downturns in the values of their financial assets. Various and large-scale policy efforts were implemented very quickly in the U.S. to try to contain possible consequences. The motivation behind these policy efforts was not to save the financial sector for its own sake. Instead, the rationale for policy responses was that severe financial downturns often lead to contraction in real macroeconomic markets (for example, think in terms of goods markets). Despite a raft of policy measures to try to prevent such effects, the severe financial disruption did cause a sharp contraction of economic activity in real markets: GDP declined by nearly four percent in the third quarter of 2008, the time period during which financial disruptions were at their most severe. This quarterly decline was the largest in the U.S. since the early 1980s, and GDP continued declining for the next three quarters. But the reason this pullback in GDP was especially worrisome was something history shows is common. When it is triggered by financial turbulence, a contraction in real economic activity can further exacerbate the financial downturn. This downstream effect was the real fear of policy makers. If this downstream effect occurred, the now- steeper financial downturn then could even further worsen the macro downturn, which in turn could even further worsen the financial downturn, which in turn could even further worsen the macro downturn, and …. -
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. -
An Introduction to Post-Keynesian Models of Distribution and Growth
An Introduction to Post-Keynesian Theories of Distribution and Growth: Alternative Models and Empirical Findings Robert A. Blecker Professor of Economics, American University Washington, DC, USA, [email protected] Introductory Lecture, 22nd FMM/IMK Conference “10 Years After the Crash: What Have We Learned?” Berlin, Germany, 25 October, 2018 Shameless advertisement and important acknowledgement • Portions of this presentation are based on the book manuscript: Robert A. Blecker and Mark Setterfield, Heterodox Macroeconomics: Models of Demand, Distribution and Growth, Cheltenham, UK: Edward Elgar Publishing, Ltd., 2019, forthcoming. • I also present results from the dissertation of one of my doctoral students (used with permission): Michael Cauvel, Three Essays on the Empirical Estimation of Wage-led and Profit-led Demand Regimes, unpublished PhD dissertation, American University, Washington, DC, USA, July 2018. Distribution and growth: the big questions • Does a society have to endure worse inequality for its economy to grow and create jobs? • Or can growth and employment creation be consistent with greater distributive equity? • Historically, economists believed that distributional equity had to be sacrificed to achieve faster growth • Ricardo, Marx, Lewis-Ranis-Fei, Kaldor, etc.: faster growth generally requires a higher profit share or greater inequality • At least in the early stages of development (Kuznets curve) • Kuznets curve now largely debunked by Piketty • Recent empirical studies are finding that lower inequality is often -
Underrepresented Communities Historic Resource Survey Report
City of Madison, Wisconsin Underrepresented Communities Historic Resource Survey Report By Jennifer L. Lehrke, AIA, NCARB, Rowan Davidson, Associate AIA and Robert Short, Associate AIA Legacy Architecture, Inc. 605 Erie Avenue, Suite 101 Sheboygan, Wisconsin 53081 and Jason Tish Archetype Historic Property Consultants 2714 Lafollette Avenue Madison, Wisconsin 53704 Project Sponsoring Agency City of Madison Department of Planning and Community and Economic Development 215 Martin Luther King, Jr. Boulevard Madison, Wisconsin 53703 2017-2020 Acknowledgments The activity that is the subject of this survey report has been financed with local funds from the City of Madison Department of Planning and Community and Economic Development. The contents and opinions contained in this report do not necessarily reflect the views or policies of the city, nor does the mention of trade names or commercial products constitute endorsement or recommendation by the City of Madison. The authors would like to thank the following persons or organizations for their assistance in completing this project: City of Madison Richard B. Arnesen Satya Rhodes-Conway, Mayor Patrick W. Heck, Alder Heather Stouder, Planning Division Director Joy W. Huntington Bill Fruhling, AICP, Principal Planner Jason N. Ilstrup Heather Bailey, Preservation Planner Eli B. Judge Amy L. Scanlon, Former Preservation Planner Arvina Martin, Alder Oscar Mireles Marsha A. Rummel, Alder (former member) City of Madison Muriel Simms Landmarks Commission Christina Slattery Anna Andrzejewski, Chair May Choua Thao Richard B. Arnesen Sheri Carter, Alder (former member) Elizabeth Banks Sergio Gonzalez (former member) Katie Kaliszewski Ledell Zellers, Alder (former member) Arvina Martin, Alder David W.J. McLean Maurice D. Taylor Others Lon Hill (former member) Tanika Apaloo Stuart Levitan (former member) Andrea Arenas Marsha A. -
December 15, 2020 Chairman Jay
December 15, 2020 Chairman Jay Clayton U.S. Securities and Exchange Commission 100 F Street NE Washington, D.C. 20549-5990. Re: Request for Investigation of Senator Kelly Loeffler Dear Chairman Clayton, I respectfully request that the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) immediately investigate potential violations of federal securities law and SEC regulations by Senator Kelly Loeffler and notify the public of the investigation. Recent transaction reports and company statements demonstrate that United States Senator Kelly Loeffler may have used nonpublic information related to COVID-19 economic relief legislation for her own financial gain in violation of federal law. Under federal securities law, members of Congress owe a duty “arising from a relationship of trust . to the Congress, the United States Government, and the citizens of the United States,” with respect to material nonpublic information obtained through a Member’s public service.1 It is difficult to imagine a more profound violation of the public trust than the use of nonpublic information on Congress’s emergency response to a global pandemic in order to enhance a Senator’s own personal wealth. Senator Loeffler has been mired in allegations and investigations related to her and her husband’s extraordinarily well-timed financial investments at the start of the pandemic. While her constituents faced an unprecedented threat to their health and welfare, Senator Loeffler profited off the pandemic in the stock market. Recent reports and transactional analysis provide strong evidence to suggest that Senator Loeffler used nonpublic information acquired through her official Senate duties to inform financial security transactions that she personally benefited from. -
Post-Postmodern Cinema at the Turn of the Millennium: Paul Thomas Anderson’S Magnolia
Revista de Estudios Norteamericanos, vol. 24, 2020. Seville, Spain, ISSN 1133-309-X, pp. 1-21. DOI: http://dx.doi.org/10.12795/REN.2020.i24.01 POST-POSTMODERN CINEMA AT THE TURN OF THE MILLENNIUM: PAUL THOMAS ANDERSON’S MAGNOLIA JESÚS BOLAÑO QUINTERO Universidad de Cádiz [email protected] Received: 20 May 2020 Accepted: 26 July 2020 KEYWORDS Magnolia; Paul Thomas Anderson; post-postmodern cinema; New Sincerity; French New Wave; Jean-Luc Godard; Vivre sa Vie PALABRAS CLAVE Magnolia; Paul Thomas Anderson; cine post-postmoderno; Nueva Sinceridad; Nouvelle Vague; Jean-Luc Godard; Vivir su vida ABSTRACT Starting with an analysis of the significance of the French New Wave for postmodern cinema, this essay sets out to make a study of Paul Thomas Anderson’s Magnolia (1999) as the film that marks the beginning of what could be considered a paradigm shift in American cinema at the end of the 20th century. Building from the much- debated passing of postmodernism, this study focuses on several key postmodern aspects that take a different slant in this movie. The film points out the value of aspects that had lost their meaning within the fiction typical of postmodernism—such as the absence of causality; sincere honesty as opposed to destructive irony; or the loss of faith in Lyotardian meta-narratives. We shall look at the nature of the paradigm shift to link it to the desire to overcome postmodern values through a recovery of Romantic ideas. RESUMEN Partiendo de un análisis del significado de la Nouvelle Vague para el cine postmoderno, este trabajo presenta un estudio de Magnolia (1999), de Paul Thomas Anderson, como obra sobre la que pivota lo que se podría tratar como un cambio de paradigma en el cine estadounidense de finales del siglo XX. -
The National Accounts, GDP and the 'Growthmen'
The National Accounts, GDP and the ‘Growthmen’ Geoff Tily January 2015 The National Accounts, GDP and the ‘Growthmen’ A review essay of Diane Coyle GDP: A Brief but Affectionate History, 2013 By Geoff Tily Reading GDP: A Brief But Affectionate History by Diane Coyle (2013) led to the question –when and how did GDP growth become the central focus of policymaking? Younger readers may be more surprised by the answers than older ones, with the details not commonplace in conventional histories of post-war policy. 2 Abstract It is apt to start with Keynes, who played a far greater role in the creation and construction of National Accounts than is usually recognised, doing so in part to aid his own theoretical and practical initiatives. These were not concerned with growth, but with raising the level of activity and employment. The accounts were one of several means to this end. Coyle rightly bemoans real GDP growth as the end of policy, but that was not the original intention. Moreover Coyle adheres to a theoretical view where outcomes can only improve through gains in productivity, i.e. growth in output per unit of whatever input, which seems inseparable from GDP growth. The analysis also touches on the implications for theory and policy doctrine in practice. Most obviously Keynes’s approach was rejected on the ground of practical application. The emphasis on growth and an associated supply- orientation for policy seemingly became embedded through the OECD formally from 1961 and then in the UK via the National Economic Development Corporation of the 1960s (the relationships between these initiatives are of great interest but far from clear). -
Research on the Effect of Monetary Policy on Financial Accelerator-- Based on the Empirical Analysis of Chinese Steel Enterprises
E3S Web of Conferences 235, 01064 (2021) https://doi.org/10.1051/e3sconf/202123501064 NETID 2020 Research on the Effect of Monetary Policy on Financial Accelerator-- Based on the empirical analysis of Chinese steel enterprises Chenyi Zhao1*,a, Xuefei Yu2,b 1Wuhan university of technology, Wuhan, China 2Changjiang Futures Co. LTD, Wuhan, China Abstract—From the perspective of principal-agent, the theory of financial acceleration holds that due to the defects of the financial market, external shocks will be amplified by the financial market and accelerate the transmission in the real economy, and the impact on small enterprises is greater than that on large enterprises. According to the theory of financial deceleration, the agency cost caused by financial friction is counter- cyclical, which restrains credit scale to some extent, prevents excessive debt, and thus alleviates external shocks. According to the empirical analysis of panel data of iron and steel enterprises and the existing empirical results of the real estate industry, it is found that there is no financial accelerator effect or financial reducer effect in the field of iron and steel enterprises. China's financial accelerator is more focused on bubbly assets where growth is expected and continues to be overheated despite policy tightening. That would trigger a bigger debt crisis and greater economic volatility. [1]. They call this phenomenon a financial accelerator. 1 Introduction The following is the transmission mechanism of monetary policy (>>> represents financial acceleration): In 2008, under the influence of national monetary policy M↑→ R↓→ P↑→ Na↑→ Loan↑→(I↑→ Y↑)→Debt control and domestic and foreign situations, the real estate Crisis>>>Na↓→( I↓→ Y↓ ) industry once fell into a serious contraction situation. -
The Role of Regulation in Shaping Equity Market Structure and Electronic Trading
S. HRG. 113–478 THE ROLE OF REGULATION IN SHAPING EQUITY MARKET STRUCTURE AND ELECTRONIC TRADING HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED THIRTEENTH CONGRESS SECOND SESSION ON EXAMINING THE INFLUENCE OF REGULATION ON THE GROWTH OF MARKET STRUCTURE, THE SYSTEMS AND OPERATION OF MARKET PARTICIPANTS AND THE DEVELOPMENT OF BUSINESS PRACTICES RE- LATED TO HIGH-FREQUENCY TRADING, ELECTRONIC MARKETS AND AUTOMATED TRADING JULY 8, 2014 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 91–300 PDF WASHINGTON : 2015 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate 0ct 09 2002 11:05 Mar 18, 2015 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 S:\DOCS\91300.TXT SHERYL BANKI-41578DSA with DISTILLER COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island MIKE CRAPO, Idaho CHARLES E. SCHUMER, New York RICHARD C. SHELBY, Alabama ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska MARK R. WARNER, Virginia PATRICK J. TOOMEY, Pennsylvania JEFF MERKLEY, Oregon MARK KIRK, Illinois KAY HAGAN, North Carolina JERRY MORAN, Kansas JOE MANCHIN III, West Virginia TOM COBURN, Oklahoma ELIZABETH -
Roger Ebert's
The College of Media at Illinois presents Roger19thAnnual Ebert’s Film Festival2017 April 19-23, 2017 The Virginia Theatre Chaz Ebert: Co-Founder and Producer 203 W. Park, Champaign, IL Nate Kohn: Festival Director 2017 Roger Ebert’s Film Festival The University of Illinois at Urbana–Champaign The College of Media at Illinois Presents... Roger Ebert’s Film Festival 2017 April 19–23, 2017 Chaz Ebert, Co-Founder, Producer, and Host Nate Kohn, Festival Director Casey Ludwig, Assistant Director More information about the festival can be found at www.ebertfest.com Mission Founded by the late Roger Ebert, University of Illinois Journalism graduate and a Pulitzer Prize- winning film critic, Roger Ebert’s Film Festival takes place in Urbana-Champaign each April for a week, hosted by Chaz Ebert. The festival presents 12 films representing a cross-section of important cinematic works overlooked by audiences, critics and distributors. The films are screened in the 1,500-seat Virginia Theatre, a restored movie palace built in the 1920s. A portion of the festival’s income goes toward on-going renovations at the theatre. The festival brings together the films’ producers, writers, actors and directors to help showcase their work. A film- maker or scholar introduces each film, and each screening is followed by a substantive on-stage Q&A discussion among filmmakers, critics and the audience. In addition to the screenings, the festival hosts a number of academic panel discussions featuring filmmaker guests, scholars and students. The mission of Roger Ebert’s Film Festival is to praise films, genres and formats that have been overlooked. -
UWF 04 Anrpt
ANNUAL REPORT ON STEWARDSHIP UNIVERSITY OF WISCONSIN FOUNDATION 2004 Measuring Success We don’t look in the mirror to measure success we look out the window. Contents Message to Contributors 1 In Support of the University 2 Message from the Chancellor 34 UW-Madison 2004 in Review 36 2004 Financial Report 43 Board of Directors 54 UW Foundation Staff 56 Measuring Success The measure of success How do we measure success? Some basic, and certainly valid, measures are net income, return on our investment portfolio and, of course, progress toward the $1.5 billion goal for Create the Future: The Wisconsin Campaign. We are pleased to report that thanks to your generosity, we have again posted a record year. You made 121,479 gifts totaling $457,288,098. This is an increase of 215 percent over 2003 and certainly a tribute to your commitment to the University. There is no doubt that we will reach and most likely surpass the campaign goal. The number of campaign-related events across the country this past year, organized largely by volunteers and attended by alumni and friends who care about the future of the UW-Madison, created a flood of interest and activity. and graduate students finance their educations? Did Your remarkable contributions of time, energy and we make it possible to attract and retain top quality thoughtful ideas are vital and welcome complements faculty? Did we help build and upgrade facilities? to your monetary gifts. Did we support innovative programs? Did we Those of us who spent time on the road will readily sustain life-saving, life-enriching research? Did we confirm that no matter where we travel, we can usually work to build a cooperative, respectful relationship find a fellow Badger willing to share memories and with our campus colleagues, government leaders, our opinions. -
Talk Like a Badger
Talk Like a Badger Student Center A section of the UW’s website, which allows students to schedule If you feel like your student is speaking an entirely different language, classes, check grades and graduation requirements, and pay tuition bills. this UW vocabulary list can help. TA. Shout-Outs. ASM. Langdon. Huh? Center for Leadership and Involvement The CFLI offers students a variety of leadership programs, while also When your student first starts sprinkling these terms — and more encouraging them to get involved in the campus community through — during conversations, you may find yourself in need of a translator. student organizations, intramural sports, and volunteer activities. Along with other aspects of his or her new environment, your student has been learning a new vocabulary. And while it’s become second nature to your student, as a parent, you might need a little help. Student Traditions The Parent Program asked some students to make a list of com- Homecoming monly used words and phrases, and provide definitions. Now it’s time A week of events — typically in October — that celebrates everything for you to go into study mode and review the list below. Badger. A Homecoming Committee, with support from the Wisconsin Before you know it, you’ll be talking Badger, too. Alumni Association, coordinates special events that honor UW tradi- tions; any proceeds from events benefit the Dean of Students Crisis Academically Speaking Loan fund, which helps students with financial burdens. The week is capped off by a parade down State Street on Friday afternoon, with Schools and colleges the Homecoming football game on Saturday.