Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle
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Laudatio Für Tony Atkinson
1998 - Stanley Fischer, IMF Washington D.C. Laudation for Rudiger Dornbusch Minister Wiesheu, Rector Heldrich, Professor Sinn, Ladies and Gentlemen: It is a great honor for me to introduce this year's Distinguished CES Fellow who is to deliver the Munich Lectures in Economics, Professor Rudiger Dornbusch; it is an enormous pleasure for me to introduce to you a superb economist, an outstanding speaker, a remarkable human being, my co-author, and my friend for nearly thirty years, Rudi Dornbusch. I would like to tell you about four aspects of Rudi: the young scholar; the policy economist and polemicist; the teacher; and the human being. The young scholar I first met Rudi Dornbusch at the University of Chicago in the autumn of 1969. I was a freshly minted Ph.D. from MIT, and he was one of an outstanding group of graduate students, among them Jacob Frenkel and Michael Mussa. They were students of Harry Johnson and Robert Mundell, in Milton Friedman's Chicago. Some, among them especially Rudi and Jacob Frenkel, honored the great Lloyd Metzler, who was still at Chicago. This was the pre-Lucas Chicago. In one critical respect, that of taking economics with the utmost seriousness, as a full-time academic profession, Chicago has not changed; in others, including that of seeking real-world relevance -- which it did then -- it has changed. It must have been a wonderful place and time to be a graduate student in international macroeconomics, not only because of the world-famous faculty, even more because of the synergy among outstanding students. -
Spending and the Exchange Rate in the Keynesian Model
CAVE.6607.cp18.p327-352 6/6/06 12:09 PM Page 327 CHAPTER 18 Spending and the Exchange Rate in the Keynesian Model hapter 17 developed the Keynesian model for determining income and the trade balance in an open economy. In this chapter we consider some further applica- Ctions of the same model, including how governments can change spending in pursuit of two of their fondest objectives—income and the trade balance. We begin with the question of how changes in spending are transmitted from one country to another. Throughout, we focus particularly on the role that changes in the exchange rate play in the process. We bring together the analysis of flexible exchange rates from Chapter 16 with the analysis of changes in expenditure from Chapter 17. 18.1 Transmission of Disturbances Section 17.5 showed how income in one country depends on income in the rest of the world, through the trade balance. The effect varies considerably, depending on what is assumed about the exchange rate. This section compares the two exchange rate regimes, fixed and floating, with respect to the international transmission of economic disturbances.This comparison is one of the criteria that a country might use in deciding which of the regimes it prefers. Transmission Under Fixed Exchange Rates Our starting point will be the regime of fixed exchange rates. For simplicity, return to the small-country model of Section 17.1. In other words, ignore any repercussion effects via changes in foreign income. As Equation 17.9 implies, an internal distur- bance, such as a fall in investment demand DI, changes domestic income by DY 1 5 (18.1) DI s 1 m in the small-country model. -
America's Economic Way Of
|America’s Economic Way of War How did economic and financial factors determine how America waged war in the twentieth century? This important new book exposes the influence of economics and finance on the questions of whether the nation should go to war, how wars would be fought, how resources would be mobilized, and the long-term consequences for the American economy. Ranging from the Spanish–American War to the Gulf War, Hugh Rockoff explores the ways in which war can provide unique opportunities for understanding the basic principles of economics as wars produce immense changes in monetary and fiscal policy and so provide a wealth of infor- mation about how these policies actually work. He shows that wars have been more costly to the United States than most Americans realize as a substantial reliance on borrowing from the public, money creation, and other strategies to finance America’s war efforts have hidden the true cost of war. hugh rockoff is a professor of Economics at Rutgers, the State University of New Jersey, and a research associate of the National Bureau of Economic Research. His publications include numerous papers in professional journals, The Free Banking Era: A Re-examination (1975), Drastic Measures: A History of Wage and Price Controls in the United States (1984), and a textbook, History of the American Economy (2010, with Gary Walton). NEW APPROACHES TO ECONOMIC AND SOCIAL HISTORY series editors Nigel Goose, University of Hertfordshire Larry Neal, University of Illinois, Urbana-Champaign New Approaches to Economic and Social History is an important new textbook series published in association with the Economic History Society. -
Galb2001.Pdf
the essential Galbraith k John Kenneth Galbraith selected and edited by Andrea D. Williams A Mariner Original houghton mifflin company boston • new york 2001 books by john kenneth galbraith [a partial listing] American Capitalism: The Concept of Countervailing Power The Great Crash, 1929 The Affluent Society The Scotch The New Industrial State The Triumph Ambassador’s Journal Economics, Peace and Laughter Economics and the Public Purpose Money: Whence It Came, Where It Went The Age of Uncertainty Annals of an Abiding Liberal A Life in Our Times The Anatomy of Power A View from the Stands Economics in Perspective: A Critical History A Tenured Professor The Culture of Contentment A Journey Through Economic Time: A Firsthand View A Short History of Financial Euphoria The Good Society: The Humane Agenda Name-Dropping: From F.D.R. On The Essential Galbraith contents Preface vii Introduction ix Countervailing Power 1 from American Capitalism The Concept of the Conventional Wisdom 18 from The Affluent Society The Myth of Consumer Sovereignty 31 from The Affluent Society The Case for Social Balance 40 from The Affluent Society The Imperatives of Technology 55 from The New Industrial State The Technostructure 66 from The New Industrial State The General Theory of Motivation 79 from The New Industrial State Economics and the Quality of Life 90 from Economics, Peace and Laughter vi C0ntents The Proper Purpose of Economic Development 109 from Economics, Peace and Laughter The Valid Image of the Modern Economy 118 from Annals of an Abiding Liberal Power -
Undergraduate Programme
Undergraduate programme Compulsory Courses Bachelor´s Thesis Seminar* Econometrics I* Bachelor´s Thesis Seminar* Econometrics II* Economics I* Economic Transformation I* Economics II* Economic Policy I Mathematics I* Economic Policy II Mathematics II* Institutional Economics* Mathematics III* Foundations of Law* Mathematics IV* Commercial Law* Microeconomics I* Public Finance Microeconomics II* European Economic Integration Macroeconomics I Financial Economics* Macroeconomics II Economics English I Probability Theory and Statistics I* Economics English Probability Theory and Statistics II* Introduction into the Politology* History of Economic Thought Introduction into the Sociology* Elective Courses Economic Transformation II* Individual Decision-Making: Theory and Reality Probability Theory and Statistics III* Labour Economics Theory of Regulation and Competition Policy* Selected Topics in Macroeconomics International Trade I. Microeconomics and Behaviour I* Financial Management Microeconomics and Behaviour II* Financial Management – tutorials Mathematics V* Accounting I* Current Affairs* Accounting II* Political economics World Economic History* The human factor and personnel managament* Czech Economic History* Economic Policy of the Czech Republic International Finance *course is taught in Czech 1 Graduate programme Compulsory Core Courses (core units –common to all programmes) Master´s Thesis Seminar I* Master´s Thesis Seminar II* Advanced Microeconomics I Advanced Macroeconomics Advanced Econometrics Contemporary Economic Theories -
Paul Samuelson's Ways to Macroeconomic Dynamics
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Boianovsky, Mauro Working Paper Paul Samuelson's ways to macroeconomic dynamics CHOPE Working Paper, No. 2019-08 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Boianovsky, Mauro (2019) : Paul Samuelson's ways to macroeconomic dynamics, CHOPE Working Paper, No. 2019-08, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/196831 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 Paul Samuelson’s Ways to Macroeconomic Dynamics by Mauro Boianovsky CHOPE Working Paper No. 2019-08 May 2019 Electronic copy available at: https://ssrn.com/abstract=3386201 1 Paul Samuelson’s ways to macroeconomic dynamics Mauro Boianovsky (Universidade de Brasilia) [email protected] First preliminary draft. -
Macroeconomics and Housing: a Review of the Literature♠
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Macroeconomics and Housing: A Review of the Literature♠ Charles Leung♥ Chinese University of Hong Kong First Draft: August 2003 This version: September, 2004 ♠ Acknowledgement: This is prepared for the “Housing market and the Macro Economy: the nexus” workshop, Hong Kong, August 2003. The author thanks Stanley Engerman, Nobuhiro Kiyotaki, an anonymous referee, Robert Edelstein, and seminar participants for many useful suggestions. Edelstein in particular offers an usual amount of help which significantly improves the paper. Eric Hanushek generously assisted the author to gain access to documents at Stanford University. Youngman Leong has provided excellent research assistance. The financial support from RGC Earmark grant and Chinese University of Hong Kong Direct Grant are gratefully acknowledged. The usual disclaimer applies. ♥ Correspondence: [email protected], http://www.cuhk.edu.hk/eco/staff/kyleung 1 Introduction In his encyclopedic collection of writings about Origins of Macroeconomics, Robert Dimand includes a set of important contributions to macroeconomics, by many of the most eminent contributors (in alphabetical order): W. H. Beveridge, Milton Friedman, Roy Harrod, J. R. Hicks, John M. Keynes, Frank Knight, Tjalling Koopmans, Simon Kuznets, Alfred Marshall, Karl Marx, Lloyd Metzler, Ludwig von Mises, Franco Modigliani, Bertil Ohlin, A. C. Pigou, Frank Ramsey, Paul Samuelson, Joseph Schempeter, Jan Tinbergen, James Tobin, and Allyn Young. Only one article therein is related to the housing market, which is the debt deflation-paper by Irving Fisher (1933). This compendium is not an exception but rather a reflection of the apparent disconnect between macroeconomics and housing research. -
International Financial Crises
INTERNATIONAL FINANCIAL CRISES RUDI DORNBUSCH † STANLEY FISCHER CESIFO WORKING PAPER NO. 926 CATEGORY 6: MONETARY POLICY AND INTERNATIONAL FINANCE MARCH 2003 An electronic version of the paper may be downloaded • from the SSRN website: www.SSRN.com • from the CESifo website: www.CESifo.de CESifo Working Paper No. 926 INTERNATIONAL FINANCIAL CRISES Foreword Our friend and colleague Rüdiger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität. The lectures contain a fascinating overview of the mechanics and history of international financial crises showing the breadth and ingenuity of this eminent scholar. The lectures were lively and provocative, full of important insights and observations. Interestingly enough, Dornbusch expressed a substantial mistrust in the actions of political decision makers, supervisory agencies and central banks in the game that leads to the crisis and even collapse of financial systems, and he advocated supranational supervisory actions as a remedy. CES has decided to prepare a transcript of the lectures, which are also available in the Internet as full length-videos. I am grateful to Paul Kremmel for his assistance. Munich, March 2003 Hans-Werner Sinn Ifo Institute Poschingerstrasse 5 81679 Munich Germany [email protected] JEL Classification: F3, E5, F2 2 These remarks were prepared to introduce Rudiger Dornbusch's Munich Lectures in Economics, at the Center for Economic Studies, Ludwig-Maximilians University, Munich, on November 17, 1998. LAUDATIO: RUDIGER DORNBUSCH Stanley Fischer It is an honor for me to introduce this year's Distinguished CES Fellow who is to deliver the Munich Lectures in Economics, Professor Rudiger Dornbusch; it is an enormous pleasure for me to introduce to you a superb economist, an outstanding speaker, a remarkable person, my co-author, and my friend for nearly thirty years, Rudi Dornbusch. -
Page 1 Econ 303: Intermediate Macroeconomics I Dr. Sauer
Econ 303: Intermediate Macroeconomics I Dr. Sauer Sample Questions for Exam #1 1. Variables that a model tries to explain are called: A) endogenous. B) exogenous. C) market clearing. D) fixed. 2. A measure of how fast prices are rising is called the: A) growth rate of real GDP. B) inflation rate. C) unemployment rate. D) market-clearing rate. 3. Deflation occurs when: A) real GDP decreases. B) the unemployment rate decreases. C) prices fall. D) prices increase, but at a slower rate. 4. A severe recession is called a(n): A) depression. B) deflation. C) exogenous event. D) market-clearing assumption. 5. The assumption of flexible prices is a more plausible assumption when applied to price changes that occur: A) from minute to minute. B) from year to year. C) in the long run. D) in the short run. 6. During the period between 1900 and 2000, the unemployment rate in the United States was highest in the: A) 1920s. B) 1930s. C) 1970s. D) 1980s. 7. The assumption of continuous market clearing means that: A) sellers can sell all that they want at the going price. B) buyers can buy all that they want at the going price. C) in any given month, buyers can buy all that they want and sellers can sell all that they want at the going price. D) at any given instant, buyers can buy all that they want and sellers can sell all that they want at the going price. 8. The total income of everyone in the economy adjusted for the level of prices is called: A) a recession. -
Cuaderno De Documentacion
SECRETARIA DE ESTADO DE ECONOMIA Y APOYO A LA EMPRESA MINISTERIO DE ECONOMÍA Y DIRECCION GENERAL DE POLÍTICA ECONOMICA COMPETITIVIDAD '$' S.G. ANÁLISIS POLÍTICA ECONÓMICA Y FINANC. EMP. CUADERNO DE DOCUMENTACION Número 108 Anexo Alvaro Espina 11 de Octubre. de 2016 Entre el 22-VII-2016 y el 1-X-2016 Anti-globalists Why they’re wrong Globalisation’s critics say it benefits only the elite. In fact, a less open world would hurt the poor most of all Oct 1st 2016 | From the print edition IN SEPTEMBER 1843 the Liverpool Mercury reported on a large free-trade rally in the city. The Royal Amphitheatre was overflowing. John Bright, a newly elected MP, spoke eloquently on the merits of abolishing duties on imported food, echoing arguments made in The Economist, a fledgling newspaper. Mr Bright told his audience that when canvassing, he had explained “how stonemasons, shoemakers, carpenters and every kind of artisan suffered if the trade of the country was restricted.” His speech in Liverpool was roundly cheered. It is hard to imagine, 173 years later, a leading Western politician being lauded for a defence of free trade. Neither candidate in America’s presidential election is a champion. Donald Trump, incoherent on so many fronts, is clear in this area: unfair competition from foreigners has destroyed jobs at home. He threatens to dismantle the North American Free Trade Agreement, withdraw from the Trans-Pacific Partnership (TPP) and start a trade war with China. To her discredit, Hillary Clinton now denounces the TPP, a pact she helped negotiate. In Germany, one of the world’s biggest exporters, tens of thousands took to the streets earlier this month to march against a proposed trade deal between the European Union and the United States (see article). -
PAUL A. SAMUELSON Massachusetts Institute of Technology, Cambridge, Massachusetts Nobel Memorial Lecture, December 11, 1970
MAXIMUM PRINCIPLES IN ANALYTICAL ECONOMICS PAUL A. SAMUELSON Massachusetts Institute of Technology, Cambridge, Massachusetts Nobel Memorial Lecture, December 11, 1970 The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, “Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private. So at the very foundations of our subject maximization is involved. My old teacher, Joseph Schumpeter, went much farther. Instead of being content to say economics must borrow from logic and rational empirical enquiry, Schump- eter made the remarkable claim that man’s ability to operate as a logical animal capable of systematic empirical induction was itself the direct outcome of the Darwinian struggle for survival. Just as man’s thumb evolved in the struggle to make a living - to meet his economic problem - so did man’s brain evolve in response to the economic problem. Coming forty years before the latest findings in ethology by Konrad Lorenz and Nikolaas Tinbergen, this is a rather remarkable insight. It would take me away from my present subject to more than mention the further view enunciated by Schumpeter [1] in launching the new subject of econometrics. -
Income and Expenditure
11 >>Income and Expenditure BE A PATRIOT AND SPEND FTER THE TERRORIST ATTACKS ON in recession, mainly because of a 14% drop ASeptember 11, 2001, many in real investment spending. A plunge in leading figures in American life consumer spending would have greatly made speeches urging the shocked nation deepened the recession. Fortunately, that to show fortitude—and keep buying con- didn’t happen: American consumers bought sumer goods. “Do your business around less of some goods and services, such as air the country. Fly and enjoy America’s great travel, but bought more of others. destination spots,” urged President Bush. As we explained in Chapter 10, the “Go shopping,” said former president source of most, but not all, recessions since Clinton. World War II has been negative demand chapter Such words were a far cry from British shocks, leftward shifts of the aggregate de- prime minister Winston Churchill’s famous mand curve. Over the course of this and What you will learn in 1940 declaration, in the face of an immi- the next three chapters, we’ll continue to this chapter: nent Nazi invasion of the United Kingdom, focus on the short-run behavior of the ® About consumption function, that he had nothing to offer but “blood, toil, economy, looking in detail at the factors which shows how disposable in- tears, and sweat.” But there was a reason that cause such shifts of the aggregate de- come affects consumer spending politicians of both parties called for spend- mand curve. In this chapter, we begin by ® How expected future income and ing, not sacrifice.