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AND BREAKS IN TREND: DOES HYSTERESIS IN EMPLOYMENT IMPLY HYSTERESIS IN THE GROWTH PATH OF REAL OUTPUT? -- CHAPTER 7 … nonfarm payroll employment in the USA, the book emphasizes the role of aggregate demand shocks in causing the US economy to … demand on real GDP and employment levels in the long run. Hartman studies modern macroeconomic theories related to economic …
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In this paper we take into account the role of the banking system, credit and stock market in stimulating aggregate demand in post Keynesian tradition. According to the results of impulse response analysis; it appears all three financial development indicators contributed as expected in...
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"Consumption expenditures by households in the United States acccount for about 70% of America's GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in prices and income." -- Back cover
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It is shown how one can effectively use cross-section data in modelling the change over time in aggregate consumption expenditure of a heterogeneous population. The starting point of our aggregation analysis is a dynamic behavioral relation on the household level. Based on certain hypotheses on...
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