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This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper...
Persistent link: https://www.econbiz.de/10009293018
This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...
Persistent link: https://www.econbiz.de/10009145755
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences - in particular, the EA slump has been markedly more...
Persistent link: https://www.econbiz.de/10012998137
inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since …
Persistent link: https://www.econbiz.de/10003943689
inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since …
Persistent link: https://www.econbiz.de/10003921540
Financial repression lowers the return on government debt and contributes, all else equal, towards its liquidation …. However, its full effect on the debt-to-GDP ratio hinges on how repression impacts the economy at large because it alters … model-based counterfactual shows that GDP would have been 5 percent lower, and the debt-to-GDP ratio 20 percentage points …
Persistent link: https://www.econbiz.de/10014559288
Financial repression lowers the return on government debt and contributes, all else equal, towards its liquidation …. However, its full effect on the debt-to-GDP ratio hinges on how repression impacts the economy at large because it alters … model-based counterfactual shows that GDP would have been 5 percent lower, and the debt-to-GDP ratio 20 percentage points …
Persistent link: https://www.econbiz.de/10014500970
Persistent link: https://www.econbiz.de/10014511998
Persistent link: https://www.econbiz.de/10009622252
Resource utilisation, or “slack”, is widely held to be an important determinant of inflation dynamics. As the world has … output gaps.Full publication: "http://ssrn.com/abstract=2248714" Globalisation and Inflation Dynamics in Asia and the Pacific …
Persistent link: https://www.econbiz.de/10013083470