Prices and Quantities

Prices and Quantities PDF Author: Arthur M. Okun
Publisher: Brookings Institution Press
ISBN: 9780815764793
Category : Business & Economics
Languages : en
Pages : 367

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Book Description
During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation--the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation.

Prices and Quantities

Prices and Quantities PDF Author: Arthur M. Okun
Publisher: Brookings Institution Press
ISBN: 9780815764793
Category : Business & Economics
Languages : en
Pages : 367

Get Book Here

Book Description
During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation--the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation.

Policy and Choice

Policy and Choice PDF Author: William J. Congdon
Publisher: Brookings Institution Press
ISBN: 0815704984
Category : Business & Economics
Languages : en
Pages : 260

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Book Description
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.

The Brookings Model

The Brookings Model PDF Author: Gary Fromm
Publisher:
ISBN: 9780444106230
Category : Economics
Languages : en
Pages : 679

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Book Description


Global Linkages

Global Linkages PDF Author: Warwick J. McKibbin
Publisher: Brookings Institution Press
ISBN: 9780815756019
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
" With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconomic patterns among the other counties. The authors show that key macroeconomic features of the 1980s can be explained by shifts in monetary and fiscal policies in the major economies and by supply shocks due to changes in oil prices. In addition to showing how the global macroeconomic experience can be understood, they focus on a number of current policy issues, including the reduction of global trade imbalances, the consequences of U.S. fiscal consolidation, the effects of an oil price shock, the implications for the U.S. economy of increases in Japanese and German fiscal spending, the effects of targeting exchange rates among the major currencies, and the gains of increased coordination of macroeconomic politics among the major economies. In several cases, their conclusions are shown to be quite different from those that form the basis of many conventional views. The authors also analyze the importance of interaction between policymakers in industrial economies and conclude by reemphasizing the need for U.S. politicians and policy experts to recognize that macroeconomic results in the U.S. now depend heavily on events abroad. "

Know Your Price

Know Your Price PDF Author: Andre M. Perry
Publisher: Brookings Institution Press
ISBN: 0815737289
Category : Social Science
Languages : en
Pages : 271

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Book Description
The deliberate devaluation of Blacks and their communities has had very real, far-reaching, and negative economic and social effects. An enduring white supremacist myth claims brutal conditions in Black communities are mainly the result of Black people's collective choices and moral failings. “That's just how they are” or “there's really no excuse”: we've all heard those not so subtle digs. But there is nothing wrong with Black people that ending racism can't solve. We haven't known how much the country will gain by properly valuing homes and businesses, family structures, voters, and school districts in Black neighborhoods. And we need to know. Noted educator, journalist, and scholar Andre Perry takes readers on a tour of six Black-majority cities whose assets and strengths are undervalued. Perry begins in his hometown of Wilkinsburg, a small city east of Pittsburgh that, unlike its much larger neighbor, is struggling and failing to attract new jobs and industry. Bringing his own personal story of growing up in Black-majority Wilkinsburg, Perry also spotlights five others where he has deep connections: Detroit, Birmingham, New Orleans, Atlanta, and Washington, D.C. He provides an intimate look at the assets that should be of greater value to residents—and that can be if they demand it. Perry provides a new means of determining the value of Black communities. Rejecting policies shaped by flawed perspectives of the past and present, it gives fresh insights on the historical effects of racism and provides a new value paradigm to limit them in the future. Know Your Price demonstrates the worth of Black people's intrinsic personal strengths, real property, and traditional institutions. These assets are a means of empowerment and, as Perry argues in this provocative and very personal book, are what we need to know and understand to build Black prosperity.

Econometric Model Performance

Econometric Model Performance PDF Author: Lawrence R. Klein
Publisher: University of Pennsylvania Press
ISBN: 1512803561
Category : Business & Economics
Languages : en
Pages : 416

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Book Description
Models of the American economy exist in government, research institutes, universities, and private corporations. Given the proliferation, it is wise to take stock because these models come from diverse sources and describe different conditions from alternative points of view. They could be saying different things about the economy. The high-level comparative studies in this volume, gathered from several issues of the International Economic Review, with a substantive introduction and the addition of more comparative material, evaluate the performance of eleven models of the American economy: the Wharton Mark Ill Model; Brookings Model; Hickman-Coen Annual Model; Liu-Hwa Monthly Model; Data Resources, Inc. (DRI) Model; Federal Reserve Bank of St. Louis Model; Michigan Quarterly Econometric (MOEM) Model; Wharton Annual and Industry Model; Anticipation Version of the Wharton Mark Ill Model/Fair Model; U.S. Department of Commerce (BEA) Model. Each of the proprietors or builders of these models describes his own system in his own words. These studies come closer than ever before to standardizing model operations for testing purposes. Some of the models are monthly, while others are annual. but the quarterly unit of time is the most frequent. Some are demand oriented, others are supply oriented, and focus on the input-output sectors of the economy. Some use only observed. objective data; others use subjective. anticipatory data. Both large and small models are included. In spite of the diversity, the contributors have cooperated to trace the differences between their models to root causes and to report jointly the results of their research. There are also some general papers that look at model performance from outside the CEME group.

Econometric Models of Cyclical Behavior

Econometric Models of Cyclical Behavior PDF Author: Social Science Research Council (U.S.). Committee on Economic Stability
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 624

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Book Description
Conference report on dynamically stable econometrics models of business cycles in the USA and their forecasting properties - examines methodologycal problems, analyses stochastic and non-stochastic simulations in respect of economic policy, etc., and stresses the need for further studies and research. Diagrams, references and statistical tables. Conference held in Cambridge 1969 November 14 and 15.

Russia's Virtual Economy

Russia's Virtual Economy PDF Author: Clifford G. Gaddy
Publisher: Brookings Institution Press
ISBN: 9780815731115
Category : Business & Economics
Languages : en
Pages : 322

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Book Description
Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.

The Border Within

The Border Within PDF Author: Tara Watson
Publisher: University of Chicago Press
ISBN: 022627022X
Category : History
Languages : en
Pages : 314

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Book Description
"Today the United States is home to more unauthorized immigrants than at any time in the country's history. As scrutiny around immigration has intensified, border enforcement has tightened. The result is a population of new Americans who are more entrenched than ever before. Crossing harsher, less porous borders makes entry to the US a permanent, costly enterprise. And the challenges don't end once they're here. In The Border Within, journalist Kalee Thompson and economist Tara Watson examine the costs and ends of America's immigration-enforcement complex, particularly its practices of internal enforcement: the policies and agencies, including ICE, aimed at removing unauthorized immigrants living in the US. Thompson and Watson's economic appraisal of immigration's costs and benefits is interlaid with first-person reporting of families who personify America's policies in a time of scapegoating and fear. The result is at once enlightening and devastating. Thomspon and Watson examine immigration's impact on every aspect of American life, from the labor force to social welfare programs to tax revenue. The results paint an overwhelmingly positive picture of what non-native Americans bring to the country, including immigration's tendency to elevate the wages and skills of those who are native born. Their research also finds a stark gap between the realities of America's immigrant population and the policies meant to uproot them: America's internal enforcements are grounded in shock and awe more than any reality of where and how immigrants live. The objective, it seems, is to deploy "chilling effects" -- performative displays aimed at producing upstream effects on economic behaviors and decision-making among immigrants. The ramifications of these fear-based policies extends beyond immigrants themselves; they have impacts on American citizens living in immigrant families as well as on the broader society"--

Getting Ahead

Getting Ahead PDF Author: Daniel P. McMurrer
Publisher: The Urban Insitute
ISBN: 9780877666745
Category : Business & Economics
Languages : en
Pages : 120

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Book Description
Adapted in part from the "Opportunity in America" series of policy briefs, this volume focuses on social and economic mobility in the United States. Class or family background has a strong effect on individual success, the authors find. They examine the possible reasons for this relationship; how it has changed over the past century; and the role of the economy, the welfare system, and education in opening up opportunities for the less fortunate.