Author: Martin Paldam
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 24

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Author:
Publisher:
ISBN: 9780949887856
Category :
Languages : en
Pages :

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Author: Satya Paul
Publisher:
ISBN: 9781875760039
Category : Inflation (Finance)
Languages : en
Pages : 25

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Author: James Forder
Publisher: OUP Oxford
ISBN: 0191506567
Category : Business & Economics
Languages : en
Pages : 321

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This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.

Author: S. Strom
Publisher: Springer
ISBN: 1349050903
Category : Business & Economics
Languages : en
Pages : 221

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Author: Martin Paldam
Publisher:
ISBN:
Category : Inflation (Finance).
Languages : en
Pages : 40

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Author: Mr.Jean-Louis Arcand
Publisher: International Monetary Fund
ISBN: 1475526105
Category : Business & Economics
Languages : en
Pages : 50

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This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.

Author: Mr.Pablo Emilio Guidotti
Publisher: International Monetary Fund
ISBN: 1451852452
Category : Business & Economics
Languages : en
Pages : 38

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This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.

Author: Steinar Strøm
Publisher: Humanities Press International
ISBN:
Category : Political Science
Languages : en
Pages : 232

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Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 900

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