ECON Chapter 3: Business Cycle Measurement
|
|
|
- Melanie Lauren Norman
- 6 years ago
- Views:
Transcription
1 ECON Chapter 3: Business Cycle Measurement Neha Bairoliya Spring 2014
2 Regularities in GDP Fluctuations Business Cycles are fluctuations about trend in real GDP.
3 Regularities in GDP Fluctuations Business Cycles are fluctuations about trend in real GDP. The turning points in the deviations of real GDP from trend are peaks and troughs.
4 Regularities in GDP Fluctuations Business Cycles are fluctuations about trend in real GDP. The turning points in the deviations of real GDP from trend are peaks and troughs. Persistent positive deviations from trend are booms and persistent negative deviations from trend are recessions.
5 Regularities in GDP Fluctuations Business Cycles are fluctuations about trend in real GDP. The turning points in the deviations of real GDP from trend are peaks and troughs. Persistent positive deviations from trend are booms and persistent negative deviations from trend are recessions. The amplitude of the business cycle is the maximum deviation from trend.
6 Regularities in GDP Fluctuations Business Cycles are fluctuations about trend in real GDP. The turning points in the deviations of real GDP from trend are peaks and troughs. Persistent positive deviations from trend are booms and persistent negative deviations from trend are recessions. The amplitude of the business cycle is the maximum deviation from trend. The frequency of the business cycle is the number of peaks in RGDP that occur per year.
7 Irregularities in GDP Fluctuations
8 Irregularities in GDP Fluctuations The fluctuations in GDP about trend are quite choppy.
9 Irregularities in GDP Fluctuations The fluctuations in GDP about trend are quite choppy. There is no regularity in the amplitude of fluctuations in real GDP about trend.
10 Irregularities in GDP Fluctuations The fluctuations in GDP about trend are quite choppy. There is no regularity in the amplitude of fluctuations in real GDP about trend. There is no regularity in the frequency of fluctuations in real GDP about trend.
11 So, is there any hope of anticipating business cycles?
12 So, is there any hope of anticipating business cycles? While short-term forecasting is relatively easy (sometimes)
13 So, is there any hope of anticipating business cycles? While short-term forecasting is relatively easy (sometimes) long-term forecasting is nearly impossible.
14 So, is there any hope of anticipating business cycles? While short-term forecasting is relatively easy (sometimes) long-term forecasting is nearly impossible. This is why we say that business cycles are unpredictable.
15 Other Macro Indicators Macroeconomic variables often fluctuate together in patterns that exhibit strong regularities. These patterns are known as comovements.
16 Other Macro Indicators Macroeconomic variables often fluctuate together in patterns that exhibit strong regularities. These patterns are known as comovements. To identify comovements we often rely in observation of the variables graphs. Generally, graphs of macroeconomic variables come in two different flavors: Scatter plots Time-series plots
17 Example: variables X and Y Time-series Plots
18 Time-series Plots Example: variables X and Y Variable values are on the Y-axis. Time is on the X-axis.
19 Example: variables X and Y Scatter Plots
20 Scatter Plots Example: variables X and Y One variable is on the X-axis, and the other on the Y-axis.
21 Correlation With Real GDP We are mostly interested in how individual economic variables comove with GDP.
22 Correlation With Real GDP We are mostly interested in how individual economic variables comove with GDP. An economic variable is procyclical if its deviations from trend are positively correlated with deviations from trend in RGDP.
23 Correlation With Real GDP We are mostly interested in how individual economic variables comove with GDP. An economic variable is procyclical if its deviations from trend are positively correlated with deviations from trend in RGDP. An economic variable is countercyclical if its deviations from trend are negatively correlated with deviations from trend in RGDP.
24 Correlation With Real GDP We are mostly interested in how individual economic variables comove with GDP. An economic variable is procyclical if its deviations from trend are positively correlated with deviations from trend in RGDP. An economic variable is countercyclical if its deviations from trend are negatively correlated with deviations from trend in RGDP. Variables which are neither procyclical nor countercyclical are called acyclical.
25 Correlation With Real GDP (cont d) If a macro variable helps in predicting the future path of RGDP, we say call it a leading variable.
26 Correlation With Real GDP (cont d) If a macro variable helps in predicting the future path of RGDP, we say call it a leading variable. If RGDP helps in predicting the future path of the variable, it is a lagging variable.
27 Correlation With Real GDP (cont d) If a macro variable helps in predicting the future path of RGDP, we say call it a leading variable. If RGDP helps in predicting the future path of the variable, it is a lagging variable. Variables which neither lead nor lag RGDP are called coincident variables.
28 Another Measure Volatility: a measure of cyclical variability is the standard deviation of the percentage deviations from trend.
29 Example: Imports and RGDP (scatter plot)
30 Example: Imports and RGDP (time-series plot)
31 Example: Imports and RGDP (time-series plot) Imports are procyclical and more volatile than RGDP.
32 Model and Behavior of Key Macroeconomic Variables If we are to construct a macroeconomic model which helps us understand business cycles and the economy, itd better be the case that it is able to replicate the regularities and comovements that we observe in RGDP and its components!
33 Model and Behavior of Key Macroeconomic Variables If we are to construct a macroeconomic model which helps us understand business cycles and the economy, itd better be the case that it is able to replicate the regularities and comovements that we observe in RGDP and its components! Components of GDP: consumption and investment.
34 Model and Behavior of Key Macroeconomic Variables If we are to construct a macroeconomic model which helps us understand business cycles and the economy, itd better be the case that it is able to replicate the regularities and comovements that we observe in RGDP and its components! Components of GDP: consumption and investment. Nominal variables: price level and money supply.
35 Model and Behavior of Key Macroeconomic Variables If we are to construct a macroeconomic model which helps us understand business cycles and the economy, itd better be the case that it is able to replicate the regularities and comovements that we observe in RGDP and its components! Components of GDP: consumption and investment. Nominal variables: price level and money supply. Labor market variables: employment, real wage, average labor productivity.
36 Consumption and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
37 Consumption and GDP Procyclical or countercyclical? Procyclical Lead or lag? More volatile than GDP?
38 Consumption and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP?
39 Consumption and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP? No
40 Investment and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
41 Investment and GDP Procyclical or countercyclical? Procyclical Lead or lag? More volatile than GDP?
42 Investment and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP?
43 Investment and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP? Yes
44 Price and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
45 Price and GDP Procyclical or countercyclical? Countercyclical Lead or lag? More volatile than GDP?
46 Price and GDP Procyclical or countercyclical? Countercyclical Lead or lag? Coincident More volatile than GDP?
47 Price and GDP Procyclical or countercyclical? Countercyclical Lead or lag? Coincident More volatile than GDP? No
48 Money Supply and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
49 Money Supply and GDP Procyclical or countercyclical? Procyclical Lead or lag? More volatile than GDP?
50 Money Supply and GDP Procyclical or countercyclical? Procyclical Lead or lag? Leading More volatile than GDP?
51 Money Supply and GDP Procyclical or countercyclical? Procyclical Lead or lag? Leading More volatile than GDP? No
52 Employment and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
53 Employment and GDP Procyclical or countercyclical? Procyclical Lead or lag? More volatile than GDP?
54 Employment and GDP Procyclical or countercyclical? Procyclical Lead or lag? Lagging More volatile than GDP?
55 Employment and GDP Procyclical or countercyclical? Procyclical Lead or lag? Lagging More volatile than GDP? No
56 Average Labor Productivity and GDP Procyclical or countercyclical? Lead or lag? More volatile than GDP?
57 Average Labor Productivity and GDP Procyclical or countercyclical? Procyclical Lead or lag? More volatile than GDP?
58 Average Labor Productivity and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP?
59 Average Labor Productivity and GDP Procyclical or countercyclical? Procyclical Lead or lag? Coincident More volatile than GDP? No
60 Summary Our models should be able to replicate the following table.
Chapter 18 Business cycles and the entrepreneur. Chapter 18 Business cycles and the entrepreneur
Chapter 18 Business cycles and the entrepreneur Chapter 18 Business cycles and the entrepreneur Learning outcomes Explain what business cycles are Describe the four distinguishable phases of the business
Chapter 11 Market-Clearing Models of the Business Cycle 108
Problems 1. The response to a temporary change in government spending in the real business cycle model is the same as the response to such a disturbance in the monetary intertemporal model, as the two
Business cycle fluctuations Part I
Understanding the World Economy Master in Economics and Business Business cycle fluctuations Part I Lecture 6 Nicolas Coeurdacier nicolas.coeurdacier@sciencespo.fr Lecture 6 : Business cycle fluctuations
LESSON 9. Economic Fluctuations: Balancing Aggregate Demand and Supply
LESSON 9 Economic Fluctuations: Balancing Aggregate Demand and Supply Assigned Reading 1. Mankiw, N. Gregory, et al. 2011. Principles of Macroeconomics (5 th Canadian Edition). Toronto: Thomson Nelson.
Real Business Cycle Models Chapter 10
Real Business Cycle Models Chapter 10 1. Fundamental assumption 2. Causes of business cycles 3. Calibration and data confrontation 4. Successes of RBC models 5. Failures of RBC models 1 Fundamental assumption
Business Cycle Facts
Sectoral Employment and Aggregate Labor Market Business Cycle Facts Carol Cui Abstract This paper studies the slow job market recovery in the U.S. after each post-1990 recession from a sectoral perspective.
Business Cycle Facts
Sectoral Employment and Aggregate Labor Market Business Cycle Facts Carol Cui Abstract This paper studies the slow job market recovery in the U.S. after each post- 1990 recession from a sectoral perspective.
Copyright 2017 by the UBC Real Estate Division
DISCLAIMER: This publication is intended for EDUCATIONAL purposes only. The information contained herein is subject to change with no notice, and while a great deal of care has been taken to provide accurate
Macro CH 23 sample test question
Class: Date: Macro CH 23 sample test question Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Potential GDP is defined as a. the level of GDP created by
Economic Growth and Fluctuations in Germany: Lessons from 2006 Benchmark Revisions. Jennifer Chao, Ataman Ozyildirim, and Victor Zarnowitz
Economic Growth and Fluctuations in Germany: Lessons from 2006 Benchmark Revisions Jennifer Chao, Ataman Ozyildirim, and Victor Zarnowitz The Conference Board March 2007 I. Introduction: Purposes and Problems
UPDATE OF QUARTERLY NATIONAL ACCOUNTS MANUAL: CONCEPTS, DATA SOURCES AND COMPILATION 1 CHAPTER 5. SPECIFIC QNA COMPILATION ISSUES 2
UPDATE OF QUARTERLY NATIONAL ACCOUNTS MANUAL: CONCEPTS, DATA SOURCES AND COMPILATION 1 CHAPTER 5. SPECIFIC QNA COMPILATION ISSUES 2 Table of Contents 1. Introduction... 2 2. Time of Recording Issues...
Chapter 33: Aggregate Demand and Aggregate Supply Principles of Economics, 8 th Edition N. Gregory Mankiw Page 1
Page 1 1. Introduction a. We now turn to a short term view of fluctuations in the economy. b. This is the chapter that made this book controversial as Mankiw tends to ignore the Keynesian framework contained
THE PERMANENT INCOME HYPOthesis: REGARDING THE HOUSING BOOM
Clemson University TigerPrints All Theses Theses 8-2013 THE PERMANENT INCOME HYPOthesis: REGARDING THE HOUSING BOOM Nick Havers Clemson University, nhavers@g.clemson.edu Follow this and additional works
) ln (GDP t /Hours t ) ln (GDP deflator t ) capacity utilization t ln (Hours t
Tutorial on Estimation and Analysis of a VAR November 11, 2004 Christiano This is a tutorial that takes you through the estimation and analysis of the vector autoregression (VAR) used in Altig, Christiano,
13 EMPIRICAL EVIDENCE ON AGGREGATE SUPPLY MODELS AND BUSINESS CYCLES
Economics 314 Coursebook, 2012 Jeffrey Parker 13 EMPIRICAL EVIDENCE ON AGGREGATE SUPPLY MODELS AND BUSINESS CYCLES Chapter 13 Contents A. Topics and Tools... 2 B. Basic Empirical Facts of Business Cycles...
Chapter 13: Economic Challenges Section 1
Chapter 13: Economic Challenges Section 1 Objectives 1. Differentiate between frictional, seasonal, structural, and cyclical unemployment. 2. Describe how full employment is measured. 3. Explain why full
Volume Title: Seasonal Variations in Industry and Trade. Volume URL:
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Seasonal Variations in Industry and Trade Volume Author/Editor: Simon Kuznets Volume Publisher:
Forecasting. Managerial Economics: Economic Tools for Today s Decision Makers, 4/e
Forecasting Chapter 6 Managerial Economics: Economic Tools for Today s Decision Makers, 4/e By Paul Keat and Philip Young Forecasting Introduction Subjects of fforecasts Prerequisites for a Good Forecast
MALAYSIA BUSINESS CYCLE COMPOSITE INDICATORS (MBCCI) ECONOMIC INDICATORS DIVISION DEPARTMENT OF STATISTICS, MALAYSIA 19 MAY 2015 BEIJING, CHINA
MALAYSIA BUSINESS CYCLE COMPOSITE INDICATORS (MBCCI) 1 ECONOMIC INDICATORS DIVISION DEPARTMENT OF STATISTICS, MALAYSIA 19 MAY 2015 BEIJING, CHINA PRESENTATION OUTLINE 2 A. INTRODUCTION B. COMPILATION AND
DATA TEMPLATE FOR HIGH FREQUENCY INDICATORS. EXPERT GROUP MEETING ON ECONOMIC STATISTICS AND NATIONAL ACCOUNTS Amman, July 2011
DATA TEMPLATE FOR HIGH FREQUENCY INDICATORS EXPERT GROUP MEETING ON ECONOMIC STATISTICS AND NATIONAL ACCOUNTS Amman, 12-14 July 2011 Data Template Work already done at international level on Data Template
Towards a Usable Set of Leading Indicators for Hong Kong
Towards a Usable Set of Leading Indicators for Hong Kong William Chow Economics and Business Facilitation Unit, Financial Secretary s Office Hong Kong Special Administrative Region Government, HONG KONG,
The next release is scheduled for Wednesday, August 14, 2013 at 10:00 A.M. (JST) In the U.S Tuesday, August 13, 2013 at 9:00 P.
FOR RELEASE: 10:00 A.M. JST, WEDNESDAY, JULY 10, 2013 The Conference Board Japan Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR JAPAN AND RELATED COMPOSITE ECONOMIC
A NEW COINCIDENT INDICATOR FOR THE PORTUGUESE ECONOMY*
A NEW COINCIDENT INDICATOR FOR THE PORTUGUESE ECONOMY* António Rua** 1. INTRODUCTION * The views expressed in this article are those of the author and not necessarily those of the Banco de Portugal. The
Measuring Business and Consumer Confidence in South Africa
Measuring Business and Consumer Confidence in South Africa George Kershoff Stellenbosch December 2 TABLE OF CONTENTS How does the BER measure business confidence?...1 What are business surveys?... 1 Measuring
The next release is scheduled for Wednesday, December 11, 2013 at 10:00 A.M. (JST) In the U.S Tuesday, December 10, 2013 at 8:00 P.
FOR RELEASE: 10:00 A.M. JST, THURSDAY, NOVEMBER 14, 2013 The Conference Board Japan Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR JAPAN AND RELATED COMPOSITE ECONOMIC
An Assessment of the ISM Manufacturing Price Index for Inflation Forecasting
ECONOMIC COMMENTARY Number 2018-05 May 24, 2018 An Assessment of the ISM Manufacturing Price Index for Inflation Forecasting Mark Bognanni and Tristan Young* The Institute for Supply Management produces
The next release is scheduled for Wednesday, June 12, 2013 at 10:00 A.M. (JST) In the U.S Tuesday, June 11, 2013 at 9:00 P.M (ET)
FOR RELEASE: 10:00 A.M. JST, FRIDAY, MAY 10, 2013 The Conference Board Japan Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR JAPAN AND RELATED COMPOSITE ECONOMIC INDEXES
Aggregate Demand and Aggregate Supply (UXL)
Aggregate Demand and Aggregate Supply (UXL) Microeconomics, the study of the economic decisions of individuals and companies, is based on the laws of supply and demand. Supply refers to the amount of a
This PDF is a selection from a published volume from the National Bureau of Economic Research
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Europe and the Euro Volume Author/Editor: Alberto Alesina and Francesco Giavazzi, editors Volume
GSU College of Business MBA Core Course Learning Outcomes. Updated 9/24/2015
GSU College of Business MBA Core Course Learning Outcomes Updated 9/24/2015 ACCT 6100 ACCT 7101 ECON 6100 ECON 7500 FIN 7101 MIS 7101 MGMT 6100 MGMT 6700 MGMT 7400 MGMT 7500 MGMT 7600 MGMT 8900 MKTG 7100
Econ 102 Short Run Fluctuation: AS/AD
Econ 102 Short Run Fluctuation: AS/AD 1. Be sure to read your copy of the Wall Street Journal every weekday, looking especially for items related to the material in this course. Find an article in this
Chapter 45: Equilibrium in the monetarist/new classical model (2.2) (note: shifted places with Ch 45 to put the Keynesian model first)
Chapter 45: Equilibrium in the monetarist/new classical model (2.2) (note: shifted places with Ch 45 to put the Keynesian model first) Key concepts New classical view of macroeconomic in the short run
I n early 1996 the Bureau of Economic
Michael R. Pakko is an economist at the Federal Reserve Bank of St. Louis. Kelly M. Morris and Eran Segev provided research assistance. The Business Cycle and Chain-Weighted GDP: Has Our Perspective Changed?
Chapter 1 The Science of Macroeconomics
Chapter 1 The Science of Macroeconomics Modified by Yun Wang Eco 3203 Intermediate Macroeconomics Florida International University Summer 2017 2016 Worth Publishers, all rights reserved Learning Objectives
Chapter 1: What is Economics? Section 3
Chapter 1: What is Economics? Section 3 Objectives 1. Interpret a production possibilities curve. 2. Explain how production possibilities curves show efficiency, growth, and cost. 3. Explain why a country
The increasing importance of retailers inventories
The increasing importance of retailers inventories Paula R. Worthington Introduction and summary Economists and business analysts alike have long recognized the central role played by swings in inventory
Expected Occupation Growth in El Paso and Doña Ana Counties
Expected Occupation Growth in El Paso and Doña Ana Counties INTRODUCTION The Paso del Norte comprises a region on the U.S. and Mexico border where the state boundaries between Texas, New Mexico and Chihuahua
Trend-Cycle Forecasting with Turning Points
7 Trend-Cycle Forecasting with Turning Points The only function of economic forecasting is to make astrology look respectable. EZRA SOLOMON (1920 2002), although often attributed to JOHN KENNETH GALBRAITH
Chapter 5: Supply Section 1
Chapter 5: Supply Section 1 Key Terms supply: the amount of goods available law of supply: producers offer more of a good as its price increases and less as its price falls quantity supplied: the amount
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
OpenStax-CNX module: m48747 1 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation OpenStax College This work is produced by OpenStax-CNX and licensed under the Creative Commons Attribution
PRINCIPLES OF ECONOMICS IN CONTEXT CONTENTS
PRINCIPLES OF ECONOMICS IN CONTEXT By Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, and Mariano Torras CONTENTS PART ONE The Context for Economic Analysis Chapter 0: Economics and Well-Being
Coincident and leading indicators for the euro area: a frequency band approach
Coincident and leading indicators for the euro area: a frequency band approach António Rua Banco de Portugal Luis C. Nunes Universidade Nova de Lisboa September 2003 Abstract The aim of this paper is to
Economic Analysis for Business and Strategic Decisions. The Fundamentals of Managerial Economics
Economic Analysis for Business and Strategic Decisions Chapter 1: The Fundamentals of Managerial Economics 1. Define the concept of time value of money. 2. Recognize the difference between value maximization
Lecture 10: THE AD-AS MODEL Reference: Chapter 8
Lecture 10: THE AD-AS MODEL Reference: Chapter 8 LEARNING OBJECTIVES 1.What determines the shape of the aggregate demand (AD) curve and what factors shift the entire curve. 2.What determines the shape
The next release is scheduled for Thursday, December 8, 2011 at 10:00 A.M. (KST) In the U.S Wednesday, December 7, 2011 at 8:00 P.
FOR RELEASE: 10:00 A.M. KST, THURSDAY, NOVEMBER 10, 2011 The Conference Board Korea Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR KOREA AND RELATED COMPOSITE ECONOMIC
Volume Title: Diversification and Integration in American Industry. Volume URL:
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Diversification and Integration in American Industry Volume Author/Editor: Michael Gort Volume
1. INTRODUCTION. WHY HAVE AGGREGATE SKILLED HOURS BECOME SO CYCLICAL SINCE THE MID-1980s? BY RUI CASTRO AND DANIELE COEN-PIRANI 1
INTERNATIONAL ECONOMIC REVIEW Vol. 49, No. 1, February 2008 WHY HAVE AGGREGATE SKILLED HOURS BECOME SO CYCLICAL SINCE THE MID-1980s? BY RUI CASTRO AND DANIELE COEN-PIRANI 1 Université de Montréal, Canada;
YEMEN MONTHLY MARKET WATCH JUNE 2012
Highlights In May 2012, the country general inflation was 11.24% and food inflation stood at 10.53%, based on 12 months moving average. Between January and June 2012, the average wholesale price of 50
Euro Area and US Recessions,
Euro Area and US Recessions, 1970 2003 Domenico Giannone, ECARES, Université Libre de Bruxelles Lucrezia Reichlin, ECARES, Université Libre de Bruxelles and CEPR 1 Introduction Many papers have analysed
Quadratic Regressions Group Acitivity 2 Business Project Week #4
Quadratic Regressions Group Acitivity 2 Business Project Week #4 In activity 1 we created a scatter plot on the calculator using a table of values that were given. Some of you were able to create a linear
MARK SCHEME for the October/November 2012 series 9708 ECONOMICS
CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the October/November 2012 series 9708 ECONOMICS 9708/42 Paper 4 (Data Response and Essays Supplement),
Chapter 5: A Closed-Economy One-Period Macroeconomic Model
Chapter 5: A Closed-Economy One-Period Macroeconomic Model Introduce the government. Construct closed-economy one-period macroeconomic model, which has: (i) representative consumer; (ii) representative
Why Study Economics?
Why Study Economics? Intro to Econ Lecture 1 Petar Stankov petar.stankov@gmail.com Sept. 2015 P.Stankov (UNWE, CERGE-EI) Lecture 01 Sept. 2015 1 / 11 Why study the economy? The best time to analyze the
The next release is scheduled for Friday, August 15, 2014 at 10:00 A.M. (KST) In the U.S Thursday, August 14, 2014 at 9:00 P.M.
FOR RELEASE: 10:00 A.M. KST, FRIDAY, JULY 11, 2014 The Conference Board Korea Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR KOREA AND RELATED COMPOSITE ECONOMIC INDEXES
Reading Essentials and Study Guide
Lesson 3 Cost, Revenue, and Profit Maximization ESSENTIAL QUESTION How do companies determine the most profitable way to operate? Reading HELPDESK Academic Vocabulary generates produces or brings into
habit persistence Habit persistence and the equity premium puzzle
H000004 This article reviews the concept of and its application in macroeconomics and finance. Special attention is given to the role of habit persistence in explaining the equity premium puzzle, observed
Chapter 1. Introduction: What Is Economics? Macroeconomics: Principles, Applications, and Tools NINTH EDITION
Macroeconomics: Principles, Applications, and Tools NINTH EDITION Chapter 1 Introduction: What Is Economics? Economics is the science of choice, exploring the choices made by individuals and organizations.
Report: The Economic Climate Tracer A tool to visualise the cyclical stance of the economy using survey data. Christian Gayer * Abstract
Report: The Economic Climate Tracer A tool to visualise the cyclical stance of the economy using survey data Christian Gayer * Abstract Business and consumer surveys are a popular tool for business cycle
American Economic Association
American Economic Association Stock Prices, News, and Economic Fluctuations Author(s): Paul Beaudry and Franck Portier Source: The American Economic Review, Vol. 96, No. (Sep., 26), pp. 293-37 Published
Quasi-Fixed Labor Costs and Their Effects on Demand
CHAPTER 5 Quasi-Fixed Labor Costs and Their Effects on Demand In addition to the questions below, solve the following end of chapter problems: Review questions 1,3-6, 8; Problems 1-3 1. Suppose that workers
SUMMARY PRICING, PRICE STABILITY, AND POST KEYNESIAN PRICE THEORY. Gyun Cheol GU 1. Abstract
SUMMARY PRICING, PRICE STABILITY, AND POST KEYNESIAN PRICE THEORY Gyun Cheol GU 1 Abstract This dissertation contributes to heterodox microeconomics by building a comprehensive and coherent theoretical
The Career Pictures of Workers in Their 50s: Considering Adult Career Development Using the Life-Line Method
The Career Pictures of Workers in Their 50s: Considering Adult Career Development Using the Life-Line Method Hideo Shimomura The Japan Institute for Labour Policy and Training In this study, a survey was
Introduction. Learning Objectives. Chapter 11. Classical and Keynesian Macro Analyses
Copyright 2012 Pearson Addison-Wesley. All rights reserved. Chapter 11 Classical and Keynesian Macro Analyses Introduction During the latter half of the 2000s, annual rates of U.S. real GDP growth varied
+ What is Economics? societies use scarce resources to produce valuable commodities and distribute them among different people
ECONOMICS The word economy comes from a Greek word oikonomia for one who manages a household. is the study of how society manages its scarce resources. Traditionally land, labor, and capital resources
Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption
Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption By STEPHANIE SCHMITT-GROHÉ* This paper studies the business-cycle fluctuations predicted by a two-sector endogenous-business-cycle
The next release is scheduled for May 17, 2018, Thursday at 10 A.M. ET. FOR RELEASE: 10:00 A.M. ET, Thursday, April 19, 2018
FOR RELEASE: 10:00 A.M. ET, Thursday, April 19, 2018 The Conference Board U.S. Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR THE UNITED STATES AND RELATED COMPOSITE
The Cyclicality of Job Loss and Hiring
The Cyclicality of Job Loss and Hiring Shigeru Fujita and Garey Ramey September 25, 26 This version: November 26, 26 Abstract We study the cyclical behavior of job loss and hiring using CPS worker flow
A PRELIMINARY COMPOSITE ECONOMIC PERFORMANCE INDEX FOR TRINIDAD AND TOBAGO
A PRELIMINARY COMPOSITE ECONOMIC PERFORMANCE INDEX FOR TRINIDAD AND TOBAGO UWI, St. Augustine Campus, Trinidad Dr. Dave Seerattan and Ms.Julia Jhinkoo Outline of Presentation Aim and Motivation of Study
Inventory performance today: Why is it declining?
www.pwc.com Inventory performance today: Why is it declining? November 2015 Inventory performance today: Why is it declining? Inventory is often considered by manufacturers to be the most valuable category
Labor Productivity during Recession of 2008: Basic Data, Facts, and Figures
Labor Productivity during Recession of 28: Basic Data, Facts, and Figures Björn Brügemann Yale University Marcus Hagedorn University of Zurich Iourii Manovskii University of Pennsylvania September 5, 2
NEW KEYNESIAN THEORY: MONOPOLY PRICING MARCH 29, 2010 RELEVANT MARKET STRUCTURE(S)? Introduction
NEW KEYNESIAN THEORY: MONOPOLY PRICING MARCH 29, 200 Introduction RELEVANT MARKET STRUCTURE(S)? Real business cycle (RBC)/neoclassical theory All (goods) prices are determined in perfect competition In
Macroeconomics, Financial Intermediaries and Money Markets. By Scott Alan Carson
1 Macroeconomics, Financial Intermediaries and Money Markets By Scott Alan Carson Our interest now turns to the total economy, to the aggregates. Recall the market model that was introduced to you in your
Technical Appendix. Resolution of the canonical RBC Model. Master EPP, 2010
Technical Appendix Resolution of the canonical RBC Model Master EPP, 2010 Questions What are the causes of macroeconomic fluctuations? To what extent optimal intertemporal behavior of households in a walrasssian
Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE
Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1
VEYS OF CONSUME IVE Surveys of Consumers I TY OF MIC
SURVEYS OF CONSUMERS UNIVERSITY OF MICHIGAN Surveys of Consumers The Surveys of Consumers are conducted by the Survey Research Center, under the direction of Richard T. Curtin, at the University of Michigan.
Econometría 2: Análisis de series de Tiempo
Econometría 2: Análisis de series de Tiempo Karoll GOMEZ kgomezp@unal.edu.co http://karollgomez.wordpress.com Primer semestre 2016 I. Introduction Content: 1. General overview 2. Times-Series vs Cross-section
& ECONOMIC STATISTICS
2011 EDMC HANDBOOK of ENERGY & ECONOMIC STATISTICS in JAPAN CONTENTS Japan Chapter I. Energy and Economics 1.Economic Indices... 4 ( 1 ) GDP and Major Energy Related Indicators... 5 ( 2 ) National Accounts
WORKING PAPER NO INVENTORIES AND THE BUSINESS CYCLE: AN EQUILIBRIUM ANALYSIS OF (S,s) POLICIES
WORKING PAPERS RESEARCH DEPARTMENT WORKING PAPER NO. 02-20 INVENTORIES AND THE BUSINESS CYCLE: AN EQUILIBRIUM ANALYSIS OF (S,s) POLICIES Aubhik Khan Federal Reserve Bank of Philadelphia Julia K. Thomas
Discussion Papers in Economics
Discussion Papers in Economics No. 2/217 Job and Worker Flows: New Stylized Facts for Germany Rüdiger Bachmann University of Notre Dame Christian Bayer University of Bonn Christian Merkl University of
ECON MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University. J.Jung Chapter Introduction Towson University 1 / 69
ECON 202 - MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University J.Jung Chapter 2-4 - Introduction Towson University 1 / 69 Disclaimer These lecture notes are customized for the Macroeconomics
Hotel Industry Demand Curves
Journal of Hospitality Financial Management The Professional Refereed Journal of the Association of Hospitality Financial Management Educators Volume 20 Issue 1 Article 6 Summer 2012 Hotel Industry Demand
Name Date/Period Economics Final Exam review - Key
Name Date/Period Economics Final Exam review - Key 1. Explain the difference between shortage and scarcity. Give an example of each. Shortage is temporary, scarcity is permanent Introduction of new gaming
Shipping supply and demand, biennium
Issue No. 284 - Number 4 / 21 B U L L E T I N ISSN 25-9779 FACILITATION OF TRANSPORT AND TRADE IN LATIN AMERICA AND THE CARIBBEAN Shipping supply and demand, biennium 28-29 1. Maritime freight rates a)
Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity
CHAPTER 4 Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity CHAPTER OVERVIEW Price elasticity is one of the most useful concepts in economics. It measures the responsiveness
Chapter Topics COMPENSATION MANAGEMENT. CHAPTER 8 (Study unit 7) Designing pay levels, mix and pay structures
Chapter Topics Major Decisions Specify Competitive Pay Policy The Purpose of a Survey Select Relevant Market Competitors Design the Survey Interpret Survey Results and Construct a Market line From Policy
Working paper No. 1 Estimating the UK s historical output gap
Working paper. 1 Estimating the UK s historical output gap Tom Pybus vember 2011 Crown copyright 2011 You may re-use this information (not including logos) free of charge in any format or medium, under
Differences Between High-, Medium-, and Low-Profit Cow-Calf Producers: An Analysis of Kansas Farm Management Association Cow-Calf Enterprise
Differences Between High-, Medium-, and Low-Profit Cow-Calf Producers: An Analysis of 2012-2016 Kansas Farm Management Association Cow-Calf Enterprise Dustin L. Pendell (dpendell@ksu.edu) and Kevin L.
Oregon Recycling Markets Price Cycles and Trends: A Statistical Search for Significant Economic Causes
Recycling Market Price Oregon Recycling Markets Price Cycles and Trends: A Statistical Search for Significant Economic Causes Prepared for the State of Oregon Department of Environmental Quality October,
ECO404 SOLVED FINAL TERM PAPER
TOTAT MARKS 84 52 Mcqs, 4 questions of 5 Marks and 4 Questions of 3 Marks Which of the following is a behavioral equation? GNP = C + I + G St = b0 + bt Rt + u1 Profit = TR TC None of the given options
Learning Objectives. Chapter 4. If It Doesn t Have Utility, You Won t Buy It. Measuring Utility
Chapter 4 Consumer Decision Making and Consumer Reaction to Price Changes Learning Objectives Distinguish between total and marginal utility. Distinguish between elastic and inelastic demand. Define the
Aremarkable feature of the current U.S. economic expansion has
Gross Job Flows Between Plants and Industries John C. Haltiwanger and Scott Schuh Haltiwanger is a Professor of Economics at the University of Maryland and Chief Economist of the U.S. Bureau of the Census;
Hotel Industry Demand Curves
Cornell University School of Hotel Administration The Scholarly Commons Articles and Chapters School of Hotel Administration Collection 2012 Hotel Industry Demand Curves John B. Corgel Cornell University,
Pro-cyclical Aggregate R&D: A Comovement Phenomenon
Pro-cyclical Aggregate R&D: A Comovement Phenomenon Min Ouyang UC, Irvine March 2011 Abstract Pro-cyclical aggregate R&D has been taken as evidence against the conventional chumpeterian view on the optimal
Econ Test 2B Dr. Rupp Tuesday, March 3, 2009 Pledge: I have neither given or received aid on this exam Signature
Econ 2113 - Test 2B Dr. Rupp Tuesday, March 3, 2009 Name Pledge: I have neither given or received aid on this exam Signature Multiple Choice Identify the letter of the choice that best completes the statement
PRINCIPLES OF MACROECONOMICS. Chapter 1 Welcome to Economics!
PRINCIPLES OF MACROECONOMICS Chapter 1 Welcome to Economics! 2 Chapter Outline 1.1 Three Key Economic Ideas 1.2 The Economic Problem That Every Society Must Solve 1.3 Economic Models 1.4 Microeconomics
Intermediate Macroeconomics
Intermediate Macroeconomics ECON 3312 Lecture 2 William J. Crowder Ph.D. Mercantilism Economic Nationalism Beggar-thy-neighbor policies Bullionism Regulate everything! Trade restrictions Monopoly rights
Elias Pereira A QUARTERLY COINCIDENT INDICATOR FOR THE CAPE VERDEAN ECONOMY
Elias Pereira A QUARTERLY COINCIDENT INDICATOR FOR THE CAPE VERDEAN ECONOMY Banco de Cabo Verde Praia 212 Ficha Técnica Título: A quarterly coincident indicator for the cape verdean economy Colecção: Cadernos
U.S. Trade and Inventory Dynamics
U.S. Trade and Inventory Dynamics By GEORGE ALESSANDRIA, JOSEPH P. KABOSKI, VIRGILIU MIDRIGAN We examine the substantial drop and rebound in international trade by the U.S. 1 in the period 2008 to 2010,
Seven Basic Quality Tools. SE 450 Software Processes & Product Metrics 1
Seven Basic Quality Tools SE 450 Software Processes & Product Metrics 1 The Seven Basic Tools Checklists (Checksheets) Pareto Diagrams Histograms Run Charts Scatter Diagrams (Scatter Plots) Control Charts
Economics Challenge Online State Qualification Practice Test. 1. An increase in aggregate demand would tend to result from
1. An increase in aggregate demand would tend to result from A. an increase in tax rates. B. a decrease in consumer spending. C. a decrease in net export spending. D. an increase in business investment.