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Output Gap
The GDP gap or the output gap is the difference between actual GDP or actual output and potential GDP, in an attempt to identify the current economic position over the business cycle. The measure of output gap is largely used in macroeconomic policy (in particular in the context of EU fiscal rules compliance). The GDP gap is a highly criticized notion, in particular due to the fact that the potential GDP is not an observable variable, it is instead often derived from past GDP data, which could lead to systemic downward biases."True, the output gap is an elusive concept that should never have become a gauge for conducting public policy, and it may be larger than thought."Monetary policy: lifting the veil of effectivenes Speech by Benoit Cœuré, 18 December 2019 Calculation The calculation for the output gap is Y–Y* where Y is actual output and Y* is potential output. If this calculation yields a positive number it is called an inflationary gap and indicates the growth o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Output Gap Since 1975
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-America ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Okun's Law
In economics, Okun's law is an empirically observed relationship between unemployment and losses in a country's production. It is named after Arthur Melvin Okun, who first proposed the relationship in 1962. The "gap version" states that for every 1% increase in the unemployment rate, a country's GDP will be roughly an additional 2% lower than its potential GDP. The "difference version" describes the relationship between quarterly changes in unemployment and quarterly changes in real GDP. The stability and usefulness of the law has been disputed. Imperfect relationship Okun's law may more accurately be called "Okun's rule of thumb" because it is an approximation based on empirical observation rather than a result derived from theory. Okun's law is approximate because factors other than employment, such as productivity, affect output. In Okun's original statement of his law, a 2% increase in output corresponds to a 1% decline in the rate of cyclical unemployment; a 0.5% incre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NAIRU
Non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise.The NAIRU, explained: why economists don't want unemployment to drop too low ''Vox'', Matthew Yglesias, Nov 14, 2014. " . . it's broadly agreed that the NAIRU can change over time. . " It was first introduced as NIRU (non-inflationary rate of unemployment) by and Lucas Papademos in 1975, as an improvement over the " |
ZIRP
Zero interest-rate policy (ZIRP) is a macroeconomic concept describing conditions with a very low nominal interest rate, such as those in contemporary Japan and in the United States from December 2008 through December 2015. ZIRP is considered to be an unconventional monetary policy instrument and can be associated with slow economic growth, deflation and deleverage. Overview Under ZIRP, the central bank maintains a 0% nominal interest rate. The ZIRP is an important milestone in monetary policy because the central bank is typically no longer able to reduce nominal interest rates. ZIRP is very closely related to the problem of a liquidity trap, where nominal interest rates cannot adjust downward at a time when savings exceed investment. However, some economists—such as market monetarists—believe that unconventional monetary policy such as quantitative easing can be effective at the zero lower bound. Others argue that when monetary policy is already used to the maximal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillips Curve
The Phillips curve is an economic model, named after William Phillips hypothesizing a correlation between reduction in unemployment and increased rates of wage rises within an economy. While Phillips himself did not state a linked relationship between employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and subsequently Milton Friedman and Edmund Phelps put the theoretical structure in place. While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.Chang, R. (1997"Is Low Unemployment Inflationary?" ''Federal Reserve Bank of Atlanta Economic Review'' 1Q97:4-13 In 1967 and 1968, Friedman and Phelps asserted that the Phillips curve was only applicable in the short-run and that, in the long-run, inflationary policies would not decrease unemployment. Friedman then correctly predicted that in the 1973–75 recession, both inflation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marco Buti
Marco may refer to: People * Marco (given name), people with the given name Marco * Marco (actor) (born 1977), South Korean model and actor * Georg Marco (1863–1923), Romanian chess player of German origin * Tomás Marco (born 1942), Spanish composer and writer on music Places * Marco, Ceará, Brazil, a municipality * Marco, New Zealand, a locality in the Taranaki Region * Marco, Indiana, United States, an unincorporated town * Marco, Missouri, United States, an unincorporated community * Marco Island, Florida, United States, a city and an island Science and technology * Mars Cube One (MarCO), a pair of small satellites which fly by Mars in 2018 * MARCO, a macrophage receptor protein that in humans is encoded by the MARCO gene * Mid-Atlantic Regional Council on the Ocean (MARCO) * Marco, the official window manager of MATE Arts and entertainment * '' Marco: 3000 Leagues in Search of Mother'', a 1976 Japanese anime series, directed by Isao Takahata * ''Marco'' (film), a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Directorate-General For Economic And Financial Affairs
The Directorate-General for Economic and Financial Affairs (DG ECFIN) is a Directorate-General of the European Commission. The DG ECFIN is located in Brussels, Belgium, and Luxembourg. Its main responsibility is to encourage the development of Economic and Monetary Union both inside and outside the European Union, by advancing economic policy coordination, conducting economic surveillance and providing policy assessment and advice. Policy areas The Directorate-General's policy areas include: * Economic surveillance ( euro area and EU) ** Monitoring of the economy of the euro area and of the EU ** Key indicators ** Economic forecasts (spring and autumn) ** Business and consumer surveys ** Annual Review on the EU economy ** Convergence reports * Monitoring budgetary policy and public finances ** Stability and Growth Pact (SGP) and fiscal surveillance ** Annual « Public Finance Report » ** Contribution of public finances to economic growth and employment ** The co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic And Financial Affairs Council
The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union and is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Ministers when budgetary issues are discussed. ECOFIN often works with the European Commissioner for Economic and Financial Affairs and the President of the European Central Bank. Tasks The Council covers a number of EU policy areas, such as economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, the euro (legal, practical and international aspects), financial markets and capital movements and economic relations with third countries. It also prepares and adopts every year, together with the European Parliament, the budget of the European Union which is about €145 bn. Decision making The council meets once a month and decides mainly by qualified majority, in consultation or cod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of International Finance
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes can be part of a university or other institutions of higher education, either as a group of departments or an autonomous educational institution without a traditional university status such as a "university institute" (see Institute of Technology). In some countries, such as South Korea and India, private schools are sometimes referred to as institutes, and in Spain, secondary schools are referred to as institutes. Historically, in some countries institutes were educational units imparting vocational training and often incorporating libraries, also known as mechanics' institutes. The word "institute" comes from a Latin word ''institutum'' meaning "facility" or "habit"; from ''instituere'' meaning "build", "create", "raise" or "educate". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robin Brooks (economist)
Robin Brooks (born 1961 in Leeds) is a British radio dramatist, some-time actor and author. Selected credits Adaptations * 2000 – '' The Art of Love'', a comedy, emphasizing Ovid's role as lover, with Bill Nighy and Anne-Marie Duff * 2004 – ''Mort'' by Terry Pratchett * 2006 – '' Small Gods'' by Terry Pratchett * 2008 – '' An Expert in Murder'' by Nicola Upson * 2008 – '' Night Watch'' by Terry Pratchett * 2009 – '' Armadale'' by Wilkie Collins * 2010 – ''I, Claudius'' by Robert Graves * 2012 – '' Ulysses'' by James Joyce * 2012 – '' Mary Stuart'' by Friedrich Schiller * 2013 – ''Eric'' by Terry Pratchett * 2013 – " Jill" by Philip Larkin * 2019 — ''One Day in the Life of Ivan Denisovich'' by Aleksandr Solzhenitsyn Plays * 1998 – ''The Golden Triangle'' – a trilogy on the lives of the Pre-Raphaelite Brotherhood, consisting of: ** ''The Awakening Conscience'' (on William Holman Hunt and his model Annie Miller, taking its title from Hunt's paintin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regression Analysis
In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships between a dependent variable (often called the 'outcome' or 'response' variable, or a 'label' in machine learning parlance) and one or more independent variables (often called 'predictors', 'covariates', 'explanatory variables' or 'features'). The most common form of regression analysis is linear regression, in which one finds the line (or a more complex linear combination) that most closely fits the data according to a specific mathematical criterion. For example, the method of ordinary least squares computes the unique line (or hyperplane) that minimizes the sum of squared differences between the true data and that line (or hyperplane). For specific mathematical reasons (see linear regression), this allows the researcher to estimate the conditional expectation (or population average value) of the dependent variable when the independent variables take on a give ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Rate Of Unemployment
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize. A simplistic summary of the concept is: 'The natural rate of unemployment, when an economy is in a steady state of "full employment", is the proportion of the workforce who are unemployed'. Put another way, this concept clarifies that the economic term "full employment" does not mean "zero unemployment". It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level. This level is consistent with aggregate production in the absence of various temporary frictions such as incomplete price adjustment in labor and goods markets. The natural rate of unemployment therefore corresponds to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
