This document summarizes key concepts relating to output, inflation, and unemployment from chapters in an intermediate macroeconomics textbook. It discusses the original Phillips curve developed by A.W. Phillips showing the relationship between wage inflation and unemployment. It then covers Milton Friedman's natural rate theory which argues that in the long run, real variables like employment are determined by real factors, not monetary factors. The document also discusses how expectations of future inflation can shift the short-run Phillips curve and the policy implications of these concepts.
Can Changes in Age Structure have an impact on the Inflation Rate?The Case o...WilliamTWang1
Demographics in different parts of the world are facing an aging population and a diminishing growth in population, particularly high-income countries. This paper estimates the relationship between the growth of age composition and the inflation rate while including other macroeconomic variables as explanatory variables to ensure the model has a good fit to the true model. This paper estimates the case in the United States of America from 1960 to 2016, studying the relationship between the inflation rate and the growth rate of the proportion in different age cohorts. The results show a consistent and significant relationship between the growth in the proportion of different age cohort and inflation rate,
in which the increase in the proportion of net savers (age between 30 – 64 years old) and retirees
(age between 65 and above) in the economy encourages higher inflation rate. This can be explained by the Life Cycle Hypothesis combined with other economic theories. In any case, the results suggest that demographic has an association with the inflation rate in which the projection of age composition in the future can be used as a tool to better forecast the inflation rate. This could open the possibility for monetary authorities to better implement monetary policy to sustain their mandate.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
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How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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2. 2
OOrriiggiinnaall PPhhiilllliippss CCuurrvvee
A. W. Phillips (1958), “The Relation
Between Unemployment and the Rate of
Change of Money Wage Rates in the
United Kingdom, 1861-1957”, Economica.
Wage inflation vs. Unemployment
New Zealander at London School of
Economics
Missing Equation of Keynesian
economics?
5. There exists a stable relationship
between the variables. The
relationship has not substantially
changed for over 100 years.
Negative, nonlinear correlation.
Wages remain stable/stationary
( =0) when unemployment is 5½%.
5
PPhhiilllliippss’’ CCoonncclluussiioonnss
dw
w
6. 6
CCoonncclluussiioonnss,, CCoonnttiinnuueedd
From the dispersion of the
data points, Phillips
concluded that there was a
countercyclical “loop”:
dw
– Money wages rise faster
as du/dt decreases,
faster
– Money wages fall slower
as du/dt increases
– Implies an inflationary
slower
bias, and is consistent
with sticky wage theory. u
w
7. 7
NNaattuurraall RRaattee TThheeoorryy
MMiillttoonn FFrriieeddmmaann
In the long run, the influence of money is primarily on the
price level and other nominal magnitudes.
In the long run, real variables, such as real output and
employment are determined by real, not monetary, factors.
The equilibrium levels of real output and employment that
are consistent with the microeconomics of production and
the institutions of the society are called the natural rates of
output and employment.
Short run levels of output and employment may vary from
the natural rates as a result of monetary factors, but in the
long run, the economy will always return to the natural
rates.
10. Milton Friedman. “The Role of Monetary Policy,” American Economic
Review (March 1968), 1-17.
10
PPoolliiccyy IImmpplliiccaattiioonnss
Different Phillips curves exist for different inflation rates
Changes in inflation expectations shift the short-run Phillips
curve.
Any tradeoff from a single change in the money supply is short-run.
Any improvement in the economy due to such monetary
stimulus is brief at best, and leads to long-run inflation.
To achieve a permanent reduction in unemployment via monetary
policy would require continuously increasing the money supply,
leading to infinite inflation, and the destruction of the economy.
(The accelerationist hypothesis.)
To change the natural rate of output requires real sector changes.
11. NNaattuurraall RRaattee::
MMoorree RReecceenntt WWoorrkk
Friedman had argued that the natural rate would
be related to the actual structural characteristics
of the commodity and labor markets.
– What would affect people getting information and
making adjustments to their economic positions (asking
for raises, etc.)
Modern theory relates these characteristics to
those which determine frictional and structural
unemployment:
– Information costs and impediments to job search
– Training
Natural rates are “time-varying” not “fixed and
permanent”.
11