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Fiscal Policy Debate
The monetary/fiscal policy debate,McCallum (1985) otherwise known as the Ando–Modigliani/Friedman–Meiselman debateEisner (1988) (or AM/FM debate from the main instigators' initials, and for this reason sometimes jokingly called the "radio stations debate"See AM Broadcasting and FM BroadcastingGramlich (2004)), was the exchange of viewpoints about the comparative efficiency of monetary policies and fiscal policies that originated with a workFriedman/Meiselman (1963) co-authored by Milton Friedman and David I. Meiselman and first published in 1963, as part of studies submitted to the Commission on Money and Credit. In 2000, a survey of 298 members of the American Economic Association (AEA) found that while 84 percent generally agreed with the statement "Fiscal policy has a significant stimulative impact on a less than fully employed economy", 71 percent also generally agreed with the statement "Management of the business cycle should be left to the Federal Reserve; activist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Initials
In a written or published work, an initial capital, also referred to as a drop capital or simply an initial cap, initial, initcapital, initcap or init or a drop cap or drop, is a letter at the beginning of a word, a chapter, or a paragraph that is larger than the rest of the text. The word is derived from the Latin ''initialis'', which means ''standing at the beginning''. An initial is often several lines in height and in older books or manuscripts are known as "inhabited" initials. Certain important initials, such as the Beatus initial or "B" of ''Beatus vir...'' at the opening of Psalm 1 at the start of a vulgate Latin. These specific initials in an illuminated manuscript were also called initiums. In the present, the word "initial" commonly refers to the first letter of any word or name, the latter normally capitalized in English usage and is generally that of a first given name or a middle one or ones. History The classical tradition was slow to use capital letters fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taylor & Francis
Taylor & Francis Group is an international company originating in England that publishes books and academic journals. Its parts include Taylor & Francis, Routledge, F1000 (publisher), F1000 Research or Dovepress. It is a division of Informa, Informa plc, a United Kingdom–based publisher and conference company. Overview The company was founded in 1852 when William Francis (chemist), William Francis joined Richard Taylor (editor), Richard Taylor in his publishing business. Taylor had founded his company in 1798. Their subjects covered agriculture, chemistry, education, engineering, geography, law, mathematics, medicine, and social sciences. Francis's son, Richard Taunton Francis (1883–1930), was sole partner in the firm from 1917 to 1930. In 1965, Taylor & Francis launched Wykeham Publications and began book publishing. T&F acquired Hemisphere Publishing in 1988, and the company was renamed Taylor & Francis Group to reflect the growing number of Imprint (trade name), imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Response Time (technology)
In technology, response time is the time a system or functional unit takes to react to a given input. Computing Response time is the total amount of time it takes to respond to a request for service. That service can be anything from a memory fetch, to a disk IO, to a complex database query, or loading a full web page. Ignoring transmission time for a moment, the response time is the sum of the service time and wait time. The service time is the time it takes to do the work you requested. For a given request the service time varies little as the workload increases – to do X amount of work it always takes X amount of time. The wait time is how long the request had to wait in a queue before being serviced and it varies from zero, when no waiting is required, to a large multiple of the service time, as many requests are already in the queue and have to be serviced first. With basic queueing theory math you can calculate how the average wait time increases as the device providing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
M2 (economics)
In macroeconomics, the money supply (or money stock) refers to the total volume of currency held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circulation (i.e. physical cash) and demand deposits (depositors' easily accessed assets on the books of financial institutions). The central bank of a country may use a definition of what constitutes legal tender for its purposes. Money supply data is recorded and published, usually by a government agency or the central bank of the country. Public and private sector analysts monitor changes in the money supply because of the belief that such changes affect the price levels of securities, inflation, the exchange rates, and the business cycle. The relationship between money and prices has historically been associated with the quantity theory of money. There is some empirical evidence of a direct relationship between the growth of the money suppl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Velocity
image:M3 Velocity in the US.png, 300px, Similar chart showing the logged velocity (green) of a broader measure of money M3 that covers M2 plus large institutional deposits. The US no longer publishes official M3 measures, so the chart only runs through 2005. The velocity of money measures the number of times that the average unit of currency is used to purchase goods and services within a given time period. The concept relates the size of economic activity to a given money supply, and the speed of money exchange is one of the variables that determine inflation. The measure of the velocity of money is usually the ratio of the gross national product (GNP) to a country's money supply. If the velocity of money is increasing, then transactions are occurring between individuals more frequently. The velocity of money changes over time and is influenced by a variety of factors. Illustration If, for example, in a very small economy, a farmer and a mechanic, with just $50 between them, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constant (mathematics)
In mathematics, the word constant conveys multiple meanings. As an adjective, it refers to non-variance (i.e. unchanging with respect to some other value); as a noun, it has two different meanings: * A fixed and well-defined number or other non-changing mathematical object. The terms '' mathematical constant'' or '' physical constant'' are sometimes used to distinguish this meaning. * A function whose value remains unchanged (i.e., a constant function). Such a constant is commonly represented by a variable which does not depend on the main variable(s) in question. For example, a general quadratic function is commonly written as: :a x^2 + b x + c\, , where , and are constants (or parameters), and a variable—a placeholder for the argument of the function being studied. A more explicit way to denote this function is :x\mapsto a x^2 + b x + c \, , which makes the function-argument status of (and by extension the constancy of , and ) clear. In this example , and are co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarist
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to reject Keynesian economics and criticise Keynes's theory of fighting economic downturns using fiscal policy ( government spending). Friedman and An ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regression Equation
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 given set of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Least Squares
The method of least squares is a standard approach in regression analysis to approximate the solution of overdetermined systems (sets of equations in which there are more equations than unknowns) by minimizing the sum of the squares of the residuals (a residual being the difference between an observed value and the fitted value provided by a model) made in the results of each individual equation. The most important application is in data fitting. When the problem has substantial uncertainties in the independent variable (the ''x'' variable), then simple regression and least-squares methods have problems; in such cases, the methodology required for fitting errors-in-variables models may be considered instead of that for least squares. Least squares problems fall into two categories: linear or ordinary least squares and nonlinear least squares, depending on whether or not the residuals are linear in all unknowns. The linear least-squares problem occurs in statistical regressio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reduced Form
In statistics, and particularly in econometrics, the reduced form of a system of equations is the result of solving the system for the endogenous variables. This gives the latter as functions of the exogenous variables, if any. In econometrics, the equations of a structural form model are estimated in their theoretically given form, while an alternative approach to estimation is to first solve the theoretical equations for the endogenous variables to obtain reduced form equations, and then to estimate the reduced form equations. Let ''Y'' be the vector of the variables to be explained (endogeneous variables) by a statistical model and ''X'' be the vector of explanatory (exogeneous) variables. In addition let \varepsilon be a vector of error terms. Then the general expression of a structural form is f(Y, X, \varepsilon) = 0 , where ''f'' is a function, possibly from vectors to vectors in the case of a multiple-equation model. The reduced form of this model is given by Y = g(X, \ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption (economics)
Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists, only the final purchase of newly produced goods and services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). Economists are particularly interested in the relationship betwee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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