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Robert Hall (economist)
Robert Ernest "Bob" Hall (born August 13, 1943) is an American economist and a Robert and Carole McNeil Senior Fellow at Stanford University's Hoover Institution. He is generally considered a macroeconomist, but he describes himself as an "applied economist". Hall received a BA in economics at the University of California, Berkeley, and a PhD in economics from MIT for a thesis titled ''Essays on the Theory of Wealth'' under the supervision of Robert Solow. Hall is a member of the Hoover Institution, the National Academy of Sciences, a fellow at both American Academy of Arts and Sciences and the Econometric Society, and a member of the NBER. He is the chairman of the Business Cycle Dating Committee, the body responsible for setting the start and end dates of U.S. economic recessions. Hall served as president of the American Economic Association in 2010, and is a long-time member of the Brookings Panel on Economic Activity. Ideas Hall has a broad range of interests, includi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Palo Alto, California
Palo Alto (; Spanish language, Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area, named after a Sequoia sempervirens, coastal redwood tree known as El Palo Alto. The city was established in 1894 by the American industrialist Leland Stanford when he founded Stanford University in memory of his son, Leland Stanford Jr. Palo Alto includes portions of Stanford University and borders East Palo Alto, California, East Palo Alto, Mountain View, California, Mountain View, Los Altos, California, Los Altos, Los Altos Hills, California, Los Altos Hills, Stanford, California, Stanford, Portola Valley, California, Portola Valley, and Menlo Park, California, Menlo Park. At the 2010 United States Census, 2020 census, the population was 68,572. Palo Alto is one of the most expensive cities in the United States in which to live, and its residents are among the most educated in the country. Howeve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brookings Papers On Economic Activity
{{Infobox Journal , title = Brookings Papers on Economic Activity , cover = , former_name = , abbreviation = Brook. Pap. Econ. Act. , discipline = Economics , language = , editors = Janice Eberly James H. Stock , publisher = Brookings Press , country = USA , history = 1970–present , frequency = semiannually , openaccess = , license = , impact = , impact-year = , ISSN = 0007-2303 , eISSN = , CODEN = , JSTOR = broopapeeconacti , LCCN = , OCLC = , website = https://www.brookings.edu/bpea/ , link1 = , link1-name = , link2 = , link2-name = The ''Brookings Papers on Economic Activity'' (''BPEA'') is a journal of macroeconomics published twice a year by the Brookings Institution Press.[1/nowiki>">">[1/nowiki>/sup> Each issue of the journal comprises the proceedings of a conf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity Shock
Technology shocks are sudden changes in technology that significantly affect economic, social, political or other outcomes. In economics, the term technology shock usually refers to events in a macroeconomic model, that change the production function. Usually this is modeled with an aggregate production function that has a scaling factor. Normally reference is made to positive (i.e., productivity enhancing) technological changes, though technology shocks can also be contractionary. The term “shock” connotes the fact that technological progress is not always gradual – there can be large-scale discontinuous changes that significantly alter production methods and outputs in an industry, or in the economy as a whole. Such a technology shock can occur in many different ways. For example, it may be the result of advances in science that enable new trajectories of innovation, or may result when an existing technological alternative improves to a point that it overtakes the domina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procyclical
Procyclical and countercyclical variables are variables that fluctuate in a way that is positively or negatively correlated with business cycle fluctuations in gross domestic product (GDP). The scope of the concept may differ between the context of macroeconomic theory and that of economic policy–making. The concept is often encountered in the context of a government's approach to spending and taxation. A 'procyclical fiscal policy' can be summarised simply as governments choosing to increase government spending and reduce taxes during an economic expansion, but reduce spending and increase taxes during a recession. A 'countercyclical' fiscal policy takes the opposite approach: reducing spending and raising taxes during a boom period, and increasing spending and cutting taxes during a recession. Business cycle theory Procyclical In business cycle theory and finance, any economic quantity that is positively correlated with the overall state of the economy is said to be procyc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ANCAP (commodity Standard)
ANCAP is an alternative currency system that uses ammonium nitrate, copper, aluminum and plywood as the units of exchange. The system was first proposed in 1982 by the economist Robert Hall. ANCAP is an example of a commodity standard. Background of a commodity standard In order to understand the uniqueness behind the ANCAP proposal, one must understand the history of the monetary system in the United States, which currently operates under a fiat currency standard. In such a standard, the value of currency is set by the federal government. Not long ago, America's monetary system was built on a commodity standard, where the value of currency depended on a fixed exchange rate between money and a single good or a basket of goods. For a significant portion of American history, the value of the dollar was linked to gold. The price of an ounce of gold was set at a specific dollar amount, and the remaining goods in the economy were set relative to the value of gold. Problems of a commo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistics
Statistics (from German language, German: ''wikt:Statistik#German, Statistik'', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model to be studied. Populations can be diverse groups of people or objects such as "all people living in a country" or "every atom composing a crystal". Statistics deals with every aspect of data, including the planning of data collection in terms of the design of statistical survey, surveys and experimental design, experiments.Dodge, Y. (2006) ''The Oxford Dictionary of Statistical Terms'', Oxford University Press. When census data cannot be collected, statisticians collect data by developing specific experiment designs and survey sample (statistics), samples. Representative sampling as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adaptive Expectations
In economics, adaptive expectations is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past. For example, if people want to create an expectation of the inflation rate in the future, they can refer to past inflation rates to infer some consistencies and could derive a more accurate expectation the more years they consider. One simple version of adaptive expectations is stated in the following equation, where p^e is the next year's rate of inflation that is currently expected; p^e_is this year's rate of inflation that was expected last year; and p is this year's actual rate of inflation: :p^e = p^_ + \lambda (p - p^_) where \lambda is between 0 and 1. This says that current expectations of future inflation reflect past expectations and an "error-adjustment" term, in which current expectations are raised (or lowered) according to the gap between actual inflation and previous expectations. The err ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Permanent Income Hypothesis
The permanent income hypothesis (PIH) is a model in the field of economics to explain the formation of consumption patterns. It suggests consumption patterns are formed from future expectations and consumption smoothing. The theory was developed by Milton Friedman and published in his ''A Theory of Consumption Function'', published in 1957 and subsequently formalized by Robert Hall in a rational expectations model. Originally applied to consumption and income, the process of future expectations is thought to influence other phenomena. In its simplest form, the hypothesis states changes in permanent income (human capital, property, assets), rather than changes in temporary income (unexpected income), are what drive changes in consumption. The formation of consumption patterns opposite to predictions was an outstanding problem faced by the Keynesian orthodoxy. Friedman's predictions of consumption smoothing, where people spread out transitory changes in income over time, departe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martingale (probability Theory)
In probability theory, a martingale is a sequence of random variables (i.e., a stochastic process) for which, at a particular time, the conditional expectation of the next value in the sequence is equal to the present value, regardless of all prior values. History Originally, '' martingale'' referred to a class of betting strategies that was popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins their stake if a coin comes up heads and loses it if the coin comes up tails. The strategy had the gambler double their bet after every loss so that the first win would recover all previous losses plus win a profit equal to the original stake. As the gambler's wealth and available time jointly approach infinity, their probability of eventually flipping heads approaches 1, which makes the martingale betting strategy seem like a sure thing. However, the exponential growth of the bets eventually bankrupts its users due to f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Expectations
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model A model is an informative representation of an object, person or system. The term originally denoted the plans of a building in late 16th-century English, and derived via French and Italian ultimately from Latin ''modulus'', a measure. Models c ... are assumed to "know the model" and on average take the model's predictions as valid. Rational expectations ensure internal consistency in models involving uncertainty. To obtain consistency within a model, the predictions of future values of economically relevant variables from the model are assumed to be the same as that of the decision-makers in the model, given their information set, the nature of the random processes involved, and model structure. The rational expectations assumption is used especially in many contemporary macroeconomic models. Since most macroeconomic models today study decisions under uncertainty and o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
