Found 26 article(s) for author 'GDP'

Living costs and living standards: Australian development 1820–1870

Living costs and living standards: Australian development 1820–1870. , October 29, 2018, Paper, “This paper contributes to the New World living standard leadership debate by comparing the Australian experience during 1820s–1870s with the USA, Latin America, and the UK. Using novel living costs data, we compute two estimates of income leadership: welfare ratios and purchasing–power–parity-adjusted GDP per capita. Australia started considerably below the UK and the USA but by the 1870s, it had overtaken the former and had almost done so for the latter, due to relatively rapid labour productivity growth and a steep decline in living costs. Still, in the 1870s Australia was not the world income leader, but a close second.Link

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Production and Welfare: Progress in Economic Measurement

Production and Welfare: Progress in Economic Measurement. Dale Jorgenson, , Paper, “While the GDP was intended by its originators as a measure of production, the absence of a measure of welfare in the national accounts has led to widespread misuse of the GDP to proxy welfare. Measures of welfare are needed to appraise the outcomes of changes in economic policies and evaluate the results. Concepts that describe the income distribution, such as poverty and inequality, fall within the scope of welfare rather than production. This paper reviews recent advances in the measurement of production and welfare within the national accounts, primarily in the United States and international organizations. Expanding the framework beyond the national accounts has led to important innovations in the measurement of both production and welfare.Link

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US will lack fiscal space to respond when next recession comes

US will lack fiscal space to respond when next recession comes. Jeffrey Frankel, August 28, 2018, Opinion, “The US economy is doing well. But the next recession – and there is always another recession – could be very bad. The US Bureau of Economic Analysis estimates that GDP growth in the second quarter of 2018 reached 4.1% – the highest since the 4.9% achieved under President Barack Obama in 2014. Another year of growth will match the record 10-year expansion of the 1990s. Add to that low unemployment and things are looking good.Link

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Global Markets and Inequality in African Countries

Global Markets and Inequality in African Countries. Eric Maskin, 2018, Paper, “Globalization has had a big impact on many African countries in the last 20 years. It has provided a considerably expanded market for their exports; allowed them to specialize more in products for which they have a comparative advantage; and given their consumers access to an array of goods that they would not otherwise enjoy. In addition, it has led to impressive GDP growth in much of Africa, and has been an important force for improving average prosperity.Link

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Italy’s Long, Hot Summer

Italy’s Long, Hot Summer. Carmen Reinhart, May 31, 2018, Opinion, “Severe political uncertainty, chronic slow growth, and a sovereign-debt level currently hovering around 160% of GDP already is enough for Italy to trigger a debt crisis. And there is no plausible resolution that would not generate additional risks and complications.Link

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Climbing out of Debt

Climbing out of Debt. Alberto Alesina, March 2018, Paper, “Almost a decade after the onset of the global financial crisis, national debt in advanced economies remains near its highest level since World War II, averaging 104 percent of GDP. In Japan, the ratio is 240 percent and in Greece almost 185 percent. In Italy and Portugal, debt exceeds 120 percent of GDP.” Link

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Is Larry Summers A Fan Of Nominal GDP Level Targeting?

Is Larry Summers A Fan Of Nominal GDP Level Targeting? Lawrence Summers, September 19, 2017, Audio, “You are going to have to listen to my podcast with him to find out the answer. Here is a hint: We spent a portion of the show talking about NGDP level targeting (NGDPLT) and what it would take to actually get it implemented it at the Federal Reserve. So listen to the show to find out Larry’s thoughts on NGDPLT as well as his views on secular stagnation, Fed policy since the crisis, and macroeconomic policymaking in real time. It was a fun interview.Link

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Inconvenient Truths About the US Trade Deficit

Inconvenient Truths About the US Trade Deficit. Martin Feldstein, April, 25, 2017, Opinion, “The United States has a trade deficit of about $450 billion, or 2.5% of GDP. That means that Americans import $450 billion of goods and services more than they export to the rest of the world. What explains the enormous US deficit year after year, and what would happen to Americans’ standard of living if it were to decline?Link

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Concentrating on the Fall of the Labor Share

Concentrating on the Fall of the Labor Share. Lawrence Katz, April 2017, Paper, “In this paper, we discuss an explanation for the fall in share of labour in GDP based on the rise of “superstar firms.” If globalization or technological changes advantage the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms with high profit margins and a low share of labor in firm value-added and sales. As the importance of superstar firms increases, the aggregate labour share will fall. This hypothesis suggests that sales will increasingly concentrate in a small number of firms and that industries where concentration rises most will have the largest declines in the labour share. We find support for these predictions aggregating up micro-data from the US Census 1982-2012.Link

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Growing Out of Populism?

Growing Out of Populism? Kenneth Rogoff, April 4, 2017, Opinion, “After nine dreary years of downgrading their GDP forecasts, macroeconomic policymakers around the world are shaking their heads in disbelief: Despite a populist-propelled wave of political tumult, global growth is actually set to outperform expectations in 2017. It’s not just American exceptionalism. Although US growth is very strong, Europe has been outperforming expectations by more. There is even happy news for emerging markets, which are still bracing for US Federal Reserve interest-rate hikes but have gained a better backdrop against which to adjust.Link

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