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In 1999-2000 the annual inflation rate in Ireland was estimated to be 4.5-5%, which was higher than the average inflation rate of 2.5-3% in the Eurozone. During the same period, Ireland's annual GDP growth rate was 7.4 percentage points above the Eurozone average. On 12 January 2001 the EU ECONFIN Council recommended a revision of fiscal policy to the Irish government, effectively putting the blame for Ireland's higher-than-average inflation on the government's overly expansionary fiscal stance. Some economists argued that the inflation differential between Ireland and the Eurozone was attributable to the Balassa-Samuelson effect and hence did not call for corrective policy measures. Suppose that in Ireland the rates of productivity growth in 1999-2000 were 8% and 2% per annum in the traded and nontraded goods sectors, respectively. In the rest of the Eurozone, the growth rate of productivity in the traded goods sector equalled that in the Non-traded goods sector. If the expenditure share of nontraded goods in the reference consumption basket for constructing price indices ranges between 40% and 50% in the Eurozone, to what extent can the inflation differential between Ireland and the Eurozone be attributed to the Balassa-Samuelson effect?
While many factors have contributed to the growth of eCommerce in the Asia Pacific Region (APR), discuss four key drivers that have expedited the region's eComm
For both of the following utility functions, draw the indifference curves for the indicated utility levels, including at least three consumption bundles on each. Derive the formula for the marginal rate of substitution for each of the people in part ..
What are the weight of equity, weight of debt, cost of equity, after tax cost of debt, Wacc.
On your girls first birthday, you open an account to fund her college education. You deposit $1500 to open the account. Each year, on her birthday, you make another deposit, with each being 10% larger than the previous deposit. The account pays inter..
Employment and unemployment are big issues in America. Every week, the news outlets report the number of new unemployment claims made at unemployment offices around the country. We typically have 150 million people as part of the workforce.
Question 1: Using the AS-AD model, show what happens when a permanent negative supply shock hits the economy. Be sure to label all curves, axes and initial/?nal equilibria.
It would have to pay science teachers $90,000 to hire good science teachers. If one out of five teachers is a science teacher, what is the marginal expense of getting a good science teacher instead of a poor one?
Between 2007 and 2009 the U.S. economy experienced a severe recession. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal government’s use of fiscal policy (the stimulus) to promote growth and..
A company that produces toys is considering backward integration into production of a certain type of oil, an important component in making the rubber-like material required for the toys. This oil is traded in world commodity markets and its price fl..
Explain how the quantity theory of money reaches the conclusion that the normal effect of an increase in the money stock is a proportional increase in the price level.
Consider economic theory: a. Briefly explain how a map is a model. b. Given an example of how a particular model can be appropriate in one context and inappropriate in another.
All latitude bands in Figure 1 show long-term temperature anomaly trends, especially since about the mid-1970s, indicating ________.
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