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当前"高债务-高税负-通缩"三重叠加效应造成的中国实体经济发展困局,已成为中国经济下行的主导因素。其不仅造成中国实体经济成为诱发各种宏观经济风险爆发的来源,也导致中国传统宏观调控政策工具的失效。而且,其造成中国宏观经济供给侧面的恶化,进一步导致需求侧面动力机制的弱化乃至恶化,对中国新常态下维持中高速经济增长造成显著的负面效应。针对造成中国实体经济部门"高债务-高税负-通缩"的成因分析,可行的改革措...
This paper presents the results of a laboratory experiment designed to investigate whether the option of a Prize Linked Savings (PLS) product alters the likelihood that subjects choose to delay paymen...
We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less ‘symmetric’ fluctuati...
We show empirically that regions with a more specialized production structure exhibit output °uctuations that are less correlated with those of other regions (less \symmetric" °uctuations). Combined w...
We estimate local multipliers from the ARRA (Obama stimulus) bill using cross-county variation in expenditure. We use within-state variation, and include other demographic controls as well as a pred...
This paper describes the state of the art in the measurement of intangible capital and its contribution to economic growth, with a focus on an international comparison of intangible investment int...
We live in an era of rapid, almost dizzying, innovation in products and processes. These innovations have improved consumer welfare through the introduction of new goods and services, improvements...
Most contemporary explanations of economic growth assign a prominent role to capital formation. This includes the huge literate of the sources of economic growth in the tradition of Solow (1957) and...
Getting economic depreciation “right” is an important step in developing accurate estimates of capital incomes and stocks and, by extension, for tax policy, financial accounting, and for empirical...
We estimate a model that summarizes the yield curve using latent factors (specifically, level,slope, and curvature) and also includes observable macroeconomic variables (specifically, real activity,in...
We construct a framework for measuring economic activity at high frequency, potentially in real time. We use a variety of stock and flow data observed at mixed frequencies (including very high frequen...
We propose and solve a small-scale New-Keynesian model with Markov sunspotshocks that move the economy between a targeted-inflation regime and a deflationregime and fit it to data from the U.S. and Ja...
We provide a new measure of historical U.S. GDP growth, obtained by applying optimal signal-extraction techniques to the noisy expenditure-side and income-side GDPestimates. The quarter-by-quarter val...
We sketch a framework for monitoring macroeconomic activity in real-time andpush it in new directions. In particular, we focus not only on real activity, which has received most attention to date, but...

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