The pending legalization of recreational cannabis and the extraction of cannabinoids from hemp in Canada is only one in a series of changes bringing expectations of new growth to these industries.
It is concerned not just with such issues as the behavior of interest rates and the determinants of policy actions, but also with subjects such as interactions between financial markets and the macroeconomy, inflation, and the cyclical behavior of labor markets.
The recession that lasted from December until June was the longest since World War II, and the collapse of GDP and employment at the end of and the start of dwarfed any declines since the demobilization at the end of that war.
Moreover, the character of the downturn was very different from that of other postwar recessions. Tight monetary policy intended to slow economic activity in order to reduce inflation played no role.
Instead, the recession was intimately bound up with asset price fluctuations, financial market disruptions, and the effects of private debt accumulation.
And more than six years after the recession began, unemployment remains elevated in the United States, as well as in most other advanced economies. The Monetary Economics Program is one of three programs at the NBER that focus on macroeconomics, and whose work in recent years has therefore been largely devoted to issues related to the crisis; the other two are International Finance and Macroeconomics, and Economic Fluctuations and Growth.
The International Finance and Macroeconomics Program, as its name implies, focuses on international macroeconomics. The boundaries between the Economic Fluctuations and Growth and the Monetary Economics programs are less clear-cut. Research on issues concerning long-run growth is the purview of Economic Fluctuations and Growth, and most work that is specifically devoted to monetary policy is done in Monetary Economics.
But the Monetary Economics Program also studies a wide range of issues that are central to macroeconomic fluctuations. Important topics include interactions between financial markets and the macroeconomy, the behavior of inflation and unemployment, fluctuations in consumption and investment, and the sources of macroeconomic fluctuations.
The NBER Monetary Economics Program follows the informal definition of monetary economics as anything that monetary policymakers should be interested in. These studies are issued as NBER Working Papers, and are presented and discussed at regular meetings of the program and at special NBER conferences devoted to particular subjects related to monetary policy.
The studies are subsequently published in academic journals and in NBER volumes. Although the greatest long-run influence of the members of the Monetary Economics Program is surely through their research, they also have a tangible, immediate influence through an entirely different channel: Program members also interact frequently with macroeconomic policymakers.
These interactions serve to keep program members abreast of developments in policymaking, and allow policymakers to inform NBER researchers about issues that are currently important to them. However, for the past two years the program has taken this a step further by devoting an entire day to a symposium where current and former policymakers and NBER researchers discuss important policy issues.
Inthe event, which was conducted jointly with the International Finance and Macroeconomics Program, focused on the European crises. Init focused on the th anniversary of the Federal Reserve. The four background papers that were prepared for the meeting including 12and 3 were recently published in the Journal of Economic Perspectivestogether with the remarks at that meeting by Federal Reserve Chair Ben Bernanke and the interview that former NBER President Martin Feldstein conducted with former Federal Reserve Chair Paul Volcker.
The work of the Monetary Economics group is so extensive and varied that discussing all of it would be almost impossible. In the remainder of this report, we therefore highlight a few areas of work that are closely related to the recent financial crisis and the subsequent weak recovery and research areas where program members have been particularly active.
Finance and Macroeconomics Probably the biggest shift in the focus of researchers in the Monetary Economics Program in response to the crisis has been toward work on the interactions between financial markets and the macroeconomy.
Before the crisis, those interactions were merely one subject out of the many that were addressed by researchers in the program.
One indication of this greater emphasis on interactions between finance and macroeconomics is that the Monetary Economics Program now devotes a full day of its summer meeting to a joint session with researchers in finance to discuss research spanning the two fields.In the s, the automotive industry was characterized by deteriorating conditions like declines in employment and sales - Fiscal and Monetary Policies That Affected the Automotive Industry introduction.
This is the reason why the Fair Practices in Automotive Products Act (H.R. ) has been promoted for consideration by the Congress in Automobile Industry. The auto industry plays a significant role in the U.S.
economy. In October , employment at auto and parts manufacturing and dealerships was more than million, according to the federal Bureau of Labor Statistics. More info would be appreciated (expansive or contractive policy, which mechanism is used, long or short term effect, for a particular sector, etc).
The NBER Monetary Economics Program. studies issues related to the effects and conduct of monetary policy. It is concerned not just with such issues as the behavior of interest rates and the determinants of policy actions, but also with subjects such as interactions between financial markets and the macroeconomy, inflation, and the .
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The economy of India is a developing mixed economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
The country ranks th in per capita GDP (nominal) with $2, and nd in per capita GDP (PPP) with $7, as of After the economic liberalisation, India achieved % average GDP growth annually.