scholarly journals Hysteresis in Unemployment: Evidence from OECD Estimates of the Natural Rate

2021 ◽  
Author(s):  
Laurence Ball ◽  
Joern Onken
Keyword(s):  
Natural Rate

scholarly journals Was the Gibson Paradox for real? A Wicksellian study of the relationship between interest rates and prices

2014 ◽  
Vol 21 (2) ◽  
pp. 139-163 ◽  
Author(s):  
Jagjit S. Chadha ◽  
Morris Perlman
Keyword(s):  
Interest Rates ◽  
Positive Relationship ◽  
Formal Model ◽  
Natural Rate ◽  
Market Rate ◽  
Long Run ◽  
Advanced Economies ◽  
The Uk ◽  
Gibson Paradox ◽  
The Relationship

We examine the relationship between prices and interest rates for seven advanced economies in the period up to 1913, emphasising the UK. There is a significant long-run positive relationship between prices and interest rates for the core commodity standard countries. Keynes ([1930] 1971) labelled this positive relationship the ‘Gibson Paradox’. A number of theories have been put forward as possible explanations of the paradox but they do not fit the long-run pattern of the relationship. We find that a formal model in the spirit of Wicksell (1907) and Keynes ([1930] 1971) offers an explanation for the paradox: where the need to stabilise the banking sector's reserve ratio, in the presence of an uncertain ‘natural’ rate, can lead to persistent deviations of the market rate of interest from its ‘natural’ level and consequently long-run swings in the price level.

Function curve of the membranes that regulate amniotic fluid volume in sheep

2005 ◽  
Vol 289 (1) ◽  
pp. H146-H150 ◽  
Author(s):  
Job Faber ◽  
Debra Anderson ◽  
Roger Hohimer ◽  
Qin Yang ◽  
George Giraud ◽  
...  
Keyword(s):  
Amniotic Fluid ◽  
Absorption Rate ◽  
Plasma Renin ◽  
Fluid Volume ◽  
Natural Rate ◽  
Fetal Plasma ◽  
Amniotic Fluid Volume ◽  
Urine Production ◽  
Rate Of Absorption ◽  
Vascular Catheters

Seven singleton 120-day fetal lambs were prepared with a shunt from the lung to the gastric end of the esophagus, a bladder catheter, and multiple amniotic fluid and vascular catheters. The urachus was ligated. Beginning 7 days later, amniotic fluid volumes were determined by drainage, followed by replacement with 1 liter of lactated Ringer (LR) solution. Urine flow into the amnion was measured continuously. In 14 of 27 experiments, amniotic fluid volumes were determined again 2 days after the inflow into the amnion had consisted of urine only and in 13 experiments after the inflow of urine had been supplemented by an intraamniotic infusion of LR solution. Intramembranous absorption was calculated from the inflows and the changes in volume between the beginning and end of each experiment. The relations between absorption rate and amniotic fluid volume, the “function curves,” were highly individual. Urine production during the infusion of LR solution did not decrease, fetal plasma renin activity decreased ( P < 0.001), and amniotic fluid volume increased by 140% [SE (27%), P < 0.005], but the increase in the amniochorionic absorption rate of 411% [SE (48%), P < 0.001] was greater ( P < 0.005) than the increase in volume. Each of the seven fetuses was proven capable of an average intramembranous absorption rate that exceeded 4.5 liters of amniotic fluid per day. During the infusion of LR solution, the increase in the rate of absorption matched the rate of infusion (both in ml/h), with a regression coefficient of 0.75 ( P < 0.001). Thus, even for large amniotic fluid volumes, volume is not limited by the absorptive capacity of the amniochorion, and, at least in these preparations, the position of the function curve and not the natural rate of inflow was the major determinant of resting amniotic fluid volume.

Is there a Natural Rate?

1993 ◽  
Vol 15 (4) ◽  
pp. 453-470 ◽  
Author(s):  
Alan G. Isaac
Keyword(s):  
Natural Rate

Natural Rate Doubts

2002 ◽  
Author(s):  
Andreas Beyer ◽  
Roger E.A. Farmer
Keyword(s):  
Natural Rate

A ‘Lilien’ Natural Rate Series for Australia: A Reply

1999 ◽  
Vol 75 (2) ◽  
pp. 173-176 ◽  
Author(s):  
NICOLAAS GROENEWOLD ◽  
A. J. HAGGER ◽  
A. J. HAGGER
Keyword(s):  
Natural Rate

The Effect of New Deal Policies Revisited

2020 ◽  
Author(s):  
Yangyang Ji
Keyword(s):  
New Deal ◽  
Aggregate Demand ◽  
American Economic Review ◽  
Supply Side ◽  
Natural Rate ◽  
Jel Codes ◽  
The Great Depression ◽  
Us Economy ◽  
The Us ◽  
The New Deal

Abstract Eggertsson (2012, American Economic Review, 102, 524–55) finds that when the nominal interest rate hits the zero lower bound, the aggregate demand (AD) curve becomes upward-sloping and supply-side policies that reduce the natural rate of output, such as the New Deal implemented in the 1930s, are expansionary. His analysis is restricted to a conventional equilibrium where the AD curve is steeper than the aggregate supply (AS) curve. Recent research, however, demonstrates that an alternative equilibrium arises if the AD curve is flatter than the AS curve. In that case, the same policies become contractionary. In this article, I allow for both possibilities, and let data decide which equilibrium the US economy actually resided in during the Great Depression. Following the work of Blanchard and Quah (1989, American Economic Review, 79, 655–73), I find that there is a high probability that New Deal policies were contractionary. (JEL codes: E32, E52, E62, N12).

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