Effectiveness of Fiscal Policy as a Stabilization Tool

The Effectiveness of Fiscal Policy as Stabilization Policy Alan J. Auerbach University of California, Berkeley July 2005 This paper was presented at the Bank of Korea International Conference, The Effectiveness of Stabilization Policies, Seoul, May 2005. I am grateful to my discussants, Takatoshi Ito and Chung Mo Koo, and other conference participants for comments on an earlier draft. I. Introduction Perspectives among economists on the usefulness of fiscal policy as a device for macroeconomic management have moved back and forth over the years. Belief in the active use of the tools of fiscal policy may have reached a relative peak sometime during the 1960s or early 1970s, and practice followed theory. In the United States,†¦show more content†¦For example, one might wish to announce that the ITC would be eliminated in the future, to spur investment today, but once the future arrived, and today’s investment had already taken place, 2 it might no longer be optimal to repeal the credit. Hence, in addition to the policy lags that made the implementation of policy difficult, one was confronted with two major additional obstacles: first, to figure out how to evaluate potential policies and, second, to recognize that agents react not to policies that are announced, but to policies that are expected. To these three hurdles, policy lags, model instability, and dynamic inconsistency, the literature added several others. There was, of course, the problem that estimates of behavioral responses to fiscal policy were just that – estimates of parameters, not the parameters themselves. Even with a stable model, i.e., one based on exogenous taste and technology parameters, uncertainty about model parameters militated against activism, as shown by Brainard (1967). Moreover, determining the â€Å"right† behavioral model is a difficult task, given that all models involve simplifying assumptions, and some models of ho usehold and firm decisions suggested that fiscal policy changes would be ineffective. For example, there has been a long debate in the investment literature about the importance of the user cost of capital as a determinant of investment, relating to suchShow MoreRelatedRole Of Politics In Macroeconomics729 Words   |  3 Pagesthrough intervention on monetary, fiscal policies and increased government spending during recessions. Some of these political divisions are based on political alliances and belief structures rather than an impartial macroeconomic analysis. The graphs and formulas are confusing for politicians and lay people with many preferring simple yes or no answers. Thus some argue for less active policy towards the economy while another side argues for more active policies and measures. Perhaps it would beRead MoreMeg Guild . Mr.Bare . Economics . 31 April 2017. Market942 Words   |  4 PagesMeg Guild Mr.Bare Economics 31 April 2017 Market Place Essay Five Key Questions about Macroeconomics Policy The recession in 1974—1975 and two other back to back recessions in 1979—1982, which sent the employment rate to 11%. The inflation rate rose into double digits then plummeted. A period of Great Moderation came after 1985, and the recession of 1990—1991 was more manageable than the previous recession. Unfortunately, this period of tranquility was followed by the Great Recession whichRead MoreThe Effect of Macro Economic Policy on Nigerian Economics Growth and Development6051 Words   |  25 PagesTHE EFFECT OF MACRO ECONOMIC POLICY ON NIGERIAN ECONOMICS GROWTH AND DEVELOPMENT ABSTRACT This research work focus on the appraisal of Macroeconomic Policy on Inflation in Nigerian Economy, also to determine how it enhances the growth of Nigerian Economy. The aim of this research work is to look into challenges and numbers of hypothesis were drawn. Information necessary to address the test of hypothesis was gathered through secondary data, source from Central Bank of Nigeria (CBN). Economic analysisRead MoreEffect of Monetary Policy in Nigeria5936 Words   |  24 PagesSignificance of the study 1.7 Scope of the study 1.8 Organization of the study 1.9 Definition of terms. CHAPTER TWO: LITERATURE REVIEW 2.1 Theoretical framework 2.2 Concept of monetary policy 2.3 Instrument of monetary policy 2.4 Monetary policy and inflation control 2.5 Problems associated with inflation control CHAPTER THREE: RESEARCH METHODOLOGY 3.1 Research Design 3.2 Sources of data collection 3.3 Method of Data collection Read MoreMonetary Policy of Pakistan6412 Words   |  26 PagesMONETARY POLICY [A REVIEW] [2009] BBA-Morning-2007 Saira Yoususf†¦Roll # 18 Mehwish Khalil†¦Roll # 14 Salman Ahmed†¦Roll # 09 Farhan Ahmed†¦Roll # 23 Nasir Hanif†¦Roll # 49 Zaid Munir†¦Roll # 46 Presented to: PROF. HASSAN KAMRAN Presented by: Saira Yousaf†¦roll no. 18 Mehwish Khalil†¦roll no.14 Salman Ahmed†¦roll no. 09 Farhan Ahmed†¦roll no. 23 Nasir Hanif†¦roll no.49 Zaid Munir†¦roll no.46 ACKNOWLEDGEMENTS The most important acknowledge is to our Lord Most Merciful MostRead MoreEffectiveness of the Federal Reserve in Stabilizing the Current Economy2450 Words   |  10 PagesEvaluate the role and the effectiveness of the Federal Reserve in stabilizing the current economy. The role of the Federal Bank is to manage the nations monetary system. It does so by three different methods: It can change the interest rate on money that it lends to banks. A higher interest rate makes money more expensive. Banks may be, therefore, more reluctant to sign loans to applicants. On the other hand, the Bank by lowering interest rates can encourage banks to more readily lend loans. Read MoreFiscal Policy Role and Development in Bulgaria and Eu7949 Words   |  32 PagesInternational Finances R e p o r t Fiscal policy role and development in Bulgaria and in the EU Fiscal policy is a set of measures by the government aimed to slow or stimulate the economy. Such measures are changes in tax policy and government spending. With the changes that are made the government influence directly to the demand. Fiscal policy is based on the theories of the British economist John Maynard Keynes. The idea is that the state can influence the economy by increasing or reducingRead MoreMundell Flaming Model2973 Words   |  12 Pagesexchange rates, interest rates, etc) determined and interact with each other? What are the effects of fiscal and monetary policies? The Mundell-Fleming model is the standard open macroeconomic model that tries to answer these questions. Most open macro economy models in the textbooks are variations of the Mundell-Fleming model. Theoretically, it is the most popular model. But its applicability to actual policy making is not as high as we would hope (especially for developing and transition countries). BlindRead MoreReport on Monetary Policy of Bangladesh3467 Words   |  14 Pages1 Introduction: Monetary policy is the process by which the central bank of a country controls the supply of Money, the availability of money, and the cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy. Fiscal policy induced â€Å"demand management† approach as propagated by Keynes, which was popular in the post†Great Depression period, later made way to monetary policy led â€Å"stabilization† approach in the period of highRead MoreThe Intermediate Target Of Monetary Policy1961 Words   |  8 Pagesbut to pursue price stability through the manipulation of short-term interest rates.? INTRODUCTION The intermediate target of monetary policy is a core part of the entire operation of monetary policy, the monetary authorities to observe the effect of monetary policy significance. Money supply as monetary policy intermediate variables, their effectiveness has been controversial features of theorists. Whether short-term interest rates through the operation by a central bank is aimed to make a price

Cognitive Behavioral Theory And Family Therapy - 3298 Words

Cognitive Behavioral Theory in Relation to Family Therapy Amy Trimm Fall 2104 Texas AM Central Cognitive Behavioral Theory in Relation to Family Therapy Abstract This essay is intended to evaluate one therapeutic intervention or theory that may be used in Family therapy. The theory being examined is Cognitive Behavioral Therapy, or for short CBT. The essay will begin with defining CBT and discussing the underlying principles, techniques and concepts of the approach. Some practical examples and scenarios of utilizing CBT will then be explored. Then the essay will proceed to a discussion on the advantages and disadvantages of this therapeutic intervention. Finally a conclusion regarding employing such techniques will be made. Cognitive Behavioral Theory in Relation to Family Therapy Today Cognitive behavioral Therapy has been influenced by two major therapeutic approaches: firstly, Behaviorism as developed by Skinner, Pavlov and others in the 1950s and 1960s, where the main research was related to rewards and punishments, or stimuli’ and their response. Second is Cognitive therapy which was introduced or made popular by Beck and Ellis in the 1960s. CBT by definition is a form of treatment that focuses on examining the relationships between thoughts, feelings and behaviors. By exploring the patterns of thinking that lead to negative actions and the beliefs that dictate these thoughts, families can identify and change the patterns in order toShow MoreRelatedPsychodynamic Theory, Cognitive Behavioral Therapy, And The Family Systems Theory920 Words   |  4 Pagesthere are many different theories that counselors should get to know in order to figure out which theory fits their own personal style of c ounseling. 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Becks cognitive therapy and Ellis’s rational emotional behavioral therapy 0will be used to assess Jane`s situation. The two comes up with different opinions towards Jane’s situation. Both of them have come up with different opinions although they have some similarities. Ellis and Beck all lay under one circumstance. Albert Ellis views the therapist as a teacher and does not think a warm personal relationship with a client is essential. In contrastRead MoreFamily Systems Therapy: Four Models1272 Words   |  5 PagesFamily Systems Therapy: Four Models The process of individual therapeutic treatment will often result in heavy invocation of intimate personal relationships, formative experiences and conflict management. These characteristics would ultimately lead to the evolution of family systems therapy, a mode of treatment which recognizes the inherency that familial patterns and inter-relations possess where counseling and treatment are concerned. The school of though revolving around the family systems ideologyRead MoreCognitive Behavioral Therapy ( Cbt )1373 Words   |  6 PagesLiterature Review Cognitive behavioral therapy is a widely-used technique that is practiced in a variety of different fields across the spectrum. Cognitive behavioral therapy is derived from the cognitive behavioral theory. According to Dorflinger (2016), Cognitive behavioral therapy (CBT) is a therapy approach that addresses maladaptive thoughts and behaviors that can negatively impact mood and overall function (p. 1286). Cognitive behavioral therapy is a mix between cognitive therapy and behaviorRead MoreFour Major Approaches to Clinical Psychology1803 Words   |  7 PagesThere are many approaches to clinical psychology; the four major approaches are in psychodynamic, cognitive-behavioral, humanistic, and family systems. Using the four major approaches contributes to the effectiveness in treatment by identifying the goals of each approach. The paper will break down the approaches, goals, techniques, and the overall approaches used. Philosophical Origins of Clinical Psychology ApproachesAs Thomas Plante (2005) cleverly suggested, clinical psychology is both a scienceRead MoreCognitive Psychology : Cognitive Behavioral Therapy1502 Words   |  7 PagesCognitive Behavioral Therapy, in its most modern form, was developed in 1960 by Aaron T. Beck. However, CBT has an interesting history dating back to the 1920s in the United States and even earlier in other parts of the world. â€Å"Precursors of certain fundamental aspects of CBT have been identified in various ancient philosophical traditions, particularly Stoicism. Stoic philosophers, particularly Epictetus, believed logic could be used to identify and discard false beliefs that lead to destructiveRead MoreThe Relationship Between Regenerate And Unregenerate Thought Processes Essay1089 Words   |  5 Pages23:7; and FAMILY COUNSELING APPROACH11 Romans 12:1-2. 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The Role Of Social Media On Women - 1001 Words

Moreover, has media taken into consideration that the influenced constructed standards affect women long term and what exactly influences how girls act, look and think about themselves? Starting from a youth age through adolescence, which is the average age of still trying to figure out their identity, and in many cases lasting until adulthood, girls compare themselves and set their mindset to look like the celebrities they watch in T.V., magazines, music videos or movies.Yet, the issue is that by watching these women in tight dresses and such exquisite beautiful face without any imperfections is eventually affecting girls for a long unspecified period of time by implying one purpose in mind: to ensure they obtain that dream appearance as†¦show more content†¦Who determines this questioning? Society does, filling their hearts and minds with either positive or negative comments. Likewise, society implies that women should act and dress feminine which causes long term damage by women constructing a habit of fear or judgment and consequently perceiving it as normal for society to stress their expectations. Media’s viewpoint is focused on physical and emotional appearance in public. In other words, acting sentimental or fragile and speaking lovely according to society invokes labels on what a true women is; beauty in women is equal to femininity. Women should not worry about their reputation based on beauty because people’s opinions are basically irrelevant to your growth and evolution as a person. For instance, European society has certain established qualities about a woman appearance; if the girl is light skin she is the key to success and love and if she is dark skin she is discriminated and outcasted from communities, resultantly, women and men start to develop a specific perspective and rank of attractiveness. In this essay I wish to emphasi ze the idea that no matter the way you look, it makes you unique and society is the ugly one. Women should realize that their inner beauty matters even more than outer beauty, yet not feeling enough comes from social media’s influence and it is nearly impossible toShow MoreRelatedEffect Of Gender And Gender Representation On Media1735 Words   |  7 PagesThe effect of gender and gender representation in media has been widely researched in various academic disciplines, including anthropology and communication studies. Similar gender role expectations are not just restricted to Western culture either. A study on gender representation in East Asian advertising by Michael Prieler is a demonstration of the influence of gendered communication. The research examines the male and female representation in the advertising of East Asian countries like HongRead MoreWomen s Media And Gender Roles1492 Words   |  6 Pages Women have been attacked in society through the media. Mass medi a are a reflection of society informed by particular power and values (Stirinati, 2006). Although the representation of women is not a copy of reality, mass media act as image and message,’ should be’ a reflection or representation of society (Hollows, 2000). This contributes to condemn gender role in the media and in real society, which leads women to be annihilated and limited in the media. In 1978, Gaye Tuchman called women’s inRead MoreGender, Gender And Gender Roles844 Words   |  4 PagesSociety has institutionalized gender roles since the beginning of time, a common one is that women are the nurturers and housekeepers, while men are the breadwinners of household. In spite of centuries, and fighting for women s rights, such as the right to vote in the late 1920s. Women still have roles to fulfill, even in a modern society that is dominated by a virtual world. Gender identification has multiplied from that of men and women, to Lesbian, Gay, Bisexual, Tran sgender and Queer (LGBTQ)Read MoreThe Impact Of Media On Women s Perceptions Of Image, Gender Roles, And Overall Self Worth Essay1352 Words   |  6 PagesMedia plays a huge role in people’s perceptions of image, gender roles, and overall self worth. The media is constantly reinforcing limiting stereotypes through television, advertisements, films, and more. These stereotypes are especially geared towards women, suggesting that they have to look and act in an overtly feminine manner in order to be accepted by society. Though there are stereotypical qualities of men illustrated in media as well, they are mostly suggesting that men are dominant andRead MoreSocial Network Media Benefits Feminism1448 Words   |  6 PagesOne specific event that proves that social network media benefits feminism was in 2014, with the hashtag #YesAllWomen. An incident happened in May 2014 where a young man, Elliot Rodger, expressed his hatred for women and he went on a shooting spree in Santa Ba rbara, California, targeting women. After this tragedy made the news, thousands of women posted on various social networks with the hashtag #YesAllWomen, in order to share the ways sexism and violence affects everyone in their daily life. ThisRead MoreGender in the Mass Media- Projecting Masculinity1397 Words   |  6 Pagesthe mass media and projection of masculinity The mass media play a significant role in a modern world, by broadcasting information  in fast pace and giving entertainment to vast audiences. They consist of press, television, radio, books and the Internet. The latter is now the most developing medium, however, TV also has a wide field of influence. By creating a certain type of message, media can manipulate people’s attitude and opinions. GENDER STEREOTYPES IN MASS MEDIA The mass media has a greatRead MoreGender Labeling And Gender Stereotypes1551 Words   |  7 Pagesview gender roles and how they want society to view them also. Stereotyping is prevalent in popular television shows, music videos, the workforce and various other advertisement billboards in the U.S. It is difficult to oppose the stereotypical behavior that is displayed in the media that supposedly mirrors the actual behaviors of the different genders due to the overflowing, constant reminder of what each gender looks like and how each should act. 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Open Editorial for Big Data Economy - myassignmenthelp.com

Question: Discuss about theOpen Editorial for Big Data Economy. Answer: One of the most important principles of the 9 principles of Catholic social thought is the maintenance of human dignity. For a large number of the decades, the political consensus in the different societies of the Western Nations has long held the protection of dignity as the central character to societal Progress. The business world has also paid importance to the protection of Human Rights while serving the customers and the nation (Tsesis, 2014). However, there still remains a question that whether the human dignity and the common good are really the motto of the organization or they are the pathways of securing information from people required for their own benefit. Maintenance of human dignity mainly means respecting the values, beliefs and wishes of different citizens and not pressing others beliefs on them for making more profit. In simple terms the rights of human dignity can be defined as the important sense of self respect and self worth which are possessed by an individual of a particular Nation. Business has often proved to be an important pathway of force for progress and betterment of different people and their quality of life (Assenmacher, 2016). Each and every business should have a concern for maintaining the human dignity by respecting the integrity of different ecosystems, social systems as well as developing a concern for the well being and development of people who are included and touched by the business. However in the present generation, it is seen that the concept of informed consent has been used in various ways by different companies for making their own profit in their business (Sdki Bakkali, 2014). There have been recent debates about the different techniques which are used by different organizations to get that information about the people and then utilizing their information to either develop their business or selling their product or services to such people to make more profits. Therefore new areas of wits and clever thinking had led many companies to develop technologies where informed consents are first taken from the consumers and when the details are provided by the consumers in one area of their requirement, this information is used by the same business organizations for their own purposes or making future sales to the customer. Here lies the main irony when the question arises that whether asking for the informed consent is really serving its purpose of maintaining human dignity. It is sometimes seen that the customer does not himself know what he is consenting for as it seems an obvious process or following of steps to get their products (Allen, 2016). Therefore the business which are destined to provide the greater benefits for the common good are actually gaining benefits from the financial profit made by them through the mirage of informed consent. One of the best examples that can be given is the renowned organization called Google. Over the years Google has developed Technologies which ask for permission as well as filling up of different pages of personal information to gain access to a particular page or site. The information which is taken by Google can be considered as a breach of privacy and confidentiality because they often use this information to provide us with new suggestions that help us in refining our searches. However, there lie the questions that are they not intervening with the privacy of different people. There have been complaints from many consumers who all of a sudden see them being tracked by Google telling them what are the best suggestions for them when they find stranded in traffic. There are different apps like the shopping sites which continuously follow the different searches made by consumers and accordingly send certain suggestions for them which automatically show that they are following each an d every activity of the consumers on the sites (Mahlaola vanDyk, 2016). Two different sets of consumers have been seen. One set of consumers are happy as they get many suggestions from different organizations regarding their shopping, travelling, buying goods and different things. While others are quite unhappy with the procedure as they do not want their own choices as well as different aspects of their personal life to be followed or dictated by different business organizations (Floridi, 2016). However, from the view of common goods and human dignity they are still a big question that are business organizations really helping people with their Technologies or using the strategy of informed consent in name of human dignity for their own benefits? References: Allen, A. L. (2016). Protecting One's Own Privacy in a Big Data Economy.Harv. L. Rev. F.,130, 71. Ashenmacher, G. (2016). Indignity: Redefining the Harm Caused by Data Breaches.Wake Forest L. Rev.,51, 1. Floridi, L. (2016). On human dignity as a foundation for the right to privacy.Philosophy Technology,29(4), 307-312. Mahlaola, T. B., van Dyk, B. (2016). Reasons for Picture Archiving and Communication System (PACS) data security breaches: Intentional versus non-intentional breaches.health sa gesondheid,21, 271-279. Sadki, S., El Bakkali, H. (2014, April). Towards controlled-privacy in e-health: A comparative study. InMultimedia Computing and Systems (ICMCS), 2014 International Conference on(pp. 674-679). IEEE. Tsesis, A. (2014). The right to erasure: Privacy, data brokers, and the indefinite retention of data.Wake Forest L. Rev.,49, 433.