the sum of all expenditures in an economy that makes up its GDP, for example, consumers' expenditure on goods and services, investment in capital stocks, and government spending
This paper explores the connection between money, banks, and aggregate credit. It starts with a simple "real" model without money, where banks make loans repayable in goods and depositors hold claims on the bank payable on demand in goods. Aggregate production may be delayed in the economy. The paper further...
Plant turnover increases aggregate productivity when efficient producers are more likely to survive. Given high entry and exit rates and the potential importance of net entry in accounting for aggregate productivity, in this paper we examine the determinants of plant exits and then examine how exits and other forms of...
This paper analyzes how EFT-POS payments and ATM withdrawals affect purse cash demand. In particular, survey data about Austrian individuals are employed to estimate a cash demand equation which takes account of sample selection effects. The results reveal that purse cash demand is significantly affected by debit card usage and...
We study the stock market reaction to aggregate earnings news. Previous research shows that, for individual firms, stock prices react positively to earnings news but require several quarters to fully reflect the information in earnings. We find that the relation between returns and earnings is substantially different in aggregate data....
Economists have long recognized that equilibrium between the demand for and supply of money is the primary long-run determinant of an economy's price level. There is far less agreement, however, on how to measure the aggregate quantity of money in th Economists have long recognized that...
In this paper a model of aggregate investment is derived which incorporates fixed investment costs and capital market imperfections on the micro-level. Aggregate investment reacts nonlinearly with respect to aggregate shocks to productivity and liquidity of firms. Employing non-parametric kernel estimation methods to analyze a sample of annual account data...
As the demand for communications services continues to grow at the same time that the number of service providers is shrinking, the struggling telecom giant, Level 3 Communications, has signed an agreement to sell $500 million aggregate principal amo As the demand for communications services continues...
The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the...
Philadelphia -- Comcast Corp. will conduct a trial of Nielsen Entertainment's new on-demand reporting service, which will measure and aggregate anonymous usage data. Per a new agreement, the nation's largest cable operator ... Philadelphia -- Comcast Corp. will conduct...
Financial economics research has suggested that expected returns are not the same across assets, and that their movements over time are not simply described or explained. Article argues that this suggestion has implications for the study of substitution over time --namely that 'the' interest rate in aggregate theory is not...
This paper investigates the mapping from individual to aggregate labor supply using a general equilibrium heterogeneous-agent model with an incomplete market. The nature of heterogeneity among workers is calibrated using wage data from the PSID. The gross worker flows between employment and nonemployment and the cross-sectional earnings and wealth distributions...
Aggregate Industries UK began the process of achieving ISO 14001 in 1998, with the aim to have all 150 sites certified by 2001. To achieve this, they realized that a software solution would be the best way forward and Entropy International was approached. Aggregate Industries have integrated the Entropy System...
The sticky-price model of aggregate fluctuations implies that countries with high trend inflation rates should exhibit less-persistent output fluctuations than countries with low trend inflation. I conduct a cross-country analysis of output persistence and inflation that takes into account the within-country time variation in trend inflation. The results suggest that...
The paper reveals that the stochastic discount factor seems volatile, but is this observation of any consequence for aggregate analysis of consumption, capital accumulation, output, etc. This paper outlines the standard frictionless model of aggregate consumption and capital accumulation with time-varying subjective probability adjustments, and obtains four implications for aggregate...
This paper examines the dynamic relation between firm demography and aggregate productivity firm in Sweden during the period 1997-2003. By using enterprise demography data, the interaction between micro dynamics and aggregate productivity growth is discerned. The result of the decomposition shows that the contribution of entry and exit of firms...
The target for the federal funds rate was left unchanged at 1.75% by the Federal Open Market Committee FOMC at its August meeting. The FOMC said the softening in the growth of aggregate demand that emerged this spring has been prolonged in large measureThe target for the federal funds rate...
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BOSTON -- American Tower Corporation (NYSE: AMT) announced today that it has agreed to sell 7.0% senior unsecured notes due 2017 in an aggregate principal amount of $500.0 million through an institutional private placement. The Company had previously announced a proposed notes offering of $250.0 million aggregate principal amount and...
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