Section 2 presents the closed economy
model under rational expectations.
But the further elaboration of the credit cycle theory focused on a closed economy
setting (Garrison, 2006).
After all in our recent economic history we converted from being a closed economy
to being an open one and in the future we will need to be open and green.
Syria has shed its image as a closed economy
and is pushing to attract Gulf investment in the wake of the global financial crisis, Finance Minister Mohammad Al-Hussein has said.
The fiscal multiplier is large in Japan, helped by the fact that it is a relatively closed economy
, which limits import leakages.
Korea-watchers believe he would not make major changes in the way the government deals with the rest of the world, which is to say that he would maintain its adherence to juche, or self-reliance, through closed borders and a closed economy
, and would continue its nuclear brinkmanship.
Summary: India has undergone a systematic transition from a closed economy
to an open economy since the beginning of economic
Instead, the Congress-led government has taken an unexpected step backwards towards a closed economy
policy by almost scrapping Indian retailers' rights to create joint ventures with foreign firms.
Assuming the absence of other resources for entrepreneurs to work with in a closed economy
, would an abundance of entrepreneurship alone cause an outward shift of production possibilities and an expansion of welfare?
Minsky, through its model, proposed a simplified explanation, which is especially applicable to a closed economy
This identification scheme may be appropriate for a large and relatively closed economy
such as the United States.
In the original closed economy
model, current inflation is related to the expected future inflation rate and the current domestic output gap, i.