which has the property that the representative consumer just doesn't care enough about those long-run
risks to pump up the returns on those high book-to-market portfolios.
Growth in productivity has to be at the heart of long-run
growth in living standards.
The supply of rental housing can be decomposed into a short-run supply and a long-run
In models in which nominal variables follow integrated variables processes, long-run
neutrality can be defined and tested without complete knowledge of the behavioral model.
Previous studies have found that prolonged high inflation does in fact reduce economic growth, but they were not able to detect a significant long-run
relationship between real growth and low or moderate inflation.
However obtaining estimates for the standard errors of these long-run
coefficients is not straightforward, and hence it is not easy to assess their statistical significance.
In discussing long-run
monetary neutrality, economists typically refer to a specific, hypothetical experiment that normally is not observed directly in actual economies.
Because under the current budget system, Medicare Part B and Medicaid are financed with general revenues, there is much less pressure to take measures now to improve their long-run
In the case of VAR expectations, advance recognition, if appropriate, is introduced by specifying that expectations of both long-run
inflation and interest rates respond before the event.
The estimation of full dynamic effects requires a model that both captures microeconomic and macroeconomic processes and produces reliable long-run
forecasts of economic outcomes.
By closing the program to new entrants, empowering the legislature to reduce existing benefits, eliminating benefit indexation, and making it more difficult to raise future benefits, the reform boosts the long-run
sustainability of the public pension system and frees up fiscal resources in the future.
The directive stated that in the context of the Committee's long-run
objectives for price stability and sustainable economic growth, and giving careful consideration to economic, financial, and monetary developments, somewhat greater reserve restraint would be acceptable or slightly lesser reserve restraint might be acceptable during the intermeeting period.