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Consumption and investment expenditure together account for 80 percent of GNP in the United States and for a similarly large percentage of GNP in other major economies.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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quoted loan rate, same stationary equilibrium, intermediate target problem, positive nominal interest rate, elastic price standard, dynamic inconsistency literature, constant growth rate rule, possible stationary equilibria, relative price variability, aggregate supply behavior, intermediate target strategy, contemporaneous income, money demand behavior, debt neutrality, valued fiat money, production smoothing model, contracted repayment, interest rate peg, aggregate inflation rate, intermediate target variable, zero nominal interest rate, relative asset supplies, price level determinacy, relative demand shocks, exogenous policy instrument
Key Phrases - Capitalized Phrases (CAPs):
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American Economic Review, Journal of Political Economy, Journal of Monetary Economics, United States, New York, Quarterly Journal of Economics, Journal of Money, Friedman Rule, Working Paper, Brookings Papers, University of Chicago Press, Review of Economic Studies, Ricardian Equivalence Theorem, World War, United Kingdom, Journal of Economic Theory, Harvard University Press, Journal of International Economics, Cambridge University Press, International Monetary Fund, Bank of England, Carnegie-Rochester Conference Series, Discussion Paper, Journal of Finance, Columbia University
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