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Founded in 1992, the HSE Faculty of Economics is the university’s oldest faculty. In the years since it was founded, it has gained a reputation as Russia’s leader in terms of higher economic education.
A fundamental education in modern economic theory and mathematics is combined with the study of applied disciplines, such as taxation, budget policies and processes, financial management and other related fields.
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Dear colleagues, We are very happy to announce the next talk of our webinar series. On Thursday, September 23, 16:20 - 17:40 (Moscow time, GMT+3) Sarah Zubairy (Texas A&M University) will present her paper "State dependent government spending multipliers: Downward nominal wage rigidity and sources of business cycle fluctuations" (joint with Yoon J. Jo).
The seminar will be held online in zoom: https://us02web.zoom.us/j/84639632497
Abstract: We consider a New Keynesian model with downward nominal wage rigidity (DNWR) and show that government spending is much more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In a demand-driven recession, inflation falls, preventing real wages from falling, leading to unemployment, while inflation rises in a supply-driven recession limiting the consequences of DNWR on employment. We document supporting empirical evidence, using both historical time series data and cross-sectional data from U.S. states.