...Budget Deficits, National Saving, and Interest Rates William G. Gale and Peter R. Orszag September 2004 Brookings Institution and Tax Policy Center. This paper was prepared for the Brookings Panel on Economic Activity, September 9-10, 2004. We thank Emil Apostolov, Matt Hall, Brennan Kelly, and Melody Keung for outstanding research assistance; Alan Auerbach, William Brainard, Robert Cumby, Bill Dickens, Doug Elmendorf, Eric Engen, Laurence Kotlikoff, Thomas Laubach, Maria Perozek, George Perry, Frank Russek, Matthew Shapiro, and David Wilcox for helpful discussions; and Eric Engen, Jane Gravelle, and Thomas Laubach for sharing data. ABSTRACT This paper provides new evidence that sustained budget deficits reduce national saving and raise interest rates by economically and statistically significant quantities. Using a series of econometric specifications that nest Ricardian and non-Ricardian models, we obtain evidence of strong non-Ricardian behavior in aggregate consumption. Consistent with several recent studies, we find that projected future deficits affect longterm interest rates, but current deficits do not. Our estimates suggest that each percent-ofGDP in current deficits reduces national saving by 0.5 to 0.8 percent of GDP. Each percent-of-GDP in projected future unified deficits raises forward long-term interest rates by 25 to 35 basis points, and each percent-of-GDP in projected future primary deficits raises interest rates by 40 to 70 basis points...
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...1. Introduction Entrepreneurship possesses the capability and eagerness to create, form and manage a business project with any risks that may be present to be able to achieve a profit. The clearest example of entrepreneurship is beginning a new business. The essence of entrepreneurship is defined by creativity and taking risks, and is a crucial element in the ability of a nation to flourish in the variable and highly competitive global markets. In today’s global world entrepreneurs that run their own start-ups need to evolve with the ever changing business world. As their business grows they also need to grow and adjust (Burns, 2011). It is very important that entrepreneurs of today transform themselves into leaders to manage their business better as the business needs to change as per the culture and structure. This report will discuss about Mai Jadawi, her business is about natural beauty products, the legal process she went through to register her business in Jeddah, Saudi Arabia, launch of her business and the obstacles she faced and is still facing while operating her business. 2. Identifying an Entrepreneur Female entrepreneurs contribute significantly to the economic growth and creation of jobs in developed and developing nations (Verheul and Thurik 2001). Mai Jadawi is the entrepreneur we as a tram chose to study. She is an independent entrepreneur who started her own business revolving around organic cosmetic products. It was an opportunity she took as she felt...
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...ABSTRACT The ASEAN regional integration visualizes the conversion of economies in Southeast Asia into a unified market and manufacturing base by promoting the unobstructed flow of goods and services. It signifies better chances of more market entries, lesser input costs, lower discharge expenditures, greater inflows of foreign investments, and wider options for quality commodities and services at reasonable prices. This research examines issues as to whether the benefits outweigh the costs of trade liberalization, its impacts on national economic growth, and the Philippines’ preparedness to overcome the impediments posed by the integration. Overall, the outcomes of the interviews show that the Philippines is not yet fully adapted to aligning domestic benchmarks with international standards although it has accomplished vital progress in certain sectors. The study also reveals that member affiliates and the Philippine economy can reap the benefits of the liberalization so long as they prevail upon their commitments to forge ahead with achieving the goals of the ASEAN Economic Community. Elimination of cross-border taxes, compliance with harmonized regulatory policies, and leaders’ steadfastness to attain the goals of the integration are the key factors for the success of the liberalization. Since the research deals more on the qualitative aspects, the authors recommend more statistical data gathering and in-depth quantitative analysis to obtain a more accurate gauge of the overall...
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...BUILDING GREEN - PRACTICES AND CHALLENGES BUILDING GREEN - PRACTICES AND CHALLENGES CHANDRA PRAKASH KAMANA1- V.S.R.S SARMA SALAGRAMA2 chandraprakashk66@yahoo.in svsrssarma353@gmail.com Dr. E.E ESCULTURA3 escultur36@yahoo.com 1&2: B.Tech Mechanical , G.V.P College of Engineering and Student Members, Indian Society of Heating Refrigeration and Air conditioning Engineers, Visakhapatnam Chapter 3: Research Professor, Lakshmikantham Institute for Advanced Studies and Departments of Mathematics and Physics, GVP College of Engineering, JNT University, Madhurawada, Visakhapatnam, AP India Abstract Sustainable development is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for future generations. A sustainable building, or green building is an outcome of a design which focuses on- environment friendly design, energy efficiency, water conservation, rain water harvesting, sewage treatment, recycling of treated effluent, zero waste water discharge, fire safety, excellent indoor air quality, day lighting, and building management including lighting controls by lux level as well as occupancy, and fresh air on demand. Air conditioning consumes nearly 25% of world energy and a major contribution can be made by this industry towards reducing global warming. We keep our homes and work places cool in summer and warm in winter. The sum total of all...
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...Table of Contents INTORDUCTION 2 A UNIFIED SYSTEMIC REGULATOR 3 CLOSING THE INFORMATION GAP 4 REGULATION OF RETIREMENT SAVINGS 4 CAPITAL REQUIREMENTS 6 EXECUTIVE COMPENSATION REFORM 9 RECAPITILIZATION THREW CONTINGENT CAPITAL 10 IMPROVING RESOLUTION OPTIONS 11 CREDIT DEFAULT SWAPS, CLEARINGHOUSES, AND EXCHANGES 12 PRIME BROKERS AND RUNS 13 FINAL WORD 14 REFRENCES 16 INTORDUCTION The Squam Lake Report is a brief volume that consists of the recommendations of a think tank of 15 leading financial economists in an attempt to provide direction on financial system reforms that might help anticipate and alleviate future Systemic Crisis. The report was written in 2008 in response to the crisis that was ongoing at that time. It is good to note that getting 15 scholars to agree on 37 recommendations is something worth of appraisal. However, one cannot but point that the report is somehow disjoint in its arrangement of chapters. I articulate that this slight disorder is because of the limitations of making 15 experts agree. This disjoint attribute has not prevented the report from being very constructive and direct in addressing very important policies and sensible issues relevant to reform. The paper has two central principles that the recommendation have been built on. The first is that policymakers have to consider how new regulations will affect not only individual firms, but also the financial setup as a whole. The second principal states that firms should...
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...believe that Paul Hellyer helped shape the Canadian Forces into what it is today and also I do think that the integration and unification was a bad thing at the time as if it didn’t happen back in the 1968 it surely would have happen at a later date with General Rick Hillier. I will look into the process that Paul Hellyer took in bringing these three different services together under unification and explore some other opinions that I have found amongst way vast research upon the web. In 1964 the Minister of National Defense Paul Hellyer published the White Paper on Defense. In it he proposed the unification of the three services, the creation of a single command structure reporting to the Chief of Defense Staff and the restructuring of the current geographically based commands into six function-based commands. The process began with the introduction of Bill C-90 creating the CDS’ office and a single chain of command and culminated with Bill 243 the Canadian Forces Reorganization Act in February 1968, which unified the three services and created the Canadian Forces, as we know it today. During the 1990’s to the present the CF’s commitments have increased dramatically when compared to the previous decade. There have also been major fiscal cutbacks whose effect has been to degrade our military capabilities. This has resulted in what is called a “commitment-capabilities gap” This is the point at which Military commitments exceed our ability to meet them. General...
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...Riordan Manufacturing System Kao Yang, Tiara Smith, Greg Scott, Thomas Adams BSA 310 December 5, 2013 Oswald Angst Riordan Manufacturing System Riordan Manufacturing was founded with the intention to provide patents for processing different types of plastic. The founder, Dr. Riordan, already had several of these patents ready for licensing. While in possession of these patents, the company would be able to provide a unique product to its consumers. Alternatively, the company could charge other businesses simply for the use of their patented plastics. The initial business strategy revolved around research and development to take advantage of their patents and generate revenue through licensing. Riordan's business plan expanded and adopted production when the company opted to purchase a manufacturing plant. Riordan Manufacturing use this plant to produce plastic containers and custom plastic parts. The home page for Riordan Manufacturing provides a company overview as well as several links to important resources for employees. The company goals and expectations are clearly presented, as well as a brief history about the company. It could be seen as a human resources system to help employees find more information regarding their position. Additionally, it can be used to review the business plan for each aspect of the company to include: finance, sales, human resources, operations, legal or information technology. Riordan Finance Systems Riordan Manufacturing’s...
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...DeVry University Annotated Bibliography A Very Good Idea Poorly Poorly Implemented – A Food Fight in L.A. (2012). Electronic Ardell Wellness Report (E, AWR), (603), 3. Retrieved from http://search.ebscohost.com.proxy.devry.edu/login.aspx?direct=true&db=a9h&AN=70369738&site=ehost-live This article is about how the school board of the L.A. Unified School District made drastic changes the school lunch menu without consulting the kids first, and how the students did not like the changes at all. The new menu had fruits and vegetables making up at least half of the servings on every students plate. This new menu was widely rejected by students and a black market of junk food was even created by certain students. This article supports the idea that by including children in implementing changes in diet and menu, those changes may be more successful. It also points out that by slowly introducing kids to healthy alternatives and informing them about why a change to a healthier diet of fruits an vegetables is important to having a higher quality of life as they get older. This idea supports the second part of my research paper where I discuss the importance of children becoming interested in growing vegetables is an important part of changing the eating habits of American families. Thus, reducing the levels of obesity and type II diabetes in America. Bittman, M. (2011, September 24). Is junk food really cheaper?. Retrieved from http://www.nytimes.com/2011/09/25/opinion/sunday/is-junk-food-really-cheaper...
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...Seminar/US-VA Government Research Paper What should the federal government do about an issue facing the United States of America today? You will be writing a research position paper that will receive grades in both your English and government classes. The paper will serve as an introduction to Model Congress. Project Objectives: • Prepare for Model Congress and complete a benchmark for English 12 POS ▪ Students will select a federal policy issue which interests them and research the policy (if it is a historical topic, think about the following: did Congress pass the legislation? Why did the policy succeed or fail? Did the president approve or veto the policy?) ▪ Each public policy topic from the list may only be selected by ONE student in each class period ▪ Students will make connections between their chosen public policy and topics studied in U.S. Government. Students must choose three of the topics below to address in their paper somehow: 1) Bipartisanship or lack thereof in Congress 2) Bureaucracies (agencies or heads of agencies) 3) Divided government or unified government 4) Federalism (lobbying efforts from states) 5) Interest groups (name specific) 6) Media (advertisements – describe) 7) Presidential leadership 8) Party discipline (or lack thereof) in Congress Requirements of the Combined Research Paper 1. Thesis Statement 2. Annotated Bibliography 3. Formal Outline 4. Final Paper (including...
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...Geremy M Hurley Political Science April 8, 2014 Globalization Paper The industrialized democracies globalization part in the book talks about countries that have wealth and add to the environmental decay. It states that with their wealth they focus more on other things that they feel are important to them and they do not worry about the decaying environment that they add to every day. The United States had not really engaged in democratization. Most of the founders had serious doubts about becoming a democracy. There is issues that get brought up about the Declaration of independence, when they say that “all men are created equal”. This was not true for the most part of the time after the signing of this document. It was a long time until blacks and poor white men were allowed to participate in political formats. I think that The United States has issues that affect the world. Politically and Economically the United States is having a global impact because we are the Super Power of the world. Other countries look up to The U.S. The United States still has a long way to go in order to fulfill that statement form the Deceleration of Independence. With women still having issues in the political format and LGBTQ individuals having a hard time with being able to do anything, it is increasingly difficult for people to have confidence in the government. In Great Britain they have a lot of impacts of globalization that stem from outside its borders. About 99 percent of its...
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...Fiscal Policy and Social Security Policy During the 1990s Douglas W. Elmendorf Federal Reserve Board Jeffrey B. Liebman Harvard University and NBER David W. Wilcox Federal Reserve Board Revised July 2001 This paper was presented at a conference on “American Economic Policy in the 1990s” held June 27 to 30, 2001 at the John F. Kennedy School of Government, Harvard University. The views expressed in this paper are those of the authors and are not necessarily shared by any of the institutions with which they are affiliated. We thank Al Davis, Peter Diamond, Edward Gramlich, Peter Orszag, Gene Sperling, and Lawrence Summers for comments on an earlier draft. Elmendorf was formerly Deputy Assistant Secretary of the Treasury in the Office of Economic Policy, and prior to that Senior Economist at the Council of Economic Advisers; Liebman was formerly Special Assistant to the President for Economic Policy at the National Economic Council; and Wilcox was formerly Assistant Secretary of the Treasury for Economic Policy. Table of Contents Page 1. Introduction 2. Budget Outcomes and Projections Improved Budget Picture Sources of Improvement 3. Budget Deficit Reduction: 1990 through 1997 OBRA90 OBRA93 What Did Deficit Reduction Ultimately Accomplish? The Republican-Controlled Congress BBA97 4. Entitlement Reform and Saving Social Security First Entitlement Commissions Social Security Saving Social Security First 5. Social Security Reform Options Using Projected Budget Surpluses as Part...
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...Campaign Financial Contributions and the Electoral Process in the United States [The Boston Tea Party] Student: Arleta Dunlap Course: POS 2311-05 American National Government Semester: Fall, 2011 Professor: Dr. Mordu Serry-Kamal Institution: Winston-Salem State University Date: November 28, 2011 I. Introduction “Tea Party Myths” is an article about the event that took place on December 16, 1773 in Boston, Massachusetts. It refers to a few different misconceptions or “myths” about the event, and discusses the accurate facts of that historic day. The author of the article is Ray Raphael. The author of this article has advanced because he clearly points out the facts of the Boston Tea Party that many people do not know. There are so many misinterpretations of the event, and he pointed them out with accuracy. II. Literature Review The author is trying to make three specific points regarding misconceptions of the Boston Tea Party, as well as make a few factual points about the event in general. The first myth that Raphael referred to was that the whole event began because of higher taxes on tea. Tea was a major commodity at that time and it is believed by some that the colonist rebelled due to these taxes that were implemented. The truth of the matter is that there was actually a tax break for the colonists. The author states that the issue was not a rise in taxes, but the fact that the colonists had no part in the decision making. The author also corrected...
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...Health care in the US-a system or not Angela Stafford University of Phoenix Health care organizations and delivery systems HCS/531 Russell Arenz III November 08, 2010 Health care in the US-a system or not A system is defined by Mosby's medical dictionary as "a group of interacting, interrelated, or interdependent elements forming a complex whole" (Mosby's 2009). Health care system is defined as "the complete network of agencies, facilities, and all providers of health care in a specified geographic area" (Ginsbury, Doherty, Ralston, & Senkeeto, 2008, p. 55). To make a system complete there has to be parts that bring it together. This paper will explore some of the components of a health care system, fundamental goals of a system and whether or not these components and goals interact with each other to form a whole. How medical treatment is arranged, financed and delivered are components of a healthcare system. Treatment is organized by the providers that offer the treatment and whether the providers are practicing in private practice, in small or large groups, or in corporate associations. Financing treatment includes any entity involved in payment of treatment services including the individual who requires the service or any type of insurance agency. Treatment delivery refers to the place treatment is provided, for example, rural or urban locations and inpatient or outpatient settings. Three fundamental objectives of a health care system include...
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...This paper will highlight how Maoist took the agenda of Nationalism to attract people of Nepal and the loss created by their political agenda. This will also examine the essence of people’s war when Nepal was already in the path of democracy. Furthermore, it will also highlight the cost of war in the name of ideology. 1.3 Research...
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...Washington 2 I chose to research my final paper on the leader George Washington. Although I research other important leaders George Washington made the way for other American leaders in my eyes. George Washington was born on February 22. 1732, in Westmoreland County, Virginia. “George Washington could trace his family’s presence in North America to his great-grandfather John Washington who migrated from England to Virginia.” George Washington family was wealthy, but lost most of their wealth during the Puritan Revolution. George Washington father died when he was 11, and his half- brother Lawrence and his wife Annie Fairfax raised him to be a very fine young man. In July, 1752, “George Washington’s Brother Lawrence, died of tuberculosis making him the heir apparent of the Washington lands.” George Washington was given a rank of major in the Virginia milita. George Washington was given the honorary rank of colonel and joined British General Edward Braddock’s army in Virginia in 1755. Although Washington went to war and escaped with our harm, some of his fellow soldiers were not as lucky. Washington held the position of being commander of all Virginia troops in August 1755. George Washington had already been in battle and had escaped death, so when he became ill in 1757 he was sent home with dysentery. George Washington applied for a commission and with the turn down of the position, he resigned in 1758. George Washington married Martha Dandridge Custis, a wealthy widow...
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