Creative economy index (CEI) and GDP growth

From Creative Economy to Creative Society

Public policy promoting the creative economy has two serious flaws: one, a misperception of culture and creativity as a product of individual genius rather than collective activity; and, two, a willingness to tolerate social dislocation in exchange for urban vitality or competitive advantage. This brief recaps current culture and revitalization research and policy and proposes a new model—a nei...

Markov Switching Models for GDP Growth in a Small Open Economy: The New Zealand Experience

This paper fits Markov switching models to quarterly New Zealand aggregate GDP growth rates for the period 1978:1 to 2003:2 in order to analyse changes in mean and volatility over time. The models considered are drawn from a simple class of parsimonious, four state, Markov switching models which encompass a wide range of stationary time series behaviour from linear AR(1) models to non-linear mo...

Nominal GDP Targeting Rules: Can They Stabilize the Economy?

s from the important role that expectations of future events, such as policy adjustments, play in the problem of time inconsistency. 8 Some analysts argue for rules that adjust another instrument of monetary policy, the monetary base, to keep nominal GDP on target (McCallum 1987, 1988). Interest rate-based rules offer the advantage that they involve little change from the Fed’s current policy-s...

Series , 21 Creative Assets and the Changing Economy 1

Many arts advocates and policymakers have argued that certain changes in the economy (globalization, digitalization, the rise of the “knowledge” worker, the boom in intellectual property, changes in leisure consumption) are having a catalytic effect on art and culture. In particular, the arts are heralded as engines of economic growth and development. Scholars and pundits have written about the...

Literary Routes: Migration, Islands, and the Creative Economy