Thursday, August 24, 2006

Dangerous Curve

Arthur Laffer, on the opinion page of today’s Wall Street Journal (hat tip to Dave Altig), writes:

You'd have to dig pretty far down in the duffle bag of economists to find one who actually believes in the Philips Curve-- the idea that rapid growth causes inflation.

It appears that, all these years that I’ve been studying the Phillips curve, I’ve been under a wrong impression about what the Phillips curve was. You see, naïve as I was, I thought that demand was the causal factor. I thought that excess demand caused both faster growth and rising inflation rates. I had this crazy idea that maybe, faced with excess demand, firms would both raise prices and increase production, thus increasing the inflation rate and increasing the growth of output at the same time. And I also thought that this excess demand would give firms a reason to hire more workers, even if they had to pay higher wages to do so, so the unemployment rate would fall and wages would rise. Seems like a pretty reasonable theory to me; I doubt you would have to dig very far down in the duffle bag to find an economist who believes it. But apparently, this is not what the Phillips curve is about.

No, according to Laffer, the Phillips curve is the idea that growth itself causes inflation. That is a really dumb theory. No wonder so few of us actually believe it. All this time I thought I believed in the Phillips curve, when actually what I believed was something quite different.

Labels: , , , ,

38 Comments:

Anonymous mvpy said...

Laffer's of course talking about growth in potential output, which would be disinflationary. Actually, in an RBC model, Laffer would be correct.
You're talking about demand growth, which, admittedly, is that more conventional way of interpreting the Phillips curve. But Laffers interpretation is also consistent with the Phillips curve (via supply shocks, or a widening in the output gap, via potential rising)

Thu Aug 24, 12:55:00 PM EDT  
Blogger knzn said...

Another way to put it is that Laffer is concerned with shifts in the Phillips curve, whereas I’m concerned with movements along the Phillips curve. But rhetorically, Laffer is starting from the premise that the Phillips curve is fixed by definition. And since (as everyone agrees) we often experience movements that are not consistent with a fixed Phillips curve, therefore the whole Phillips curve idea must be wrong, and only a few low-in-the-duffle-bag kooks believe it.

A more intellectually honest thing for him to say would have been that he thinks shifts in the Phillips curve are much more important than movements along, to the point where the concept loses it usefulness. But if he said that, he wouldn’t be able to sustain the claim that most economists agree with him.

Thu Aug 24, 01:17:00 PM EDT  
Anonymous happyjuggler0 said...

The Conspiracy to Keep You Poor and Stupid also blasts Laffer here, although that post goes broader into Laffer than knzn does.

I don't buy the dollar foreign exchange theory of the post, but I disagree with most formal theories by economists and pundits on foreign exchange anyway. The reason the dollar started going up in 1980 is pretty much common sense (in hindsite anyway) and I won't delve into that. The reason it kept going up as high as it did can be explained in one word: bubble. It popped in Feb 1985 without any apparent trigger, but so what...bubbles pop, that is what they all eventually do. The decline of the dollar to a more moderate fluctuation range then became inevitable.

Thu Aug 24, 01:58:00 PM EDT  
Blogger Gabriel Mihalache said...

Excuse my undergraduate-ish question but are we talking about the original, '60s, groovey Phillips curse; or are we talking about the expectations-auggmented version that won't allow for long-run trade-offs but only for "surprises"? (And is it a relevant distinction here?)

On the other hand, inflation is most likely monetary. The weakest point in your theory is postulating the sudden appearance of excess demand... *poof*. Weird.

Excess demand in one sector means lower demand in another, higher prices in some mean lower prices in others, and it should all wash out in the aggregate. (For fixed income and purchasing power: this is why in a previous topic the issue came down on the Fed "accomodating" the expansion by reducing the purchasing power.)

So if you're saying that there's a long-run, exploitable, Phillips curve, because of excess demand + Okun's Law... yes, people who believe that are hard to find. (You won't find anyone supporting this in the RBC crowd, obviously; Mankiw, Romer and even Tobin would agree with Friedman. Who else is left?)

A more plausible scenario, at least for me, is the one in every intermediate textbook. Someone "smart" gets the idea of applying expansionary policy by loosening the monetary policy (via deficits or directly via monetary instruments), inflation ensues, excess demand appears because of it, unemployment reduces but then the "money illusion" goes away and we return to the previous steady state but with higher inflation.

By starting the story with excess demand, I think Keynesians put the cart before the horse and maybe that's why much of their dynamics end up in wage-inflation spirals which don't match the data.

Just my 2 cents/not so humble opinion.

Thu Aug 24, 02:02:00 PM EDT  
Blogger Gabriel Mihalache said...

P.S. It says "the idea that rapid growth causes inflation"... and I read "rapid growth" to mean growth faster than trend, i.e. growing gap.

So I guess he's blasting those that use a gaps-version of the Phillips curve: output gap vs. inflation gap (core inflation as trend).

Thu Aug 24, 02:09:00 PM EDT  
Anonymous Anonymous said...

Knzn,

I just want to give you props for having one of the most badass econ blogs on Web. All thinking and (mostly) no linking.

Great Stuff. Your readers appreciate it.

Thu Aug 24, 03:41:00 PM EDT  
Anonymous 2slugbaits said...

My understanding of the Laffer curve is that it is a poor man's version of Mirrlees' earlier work on revenue maximizing income tax rates based on elasticities of income and substitution effects. Laffer seems to have more or less assumed (without a lot of empirical evidence as best I can tell) that the revenue maximizing rate was 50%. I suspect the 50% figure had a certain cosmic elegance about it. Maybe Laffer was a closet ancient Greek. One consequence of the Laffer curve was that if tax rates were too high (i.e, > 50%) then substitution effects would dominate and the overall supply curve for the economy would shift to the left because productive entrepreneurs would withhold labor and take more leisure. That theory had some relevance back when the top marginal rate was 70%, but today it's a joke. No one, not even Laffer, believes that we are anywhere near the revenue maximizing marginal rate.

I think the general consensus is that the Phllips curve is the Fed's equivalent of a short run aggregate supply curve.

Thu Aug 24, 06:49:00 PM EDT  
Blogger knzn said...

Gabriel, I think Laffer is being deliberately vague about which Phillips curve he’s talking about. Obviously if he’s talking about a fixed, sloping, long-run Phillips curve, then indeed very few economists believe in it. But the idea that “rapid growth causes inflation” is a mischaracterization of either Phillips curve, and it could just as easily apply (equally inaccurately) to the modern, expectations-augmented version. A believer in the modern version would agree that “demand that causes growth to exceed potential will cause inflation to accelerate,” which Laffer might summarize as, “Rapid growth causes inflation.”

I don’t think the appearance of excess aggregate demand is such a mystery. Prices are sticky because of menu costs (if you like, though I’m willing to believe in money illusion, at least with respect to wages). If a lot of people decide they want to buy stuff (which might happen, for example, because of an investment bubble like the late 90s rather than because of a tricky monetary or fiscal policy), then more of the prices get un-stuck, and you get inflation. But because some prices are stickier than others, you also get more growth. That’s the New Keynesian Phillips curve.

Also, I don’t think the fact that you can’t exploit the Phillips curve in the long run implies that it’s something we don’t need to be concerned about. Granted, you can try (which Laffer and also Milton Friedman would like) a constant monetary base growth rule, and it will at least assure that you avoid hyperinflation or severe, prolonged deflation. But I think you can do a lot better if you “follow the money” through the economy and deliberately loosen or tighten when you notice (or anticipate) movements along the Phillips curve. I think there is a lot of variability, uncertainty, even chaos, in the monetary policy transmission mechanisms. The Phillips curve is one (not the only) tool that helps to get to the other side of that chaos.

Thu Aug 24, 07:52:00 PM EDT  
Anonymous mvpy said...

"But because some prices are stickier than others, you also get more growth. That’s the New Keynesian Phillips curve."

Mankiw himself says that the NKPC doesnt fit the data. The best fit, I think, is a backward looking adaptive expectations model.

"The Phillips curve is one (not the only) tool that helps to get to the other side of that chaos."

But its a UFO, that is, an unidentified flying object. For operational reasons, Im very dubious about it, since its all over the place.

Thu Aug 24, 11:41:00 PM EDT  
Blogger Gabriel Mihalache said...

Right. I think that it's now a lot clearer as to who support what, overall.

You're saying that demand shifts in the private sector (from/to consumption to/from investment) will cause short-run fluctuations that will end up looking like a Phillips curve. That's plausible, at least at first view, but I don't understand where do price mechanism imperfections play a part?

If "inflation" = CPI then movements towards consumption and away from investment will cause inflation. So why mention sticky prices/wages?

I'm confused! I guess I need to read up on the "New Keynesian Phillips curve".

The worst thing is I think that neither your real demand fluctuation scenario nor that of monetary supply mismanagement, of Friedman, seem to be able to make sense of most of the post-WWII data, in the US, not to mention elsewhere.

Fri Aug 25, 07:06:00 AM EDT  
Anonymous forex trader said...

The best kind of Forex training can be with an individual trainer or mentor. This would be someone with many years of Forex experience who can offer insights and strategies learned through the course of conducting thousands of transactions. Forex mentors usually charge a lot of money – thousands of dollars is not unheard of. Whether the cost is worth it is up to the individual to decide. Working with a master trader can provide valuable insight into the psychology of Forex trading.

Thu May 29, 12:28:00 PM EDT  
Blogger sexy11 said...

情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣用品,情趣用品,情趣,情趣,A片,A片,情色,A片,A片,情色,A片,A片,情趣用品,A片,情趣用品,A片,情趣用品,a片,情趣用品

A片,A片,AV女優,色情,成人,做愛,情色,AIO,視訊聊天室,SEX,聊天室,自拍,AV,情色,成人,情色,aio,sex,成人,情色

免費A片,美女視訊,情色交友,免費AV,色情網站,辣妹視訊,美女交友,色情影片,成人影片,成人網站,H漫,18成人,成人圖片,成人漫畫,情色網,日本A片,免費A片下載,性愛

情色文學,色情A片,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色視訊,免費成人影片,視訊交友,視訊聊天,言情小說,愛情小說,AV片,A漫,AVDVD,情色論壇,視訊美女,AV成人網,成人交友,成人電影,成人貼圖,成人小說,成人文章,成人圖片區,成人遊戲,愛情公寓,情色貼圖,色情小說,情色小說,成人論壇


av女優,av,av片,aio交友愛情館,ut聊天室,聊天室,豆豆聊天室,色情聊天室,尋夢園聊天室,080聊天室,視訊聊天室,080苗栗人聊天室,上班族聊天室,成人聊天室,中部人聊天室,一夜情聊天室,情色聊天室,情色視訊

A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖

Wed Jan 14, 06:41:00 AM EST  
Blogger sex999 said...

A片,A片,情色,情色,A片,A片,情色,情色,A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖

美女交友,AIO交友愛情館,AIO,成人交友,視訊交友網,視訊交友,拓網交友,PC交友,視訊交友90739,交友,情色交友,聊天室交友,辣妹視訊,視訊辣妹,美女視訊,視訊美女,情色視訊,日本AV,免費視訊聊天,視訊聊天,AV女優,AV,視訊聊天室,視訊,免費視訊,情人視訊網,本土自拍,自拍,AVDVD,SEX,微風成人,微風論壇,微風成人區,成人網站,成人,成人電影,嘟嘟成人網,成人貼圖,成人影片,成人圖片區,成人圖片,18成人,成人小說,成人影城,成人文章,成人論壇,愛情公寓,情色論壇,情色,色情聊天室,色情,情色貼圖,情色文學,色情小說,情色小說,寄情築園小遊戲,色情遊戲,情色電影,情色網,做愛,UT聊天室,聊天室,聊天,哈拉聊天室,豆豆聊天室,尋夢園聊天室,聊天室尋夢園,080苗栗人聊天室,苗栗人聊天室,080中部人聊天室,080聊天室,中部人聊天室,柔情聊天網,6K聊天室,小高聊天室,上班族聊天室,免費A片,A片,成人聊天室,一夜情聊天室,情色聊天室,色色網,免費AV

Wed Jan 14, 10:17:00 PM EST  
Anonymous Anonymous said...

豆豆聊天室 aio交友愛情館 2008真情寫真 2009真情寫真 aa片免費看 捷克論壇 微風論壇 大眾論壇 plus論壇 080視訊聊天室 情色視訊交友90739 美女交友-成人聊天室 色情小說 做愛成人圖片區 豆豆色情聊天室 080豆豆聊天室 小辣妹影音交友網 台中情人聊天室 桃園星願聊天室 高雄網友聊天室 新中台灣聊天室 中部網友聊天室 嘉義之光聊天室 基隆海岸聊天室 中壢網友聊天室 南台灣聊天室 南部聊坊聊天室 台南不夜城聊天室 南部網友聊天室 屏東網友聊天室 台南網友聊天室 屏東聊坊聊天室 雲林網友聊天室 大學生BBS聊天室 網路學院聊天室 屏東夜語聊天室 孤男寡女聊天室 一網情深聊天室 心靈饗宴聊天室 流星花園聊天室 食色男女色情聊天室 真愛宣言交友聊天室 情人皇朝聊天室 上班族成人聊天室 上班族f1影音視訊聊天室 哈雷視訊聊天室 080影音視訊聊天室 38不夜城聊天室 援交聊天室080 080哈啦聊天室 台北已婚聊天室 已婚廣場聊天室 夢幻家族聊天室 摸摸扣扣同學會聊天室 520情色聊天室 QQ成人交友聊天室 免費視訊網愛聊天室 愛情公寓免費聊天室 拉子性愛聊天室 柔情網友聊天室 哈啦影音交友網 哈啦影音視訊聊天室 櫻井莉亞三點全露寫真集 123上班族聊天室 尋夢園上班族聊天室 成人聊天室上班族 080上班族聊天室 6k聊天室 粉紅豆豆聊天室 080豆豆聊天網 新豆豆聊天室 080聊天室 免費音樂試聽 流行音樂試聽 免費aa片試看A片 免費a長片線上看 色情貼影片 免費a長片 本土成人貼圖站 大台灣情色網 台灣男人幫論壇 A圖網 嘟嘟成人電影網 火辣春夢貼圖網 情色貼圖俱樂部 台灣成人電影 絲襪美腿樂園 18美女貼圖區 柔情聊天網 707網愛聊天室聯盟 台北69色情貼圖區 38女孩情色網 台灣映像館 波波成人情色網站 美女成人貼圖區 無碼貼圖力量 色妹妹性愛貼圖區 日本女優貼圖網 日本美少女貼圖區 亞洲風暴情色貼圖網 哈啦聊天室 美少女自拍貼圖 辣妹成人情色網 台北女孩情色網 辣手貼圖情色網 AV無碼女優影片 男女情色寫真貼圖 a片天使俱樂部 萍水相逢遊戲區 平水相逢遊戲區 免費視訊交友90739 免費視訊聊天 辣妹視訊 - 影音聊天網 080視訊聊天室 日本美女肛交 美女工廠貼圖區 百分百貼圖區 亞洲成人電影情色網 台灣本土自拍貼圖網 麻辣貼圖情色網 好色客成人圖片貼圖區 711成人AV貼圖區 台灣美女貼圖區 筱萱成人論壇 咪咪情色貼圖區 momokoko同學會視訊 kk272視訊 情色文學小站 成人情色貼圖區 嘟嘟成人網 嘟嘟情人色網 - 貼圖區 免費色情a片下載 台灣情色論壇 成人影片分享 免費視訊聊天區 微風 成人 論壇 kiss文學區 taiwankiss文學區

Wed Apr 01, 07:55:00 AM EDT  
Anonymous Anonymous said...

福~
「朵
語‧,最一件事,就。好,你西.............................................................................................................
..................

Wed Apr 01, 10:32:00 AM EDT  
Blogger . said...

酒店喝酒,禮服店,酒店小姐,酒店領檯,便服店,鋼琴酒吧,酒店兼職,酒店兼差,酒店打工,伴唱小姐,暑假打工,酒店上班,酒店兼職,ktv酒店,酒店,酒店公關,酒店兼差,酒店上班,酒店打工,禮服酒店,禮服店,酒店小姐,酒店兼差,暑假打工,酒店經紀,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,酒店傳播,酒店經紀人,酒店,酒店,酒店,酒店 ,禮服店 , 酒店小姐,酒店經紀,酒店兼差,暑假打工,招待所,酒店小姐,酒店兼差,寒假打工,酒店上班,暑假打工,酒店公關,酒店兼職,禮服店 , 酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工,酒店,酒店,酒店經紀,酒店領檯 ,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,酒店經紀,酒店經紀,酒店經紀

Tue Apr 21, 07:07:00 PM EDT  
Blogger how to buy air shoes said...

Some new style Puma Speed is in fashion this year. chaussure puma is Puma Shoes in french. Many france like seach “chaussure sport” by the internet when they need buy the Puma shoes or buy the nike max shoes.The information age is really convenient. By the way ,the puma CAT is really good chaussures puma ,don’t forget buy the puma mens shoes and nike air max ltd by the internet when you need them . Do you know Nike Air Shoes is a best Air Shoes .

Spring is coming, and how to choose the polo shirts is the main concern of many people. ralph lauren polo shirts is a classic type and reliable. ed hardy clothing is more in line with the aesthetic ideas of young people, so many young people filled with a variety of ed hardy clothes in their wardrobes. New style ed hardy womens shirt match the new style ed hardy sunglasses , it is a good idea.
Do you think this season is not for ugg boots ? maybe yes .but this season is best time that can buy the cheap ugg boots. Many sellers are selling discounted. Do not miss . Please view my blog and fc2 blog .thank you .

Tue May 19, 05:18:00 AM EDT  
Anonymous Anonymous said...

Do you wannaghd hair straighteners for you own , we have many
cheap ghd hair straightenersin style and great,you can choose one from these
hair straighteners
Authentic chaussure puma
chaussure sport
And chaussure nike shoes
Come here to have a look of our Wholesale Jeans
Many fashionMens Jeans ,eye-catching
Womens Jeans ,and special out standing
Blue Jeans ,you can spend less money on our
Discount Jeans but gain really fine jeans, absolutely a great bargain.
www.crazypurchase.com
China Wholesale
wholesale from china
buy products wholesale
China Wholesalers
http://weddingdressseason.com

Mon Jun 08, 12:11:00 AM EDT  
Anonymous Anonymous said...

There are ed hardy shirts
,pretty ed hardy shirt for men,

ed hardy womens in the ed hardy online store

designed by ed hardy ,
many cheap ed hardy shirt ,glasses,caps,trouers ed hardy shirts on sale ,

You can go to edhardyshirts.com to have a look ,you may find one of ed hardy clothing fit for you
Top qualitymen's jacket,
These cheap jacket are on sale now,you can find
north face jackets inmage on our web

Mon Jun 08, 12:12:00 AM EDT  
Blogger wow power leveling said...

Faint hint of the love of friendship

Faint hint of the love of friendship. There is a friend, I think that is a cheap wow gold kind of love and friendship between the feelings between, you will occasionally miss a time to silence him, reminds him, the warm heart, a beautiful, a moving. Sad and worried at the time, you will think of him, you hope that he can in your side, give you comfort and buy wow power leveling understanding to you, and you never talk to him, are you afraid of their own grief that would preclude him from peaceful life.

You will be a song, a color, think of him, think of my wow gold his sincerity, he reminds me of the dedication, his mind had gone through the ups and downs together. With such a friend, you will treasure their lives and love their own lives, because you know I hope you had a good, he would like you to take care of themselves properly, and then to meet, he cheapest wow power leveling would like you to tell him you very happy.

That the concept of secularism, in your mind, because his replica replica rolex presence has become pale and weak, you are only in the depths of the bottom of my heart for this man set up a small space, stick with that quietly happy memories, from the the very beginning you know that you will not have any love, it seems that talk about love on the desecration CHEAP wow power level of this emotion, this can only be a friendship. This is how in the end all about? You want to for many years, but no clue.

You seldom have contacts in this long life, you meet the door may be only a few of the ten thousandth time, but in each other's hearts retain a miss, one asked, even if he went to the ends of the earth, even after many, many years, even BUY power leveling when the meet again, has long been a non-object is not, you still remember back as a profound, and this has been sufficient.

Sometimes life will calm a dry, maybe you will fall into the dry I replica rolex replica did this, perhaps what you do not have love, perhaps early HUAFA, full sideburns pale, but with such a friend, in the your life will ripple slightly, a little color, do you think of him. He remembered the quiet, perhaps the Health and cheap lotro gold the WHO will not forget.

Am grateful for you in this world, there is such a person, he is replica rolex not around you, he did not do anything for you, but you hope that he would have been very good, long life, happiness well-being ... ...

Am glad you had a feeling like that, pure and long, in this complex CHEAPEST power leveling world, there are such a friend, it is worth to cheap rs gold lbless you to miss ... ...

Tue Jun 09, 11:27:00 PM EDT  
Blogger haitao said...

cheap hair straighteners
chi hair straightener
chi flat iron

new polo shirts
cheap Lacoste polo shirts
cheap Lacoste polo shirts

cheap handbags
cheap bags
puma chaussures
chaussures puma
chaussure puma

Men's North Face
Women's North Face


hair straighteners
sexy lingerie store
cheap ugg boots
tattoo wholesale
men's clothing
women's clothing


2009 nike shoes
new nike shoes
Women's max
Men's max 93
nike shox
Nike air force
Nike air max 2003
nike air max ltd
nike air max tn
Nike air rift
Nike air Yeezy
nike airmax
Nike air max 90
Nike air max 97
nike birds nest shoes
nike dunk
nike RT1 shoes
nike SB
nike shox shoes
Nike shox OZ shoes
Nike shox R2 shoes
Nike shox R3 shoes
Nike shox R4 shoes
Nike shox R5 shoes
Nike shox TL3
nike trainers lovers

tennis rackets
Wilson tennis rackets
HEAD tennis rackets
Babolat tennis rackets

Thu Jun 11, 02:36:00 AM EDT  
Blogger 花蓮租車 said...

花蓮租車,花蓮旅遊,花蓮租車,花蓮租車公司,花蓮租車,花蓮一日遊,花蓮租車,花蓮租車,花蓮租車,花蓮旅遊,花蓮旅遊,花蓮旅遊,花蓮租車,花蓮租車,租車,賞鯨,花蓮旅遊,花蓮泛舟,花蓮賞鯨,泛舟,溯溪,花蓮租車,花東旅遊,花蓮租車,花東旅遊,花蓮租車,租車,花蓮旅遊,花蓮租車,花蓮旅遊租車,花蓮租車,花蓮旅遊,租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花東旅遊,花蓮旅遊,花蓮租車,花蓮租車,花蓮租車旅遊,花蓮旅遊租車,租車,花蓮旅遊推薦,花蓮旅遊包車,花蓮租車,花蓮,花蓮租車,花蓮地圖,花蓮旅遊,花蓮旅遊,花蓮旅遊景點,賞鯨,花蓮旅遊行程,花蓮旅遊,花東旅遊景點,花東旅遊行程,花蓮租車

Mon Jun 29, 03:25:00 AM EDT  
Blogger 花蓮租車 said...

花蓮旅遊,花蓮租車,花東旅遊,花蓮租車,花蓮租車,花蓮旅遊,租車,花蓮旅遊,花蓮旅遊景點,花蓮旅遊行程,花蓮旅遊地圖,花蓮租車,花蓮租車,花蓮租車旅遊網,花蓮租車,花蓮租車,花蓮租車,花蓮旅遊景點,租車,花蓮旅遊行程,花蓮旅遊地圖,花蓮租車,花蓮租車,租車,花蓮租車,花蓮賞鯨,花蓮旅遊,花蓮,花東旅遊,花蓮租車,花蓮租車,花蓮租車,花蓮旅遊,花蓮租車,花蓮租車,花蓮賞鯨,租車,花蓮租車,花蓮賞鯨,花蓮泛舟,花蓮溯溪,花蓮旅遊,花蓮旅遊景點,花蓮旅遊行程,花蓮旅遊地圖,租車,花蓮租車,花蓮租車,租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮一日遊,花蓮租車公司,花蓮租車,花蓮租車,花蓮租車,花蓮一日遊,花蓮租車,花蓮旅遊地圖,花蓮租車,花蓮旅遊行程,花蓮旅遊景點,花蓮旅遊地圖,花蓮賞鯨,花蓮旅遊行程,花蓮旅遊,花蓮租車

Mon Jun 29, 03:25:00 AM EDT  
Blogger salina said...

看板 製作
ウォーター サーバー
網頁設計
別れさせ屋
網頁設計
格安航空券
インプラント
お見合い

Fri Jul 10, 03:23:00 AM EDT  
Blogger 不動産 said...

ダンボール
アダルトDVD
アダルトDVD
水 通販
幼児教室
電話占い
探偵
薬剤師 求人

Mon Jul 13, 02:06:00 AM EDT  
Blogger bing said...

http://www.chihairstraightener.us/ : chi hair straightener
http://www.chiflatiron.us/ : chi flat iron

http://www.polool.com/ : new polo shirts


http://www.pursecart.com/ : cheap handbags
http://www.pursecart.com/ : cheap bags
http://www.pumachaussures.com/ : puma chaussures
http://www.pumachaussures.com/ : chaussures puma
http://www.pumachaussure.com/ : chaussure puma

http://www.jacketsworld.com/ : Men's North Face
http://www.jacketscart.com/ : Women's North Face


http://www.myhairstraighteners.co.uk/ : hair straighteners
http://www.sexylingeriestore.us/ : sexy lingerie store
http://www.uggsoutlet.us/ : cheap ugg boots
http://www.12hot.com/ : tattoo wholesale
http://www.polooo.net/ : men's clothing
http://www.acrazystore.com/ : women's clothing




http://www.thehairstraighteners.com/ : cheap hair straighteners
http://www.polosales.com/ : cheap Lacoste polo shirts
http://www.superpolos.com/ : cheap Lacoste polo shirts
http://www.shoesbuying.com/ : 2009 nike shoes
http://www.shoesbuying.com/2009-nike-shoes-c-153.htm : new nike shoes
http://www.shoesbuying.com/air-max-classic-bw-c-185.htm : Women's max
http://www.shoesbuying.com/mens-max-93-c-188.htm : Men's max 93
http://www.shoesbuying.com/nike-shox-c-165.htm : nike shox
http://www.shoesbuying.com/nike-force-c-174.htm : Nike air force
http://www.shoesbuying.com/nike-2003-c-181.htm : Nike air max 2003
http://www.shoesbuying.com/nike-air-max-ltd-c-166.htm : nike air max ltd
http://www.shoesbuying.com/nike-air-max-tn-c-167.htm : nike air max tn
http://www.shoesbuying.com/nike-rift-shoes-c-162.htm : Nike air rift
http://www.shoesbuying.com/nike-yeezy-c-184.htm : Nike air Yeezy
http://www.shoesbuying.com/nike-airmax-c-154.htm : nike airmax
http://www.shoesbuying.com/nike-airmax-c-155.htm : Nike air max 90
http://www.shoesbuying.com/nike-airmax-c-157.htm : Nike air max 97
http://www.shoesbuying.com/nike-birds-nest-shoes-c-152.htm : nike birds nest shoes
http://www.shoesbuying.com/nike-dunk-high-c-177.htm : nike dunk
http://www.shoesbuying.com/nike-shoes-c-168.htm : nike RT1 shoes
http://www.shoesbuying.com/nike-sb-c-180.htm : nike SB
http://www.shoesbuying.com/nike-shox-shoes-c-156.htm : nike shox shoes
http://www.shoesbuying.com/nike-shox-shoes-c-158.htm : Nike shox OZ shoes
http://www.shoesbuying.com/nike-shox-shoes-c-159.htm : Nike shox R2 shoes
http://www.shoesbuying.com/nike-shox-shoes-c-160.htm : Nike shox R3 shoes
http://www.shoesbuying.com/nike-shox-shoes-c-163.htm : Nike shox R4 shoes
http://www.shoesbuying.com/nike-shox-shoes-c-164.htm : Nike shox R5 shoes
http://www.shoesbuying.com/nike-shox-c-171.htm : Nike shox TL3
http://www.shoesbuying.com/nike-trainers-lovers-c-118.htm : nike trainers lovers

http://www.racketsoffer.com/ : tennis rackets
http://www.racketsoffer.com/wilson-racquets-c-19/ : Wilson tennis rackets
http://www.racketsoffer.com/head-racquets-c-18/ : HEAD tennis rackets
http://www.racketsoffer.com/babolat-racquets-c-17/ : Babolat tennis rackets

Wed Jul 22, 11:04:00 PM EDT  
Anonymous Anonymous said...

小吃餐車加盟連鎖「一條龍的創業模式」複製成功開店經驗
更新日期:2009/08/25 17:19

(中央社訊息服務20090825 16:19:17)大環境不景氣,工作難找,有不少人就想乾脆自己創業當老闆。為強化國內創業能量,五路財神開店總部於8月20日-9月20日舉辦「2009夢幻小餐車創業成果展」歡迎蒞臨參觀。針對國內一窩蜂創業加盟潮,餐車達人陳滌五總監提醒創業者,加盟不失為一條創業捷徑,但若選擇加盟,品牌知名度、產品獨特性及是否擁有差異化優勢就顯得格外重要。
近年來以成本低的小吃餐車最受創業者青睞。沒經驗的失業族 大部份都選擇餐車擺攤,最多人都想在創業市場闖出一片天。在台中成立的五路財神開店總部,小吃餐車用品牌方式來營運,總經理陳滌五用自己的經驗來現身說法。以國人創業首選的小吃餐車來說,如何在同質性高的市場中殺出重圍?雖然是路邊攤小餐車,營運上的重要撇步是關鍵;在企業經營戰略中,唯有領先核心競爭,保持差異化優勢才是生存之道。
陳總分享成功關鍵,「五路財神餐車與其他路邊攤最大的差異化,在於餐車外觀亮眼與眾不同的加分效果,及秉持結合好的小吃產品用品牌方式來經營的理念」。總部成立初期因觀察到傳統路邊攤想要爭得一席之地,大多考量商品創新的迷思,卻忽略創業者經營能否持久性的問題。所以五路財神餐車將傳統小吃商品,用創新工法為策略,顛覆傳統路邊攤的概念,長期下來在台灣建立起最多元品牌的餐車王國。
很多創業者最憂心沒經驗,業界首創從餐車打造、生財器具、原物料配方、技術教學、促銷廣告、開幕指導,「一條龍的創業輔導」模式,使得五路財神餐車品牌特色更為彰顯。陳總說,不景氣下小吃餐車經營是加倍艱辛,建議創業者不但要瞭解小吃經營的核心價值,凸顯產品獨特性及差異化之外還要定期和你商圈的客人互動,「好餐車、好商品、好客人」,三個好,如此才有可能成為「不敗的小吃攤」。
|加盟創業|滷味加盟|加盟|餐車|安親班|廚具||開店|新民管樂|哈比|Eric|校友隊|高中畢旅|全國音樂比賽|特優|痞子英雄|薩克斯風|東大附中|星條旗|離開地球表面|牛仔很忙|陽光宅男|新民管樂畢業生|墓仔埔也敢去

Fri Aug 28, 01:25:00 AM EDT  
Blogger poston said...

wholesale gemstone jewelry
wholesale crystal jewelry
crystal wholesale
rock crystal


crystal jewelry
wholesale jewelry
jewelry wholesale
cheap jewelry

Sun Sep 27, 10:25:00 PM EDT  
Anonymous Nike shox said...

The reason it kept going up as high as it did can be explained in one word: bubble. It popped in Feb 1985 without any apparent trigger, but so what...

Wed Oct 06, 10:26:00 PM EDT  
Blogger 咪摩兔 said...

借貸
借錢
二胎
汽車借款
酒店經紀

Thu Oct 07, 10:06:00 PM EDT  
Blogger 咪摩兔 said...

酒店經紀
票貼
借錢
二胎
酒店

Mon Nov 01, 02:45:00 AM EDT  
Blogger dfadf said...

Microsoft Office
Office 2010
Microsoft Office 2010
Office 2010 key
Office 2010 download
Office 2010 Professional
Microsoft outlook
Outlook 2010
Windows 7
Microsoft outlook 2010

Tue Nov 02, 01:51:00 AM EDT  
Anonymous cheap electronics said...

output, which would be disinflationary. Actually, in an RBC model, Laffer would be correct.
You're talking about demand growth, which, admittedly, is that more conventional way of interpreting the Phillips curve.

Wed Feb 16, 08:14:00 AM EST  
Anonymous prom dresses 2011 said...

good article

Mon Feb 28, 01:42:00 AM EST  
Blogger cosplay costumes said...

Thanks for taking the time to talk about this, I feel fervently about this and I take pleasure in learning about this topic.

Wed Jun 08, 04:24:00 AM EDT  
Anonymous Modest Wedding Dresses said...

Another way to put it is that Laffer is concerned with shifts in the Phillips curve, whereas I’m concerned with movements along the Phillips curve. But rhetorically, Laffer is starting from the premise that the Phillips curve is fixed by definition. And since (as everyone agrees) we often experience movements that are not consistent with a fixed Phillips curve, therefore the whole Phillips curve idea must be wrong, and only a few low-in-the-duffle-bag kooks believe it.

Sat Jun 25, 05:12:00 AM EDT  
Anonymous emerald green prom dress said...

emerald green prom dress from http://www.fashionweddinggowns.com/

Wed Oct 19, 02:34:00 AM EDT  
Anonymous wholesale wedding dresses said...

I have a presentation that I am presently working on, and I have been on the look out for such information

Mon Oct 24, 11:05:00 PM EDT  

Post a Comment

Links to this post:

Create a Link

<< Home