Optimal simple and implementable monetary and fiscal rules
... rather unrealistic features have been so widely adopted is not that they are the most empirically obvious ones to make nor that researchers believe that they are inconsequential for the nature of optimal monetary policy. Rather, the motivation is purely technical. Namely, the stylized models conside ...
... rather unrealistic features have been so widely adopted is not that they are the most empirically obvious ones to make nor that researchers believe that they are inconsequential for the nature of optimal monetary policy. Rather, the motivation is purely technical. Namely, the stylized models conside ...
** Macroeconomic Stability of Centralized and Decentralized Exchange: Anthropological Data ** This paper revisits an anthropological and historical data set I used years ago, and tests implications about macro-economic stability. It is a companion piece to the "Reciprocal Networks" piece mentioned in the previous section.
... for how the wealth terms (W) may change or differ. It can be shown (Stodder 1995a) that the major constraint on iS and iM is that each should be only slightly larger than its respective long term rates of physical depreciation -- for all Storehouse goods, πS , and the Monetary good, πM -- in order t ...
... for how the wealth terms (W) may change or differ. It can be shown (Stodder 1995a) that the major constraint on iS and iM is that each should be only slightly larger than its respective long term rates of physical depreciation -- for all Storehouse goods, πS , and the Monetary good, πM -- in order t ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... system, disturbances in the public’s demand for money, or other disturbances affecting the demand for goods, a policy of holding nominal GNP steady insulates the economy; neither real income nor the price level need be affected. In the event of disturbances to supply, such as the oil price increases ...
... system, disturbances in the public’s demand for money, or other disturbances affecting the demand for goods, a policy of holding nominal GNP steady insulates the economy; neither real income nor the price level need be affected. In the event of disturbances to supply, such as the oil price increases ...
Monetary Policy Transparency - Faculty of Economics
... illustrating the underlying uncertainty. Concerning procedural transparency, the use of an explicit monetary policy strategy (such as inflation targeting) increased from a half to nearly three quarters of central banks. But revealing information about monetary policy deliberations through the timely ...
... illustrating the underlying uncertainty. Concerning procedural transparency, the use of an explicit monetary policy strategy (such as inflation targeting) increased from a half to nearly three quarters of central banks. But revealing information about monetary policy deliberations through the timely ...
3 estimation of the impact of single monetary policy on - Hal-SHS
... January 1st, 1999 is now a key date in modern history. Indeed, it points the transition to the third phase of the Maastricht’s Treaty signed in 1992: founding of the Economic and Monetary Union and creation of a single currency, the Euro, within this zone. The change from national monetary policies ...
... January 1st, 1999 is now a key date in modern history. Indeed, it points the transition to the third phase of the Maastricht’s Treaty signed in 1992: founding of the Economic and Monetary Union and creation of a single currency, the Euro, within this zone. The change from national monetary policies ...
BNR ECONOMIC REVIEW Vol. 9
... functions in the sub sample starting in 2008, where much change in monetary and financial sectors happened in Rwanda, indicate that a shock on credit to the private sector has an impact on real GDP and CPI. More interestingly, real GDP reacts to changes in Treasury bill rate. This has very important ...
... functions in the sub sample starting in 2008, where much change in monetary and financial sectors happened in Rwanda, indicate that a shock on credit to the private sector has an impact on real GDP and CPI. More interestingly, real GDP reacts to changes in Treasury bill rate. This has very important ...
Measuring Systematic Monetary Policy
... shown that, if prices can adjust only slowly because of contracts or because of costs of adjustment, then systematic monetary policy, not just monetary surprises, will have real effects. A second approach developed more slowly out of the new classical analysis itself. Initial empirical tests of Luca ...
... shown that, if prices can adjust only slowly because of contracts or because of costs of adjustment, then systematic monetary policy, not just monetary surprises, will have real effects. A second approach developed more slowly out of the new classical analysis itself. Initial empirical tests of Luca ...
Kad Brunner*
... expenditure categories showed little, if any, serious exposure to the impact of borrowing costs according to this view. Countercyclic variations of the money stock imposed under the circumstances a heavy burden on a sector of the economy satisfying "social or political priorities." This social evalu ...
... expenditure categories showed little, if any, serious exposure to the impact of borrowing costs according to this view. Countercyclic variations of the money stock imposed under the circumstances a heavy burden on a sector of the economy satisfying "social or political priorities." This social evalu ...
deflation - Mises Institute
... a matter of fact, the wage decreases occurred mainly after the deflation was over: “Most of the price deflation took place in 1921, whereas wage deflation took place primarily in 1922” (p. 101). This delayed adjustment, and not deflation per se, explains why unemployment skyrocketed in 1921 to 25 pe ...
... a matter of fact, the wage decreases occurred mainly after the deflation was over: “Most of the price deflation took place in 1921, whereas wage deflation took place primarily in 1922” (p. 101). This delayed adjustment, and not deflation per se, explains why unemployment skyrocketed in 1921 to 25 pe ...
FISCAL AND MONETARY POLICY INTERACTIONS: A GAME
... risk of banks overextending themselves and suffering from bank runs. In addition, compulsory deposits regulate the money multiplier, which measures the capacity of monetary expansion. The idea is that a trite deposit may have leverage effects, since the bank that received the deposits may lend part ...
... risk of banks overextending themselves and suffering from bank runs. In addition, compulsory deposits regulate the money multiplier, which measures the capacity of monetary expansion. The idea is that a trite deposit may have leverage effects, since the bank that received the deposits may lend part ...
Individual Income Tax
... as income increases. Some taxes are regressive because they are applied to sales, not income. For example, although a sales-tax rate is applied equally to all items subject to the tax, the tax as a percentage of income is regressive. This is because low-income earners tend to spend a higher proporti ...
... as income increases. Some taxes are regressive because they are applied to sales, not income. For example, although a sales-tax rate is applied equally to all items subject to the tax, the tax as a percentage of income is regressive. This is because low-income earners tend to spend a higher proporti ...
Optimal Monetary Policy when Information is - HEC Lausanne
... steering the economy towards the ecient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
... steering the economy towards the ecient allocation. Consider for example a labor supply shock that decreases the marginal cost. ...
NBER WORKING PAPER SERIES OPTIMAL OPERATIONAL MONETARY POLICY IN THE CHRISTIANO-EICHENBAUM-EVANS MODEL
... will also be so for an economy where the instruments necessary to engineer the nondistorted steady state are unavailable. For these reasons, we refrain from making the efficient-steadystate assumption and instead work with a model whose steady state is distorted. Departing from a model whose steady s ...
... will also be so for an economy where the instruments necessary to engineer the nondistorted steady state are unavailable. For these reasons, we refrain from making the efficient-steadystate assumption and instead work with a model whose steady state is distorted. Departing from a model whose steady s ...
completing conditions to implement monetary policy under inflation
... transmission channels of monetary policy tools and inflation; thereby they can determine the time lag in the adjustment of the tools of monetary policy and its impact to inflation rate. 1.2.2.4. Mechanism of transparency and accountability Along with independence, the countries under Inflation targe ...
... transmission channels of monetary policy tools and inflation; thereby they can determine the time lag in the adjustment of the tools of monetary policy and its impact to inflation rate. 1.2.2.4. Mechanism of transparency and accountability Along with independence, the countries under Inflation targe ...
Chapter 10 Classical Business Cycle Analysis
... (a) large gold discoveries that increased the money supply preceded an economic boom. (b) a change in monetary institutions preceded a boom or recession. (c) a change in the leadership of the Fed and its policy was followed by noticeable changes in the money supply and a recession or inflation. (d) ...
... (a) large gold discoveries that increased the money supply preceded an economic boom. (b) a change in monetary institutions preceded a boom or recession. (c) a change in the leadership of the Fed and its policy was followed by noticeable changes in the money supply and a recession or inflation. (d) ...
Document
... 4. 4. So, P changes by same percentage as P x Y and M. 5. Rapid money supply growth causes rapid ...
... 4. 4. So, P changes by same percentage as P x Y and M. 5. Rapid money supply growth causes rapid ...