Analysis of macroeconomic shocks in FSU countries
... next ones to join the EU, namely Bulgaria, Romania, Croatia and Turkey. Macro performance of Ukraine is somewhat better and at times Ukraine outperforms the old EU members. Among major macro indicators set by the Maastrich Treaty, such as inflation, public debt and budget deficit, only inflation is ...
... next ones to join the EU, namely Bulgaria, Romania, Croatia and Turkey. Macro performance of Ukraine is somewhat better and at times Ukraine outperforms the old EU members. Among major macro indicators set by the Maastrich Treaty, such as inflation, public debt and budget deficit, only inflation is ...
Henrike Michaelis und Sebastian Watzka: Are there Differences in
... restriction approach when the economy is stuck at the Zero Lower Bound (ZLB). To allow for time variation in the impulse responses, we embed this identification strategy in the TVP-VAR framework of Primiceri (2005). With this approach we are seeking to shed light on the changing nature of the moneta ...
... restriction approach when the economy is stuck at the Zero Lower Bound (ZLB). To allow for time variation in the impulse responses, we embed this identification strategy in the TVP-VAR framework of Primiceri (2005). With this approach we are seeking to shed light on the changing nature of the moneta ...
Deflation and the Czechoslovak experience
... during the 1920’s and 1930’s. This time period was chosen due to the similarities when compared to the current economic situation in the Czech Republic. Since the Czech economy is recovering from the most recent worldwide economic crisis, there might be a resemblance seen between Czechoslovakia duri ...
... during the 1920’s and 1930’s. This time period was chosen due to the similarities when compared to the current economic situation in the Czech Republic. Since the Czech economy is recovering from the most recent worldwide economic crisis, there might be a resemblance seen between Czechoslovakia duri ...
Three Essays on the Impacts of Risk and Uncertainty on Foreign
... 3% o f world FDI inflows while all other regions experienced a significant increase (WIR , 2005). In general, FDI to African countries still remains small when compared to other developing regions despite the fact that Africa has the highest rate o f return on investment when compared to other deve ...
... 3% o f world FDI inflows while all other regions experienced a significant increase (WIR , 2005). In general, FDI to African countries still remains small when compared to other developing regions despite the fact that Africa has the highest rate o f return on investment when compared to other deve ...
Inflation
... The increased costs of transactions are shoe-leather costs. 3) Menu costs are the costs of changing prices. High inflation causes this to happen frequently. These costs include paying labor to change price tags, printing fees, and the costs of supplies for displaying prices. ...
... The increased costs of transactions are shoe-leather costs. 3) Menu costs are the costs of changing prices. High inflation causes this to happen frequently. These costs include paying labor to change price tags, printing fees, and the costs of supplies for displaying prices. ...
Principles Of Economics
... the chapter but before material is covered in class. The multiple-choice questions test mainly knowledge (the first level of learning -- the ability to remember previously learned material) and occasionally comprehension (the second level of learning -- the ability to grasp the meaning of material). ...
... the chapter but before material is covered in class. The multiple-choice questions test mainly knowledge (the first level of learning -- the ability to remember previously learned material) and occasionally comprehension (the second level of learning -- the ability to grasp the meaning of material). ...
chapter - Princeton University
... In Chapter 31, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, real GDP falls back to its original lev ...
... In Chapter 31, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, real GDP falls back to its original lev ...
Chapter 22 - Samuel Moon Jung
... slopes down with respect to the inflation rate. Be sure to discuss two channels through which changes in inflation rates affect demand. Answer: A fall in the inflation rate lowers real interest rates. Lower rates increase investment, thereby increasing aggregate demand. Lower interest rates also cau ...
... slopes down with respect to the inflation rate. Be sure to discuss two channels through which changes in inflation rates affect demand. Answer: A fall in the inflation rate lowers real interest rates. Lower rates increase investment, thereby increasing aggregate demand. Lower interest rates also cau ...
Monetary Theories(Basics) We have already learned that the LM
... if part of deficits is monetized or financed through printing of paper money. If deficits are financed through issues of bonds or taxation, they are uncorrelated with money supply. All these suggest that there is no clear-cut unchanging hard-and-fast relation of a great significance between any macr ...
... if part of deficits is monetized or financed through printing of paper money. If deficits are financed through issues of bonds or taxation, they are uncorrelated with money supply. All these suggest that there is no clear-cut unchanging hard-and-fast relation of a great significance between any macr ...
! Estimating Output Gap for the Turkish Economy
... This study seeks to develop an output gap measure for the Turkish economy. The emergence of price stability as the overriding goal of the monetary policy in the last decade has led central banks to utilize all available information in the economy to foresee the future course of price dynamics. In th ...
... This study seeks to develop an output gap measure for the Turkish economy. The emergence of price stability as the overriding goal of the monetary policy in the last decade has led central banks to utilize all available information in the economy to foresee the future course of price dynamics. In th ...
Federal Reserve Bank of Boston © o
... element of the economy. For example, policymakers do not care just about the economy’s performance next quarter but the performance of the economy in general. One way to capture this longer-run performance is to include either lagged data or longer-horizon forecasts. If this dynamic element is impor ...
... element of the economy. For example, policymakers do not care just about the economy’s performance next quarter but the performance of the economy in general. One way to capture this longer-run performance is to include either lagged data or longer-horizon forecasts. If this dynamic element is impor ...
Economic Outlook
... over the projection period, implicitly affecting the speed of convergence of long-term interest rates to their reference rates. In the United States and the United Kingdom the stocks of purchased assets are assumed to be maintained unchanged until the end of the projection period. In Japan asset pur ...
... over the projection period, implicitly affecting the speed of convergence of long-term interest rates to their reference rates. In the United States and the United Kingdom the stocks of purchased assets are assumed to be maintained unchanged until the end of the projection period. In Japan asset pur ...
What kind of convergence does the euro area need?
... This study is part of the research project “Repair and Prepare: Strengthen the euro” by the Bertelsmann Stiftung and the Jacques Delors Institut – Berlin. Please cite as: auf dem Brinke, Anna, Henrik Enderlein, and Joachim Fritz-Vannahme, What kind of convergence does the euro area need?, ...
... This study is part of the research project “Repair and Prepare: Strengthen the euro” by the Bertelsmann Stiftung and the Jacques Delors Institut – Berlin. Please cite as: auf dem Brinke, Anna, Henrik Enderlein, and Joachim Fritz-Vannahme, What kind of convergence does the euro area need?, ...
Quantifying the Half-Life of Deviations from PPP
... consumption goods (see Rogoff 1992) or cross-country wealth redistribution effects (see Obstfeld and Rogoff 1995) imply highly persistent deviations from PPP. Similarly, terms-oftrade shocks may have long-lasting effects by affecting the structure of the economy. On the other hand, monetary models o ...
... consumption goods (see Rogoff 1992) or cross-country wealth redistribution effects (see Obstfeld and Rogoff 1995) imply highly persistent deviations from PPP. Similarly, terms-oftrade shocks may have long-lasting effects by affecting the structure of the economy. On the other hand, monetary models o ...
PDF
... Uruguay tariff reductions as exogenous shocks to the GTAP model to determine the long-run effects of China’s growth on the world economy. Although intuitively appealing, this method does not consider the source of these exogenous changes in the capital stocks, nor does it allow capital stocks to res ...
... Uruguay tariff reductions as exogenous shocks to the GTAP model to determine the long-run effects of China’s growth on the world economy. Although intuitively appealing, this method does not consider the source of these exogenous changes in the capital stocks, nor does it allow capital stocks to res ...
When is the Government Spending Multiplier Large? Northwestern University
... to shocks that make the zero lower bound on the nominal interest rate binding. We begin by considering an economy with Calvo-style price frictions, no capital and a monetary authority that follows a standard Taylor rule. Building on insights in Eggertsson and Woodford (2003), we study the eect of a ...
... to shocks that make the zero lower bound on the nominal interest rate binding. We begin by considering an economy with Calvo-style price frictions, no capital and a monetary authority that follows a standard Taylor rule. Building on insights in Eggertsson and Woodford (2003), we study the eect of a ...
Inflation, Disinflation, and Deflation
... In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, real GDP falls back to its original lev ...
... In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, real GDP falls back to its original lev ...
CHAP1.WP (Word5)
... additional workers only if the real wage rate declines. Thus, the labor demand curve is downward sloping. It also indicates that as the price level falls and the real wage rises, firms will employ fewer workers and thus produce less output (all other things being equal). As the price level rises, th ...
... additional workers only if the real wage rate declines. Thus, the labor demand curve is downward sloping. It also indicates that as the price level falls and the real wage rises, firms will employ fewer workers and thus produce less output (all other things being equal). As the price level rises, th ...
MultiFractality in Foreign Currency Markets
... is a function of time, H = H ( t ) , allowing the foreign currency markets structures to vary over time. The introduction of this dynamic dimension permits the generalization of the FMH into the MultiFractal Market Hypothesis (MFMH). Briefly, the MFMH provides a theoretical framework to account for ...
... is a function of time, H = H ( t ) , allowing the foreign currency markets structures to vary over time. The introduction of this dynamic dimension permits the generalization of the FMH into the MultiFractal Market Hypothesis (MFMH). Briefly, the MFMH provides a theoretical framework to account for ...
Monetary policy trade-offs and forward guidance
... This proposition linking Bank Rate and asset sales to the unemployment threshold would cease to hold if any of the following three ‘knockouts’ were breached: in the MPC’s view, it is more likely than not that CPI inflation 18 to 24 months ahead will be 0.5 percentage points or more above the 2% ta ...
... This proposition linking Bank Rate and asset sales to the unemployment threshold would cease to hold if any of the following three ‘knockouts’ were breached: in the MPC’s view, it is more likely than not that CPI inflation 18 to 24 months ahead will be 0.5 percentage points or more above the 2% ta ...
Three essays about monetary policy in China - ROS Home
... monetary conditions index (MCI). Different transmission channels are considered through which monetary conditions might influence aggregate demand. The empirical tests show that the MCIs contain useful information about future output growth and inflation in China over the short and medium term. Chap ...
... monetary conditions index (MCI). Different transmission channels are considered through which monetary conditions might influence aggregate demand. The empirical tests show that the MCIs contain useful information about future output growth and inflation in China over the short and medium term. Chap ...
Exchange rate
In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, ¥) to the United States dollar (US$) means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in terms of yen is ¥119, or equivalently that the price of a yen in terms of dollars is $1/119.Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.In the retail currency exchange market, a different buying rate and selling rate will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell the currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash (usually notes only), a documentary form (such as traveler's cheques) or electronically (such as a credit card purchase). The higher rate on documentary transactions has been justified to compensate for the additional time and cost of clearing the document, while the cash is available for resale immediately. Some dealers on the other hand prefer documentary transactions because of the security concerns with cash.