NBER WORKING PAPER SERIES AN ALTERNATIVE INTERPRETATION
... subject to self-fulfilling expectations-driven fluctuations. The policy reversal enacted by Volcker and continued by Greenspan—namely the increased focus on fighting inflation—stabilized inflationary expectations and removed this source of economic instability.2 The theoretical argument is based on ...
... subject to self-fulfilling expectations-driven fluctuations. The policy reversal enacted by Volcker and continued by Greenspan—namely the increased focus on fighting inflation—stabilized inflationary expectations and removed this source of economic instability.2 The theoretical argument is based on ...
Accounting Consolidated Balance Sheets [ADVANCED HIGHER]
... Any profits made by the subsidiary company after purchase must be shared between the parent and minority interest. This profit will be found by comparing the reserves (profit and loss balances) of the subsidiary at the date of consolidation and at the end of the year in question. Any increase will b ...
... Any profits made by the subsidiary company after purchase must be shared between the parent and minority interest. This profit will be found by comparing the reserves (profit and loss balances) of the subsidiary at the date of consolidation and at the end of the year in question. Any increase will b ...
Essays on international capital flows and macroeconomic stability
... foreign investors will cause demand for emerging market bonds to shift from the foreign to the local investor, causing an outflow in the emerging bond market. Both the foreign and domestic investors will cut demand for shares, and therefore the direction of share flows is unpredictable. ...
... foreign investors will cause demand for emerging market bonds to shift from the foreign to the local investor, causing an outflow in the emerging bond market. Both the foreign and domestic investors will cut demand for shares, and therefore the direction of share flows is unpredictable. ...
PROSPECTUS DATED 17 JANUARY 2014 BUREAU
... offer or invitation by or on behalf of the Issuer or any of the Managers to any person to subscribe for or to purchase any Notes. Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances imply that the information contained herein concerning ...
... offer or invitation by or on behalf of the Issuer or any of the Managers to any person to subscribe for or to purchase any Notes. Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances imply that the information contained herein concerning ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN TRANSITION COUNTRIES: EXPERIENCE AND PROSPECTS
... monetary policy as the Federal Reserve in the United States is doing, in which there is no ...
... monetary policy as the Federal Reserve in the United States is doing, in which there is no ...
Lending-of-last-resort is as lending-of-last-resort does
... in case of a systemic liquidity crisis. The operational framework of the ECB and the European System of Central Banks does not contain any formal reference to the LOLR function. However, in this paper we argue that by providing unlimited liquidity against good collateral, and arguably at a penalty r ...
... in case of a systemic liquidity crisis. The operational framework of the ECB and the European System of Central Banks does not contain any formal reference to the LOLR function. However, in this paper we argue that by providing unlimited liquidity against good collateral, and arguably at a penalty r ...
2015 Annual Report China CITIC Bank Corporation Limited China
... Currently, the Bank registered total consolidated assets of more than RMB5 trillion, ranking 94th among the “Top 2,000 Global Enterprises” published by the Forbes magazine in May 2015, and ranking 33rd in terms of tier-one capital and 46th in terms of total assets among the “Top 1,000 World Banks” p ...
... Currently, the Bank registered total consolidated assets of more than RMB5 trillion, ranking 94th among the “Top 2,000 Global Enterprises” published by the Forbes magazine in May 2015, and ranking 33rd in terms of tier-one capital and 46th in terms of total assets among the “Top 1,000 World Banks” p ...
What the Government Purchases Multiplier Actually Multiplied in the
... government purchases has occurred mainly at the federal level. While states and localities received substantial grants under ARRA, state and local governments have not increased their purchases of goods and services. Instead they reduced borrowing and increased transfer payments. These findings expl ...
... government purchases has occurred mainly at the federal level. While states and localities received substantial grants under ARRA, state and local governments have not increased their purchases of goods and services. Instead they reduced borrowing and increased transfer payments. These findings expl ...
NBER WORKING PAPER SERIES WHAT THE GOVERNMENT PURCHASES MULTIPLIER ACTUALLY MULTIPLIED
... Reinvestment Act (ARRA) of 2009. This increase in government purchases has occurred mainly at the federal level. While states and localities received substantial grants under ARRA, state and local governments have not increased their purchases of goods and services. Instead they reduced borrowing an ...
... Reinvestment Act (ARRA) of 2009. This increase in government purchases has occurred mainly at the federal level. While states and localities received substantial grants under ARRA, state and local governments have not increased their purchases of goods and services. Instead they reduced borrowing an ...
Symposium Proceedings 2002 Federal Reserve Bank of Kansas City
... and academic economists have held the view that fiscal policy had little or no short-run stabilization role and that monetary policy should give priority to maintaining price stability. More recently, however, weaker economic performance in some of the world’s economies, most notably in Japan and th ...
... and academic economists have held the view that fiscal policy had little or no short-run stabilization role and that monetary policy should give priority to maintaining price stability. More recently, however, weaker economic performance in some of the world’s economies, most notably in Japan and th ...
Price Level Targeting - The Market Monetarist
... the optimal commitment solution. In fact, it is shown that when there is no persistence in cost-push shocks, then it is possible to perfectly replicate the optimal commitment solution by assigning a price level target to the central bank. It is then further shown, how price level targeting presents ...
... the optimal commitment solution. In fact, it is shown that when there is no persistence in cost-push shocks, then it is possible to perfectly replicate the optimal commitment solution by assigning a price level target to the central bank. It is then further shown, how price level targeting presents ...
Interbank intermediation
... suggestion by Moore (2011) describing interbank markets as a way of stacking bank leverage. In his model, banks seek interbank exposures for inflows and outflows resulting from commercial banking business, i.e. deposit taking and lending. The bank book in his model is derivative to the autonomous cl ...
... suggestion by Moore (2011) describing interbank markets as a way of stacking bank leverage. In his model, banks seek interbank exposures for inflows and outflows resulting from commercial banking business, i.e. deposit taking and lending. The bank book in his model is derivative to the autonomous cl ...
Chapter 6.
... other instruments may also have risk transfer elements, these other instruments also provide financial or other resources. 6.6 Reserve assets are shown separately because they serve a different function and thus are managed in different ways from other assets. Reserve assets include a range of instr ...
... other instruments may also have risk transfer elements, these other instruments also provide financial or other resources. 6.6 Reserve assets are shown separately because they serve a different function and thus are managed in different ways from other assets. Reserve assets include a range of instr ...
the role of money and monetary policy in the twenty-first century
... over time institutions have adopted particular targets, while in the policy panel Chairman Bernanke (Federal Reserve), Deputy Governor Iwata (National Bank of Japan), Governor Zhou Xiaochuan (People’s Bank of China) and President Trichet (ECB) examine the experience of their respective institutions ...
... over time institutions have adopted particular targets, while in the policy panel Chairman Bernanke (Federal Reserve), Deputy Governor Iwata (National Bank of Japan), Governor Zhou Xiaochuan (People’s Bank of China) and President Trichet (ECB) examine the experience of their respective institutions ...
Is nominal GDP targeting a suitable tool for ECB monetary policy?
... popular to discuss NGDP targeting as a radical departure from current policy, the authors argue that by itself, NGDP targeting would not represent a radical departure from flexible inflation targeting, if carefully done. This is because a NGDP targeting is a special case of flexible inflation (or pr ...
... popular to discuss NGDP targeting as a radical departure from current policy, the authors argue that by itself, NGDP targeting would not represent a radical departure from flexible inflation targeting, if carefully done. This is because a NGDP targeting is a special case of flexible inflation (or pr ...
Quarterly - UniCredit Bank
... Outside CEE-EU, both Croatia and Serbia did better than expected in 2016, with growth picking up nicely – even though still lagging that in CEE-EU. Solid demand in the euro area (EA) has played a major role by boosting exports, but perhaps more important was the rebound in private consumption and in ...
... Outside CEE-EU, both Croatia and Serbia did better than expected in 2016, with growth picking up nicely – even though still lagging that in CEE-EU. Solid demand in the euro area (EA) has played a major role by boosting exports, but perhaps more important was the rebound in private consumption and in ...
BBVA BANCO FRANCÉS S.A.
... Previously referred to as “ Francés Valores Sociedad de Bolsa S.A.” See Note 1.7. to the Consolidated Financial Statements. Previously referred to as “ Francés Administradora de Inversiones S.A.” ...
... Previously referred to as “ Francés Valores Sociedad de Bolsa S.A.” See Note 1.7. to the Consolidated Financial Statements. Previously referred to as “ Francés Administradora de Inversiones S.A.” ...
Understanding Inflation as a Joint Monetary-Fiscal Phenomenon Eric M. Leeper Campbell Leith
... Table 1: Net general government debt as percent of GDP. Projections for 2015. Source: International Monetary Fund (2014) 6. In 2013, Japan’s newly elected prime minister Shinzō Abe adopted “Abenomics,” a mix of fiscal stimulus, monetary easing and structural reforms designed to re-inflate a Japanes ...
... Table 1: Net general government debt as percent of GDP. Projections for 2015. Source: International Monetary Fund (2014) 6. In 2013, Japan’s newly elected prime minister Shinzō Abe adopted “Abenomics,” a mix of fiscal stimulus, monetary easing and structural reforms designed to re-inflate a Japanes ...
” “ The UniCredit Weekly Focus
... The BoE has spent the last year moving the goalposts for increasing interest rates. In August 2013, it conditioned policy on the unemployment rate, in February it said it will set the Bank Rate to eliminate spare capacity more broadly, in August it emphasized the weakness in wages, and now most MPC ...
... The BoE has spent the last year moving the goalposts for increasing interest rates. In August 2013, it conditioned policy on the unemployment rate, in February it said it will set the Bank Rate to eliminate spare capacity more broadly, in August it emphasized the weakness in wages, and now most MPC ...
Understanding Inflation as a Joint Monetary-Fiscal Phenomenon Eric M. Leeper Campbell Leith
... Table 1: Net general government debt as percent of GDP. Projections for 2015. Source: International Monetary Fund (2014) 6. In 2013, Japan’s newly elected prime minister Shinzō Abe adopted “Abenomics,” a mix of fiscal stimulus, monetary easing and structural reforms designed to re-inflate a Japanes ...
... Table 1: Net general government debt as percent of GDP. Projections for 2015. Source: International Monetary Fund (2014) 6. In 2013, Japan’s newly elected prime minister Shinzō Abe adopted “Abenomics,” a mix of fiscal stimulus, monetary easing and structural reforms designed to re-inflate a Japanes ...
AP ECON – Final Exam Review
... b. old enough to work e. employed or capable of working c. actively seeking work ____ 41. A sustained increase in aggregate output over several decades represents a. an expansion d. a depression b. a recovery e. economic growth c. a recession ____ 42. Which of the following is the most likely result ...
... b. old enough to work e. employed or capable of working c. actively seeking work ____ 41. A sustained increase in aggregate output over several decades represents a. an expansion d. a depression b. a recovery e. economic growth c. a recession ____ 42. Which of the following is the most likely result ...
Savings Accounts
... unexpected events. It is never too early to start saving money — whether it’s for a long-term goal such as your retirement, for a short-term goal such as a trip, or for a possible emergency. Every little bit that you can set aside — even if it’s just $5 or $10 a week — will grow, with interest, over ...
... unexpected events. It is never too early to start saving money — whether it’s for a long-term goal such as your retirement, for a short-term goal such as a trip, or for a possible emergency. Every little bit that you can set aside — even if it’s just $5 or $10 a week — will grow, with interest, over ...
1 I n t r o d u c t i...
... refer to the disruptive nature of inflation, which gets in the way of the smooth turning of the wheels of the economy. Counter-balancing that to some extent, inflation may sometimes serve not as sand, but rather as grease in the wheels, allowing more efficient allocation of resources in the economy. ...
... refer to the disruptive nature of inflation, which gets in the way of the smooth turning of the wheels of the economy. Counter-balancing that to some extent, inflation may sometimes serve not as sand, but rather as grease in the wheels, allowing more efficient allocation of resources in the economy. ...
The Government Transfer Multiplier
... response of output to an increase in government purchases: the government purchases multiplier. Despite the focus on the government purchase multiplier in the literature (Woodford 2010, Christiano et al 2011, Cogan et al 2010), the majority of the increase in government spending during the global fi ...
... response of output to an increase in government purchases: the government purchases multiplier. Despite the focus on the government purchase multiplier in the literature (Woodford 2010, Christiano et al 2011, Cogan et al 2010), the majority of the increase in government spending during the global fi ...
... buyers who bought homes a few years apart. Buyers in the cohorts that purchased homes around the peak have higher Loan-To-Value (LTV) ratios than earlier buyers, and also have much lower mobility rates in every year after purchase. A decline in home equity is associated with large and statistically ...