Volume 71 No. 2, June 2008 Contents monetary policy
... As demand fell, unemployment rose from the low levels of the late 1920s. Estimates of the peak in unemployment vary widely. The peak may have been around 20 percent (and, in addition, there was a net migration outflow, after material inflows in the 1920s). Consumer prices fell, with ...
... As demand fell, unemployment rose from the low levels of the late 1920s. Estimates of the peak in unemployment vary widely. The peak may have been around 20 percent (and, in addition, there was a net migration outflow, after material inflows in the 1920s). Consumer prices fell, with ...
Slide 1
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
Macroecon_Practice_Exam
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
NBER WORKING PAPER SERIES MACROECONOMIC MODELING FOR MONETARY POLICY EVALUATION Jordi Galí
... or investment spending) are key. See, e.g. Galí and Rabanal (2005), Smets and Wouters (2006) or Primiceri, Schaumberg and Tambalotti (2006). ...
... or investment spending) are key. See, e.g. Galí and Rabanal (2005), Smets and Wouters (2006) or Primiceri, Schaumberg and Tambalotti (2006). ...
Bulletin Contents Volume 77, No. 2, June 2014
... In commodity exporting economies, a positive correlation between the terms of trade and the real exchange rate may, for example, be the result of stronger domestic demand from higher export prices. Even though spending effects from terms of trade changes tend to take time to affect the real economy, ...
... In commodity exporting economies, a positive correlation between the terms of trade and the real exchange rate may, for example, be the result of stronger domestic demand from higher export prices. Even though spending effects from terms of trade changes tend to take time to affect the real economy, ...
Eudaemonic
... growth can in fact be very detrimental. At one extreme, an economy that is growing too fast can e xperience hyperinflation, resulting in the problems we mentioned earlier. At the other extreme, an economy with no inflation has essentially stagnated. The right level of economic growth, and thus infla ...
... growth can in fact be very detrimental. At one extreme, an economy that is growing too fast can e xperience hyperinflation, resulting in the problems we mentioned earlier. At the other extreme, an economy with no inflation has essentially stagnated. The right level of economic growth, and thus infla ...
Governors Monetary Policy Statement
... credit and intra-European trade growth point to a broadening but uneven recovery. Eurozone GDP is projected to increase by 1.7 percent in 2016 and 2017 respectively. During 2015, the European Central Bank (ECB) maintained its accommodative monetary policy stance. At its December 2015 meeting, the EC ...
... credit and intra-European trade growth point to a broadening but uneven recovery. Eurozone GDP is projected to increase by 1.7 percent in 2016 and 2017 respectively. During 2015, the European Central Bank (ECB) maintained its accommodative monetary policy stance. At its December 2015 meeting, the EC ...
Turning Over a Golden Leaf? Global Liquidity and Emerging Market
... of convertibility of US dollar to gold. Obstfeld (2013) draws attention to the reserve holdings status of the central banks of all countries in 1970, which stood at USD 42 billion as against the gold holding of United States, which was USD 11 billion, indicating that the US had to cover the shortfal ...
... of convertibility of US dollar to gold. Obstfeld (2013) draws attention to the reserve holdings status of the central banks of all countries in 1970, which stood at USD 42 billion as against the gold holding of United States, which was USD 11 billion, indicating that the US had to cover the shortfal ...
Comments of the Municipal Bonds for America Coalition to the U.S.
... to investors is overstated, but even that estimate turns on its head the argument that the exclusion is primarily a boondoggle for the rich. Such estimates – in addition to faulty methodologies – also rely on the assumption that tax treatment is the sole factor driving investor behavior. Nationwide ...
... to investors is overstated, but even that estimate turns on its head the argument that the exclusion is primarily a boondoggle for the rich. Such estimates – in addition to faulty methodologies – also rely on the assumption that tax treatment is the sole factor driving investor behavior. Nationwide ...
Limited Commitment and Central Bank Lending
... provider. If a lender pulls a line of credit that backs up a commercial paper program in a situation in which the borrower does not have the funds to roll over maturing claims, the firm defaults and investors may take a loss. The rate of return on the commercial paper will therefore reflect market e ...
... provider. If a lender pulls a line of credit that backs up a commercial paper program in a situation in which the borrower does not have the funds to roll over maturing claims, the firm defaults and investors may take a loss. The rate of return on the commercial paper will therefore reflect market e ...
The Relationship between Monetary Policy and Asset Prices
... no housing bubble existed to burst, noting that asset price increases in the housing market “largely reflect strong economic fundamentals” (Henderson 2005). Former Chairman Alan Greenspan suggested the housing price increases were merely “froth” in local markets (Henderson 2005). To the dismay of bo ...
... no housing bubble existed to burst, noting that asset price increases in the housing market “largely reflect strong economic fundamentals” (Henderson 2005). Former Chairman Alan Greenspan suggested the housing price increases were merely “froth” in local markets (Henderson 2005). To the dismay of bo ...
The Equity Risk Premium
... changes in supply and demand, long-run inflation can only come through growth in the money supply. At this point in time, there is no reason to expect a significant increase in inflation in the immediate future. Now, let’s look at stocks. Lower inflation in the future should reduce nominal returns t ...
... changes in supply and demand, long-run inflation can only come through growth in the money supply. At this point in time, there is no reason to expect a significant increase in inflation in the immediate future. Now, let’s look at stocks. Lower inflation in the future should reduce nominal returns t ...
Japan`s Experience in the Late 1980s and the Lessons
... caused by the appreciation of the yen). While few view these years as being part of the bubble period, many consider 1987 as the beginning of the bubble period for the following reasons. First, according to the Economic Planning Agency’s (EPA) reference dates of the business cycle, the economy botto ...
... caused by the appreciation of the yen). While few view these years as being part of the bubble period, many consider 1987 as the beginning of the bubble period for the following reasons. First, according to the Economic Planning Agency’s (EPA) reference dates of the business cycle, the economy botto ...
Understanding Open Market Operations - Economic Research
... and travelers checks of nonbank issuers. M1 growth in excess of the Committee’s objectives would cause the depository institutions’ demand for reserves to outstrip the nonborrowed reserves target, putting upward pressures on the funds rate and other short-term rates. The rise in interest rates, in t ...
... and travelers checks of nonbank issuers. M1 growth in excess of the Committee’s objectives would cause the depository institutions’ demand for reserves to outstrip the nonborrowed reserves target, putting upward pressures on the funds rate and other short-term rates. The rise in interest rates, in t ...
Impact of Macroprudential Policy Measures on Economic Dynamics: Simulation Using
... based the output gap in the second term. The shock in the first period is given by stochastic simulations of 5,000 times, and 15-year simulations for the top 10% of shocks in size that create positive large financial cycle are conducted. Parameters σ and Y are set so that the simulation recreates th ...
... based the output gap in the second term. The shock in the first period is given by stochastic simulations of 5,000 times, and 15-year simulations for the top 10% of shocks in size that create positive large financial cycle are conducted. Parameters σ and Y are set so that the simulation recreates th ...
Inflation and Hyperinflation
... this is true only when we consider the steady state inflation rate (when ∆M/M = ∆P/P), which is the one, used to describe the relationship between seigniorage revenue and inflation. Increasing the inflation rate beyond its steady state level, can allow an increase of seigniorage revenue even when th ...
... this is true only when we consider the steady state inflation rate (when ∆M/M = ∆P/P), which is the one, used to describe the relationship between seigniorage revenue and inflation. Increasing the inflation rate beyond its steady state level, can allow an increase of seigniorage revenue even when th ...
2015 Glossary of Senior Living Finance Terms
... Advance Refunding: a refinancing, or refunding, of bonds prior to the call date where the refunded bonds remain outstanding for a period of more than 90 days after the issuance of the refunding issue. The proceeds of the new refunding issue are placed in an escrow account and generally invested in T ...
... Advance Refunding: a refinancing, or refunding, of bonds prior to the call date where the refunded bonds remain outstanding for a period of more than 90 days after the issuance of the refunding issue. The proceeds of the new refunding issue are placed in an escrow account and generally invested in T ...
Document
... (b) the conclusion that money does not affect output in the short run. (c) the conclusion that only unexpected changes in the money supply affect output in the short run. (d) the assumption that the short aggregate supply curve is vertical. ...
... (b) the conclusion that money does not affect output in the short run. (c) the conclusion that only unexpected changes in the money supply affect output in the short run. (d) the assumption that the short aggregate supply curve is vertical. ...
Chapter 2 - McGraw Hill Higher Education
... The act of borrowing or of issuing new stock simultaneously gives rise to the creation of an equal volume of financial assets. For example, a $10,000 financial asset held by a household that had lent money will be exactly matched by a $10,000 liability of the business firm that had borrowed the ...
... The act of borrowing or of issuing new stock simultaneously gives rise to the creation of an equal volume of financial assets. For example, a $10,000 financial asset held by a household that had lent money will be exactly matched by a $10,000 liability of the business firm that had borrowed the ...
Bulletin Contents Volume 76 No. 3, September 2013
... eroded only gradually. This excess capacity resulted in subdued pressures on the price of productive resources, dampening non-tradables inflation. These subdued pressures have been particularly evident in the labour market, with subdued labour demand resulting in belowaverage employment growth and u ...
... eroded only gradually. This excess capacity resulted in subdued pressures on the price of productive resources, dampening non-tradables inflation. These subdued pressures have been particularly evident in the labour market, with subdued labour demand resulting in belowaverage employment growth and u ...
NATIONAL BANK OF POLAND WORKING PAPER No. 135
... money in monetary policy. It is worth emphasizing that, contrary to the debate ...
... money in monetary policy. It is worth emphasizing that, contrary to the debate ...
Franz Seitz - OTH Amberg
... recession relaxes credit constraints by lowering interest rates. But this will not necessarily boost borrowing and spending if a slowing economy has reduced the demand for credit. Thus if the credit constraint is no longer binding before policy is eased, relaxing the constraint will not augment easy ...
... recession relaxes credit constraints by lowering interest rates. But this will not necessarily boost borrowing and spending if a slowing economy has reduced the demand for credit. Thus if the credit constraint is no longer binding before policy is eased, relaxing the constraint will not augment easy ...
non-rated municipal bonds—understanding the risks
... CHARACTERISTICS OF NON-RATED BONDS Absence of a Rating Municipalities generally issue bonds that are rated by a bond rating agency in an effort to reduce their borrowing costs. Strong credit ratings mean investors are taking less risk, so they receive a lower rate of interest on their bonds. Lower c ...
... CHARACTERISTICS OF NON-RATED BONDS Absence of a Rating Municipalities generally issue bonds that are rated by a bond rating agency in an effort to reduce their borrowing costs. Strong credit ratings mean investors are taking less risk, so they receive a lower rate of interest on their bonds. Lower c ...