Options for China in a Dollar Standard World
... While China’s growth so far can be attributed to gradual market reform with substantial state guidance, some argue that maintaining robust growth will require greater openness and continued market reform. In particular, it is argued that subjecting the financial sector to market forces while reducin ...
... While China’s growth so far can be attributed to gradual market reform with substantial state guidance, some argue that maintaining robust growth will require greater openness and continued market reform. In particular, it is argued that subjecting the financial sector to market forces while reducin ...
The estimation of money demand in the Slovak Republic
... yield of money or the yield of alternative assets into which savings may be allocated. As regards the type of deposits, the rate of return on individual assets should affect the behaviour of demand and savings deposits. If the own yield of money rises in comparison with the yield of alternative asse ...
... yield of money or the yield of alternative assets into which savings may be allocated. As regards the type of deposits, the rate of return on individual assets should affect the behaviour of demand and savings deposits. If the own yield of money rises in comparison with the yield of alternative asse ...
Volume 72 No. 1, March 2009 Contents
... the importance of housing equity withdrawal – a process ...
... the importance of housing equity withdrawal – a process ...
Chapter 19 - Aufinance
... negotiate loans in order to raise funds in the money and capital markets. • To learn about the key factors affecting the volume of funds that businesses seek to raise in the financial system. • To see the often powerful impact that business borrowing has upon market interest rates and credit conditi ...
... negotiate loans in order to raise funds in the money and capital markets. • To learn about the key factors affecting the volume of funds that businesses seek to raise in the financial system. • To see the often powerful impact that business borrowing has upon market interest rates and credit conditi ...
From agent-based models to artificial economies: the Eurace approach for policy
... shared by rmly anti-Keynesian researchers (who started the DSGE research program) as well as by new Keynesians (who have come to share it). They are typically large models including dierent kinds of players in the economy (consumers, producers, the government sector, the central bank, etc.) ...
... shared by rmly anti-Keynesian researchers (who started the DSGE research program) as well as by new Keynesians (who have come to share it). They are typically large models including dierent kinds of players in the economy (consumers, producers, the government sector, the central bank, etc.) ...
Exit Strategy - Centre for Economic Policy Research
... How will central banks go from here to there? They will have to raise interest rates and shrink, partly at least, their balance sheets. These are two different actions, which must be driven by different objectives. The interest rate is likely to be used for classic monetary policy action, with a wid ...
... How will central banks go from here to there? They will have to raise interest rates and shrink, partly at least, their balance sheets. These are two different actions, which must be driven by different objectives. The interest rate is likely to be used for classic monetary policy action, with a wid ...
Document
... If new information becomes available indicating that a company’s profits will be much less than previously believed, the flow of funds into the market for its securities will decline (a) unless the expected real interest rate on its securities rises. (b) unless the expected real interest rate on its ...
... If new information becomes available indicating that a company’s profits will be much less than previously believed, the flow of funds into the market for its securities will decline (a) unless the expected real interest rate on its securities rises. (b) unless the expected real interest rate on its ...
Deterioration of Bank Balance Sheets and
... developments, mortgage premium defined as the di↵erence between 30-year fixed mortgage interest rate and 10-year Treasury bond increased by almost 1.5 percentage points. Meanwhile, the volume of mortgage originations dropped by almost 50%. Higher cost of credit led to further contraction in economic ...
... developments, mortgage premium defined as the di↵erence between 30-year fixed mortgage interest rate and 10-year Treasury bond increased by almost 1.5 percentage points. Meanwhile, the volume of mortgage originations dropped by almost 50%. Higher cost of credit led to further contraction in economic ...
Lecture 1
... Issue of new stocks in any given year is typically quite small, although the total value of stocks exceed that of any other type of security in the capital markets. ...
... Issue of new stocks in any given year is typically quite small, although the total value of stocks exceed that of any other type of security in the capital markets. ...
M o n e t a r y ... Contents 1 August 2002
... conversely, the economy may continue to grow at a pace that maintains pressure on resources. Indeed, some of the recent drivers of strong domestic economic activity, including the sharp turnaround in net immigration, may not dissipate rapidly even in the event of softer international conditions. Mon ...
... conversely, the economy may continue to grow at a pace that maintains pressure on resources. Indeed, some of the recent drivers of strong domestic economic activity, including the sharp turnaround in net immigration, may not dissipate rapidly even in the event of softer international conditions. Mon ...
PDF
... This paper argues that this wide-scale transformation is closely related to the unprecedented intervention by Central Banks and Treasuries. Strikingly, by March 2009, the Fed alone had seen its balance sheet triple in size (to $ 2.7 trillion) relative to 2007. The bailout is both monetary (nominal ...
... This paper argues that this wide-scale transformation is closely related to the unprecedented intervention by Central Banks and Treasuries. Strikingly, by March 2009, the Fed alone had seen its balance sheet triple in size (to $ 2.7 trillion) relative to 2007. The bailout is both monetary (nominal ...
MONETARY POLICY REPORT
... The United Kingdom’s exit from the EU (Brexit) was announced on 24 June 2016. This news caused a surge in volatility in global markets. The pound sterling plummeted against the US dollar to its 30-year low at the start of trading. The stock market of the United Kingdom and other major global stock e ...
... The United Kingdom’s exit from the EU (Brexit) was announced on 24 June 2016. This news caused a surge in volatility in global markets. The pound sterling plummeted against the US dollar to its 30-year low at the start of trading. The stock market of the United Kingdom and other major global stock e ...
princ-ch34-presentation
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
essen-ch24-presentat..
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
essen-ch24-presentat..
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
... The interest-rate effect helps explain why the aggregate-demand curve slopes downward: An increase in the price level raises money demand, which raises the interest rate, which reduces investment, which reduces the aggregate quantity of goods & services demanded. ...
(classical) theory of the demand for money
... • The speculative component of money demand would be related to income but more to interest rates as the factor that influence the holding of money as a store of wealth. – Keynes divided the assets that can be used to store wealth into two categories: money and bonds. He then asked the following que ...
... • The speculative component of money demand would be related to income but more to interest rates as the factor that influence the holding of money as a store of wealth. – Keynes divided the assets that can be used to store wealth into two categories: money and bonds. He then asked the following que ...
Treasury Inflation Protected Securities (TIPS) in a Rising
... to changes in nominal rates. However, in this example, given that the inflation expectations are largely unchanged, we can assume a similar path and rate of change in yields for both U.S. Treasury bonds and TIPS. Bond investors are rightfully concerned about rising rates and the negative consequence ...
... to changes in nominal rates. However, in this example, given that the inflation expectations are largely unchanged, we can assume a similar path and rate of change in yields for both U.S. Treasury bonds and TIPS. Bond investors are rightfully concerned about rising rates and the negative consequence ...
Helicopter Money - Global Interdependence Center
... The ultimate message of our paper is that while central banks may fear fiscal dominance, they will not be able to avoid it. Fiscal dominance and central bank independence come in secular cycles and mirror secular private leveraging and deleveraging cycles, respectively. That is, as long as there wil ...
... The ultimate message of our paper is that while central banks may fear fiscal dominance, they will not be able to avoid it. Fiscal dominance and central bank independence come in secular cycles and mirror secular private leveraging and deleveraging cycles, respectively. That is, as long as there wil ...
Macroeconomics Chamberlin and Yueh
... create deposits on its reserves. If households decide to hold some of their deposits in currency, this reduces the reserves of the banking sector and the ability to create money. The currency deposit ratio (cr = C/D) represents the proportion of deposits households hold as cash. If this exceeds zero ...
... create deposits on its reserves. If households decide to hold some of their deposits in currency, this reduces the reserves of the banking sector and the ability to create money. The currency deposit ratio (cr = C/D) represents the proportion of deposits households hold as cash. If this exceeds zero ...
Advanced Macroeconomics 4. The Zero Lower Bound
... Recall that the relevant interest rates in the IS curve are interest rates that private sector agents borrow at. Why are these private sector interest rates unlikely to ever be negative? A negative interest rate would mean me loaning you $100 and getting back less than that next year. Why would I do ...
... Recall that the relevant interest rates in the IS curve are interest rates that private sector agents borrow at. Why are these private sector interest rates unlikely to ever be negative? A negative interest rate would mean me loaning you $100 and getting back less than that next year. Why would I do ...
What are General Capital Assets?
... occasionally infrastructure) is required at the government-wide level. Depreciation is not recorded on inexhaustible assets, such as land and noncapitalized collections of art. The government can elect not to depreciate certain eligible infrastructure assets, under the ...
... occasionally infrastructure) is required at the government-wide level. Depreciation is not recorded on inexhaustible assets, such as land and noncapitalized collections of art. The government can elect not to depreciate certain eligible infrastructure assets, under the ...
Central banks and financial crises
... In this paper I draw lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Modern central banks have three main tasks: (1) the pursuit of macroeconomic stability; (2) maintaining financial stability and (3) ensuring the ...
... In this paper I draw lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Modern central banks have three main tasks: (1) the pursuit of macroeconomic stability; (2) maintaining financial stability and (3) ensuring the ...
Monetary and Fiscal Policy in Today`s Endogenous Money World
... Basically, the role of the policy instrument in the New Consensus model can be theoretically played by any variable affecting demand and thereby the output gap (Equation 2), which in this way is used to control changes in the inflation rate (Equation 1), and hence to achieve the desired or targeted ...
... Basically, the role of the policy instrument in the New Consensus model can be theoretically played by any variable affecting demand and thereby the output gap (Equation 2), which in this way is used to control changes in the inflation rate (Equation 1), and hence to achieve the desired or targeted ...
Money and Inflation in Colonial Massachusetts
... increases by a factor of six and prices fall—it is simply not possible for specie flows to have offset much of the change in the paper currency stock. Finally, there is every reason to think that (after 1750) movements in the stock of paper currency and movements in the stock of circulating specie w ...
... increases by a factor of six and prices fall—it is simply not possible for specie flows to have offset much of the change in the paper currency stock. Finally, there is every reason to think that (after 1750) movements in the stock of paper currency and movements in the stock of circulating specie w ...
Using the Term Structure of Interest Rates for Monetary Policy
... In addition, we would expect to see bond rates display the kind of indifference to incoming data that they showed in the low-inflation period of the 1950s and early ’60s. Long bonds were then one of the most conservative investments, with stable bond prices and a dependable real return.6 In sharp co ...
... In addition, we would expect to see bond rates display the kind of indifference to incoming data that they showed in the low-inflation period of the 1950s and early ’60s. Long bonds were then one of the most conservative investments, with stable bond prices and a dependable real return.6 In sharp co ...