The Great Depression Revisited
... a garden variety recession into the Great Depression was a disastrous series of policy errors” (p. 164). The perverse economic policies highlighted by Hall and Ferguson certainly have a claim on our attention. But what about the characterization of the initial downturn? To call it a garden-variety r ...
... a garden variety recession into the Great Depression was a disastrous series of policy errors” (p. 164). The perverse economic policies highlighted by Hall and Ferguson certainly have a claim on our attention. But what about the characterization of the initial downturn? To call it a garden-variety r ...
Michael Bordo Interview - Federal Reserve Bank of Richmond
... quite late. They didn’t understand that in 2007 or even in There would have been a lot of fallout from that but not as early 2008. They thought it was fully a liquidity problem. much as was caused by bailing them out and then letting And when it became clear it was an insolvency problem, they Lehman ...
... quite late. They didn’t understand that in 2007 or even in There would have been a lot of fallout from that but not as early 2008. They thought it was fully a liquidity problem. much as was caused by bailing them out and then letting And when it became clear it was an insolvency problem, they Lehman ...
The Introduction of Macro‐prudential Policy A speech delivered to Otago University in Dunedin
... Some of the appreciation in the real exchange rate over the past decade is due to the improvement in our terms of trade (or the ratio of export prices to import prices), which are now 20 percent higher than the average for the 1990s. This reflects the rapid growth of the East Asian economies, and es ...
... Some of the appreciation in the real exchange rate over the past decade is due to the improvement in our terms of trade (or the ratio of export prices to import prices), which are now 20 percent higher than the average for the 1990s. This reflects the rapid growth of the East Asian economies, and es ...
Lessons from the East European Financial Crisis, 2008-10
... It made little sense for countries with far-reaching euroization to devalue. Any devaluation would be huge, because the local currency was used for few purposes, rendering all local currency markets very thin. The blow to state finances, the standard of living of the population, and the banks would ...
... It made little sense for countries with far-reaching euroization to devalue. Any devaluation would be huge, because the local currency was used for few purposes, rendering all local currency markets very thin. The blow to state finances, the standard of living of the population, and the banks would ...
The Conduct of Monetary Policy Kevin M. Warsh
... and efficacy when markets are functioning, interest rates are at the zero lower-bound, prices are stable, and economic growth remains modest. Consider a regime where an economy is growing well below its long-run potential—say at about 1.5 to 2.0 percent—and inflation, at least as measured by governm ...
... and efficacy when markets are functioning, interest rates are at the zero lower-bound, prices are stable, and economic growth remains modest. Consider a regime where an economy is growing well below its long-run potential—say at about 1.5 to 2.0 percent—and inflation, at least as measured by governm ...
NBER WORKING PAPER SERIES THE GREAT DEPRESSION ANALOGY Michael D. Bordo Harold James
... to wish to tighten it can separate its monetary policy operations from its liquidity policy by changing the spread between the funds rate and the IOR. (Goodfriend 2009). Unlike the Fed of the 1930s, today’s Fed can use reverse repos or open market sales of its long-term securities to do the tighteni ...
... to wish to tighten it can separate its monetary policy operations from its liquidity policy by changing the spread between the funds rate and the IOR. (Goodfriend 2009). Unlike the Fed of the 1930s, today’s Fed can use reverse repos or open market sales of its long-term securities to do the tighteni ...
the impact of global crisis on romania`s economic development
... At the global level, on the occasion of the high level Summit of October 2008, the EU countries have agreed, in principle, to form a common front against the global financial crisis, through a rescue plan of the banking system, by the allocation of about EUR 2000 billion from budget funds. This plan ...
... At the global level, on the occasion of the high level Summit of October 2008, the EU countries have agreed, in principle, to form a common front against the global financial crisis, through a rescue plan of the banking system, by the allocation of about EUR 2000 billion from budget funds. This plan ...
Syllabus - Harvard Kennedy School
... Topics covered: What is the role of monetary and fiscal policy in an open economy? What determines the balance of payments, the level of economic activity, and inflation? Should countries fix their exchange rates, or let them float? How does the globalization of financial markets affect these and ot ...
... Topics covered: What is the role of monetary and fiscal policy in an open economy? What determines the balance of payments, the level of economic activity, and inflation? Should countries fix their exchange rates, or let them float? How does the globalization of financial markets affect these and ot ...
Open High Low Close % Cng
... prepared to implement more stimulus measures to boost economic growth. Market attention is returning to the euro zone due to stagnating growth, low inflation, budget problems in France and Italy and rising political risk in Greece, where the bloc's debt crisis began in 2009.This week's China data co ...
... prepared to implement more stimulus measures to boost economic growth. Market attention is returning to the euro zone due to stagnating growth, low inflation, budget problems in France and Italy and rising political risk in Greece, where the bloc's debt crisis began in 2009.This week's China data co ...
BUSINESS CONFIDENCE IN Q3 2011 fig. 2 fig. 1 – DETAILED RESPONSES
... previous quarter and down 13.4 points on a year ago. The Confidence Index stands at its lowest level since Q3 2009, when economic output was still contracting. Though in part some fall in the Confidence Index is expected following the post-recession bounce-back, the most recent decline in the index ...
... previous quarter and down 13.4 points on a year ago. The Confidence Index stands at its lowest level since Q3 2009, when economic output was still contracting. Though in part some fall in the Confidence Index is expected following the post-recession bounce-back, the most recent decline in the index ...
Global Governance and The Bretton Woods System
... At the centre of the Bretton Woods system was a new monetary order, overseen by the IMF, which sought to maintain stable exchange rates (the price at which one currency is exchanged for another). This was achieved by fixing all currencies to the value of the US dollar, which acted as a ‘currency anc ...
... At the centre of the Bretton Woods system was a new monetary order, overseen by the IMF, which sought to maintain stable exchange rates (the price at which one currency is exchanged for another). This was achieved by fixing all currencies to the value of the US dollar, which acted as a ‘currency anc ...
Latin America in the New Global Capitalism
... major exports to the global economy. The wave of outmigration caused by capitalist penetration and disruption of local communities and of whole national and regional economies, and the social ravages of neoliberalism over the past few decades, is without precedent, comparable to migrations generated ...
... major exports to the global economy. The wave of outmigration caused by capitalist penetration and disruption of local communities and of whole national and regional economies, and the social ravages of neoliberalism over the past few decades, is without precedent, comparable to migrations generated ...
Group 7: The Killer Ducks
... bombards us with images and messages that encourage people to spend now and save later, leading the majority of people with a sense that personal well-being is gained through material and monetary wealth. This mind set also leads to an irresponsible and unsustainable allocation of natural resources. ...
... bombards us with images and messages that encourage people to spend now and save later, leading the majority of people with a sense that personal well-being is gained through material and monetary wealth. This mind set also leads to an irresponsible and unsustainable allocation of natural resources. ...
Mankiw8e_Student_PPTs_Chapter 18 - E-SGH
... To many economists, the case for active government policy is clear and simple. Recessions are periods of high unemployment, low incomes, and increased economic hardship. The model of aggregate demand and aggregate supply shows how shocks to the economy can cause recessions. It also shows how moneta ...
... To many economists, the case for active government policy is clear and simple. Recessions are periods of high unemployment, low incomes, and increased economic hardship. The model of aggregate demand and aggregate supply shows how shocks to the economy can cause recessions. It also shows how moneta ...
CHAPTER 15 Stabilization Policy
... To many economists, the case for active government policy is clear and simple. Recessions are periods of high unemployment, low incomes, and increased economic hardship. The model of aggregate demand and aggregate supply shows how shocks to the economy can cause recessions. It also shows how moneta ...
... To many economists, the case for active government policy is clear and simple. Recessions are periods of high unemployment, low incomes, and increased economic hardship. The model of aggregate demand and aggregate supply shows how shocks to the economy can cause recessions. It also shows how moneta ...
File
... GE1.01 – evaluate ways in which global business activity affects the links between, and interdependence among, countries; GE1.02 – compare the advantages and disadvantages for a nation as it increases its interdependence with other nations; GE1.03 – identify barriers to international business activi ...
... GE1.01 – evaluate ways in which global business activity affects the links between, and interdependence among, countries; GE1.02 – compare the advantages and disadvantages for a nation as it increases its interdependence with other nations; GE1.03 – identify barriers to international business activi ...
Document
... countries are growing faster or slower than others or why some have greater fluctuations in inflation or unemployment. The state of the macroeconomy affects everyone in many ways (especially recently). It plays a significant role in the political sphere while also affecting public policy and societa ...
... countries are growing faster or slower than others or why some have greater fluctuations in inflation or unemployment. The state of the macroeconomy affects everyone in many ways (especially recently). It plays a significant role in the political sphere while also affecting public policy and societa ...
The Science of Macroeconomics
... countries are growing faster or slower than others or why some have greater fluctuations in inflation or unemployment. The state of the macroeconomy affects everyone in many ways (especially recently). It plays a significant role in the political sphere while also affecting public policy and societa ...
... countries are growing faster or slower than others or why some have greater fluctuations in inflation or unemployment. The state of the macroeconomy affects everyone in many ways (especially recently). It plays a significant role in the political sphere while also affecting public policy and societa ...
Global Economic Issues
... international trade agreements are negotiated & enforced • The World Bank & International Monetary Fund (IMF) assist governments in achieving development aims through provision of loans & technical assistance • National governments, who together with these international institutions, are instrumenta ...
... international trade agreements are negotiated & enforced • The World Bank & International Monetary Fund (IMF) assist governments in achieving development aims through provision of loans & technical assistance • National governments, who together with these international institutions, are instrumenta ...
Global Economic Integration: Opportunities and Challenges—A
... Krugman concluded that the process of globalization did increase the risk of financial crisis. Moreover, policies that address this increased risk involve tradeoffs. Policies that reduce the risk of financial crisis through restrictions on capital flows do so at a cost that increases with trade flow ...
... Krugman concluded that the process of globalization did increase the risk of financial crisis. Moreover, policies that address this increased risk involve tradeoffs. Policies that reduce the risk of financial crisis through restrictions on capital flows do so at a cost that increases with trade flow ...
UNDERSTANDING NEOLIBERALISM
... should have been made when the great postwar boom came to an end in the early 1970s. From this standpoint, the postwar boom itself was contingent upon specific initial conditions: the clearout of excess capacity through depression and war, the delayed implementation of pent-up technological advances ...
... should have been made when the great postwar boom came to an end in the early 1970s. From this standpoint, the postwar boom itself was contingent upon specific initial conditions: the clearout of excess capacity through depression and war, the delayed implementation of pent-up technological advances ...
The US Economy: Explaining Stagnation and Why It Will Persist1
... I The crisis and the resilience of neoliberal economic orthodoxy The financial crisis that erupted in 2008 challenged the foundations of orthodox economic theory and policy. At its outset, orthodox economists were stunned into silence as evidenced by their inability to answer the Queen of England’s ...
... I The crisis and the resilience of neoliberal economic orthodoxy The financial crisis that erupted in 2008 challenged the foundations of orthodox economic theory and policy. At its outset, orthodox economists were stunned into silence as evidenced by their inability to answer the Queen of England’s ...
THE CONTRIBUTION OF RADICAL POLITICAL
... products, minerals), which is exposed to competition in the domestic and foreign market. Technical progress in the dominant industries does not result in higher wages as compensation for the increase in productivity, because unions are weak. Hence, the prices of the products produced and exported by ...
... products, minerals), which is exposed to competition in the domestic and foreign market. Technical progress in the dominant industries does not result in higher wages as compensation for the increase in productivity, because unions are weak. Hence, the prices of the products produced and exported by ...
Global Economy Watch (September 2015)
... debt that was on offer. Six years into the stimulus programme, domestic private sector debt had grown from 100% to 140% of GDP. With most of the new funding channelled into infrastructure and property projects, the authorities are now grappling with the bursting of a real-estate bubble. China’s nomi ...
... debt that was on offer. Six years into the stimulus programme, domestic private sector debt had grown from 100% to 140% of GDP. With most of the new funding channelled into infrastructure and property projects, the authorities are now grappling with the bursting of a real-estate bubble. China’s nomi ...
Global Economy Watch What do changes to the global economy mean
... debt that was on offer. Six years into the stimulus programme, domestic private sector debt had grown from 100% to 140% of GDP. With most of the new funding channelled into infrastructure and property projects, the authorities are now grappling with the bursting of a real-estate bubble. China’s nomi ...
... debt that was on offer. Six years into the stimulus programme, domestic private sector debt had grown from 100% to 140% of GDP. With most of the new funding channelled into infrastructure and property projects, the authorities are now grappling with the bursting of a real-estate bubble. China’s nomi ...
Nouriel Roubini
Nouriel Roubini (born March 29, 1958) is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics, an economic consultancy firm.The child of Iranian Jews, he was born in Turkey and grew up in Italy. After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a practising economist at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.