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... peg the nominal exchange rate and at the same time pursue an independent monetary policy aimed at stabilizing the price level, without imposing capital controls; fine-tune the economy; make accurate macroeconomic forecasts. ...
... peg the nominal exchange rate and at the same time pursue an independent monetary policy aimed at stabilizing the price level, without imposing capital controls; fine-tune the economy; make accurate macroeconomic forecasts. ...
FRBSF E L CONOMIC ETTER
... Another group of economists argues that improvements in the conduct of policy are the main reason why output has become less volatile. By the end of the 1970s, the inflation rate had risen into the double digits and appeared on the verge of rising further. Output growth had been unusually volatile a ...
... Another group of economists argues that improvements in the conduct of policy are the main reason why output has become less volatile. By the end of the 1970s, the inflation rate had risen into the double digits and appeared on the verge of rising further. Output growth had been unusually volatile a ...
NBER WORKING PAPER SERIES INTERNATIONAL BORROWING, CAPITAL CONTROLS AND THE EXCHANGE RATE:
... In this paper we argue that the resilience of the Chilean economy during the 90s was mainly due to: (i) changes in banking regulation that promoted a solid financial system (in particular changes in regulation for related lending) and, (ii) to the absence of currency risk guarantees to the private s ...
... In this paper we argue that the resilience of the Chilean economy during the 90s was mainly due to: (i) changes in banking regulation that promoted a solid financial system (in particular changes in regulation for related lending) and, (ii) to the absence of currency risk guarantees to the private s ...
NBER WORKING PAPER SERIES THE CAPITAL INFLOWS PROBLEM SOUTHERN CONE DISINFLATION
... toreign borrowing and rapid growth of central—bank foreign reserves. Second, disinflation coincided with substantial rises in domestic price levels relative ...
... toreign borrowing and rapid growth of central—bank foreign reserves. Second, disinflation coincided with substantial rises in domestic price levels relative ...
Evolving Perceptions of Central Bank Credibility
... econometric technique (Müller and Petalas, forthcoming). Parameter values evolved in a manner consistent with the perception of an increasing aversion to inflation by the ECB as it tightened its monetary policy, or alternatively as consistent with a perceived decline in the inflation target of the E ...
... econometric technique (Müller and Petalas, forthcoming). Parameter values evolved in a manner consistent with the perception of an increasing aversion to inflation by the ECB as it tightened its monetary policy, or alternatively as consistent with a perceived decline in the inflation target of the E ...
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... some $ 160 billion.7 Even more important than the budget effects may have been the incentive effects of the so-called Accelerated Cost Recovery System (ACRS) which was the most important part of the reform package. The ACRS implied a dramatic shortening of the write-off periods for investment projec ...
... some $ 160 billion.7 Even more important than the budget effects may have been the incentive effects of the so-called Accelerated Cost Recovery System (ACRS) which was the most important part of the reform package. The ACRS implied a dramatic shortening of the write-off periods for investment projec ...
Working Paper Series Contagion and interdependence
... current account deficits and significant losses of reserves. This argument has been debated and its explanatory power is not clear. However, it remains that exchange rate volatility among the largest economies is certainly detrimental to emerging markets. Finally, one should also bear in mind that i ...
... current account deficits and significant losses of reserves. This argument has been debated and its explanatory power is not clear. However, it remains that exchange rate volatility among the largest economies is certainly detrimental to emerging markets. Finally, one should also bear in mind that i ...
3AECO – 6 Exchange rates - Economics Teachers` Association of
... • Countries have their own currencies which are used in domestic transactions, eg. Australian dollars (AUD) are acceptable within Australia as a medium of exchange between buyers and sellers but not within other countries. Australian producers of exports want to be paid in AUD while Japanese buyers ...
... • Countries have their own currencies which are used in domestic transactions, eg. Australian dollars (AUD) are acceptable within Australia as a medium of exchange between buyers and sellers but not within other countries. Australian producers of exports want to be paid in AUD while Japanese buyers ...
Kevin Houstoun
... “New types of circuit breakers triggered by ex ante rather than ex post trading may be effective in dealing with periodic illiquidity.” “In times of overall market stress there is a need for coordination of circuit breakers across markets, and this could be a mandate for regulatory involvement.” Nee ...
... “New types of circuit breakers triggered by ex ante rather than ex post trading may be effective in dealing with periodic illiquidity.” “In times of overall market stress there is a need for coordination of circuit breakers across markets, and this could be a mandate for regulatory involvement.” Nee ...
ECONOMIC OPPORTUNITY COST OF CAPITAL (a)
... taxes are deducted from the income accruing to capital. In addition, the value added of financial institutions arising from financial intermediation is also deducted to obtain the net return to savers. This is the estimate of rate of time preference for forgone consumption. • From our estimate, the ...
... taxes are deducted from the income accruing to capital. In addition, the value added of financial institutions arising from financial intermediation is also deducted to obtain the net return to savers. This is the estimate of rate of time preference for forgone consumption. • From our estimate, the ...
Description of FX Margin Trading and related
... These costs can be complex to calculate and may outweigh the gross profits from a trade. Risks Forex Margin Trading carries a high level of risk with the possibility of losing more than your initial investment and may not be suitable for all investors. Before conducting transactions ensure that you ...
... These costs can be complex to calculate and may outweigh the gross profits from a trade. Risks Forex Margin Trading carries a high level of risk with the possibility of losing more than your initial investment and may not be suitable for all investors. Before conducting transactions ensure that you ...
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... Europe and China are now in the initial stages of negotiating a new trade and investment agreement that will start to address some of these issues. But it seems undeniable that market access in China will remain a key challenge and a key focus of resources for EU trade policy for the foreseeable fut ...
... Europe and China are now in the initial stages of negotiating a new trade and investment agreement that will start to address some of these issues. But it seems undeniable that market access in China will remain a key challenge and a key focus of resources for EU trade policy for the foreseeable fut ...
Should the Monetary Policy Rule Be Different in a Financial Crisis?
... Taylor Rule and observed that the fed funds rate in this rule is describing is an interbank lending rate. But during the financial crisis, banks default rates and risk premia for short-term borrowing went up. So interest rate spreads—such as the TED spread or the LIBOR-OIS spread—went up, and these ...
... Taylor Rule and observed that the fed funds rate in this rule is describing is an interbank lending rate. But during the financial crisis, banks default rates and risk premia for short-term borrowing went up. So interest rate spreads—such as the TED spread or the LIBOR-OIS spread—went up, and these ...
An assessment of recent Reserve Bank forecasts
... and overestimate them on downswings. Accuracy should really be measured over a complete business cycle in order to get a fair estimate of actual bias. However, as we have selected a smaller sample, this measure is better interpreted relative to another forecast – ie, who has under- or overestimated ...
... and overestimate them on downswings. Accuracy should really be measured over a complete business cycle in order to get a fair estimate of actual bias. However, as we have selected a smaller sample, this measure is better interpreted relative to another forecast – ie, who has under- or overestimated ...
The market price of mortality risk
... The margin or price received for carrying mortality fluctuation risk is determined by the systemic part of the mortality fluctuation risk. The market value of a portfolio of mortality risks is the sum of the average or expected claims payable, plus the price of the systemic part of the risk inhe ...
... The margin or price received for carrying mortality fluctuation risk is determined by the systemic part of the mortality fluctuation risk. The market value of a portfolio of mortality risks is the sum of the average or expected claims payable, plus the price of the systemic part of the risk inhe ...
here
... Initially, the central bank relied on direct instruments in conducting monetary policy. The supply of broad money (M3) was controlled by ceilings imposed on the level of credit extended by commercial banks. Later on in 1995, the interest rates of State Owned Banks’ deposits (SOBs) were also managed ...
... Initially, the central bank relied on direct instruments in conducting monetary policy. The supply of broad money (M3) was controlled by ceilings imposed on the level of credit extended by commercial banks. Later on in 1995, the interest rates of State Owned Banks’ deposits (SOBs) were also managed ...
2010-09-10 MFR interview with Vince Reinhart_1
... important sector, we subsidize the GSEs, and we’re happy about securitization of housingrelated products because it seemed to further foster that national goal. What you also want to remember is the international context. The Asian crisis in 1998. There was a massive demand for reserves in the Pacif ...
... important sector, we subsidize the GSEs, and we’re happy about securitization of housingrelated products because it seemed to further foster that national goal. What you also want to remember is the international context. The Asian crisis in 1998. There was a massive demand for reserves in the Pacif ...
Gli scenari macroeconomici: crisi del debito, spinte recessive e
... Government has supported its liquidity position by suspending most payments to suppliers and contractors. The economy is falling back into recession. Fast deposit outflow, but no evidence of bank-run up to mid June. Rapid deterioration from June 13. Reliance on ECB liquidity stands at ca. 120Bn ...
... Government has supported its liquidity position by suspending most payments to suppliers and contractors. The economy is falling back into recession. Fast deposit outflow, but no evidence of bank-run up to mid June. Rapid deterioration from June 13. Reliance on ECB liquidity stands at ca. 120Bn ...
Abstract
... In order to calculating the Shadow price of capital used in a unit Product, when inflation is higher than the nominal rate of interest on bank deposits, PK is a proxy that here 24% seems reasonable. PK= the shadow price rate of non-traded capital inputs=24% 2. Shadow price of tradable inputs Tradabl ...
... In order to calculating the Shadow price of capital used in a unit Product, when inflation is higher than the nominal rate of interest on bank deposits, PK is a proxy that here 24% seems reasonable. PK= the shadow price rate of non-traded capital inputs=24% 2. Shadow price of tradable inputs Tradabl ...
SB-FRS 29 Financial Reporting in Hyperinflationary Economies
... currency without restatement is not useful. Money loses purchasing power at such a rate that comparison of amounts from transactions and other events that have occurred at different times, even within the same accounting period, is misleading. ...
... currency without restatement is not useful. Money loses purchasing power at such a rate that comparison of amounts from transactions and other events that have occurred at different times, even within the same accounting period, is misleading. ...
DP2006/08 What do robust policies look like for open economy inflation targeters?
... associated shocks. This result generalizes to the context of a flexible inflation targeting central bank that cares about the volatility of the real exchange rate. However, when the central bank places only a small weight on interest rate smoothing and fears misspecification in only exchange rate de ...
... associated shocks. This result generalizes to the context of a flexible inflation targeting central bank that cares about the volatility of the real exchange rate. However, when the central bank places only a small weight on interest rate smoothing and fears misspecification in only exchange rate de ...