The Great Recession in Historical Context Peter Temin MIT
... therefore each other, and the absence of an international coordinating organization. Together these arrangements implied that there was an asymmetry between countries experiencing balance-of-payments deficits and surpluses. There was a penalty for running out of reserves (and being unable to mainta ...
... therefore each other, and the absence of an international coordinating organization. Together these arrangements implied that there was an asymmetry between countries experiencing balance-of-payments deficits and surpluses. There was a penalty for running out of reserves (and being unable to mainta ...
The Political Economy of U.S. – Led Internationalization:
... in this sense, it coincided with the other main European countries, historically committed to maintaining the nation state in the context of a unified Europe. However, the European Monetary Union, which is how the EMU is currently referred to 9 , was formed with distinct interests and strategies, in ...
... in this sense, it coincided with the other main European countries, historically committed to maintaining the nation state in the context of a unified Europe. However, the European Monetary Union, which is how the EMU is currently referred to 9 , was formed with distinct interests and strategies, in ...
ECONOMICS and FINANCE
... institutions (banks, insurance companies, mutual funds, and other institutions) work. Financial markets and institutions not only affect your everyday life but also involve huge flows of funds – trillions of dollars – throughout our economy, which in turn affect business profits, the production of g ...
... institutions (banks, insurance companies, mutual funds, and other institutions) work. Financial markets and institutions not only affect your everyday life but also involve huge flows of funds – trillions of dollars – throughout our economy, which in turn affect business profits, the production of g ...
NBER WORKING PAPER SERIES MANAGING CURRENCY PEGS Stephanie Schmitt-Grohé Martín Uribe
... domestic-currency prices of nontraded and traded goods. We assume that the law of one price holds for traded goods and that the foreign-currency price of traded goods is constant and normalized to unity. Then, we have that PtT = Et , where Et denotes the nominal exchange rate, defined as the domesti ...
... domestic-currency prices of nontraded and traded goods. We assume that the law of one price holds for traded goods and that the foreign-currency price of traded goods is constant and normalized to unity. Then, we have that PtT = Et , where Et denotes the nominal exchange rate, defined as the domesti ...
Rate Debt Sustainability and
... whether different government objectives are feasible or not. For example ifGDP growth, as well as the primary surplus and the real exchange rate should remain constant, the debt to GDP ratio will also be constant. However, the but simple but significant result from this equation is that when debt is ...
... whether different government objectives are feasible or not. For example ifGDP growth, as well as the primary surplus and the real exchange rate should remain constant, the debt to GDP ratio will also be constant. However, the but simple but significant result from this equation is that when debt is ...
Is a Benign Dollar Policy Wise? William Poole
... today than it should be, the case needs to be made based on information beyond dollar depreciation. Note, for example, that MZM and M2 have been almost flat while bank credit has been declining almost constantly from October 2008 to November 2009. Those who want the Federal Reserve to have a policy ...
... today than it should be, the case needs to be made based on information beyond dollar depreciation. Note, for example, that MZM and M2 have been almost flat while bank credit has been declining almost constantly from October 2008 to November 2009. Those who want the Federal Reserve to have a policy ...
Effects of an exchange rate change on agricultural
... centage change in equilibrium quantity traded n or may not exceed the percentage change in the exchange rate. • The percentage change in quantity traded wil exceed that of the price change if the elasticity• the excess supply function exceeds one. • The elasticities of excess supply and demand rell ...
... centage change in equilibrium quantity traded n or may not exceed the percentage change in the exchange rate. • The percentage change in quantity traded wil exceed that of the price change if the elasticity• the excess supply function exceeds one. • The elasticities of excess supply and demand rell ...
Is the Chinese RMB undervalued
... The debate on whether or not the Chinese currency is undervalued has been one of the most intensely debated economic subjects in recent times. The opinions amongst economists as well as politicians are all but homogenous. Through several different calculations, it has been estimated that the Chinese ...
... The debate on whether or not the Chinese currency is undervalued has been one of the most intensely debated economic subjects in recent times. The opinions amongst economists as well as politicians are all but homogenous. Through several different calculations, it has been estimated that the Chinese ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... on the “convertibility plan.” Under this plan the government guaranteed the convertibility of pesos at a fixed exchange rate into U.S. dollars and undertook not to print any money except in the course of buying dollars in the foreign exchange market. Since foreign exchange reserves in the central ba ...
... on the “convertibility plan.” Under this plan the government guaranteed the convertibility of pesos at a fixed exchange rate into U.S. dollars and undertook not to print any money except in the course of buying dollars in the foreign exchange market. Since foreign exchange reserves in the central ba ...
C A G : U
... (european commission, 2014). the ongoing divergence indicates that pursuing national competitiveness strategies without considering the development relative to the other members within a common monetary policy is inherently contradictory. in systems with flexible exchange rates, external imbalances ...
... (european commission, 2014). the ongoing divergence indicates that pursuing national competitiveness strategies without considering the development relative to the other members within a common monetary policy is inherently contradictory. in systems with flexible exchange rates, external imbalances ...
Tapering Talk: The Impact of Expectations of Reduced Federal
... that were seemingly hard to square with earlier criticisms of quantitative easing by the U.S. central bank as a form of “currency war.” This paper is a first attempt to shed light on these issues. We use data for a cross section of emerging markets to analyze who was hit by the Fed’s tapering talk a ...
... that were seemingly hard to square with earlier criticisms of quantitative easing by the U.S. central bank as a form of “currency war.” This paper is a first attempt to shed light on these issues. We use data for a cross section of emerging markets to analyze who was hit by the Fed’s tapering talk a ...
T E P I L ,R E V I E W,
... economic growth than in previous periods, largely furthered by heavy net transfers of external resources.1 After the disappearance of the CMEA, Cuba began the 1990s with structural restrictions on its incorporation into Western trade. The State still controls much of economic activity, on both the s ...
... economic growth than in previous periods, largely furthered by heavy net transfers of external resources.1 After the disappearance of the CMEA, Cuba began the 1990s with structural restrictions on its incorporation into Western trade. The State still controls much of economic activity, on both the s ...
The Advantages of a Community Currency – An OCA Perspective
... community currency, exchange the money into the principal currency and invest it and receive interest payments. Therefore they can make a profit without supporting the local economy. If many companies follow this strategy, the regional initiative which grants the loans might not be able to continue ...
... community currency, exchange the money into the principal currency and invest it and receive interest payments. Therefore they can make a profit without supporting the local economy. If many companies follow this strategy, the regional initiative which grants the loans might not be able to continue ...
The Relationship between Commodities and Pakistani Currency
... Canadian exchange rate and the simulated values observed in 2007 are not historically large but there is some evidence that change in energy and non-energy commodities are due to change in the sensitivity of the exchange rate equation over the period. Specifications that consider the importance of e ...
... Canadian exchange rate and the simulated values observed in 2007 are not historically large but there is some evidence that change in energy and non-energy commodities are due to change in the sensitivity of the exchange rate equation over the period. Specifications that consider the importance of e ...
Proposed Compromise with Bankers - Fraser
... In general, I believe that it was unwise for the Treasury to go to the bankers offering concessions. It has been interpreted as weakness. Regardless of what compromise emerges, it will hurt the standing of the Bank and the Fund with many people to have the Government make concessions to representati ...
... In general, I believe that it was unwise for the Treasury to go to the bankers offering concessions. It has been interpreted as weakness. Regardless of what compromise emerges, it will hurt the standing of the Bank and the Fund with many people to have the Government make concessions to representati ...
1 Counterfactual Histories of the Great Depression Barry
... Bruening had understood that devaluation allowed more expansionary policies and responded accordingly, then the German devaluation could have also eased conditions elsewhere in the world. The German cabinet discussed the possibility of following Britain off gold in September 1931, and the tone of t ...
... Bruening had understood that devaluation allowed more expansionary policies and responded accordingly, then the German devaluation could have also eased conditions elsewhere in the world. The German cabinet discussed the possibility of following Britain off gold in September 1931, and the tone of t ...
ECON 8423-001 International Finance
... What are the causes of changes in exchange rates? What are the effects of changes in exchange rates (or the shocks that caused them)? What causes changes in the balance of trade (and current account)? What are the allocative or distributional effects of alternative exchange-rate systems? Under what ...
... What are the causes of changes in exchange rates? What are the effects of changes in exchange rates (or the shocks that caused them)? What causes changes in the balance of trade (and current account)? What are the allocative or distributional effects of alternative exchange-rate systems? Under what ...
Foreign Exchange Intervention and Equilibrium Real Exchange Rates
... purchases and sales of foreign exchange by the monetary authorities in order to affect the exchange rate. The literature on intervention states that central banks intervene in order (i) to correct misalignment or stabilise the exchange rate at predetermined targeted levels or within targeted rates o ...
... purchases and sales of foreign exchange by the monetary authorities in order to affect the exchange rate. The literature on intervention states that central banks intervene in order (i) to correct misalignment or stabilise the exchange rate at predetermined targeted levels or within targeted rates o ...
France : Brexit: economic repercussions
... Sources: INSEE, Eurostat, ONS, BNP Paribas forecasts ...
... Sources: INSEE, Eurostat, ONS, BNP Paribas forecasts ...
Exchange Rates, The Balance of Payments, and Trade Deficits
... Exchange Rates Fixed Exchange Rates Exchange Controls and Rationing International Exchange Rate Systems ...
... Exchange Rates Fixed Exchange Rates Exchange Controls and Rationing International Exchange Rate Systems ...
Reforming the Transmission Mechanism of Monetary Policy in China
... PBC has promulgated some policies to support the non-SOEs' development. By the end of 1998, the outstanding loans to non-SOEs account for 41.82 percent of total ...
... PBC has promulgated some policies to support the non-SOEs' development. By the end of 1998, the outstanding loans to non-SOEs account for 41.82 percent of total ...
NBER WORKING PAPER SERIES THE INTERNATIONAL MONETARY SYSTEM: Jacob
... in smoothing short—run volatility and in providing the market ...
... in smoothing short—run volatility and in providing the market ...
IOSR Journal of Business and Management (IOSR-JBM) ISSN: 2278-487X.
... equilibrium. We calculated the economic openness by adding export and imports and then dividing by real GDP of Pakistan. Imports data, exports data and GDP figures are all taken from IMF CD-ROM. GDP values were given on yearly bases, so it has been divided by 12. If there is a rise in the government ...
... equilibrium. We calculated the economic openness by adding export and imports and then dividing by real GDP of Pakistan. Imports data, exports data and GDP figures are all taken from IMF CD-ROM. GDP values were given on yearly bases, so it has been divided by 12. If there is a rise in the government ...