NBER WORKING PAPERS SERIES OPENNESS AND INFLATION: THEORY AND EVIDENCE David Romer
... (1983), is that there are institutions or mechanisms that largely eliminate policy-makers' tendency to attempt systematically to cause surprise inflation. Governments appear to be able to largely overcome the dynamic inconsistency problem in other contexts; for example, it would not be correct to de ...
... (1983), is that there are institutions or mechanisms that largely eliminate policy-makers' tendency to attempt systematically to cause surprise inflation. Governments appear to be able to largely overcome the dynamic inconsistency problem in other contexts; for example, it would not be correct to de ...
What G20 Leaders Must Do to Stabilise Our Economy and
... the Fund – any of which would do the trick. But there is absolutely no dissent from the view that it is essential to take action on this problem now. Similarly, there is unanimity on the need to strengthen existing arrangements for global governance. The authors here have a number of alternative vis ...
... the Fund – any of which would do the trick. But there is absolutely no dissent from the view that it is essential to take action on this problem now. Similarly, there is unanimity on the need to strengthen existing arrangements for global governance. The authors here have a number of alternative vis ...
Download paper (PDF)
... The long-horizon evidence regarding UIRP is puzzling from a number of perspectives. First, it is hard to reconcile the high frequency Chaboud and Wright (2003) results with the standard rejections at weekly or monthly frequencies with the long term evidence from this ???? perspective. In fact, the p ...
... The long-horizon evidence regarding UIRP is puzzling from a number of perspectives. First, it is hard to reconcile the high frequency Chaboud and Wright (2003) results with the standard rejections at weekly or monthly frequencies with the long term evidence from this ???? perspective. In fact, the p ...
put title here - Terry FitzPatrick: Reporting, Training, Media
... business to hundreds of thousands of small investors. These pieces of ownership are called "shares" of "stock." Second, the exchange is the place where people can sell their stock to someone else whenever they wish. Cashin: "You can be in the airline business today and you can get out of that and yo ...
... business to hundreds of thousands of small investors. These pieces of ownership are called "shares" of "stock." Second, the exchange is the place where people can sell their stock to someone else whenever they wish. Cashin: "You can be in the airline business today and you can get out of that and yo ...
The Bretton Woods Institutions: Governance without Legitimacy
... basing quotas solely on the ability to contribute (unless redressed by increasing substantially the fixed or basic votes to which each country is entitled, which now accounts for about 2 percent of total votes-a change that would require amendment of the Articles).With quotas and hence voting power, ...
... basing quotas solely on the ability to contribute (unless redressed by increasing substantially the fixed or basic votes to which each country is entitled, which now accounts for about 2 percent of total votes-a change that would require amendment of the Articles).With quotas and hence voting power, ...
NBER WORKING PAPER SERIES ASSESSING INTERNATIONAL EFFICIENCY Jonathan Heathcote Fabrizio Perri
... and preference for delayed consumption. The third part applies the methodology to the allocation of resources across developed countries at the business cycle frequency. Here we discuss how evidence on international quantity comovement, exchange rates, asset prices, and international portfolio holdi ...
... and preference for delayed consumption. The third part applies the methodology to the allocation of resources across developed countries at the business cycle frequency. Here we discuss how evidence on international quantity comovement, exchange rates, asset prices, and international portfolio holdi ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
Former Yugoslav Republic of Macedonia
... Current monetary policy stance is appropriate. Historically low interest rates have helped sustain robust private sector credit growth and domestic demand without jeopardizing external stability. Given still-negative output gap, low core inflation and moderate real exchange rate undervaluation, low ...
... Current monetary policy stance is appropriate. Historically low interest rates have helped sustain robust private sector credit growth and domestic demand without jeopardizing external stability. Given still-negative output gap, low core inflation and moderate real exchange rate undervaluation, low ...
Syllabus - Brandeis University
... to central banks to protect their financial systems and moderate fluctuations in prices and output. As the recent financial crisis highlights, the record of central banks in this regard has been mixed. The purpose of this course is to provide an understanding of the purposes and functions of central ...
... to central banks to protect their financial systems and moderate fluctuations in prices and output. As the recent financial crisis highlights, the record of central banks in this regard has been mixed. The purpose of this course is to provide an understanding of the purposes and functions of central ...
Country Size and the Transfer Effect Vahagn Galstyan
... combined with the definitions of relative prices, form the steady state system. The equilibrium in goods, labor and asset markets jointly determines the relative prices, wages, consumption and output in both domestic and foreign economies. ...
... combined with the definitions of relative prices, form the steady state system. The equilibrium in goods, labor and asset markets jointly determines the relative prices, wages, consumption and output in both domestic and foreign economies. ...
Concepts of equilibrium exchange rates
... move to help markets deal with this. This is why it relates to the actual value of fundamentals, rather than their equilibrium values, such as trend output for example. The concept of short-run equilibrium is closely related to what Williamson (1983) calls the current equilibrium exchange rate which ...
... move to help markets deal with this. This is why it relates to the actual value of fundamentals, rather than their equilibrium values, such as trend output for example. The concept of short-run equilibrium is closely related to what Williamson (1983) calls the current equilibrium exchange rate which ...
Liquidity risk and positive feedback
... Dealers Net Gamma) affected price volatility in the underlying asset market (shown in Figure 1), and how it affected the sensitivity of asset prices to liquidity trades (shown in Figure 2).2 In the second type of simulation we kept the same number of value investors, but divided them into two types, ...
... Dealers Net Gamma) affected price volatility in the underlying asset market (shown in Figure 1), and how it affected the sensitivity of asset prices to liquidity trades (shown in Figure 2).2 In the second type of simulation we kept the same number of value investors, but divided them into two types, ...
Exports, Imports and the Trade Balance
... It is apparent from Chart 2 that internal competitiveness has been less volatile than external competitiveness, and that the two measures exhibit divergent trends. In particular, current levels of external competitiveness are a significant improvement on the averages of the past 20 years, while unti ...
... It is apparent from Chart 2 that internal competitiveness has been less volatile than external competitiveness, and that the two measures exhibit divergent trends. In particular, current levels of external competitiveness are a significant improvement on the averages of the past 20 years, while unti ...
The Policy Space Debate
... other parts of the world, effective conditional protection on export promotion was instrumental to spurring industrialization. Due to the structural reforms in trade liberalization that have been carried out over the last two decades, many lesser developed countries have experienced a significant co ...
... other parts of the world, effective conditional protection on export promotion was instrumental to spurring industrialization. Due to the structural reforms in trade liberalization that have been carried out over the last two decades, many lesser developed countries have experienced a significant co ...
Macroeconomic Factors do influencing Stock Price
... price when the nature of the news (good or bad) goes against the grain of the recent market direction during volatile times (Docking and Koch, 2005). (Glaser and Weber, 2007) found the Stock prices have a significant positive effect on long term money demand and its omission can lead to serious miss ...
... price when the nature of the news (good or bad) goes against the grain of the recent market direction during volatile times (Docking and Koch, 2005). (Glaser and Weber, 2007) found the Stock prices have a significant positive effect on long term money demand and its omission can lead to serious miss ...
How the full opening of the capital account to highly liquid financial
... the first two ending in major financial crises. The first cycle took place between the mid1970s and the 1982 ‘debt-crisis’, with Chile (the only country that had already fully opened up its capital account) being the most affected (with a 20% drop in its real GDP between the third quarters of 1981 a ...
... the first two ending in major financial crises. The first cycle took place between the mid1970s and the 1982 ‘debt-crisis’, with Chile (the only country that had already fully opened up its capital account) being the most affected (with a 20% drop in its real GDP between the third quarters of 1981 a ...
Industry Price Adjustment to Exchange Rate
... equilibrium price in the industry taken into account that exchange rate fluctuations can affect the industry equilibrium. I estimate different pass-through elasticities, in the short and in the long-run, and study the mark-up absorption hypothesis at company level data. ...
... equilibrium price in the industry taken into account that exchange rate fluctuations can affect the industry equilibrium. I estimate different pass-through elasticities, in the short and in the long-run, and study the mark-up absorption hypothesis at company level data. ...
Money and Finance - Department of Economics
... with Barry Eichengreen and Jong Woo Kim. “Was There Really an Earlier Period of International Financial Integration Comparable to Today?” Bank of Korea, The Implications of Globalization of World Financial Markets, Seoul, (1998). with Dominique Simard and Eugene N. White. “La Strategie Francaise et ...
... with Barry Eichengreen and Jong Woo Kim. “Was There Really an Earlier Period of International Financial Integration Comparable to Today?” Bank of Korea, The Implications of Globalization of World Financial Markets, Seoul, (1998). with Dominique Simard and Eugene N. White. “La Strategie Francaise et ...
estimating elasticities of demand and supply for south african
... quantities, Tsikata (1999) uses the real effective exchange rate she specifies in her theoretical demand equation, but does not use the export price from her supply equation. In similar studies, Fallon & Pereira de Silva (1994) employ the real effective exchange rate, and Wood (1995) uses the deviat ...
... quantities, Tsikata (1999) uses the real effective exchange rate she specifies in her theoretical demand equation, but does not use the export price from her supply equation. In similar studies, Fallon & Pereira de Silva (1994) employ the real effective exchange rate, and Wood (1995) uses the deviat ...
The US Capital Account Surplus
... • The United States is likely to remain a net foreign capital recipient for a long time. However, the magnitude of future U.S. net capital inflows is likely to moderate from levels observed in recent years. • Encouraging greater global balance of capital flows would be helped by steps in several cou ...
... • The United States is likely to remain a net foreign capital recipient for a long time. However, the magnitude of future U.S. net capital inflows is likely to moderate from levels observed in recent years. • Encouraging greater global balance of capital flows would be helped by steps in several cou ...
COMMON MARKET FOR EASTERN AND SOUTHERN AFRICAN
... COMESA has a programme of monetary cooperation, which will culminate in Monetary Union. The mandate to set up a Monetary Union in COMESA is derived from Article 4 (4) of the COMESA Treaty signed in Kampala, Uganda on 5th November, 1993, which states that the COMESA Member States shall “in the field ...
... COMESA has a programme of monetary cooperation, which will culminate in Monetary Union. The mandate to set up a Monetary Union in COMESA is derived from Article 4 (4) of the COMESA Treaty signed in Kampala, Uganda on 5th November, 1993, which states that the COMESA Member States shall “in the field ...
Doc - Europa.eu
... The composition of trade in goods and services has also evolved over time. Rich countries increasingly trade similar, but differentiated, goods and services between themselves (intraindustry trade). Multinational firms now play an important role in the global economy and are frequently able to slice ...
... The composition of trade in goods and services has also evolved over time. Rich countries increasingly trade similar, but differentiated, goods and services between themselves (intraindustry trade). Multinational firms now play an important role in the global economy and are frequently able to slice ...
Non-Wasteful Government Spending in an Estimated Open
... exchange rate in the context of Japanese …scal policy. Japan’s current account surplus position is considered to have helped maintain stability in the Japanese Government Bond (JGB) market, despite the high level of government debt.9 If expansionary …scal policy appreciates the real exchange rate an ...
... exchange rate in the context of Japanese …scal policy. Japan’s current account surplus position is considered to have helped maintain stability in the Japanese Government Bond (JGB) market, despite the high level of government debt.9 If expansionary …scal policy appreciates the real exchange rate an ...