NBER WORKING PAPER SERIES CAN ENDOGENOUS CHANGES IN PRICE FLEXIBILITY
... facing the loss of monetary independence has an incentive to increase the degree of wage indexation. Calmfors and Johansson show, using a simple linear model with an ad hoc quadratic welfare function, that greater variability in prices which accompanies increased wage flexibility, may in fact be wel ...
... facing the loss of monetary independence has an incentive to increase the degree of wage indexation. Calmfors and Johansson show, using a simple linear model with an ad hoc quadratic welfare function, that greater variability in prices which accompanies increased wage flexibility, may in fact be wel ...
Chakriya Bowman Economies
... Abstract: As the strength of the Japanese economy grew during the 1980s, many studies examined the integration between currencies in the region. Several studies found evidence for a “yen bloc”, a significant and strengthening relationship between the Japanese yen and other regional currencies due to ...
... Abstract: As the strength of the Japanese economy grew during the 1980s, many studies examined the integration between currencies in the region. Several studies found evidence for a “yen bloc”, a significant and strengthening relationship between the Japanese yen and other regional currencies due to ...
DP2008/17 Does natural rate variation matter? Evidence from New Zealand Michael Kirker
... New Keynesian models are a popular tool for monetary policy advice. Typically, these models are estimated on demeaned interest rate and inflation data, implicitly assuming a constant natural real rate of interest and inflation target. However, if these concepts in fact vary over time, working with d ...
... New Keynesian models are a popular tool for monetary policy advice. Typically, these models are estimated on demeaned interest rate and inflation data, implicitly assuming a constant natural real rate of interest and inflation target. However, if these concepts in fact vary over time, working with d ...
Economics Gr12 - Lebowakgomo Circuit
... Four sets of prices are used in the national accounts: basic prices (BP), factor cost (FC), market prices (MP) and net or gross figures. Basic prices are the initial prices in the production of final goods and services, before considering any taxes and subsidies on products and production. Factor co ...
... Four sets of prices are used in the national accounts: basic prices (BP), factor cost (FC), market prices (MP) and net or gross figures. Basic prices are the initial prices in the production of final goods and services, before considering any taxes and subsidies on products and production. Factor co ...
A Look at the Implications of Regulatory Reforms for OTC
... confidence could be lost very quickly. Arguably of most concern at, and since, the time of the financial crisis has been the interlinkages between the major counterparties participating in the OTC derivatives market (Ruffini and Steigerwald, 2014). As the major counterparties are international finan ...
... confidence could be lost very quickly. Arguably of most concern at, and since, the time of the financial crisis has been the interlinkages between the major counterparties participating in the OTC derivatives market (Ruffini and Steigerwald, 2014). As the major counterparties are international finan ...
A Dynamic Enquiry into the Causes of Hyperinflation in Zimbabwe
... Expectations of future inflation are another important determinant of hyperinflation. Expectations can be dichotomized into adaptive and rational expectations. According to ...
... Expectations of future inflation are another important determinant of hyperinflation. Expectations can be dichotomized into adaptive and rational expectations. According to ...
The Effects of Monetary Policy on Prices in Malawi
... others. Friedman (1992) notes that identical monetary policy measures adopted for the same purpose at different times and in different economies can yield different outcomes. As such, Sims (1992) asserts that “the profession as a whole has no clear answer to the question of the size and nature of th ...
... others. Friedman (1992) notes that identical monetary policy measures adopted for the same purpose at different times and in different economies can yield different outcomes. As such, Sims (1992) asserts that “the profession as a whole has no clear answer to the question of the size and nature of th ...
Economics for Business - market
... 7.2.1 Explain the difference between absolute and comparative advantage, the gains from specialisation and the benefits of free trade. 7.2.2 Illustrate, using numerical examples, how gains from specialisation arise and identify the gains from trade, using data on opportunity cost for two countries. ...
... 7.2.1 Explain the difference between absolute and comparative advantage, the gains from specialisation and the benefits of free trade. 7.2.2 Illustrate, using numerical examples, how gains from specialisation arise and identify the gains from trade, using data on opportunity cost for two countries. ...
5EFB_Syllabus - Association of Business Executives
... 7.2.1 Explain the difference between absolute and comparative advantage, the gains from specialisation and the benefits of free trade. 7.2.2 Illustrate, using numerical examples, how gains from specialisation arise and identify the gains from trade, using data on opportunity cost for two countries. ...
... 7.2.1 Explain the difference between absolute and comparative advantage, the gains from specialisation and the benefits of free trade. 7.2.2 Illustrate, using numerical examples, how gains from specialisation arise and identify the gains from trade, using data on opportunity cost for two countries. ...
G20 Leaders Declaration - Council of the European Union
... fostering the creation of decent work and quality jobs, particularly for youth and other vulnerable groups, who have been severely hit by the economic crisis. We reaffirm our commitment to youth to facilitate their access to quality jobs, which will boost their life prospects. We welcome the work of ...
... fostering the creation of decent work and quality jobs, particularly for youth and other vulnerable groups, who have been severely hit by the economic crisis. We reaffirm our commitment to youth to facilitate their access to quality jobs, which will boost their life prospects. We welcome the work of ...
Real Exchange Rates, Saving and Growth: Is there a Link?
... recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, but over previous decades the association between depreciated real exchange rates a ...
... recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, but over previous decades the association between depreciated real exchange rates a ...
Purchasing power parity puzzle and the - Research Online
... of PPP theory implies that nominal exchange rate (st) is proportional to the relative price ratio (pt /pt∗ ) thus rendering qt to remain constant over time. If qt changes over time and follows a stationary autoregressive moving average (ARMA) process, then deviations from PPP are transient. Short-ru ...
... of PPP theory implies that nominal exchange rate (st) is proportional to the relative price ratio (pt /pt∗ ) thus rendering qt to remain constant over time. If qt changes over time and follows a stationary autoregressive moving average (ARMA) process, then deviations from PPP are transient. Short-ru ...
Forward-Looking Statements 201612
... the health care system of various countries; acceptance of and demand for new drugs and new therapies; the results of clinical studies; the influence of competitive products and prices; the availability and costs of the active ingredients used in the production of pharmaceutical products; uncertaint ...
... the health care system of various countries; acceptance of and demand for new drugs and new therapies; the results of clinical studies; the influence of competitive products and prices; the availability and costs of the active ingredients used in the production of pharmaceutical products; uncertaint ...
Prologue -- Tearing Down Walls -- History of the International
... from 22 percent, while its share of official international reserves dropped even more dramatically, from 54 percent in 1948 to 12 percent in 1978. As the balance of economic and financial power became more widely dispersed, more and more currencies became fully convertible for current account and ev ...
... from 22 percent, while its share of official international reserves dropped even more dramatically, from 54 percent in 1948 to 12 percent in 1978. As the balance of economic and financial power became more widely dispersed, more and more currencies became fully convertible for current account and ev ...
markets work in war
... in their evaluations of these wartime events on specific government bonds. This supports the notion of a well functioning financial market even under the influence of a major war. It makes the previous analyses, focusing on one particular financial market, more valuable because they are not likely t ...
... in their evaluations of these wartime events on specific government bonds. This supports the notion of a well functioning financial market even under the influence of a major war. It makes the previous analyses, focusing on one particular financial market, more valuable because they are not likely t ...
Cost-Push Shocks and Monetary Policy in Open Economies Alan Sutherland
... important issue, namely that the welfare maximising monetary strategy becomes more complex and more difficult to implement. It is clear that the optimality of a simple strategy of strict consumer-price or producer-price targeting does not carry over to more general cases. In addition, even when the o ...
... important issue, namely that the welfare maximising monetary strategy becomes more complex and more difficult to implement. It is clear that the optimality of a simple strategy of strict consumer-price or producer-price targeting does not carry over to more general cases. In addition, even when the o ...
Can Open Economy Business Cycle Models Explain Business Cycle Facts?
... productivity; to preferences in the allocation of time between work and leisure of the representative household, and by expectational errors in the relationship between relative interest rates and the expected change in the exchange rate (see, Frankel, 1996, and Sarno and Taylor, 2002). A further in ...
... productivity; to preferences in the allocation of time between work and leisure of the representative household, and by expectational errors in the relationship between relative interest rates and the expected change in the exchange rate (see, Frankel, 1996, and Sarno and Taylor, 2002). A further in ...
Did the Indian capital controls work as a tool of macroeconomic
... A surge of capital inflows can lead to an appreciation of the exchange rate, which can adversely affect the tradeables sector. Attempts to prevent nominal currency appreciation during the surge can lead to a loss of monetary policy autonomy. High inflows of capital can cause credit booms and asset p ...
... A surge of capital inflows can lead to an appreciation of the exchange rate, which can adversely affect the tradeables sector. Attempts to prevent nominal currency appreciation during the surge can lead to a loss of monetary policy autonomy. High inflows of capital can cause credit booms and asset p ...
China`s Impact on World Commodity Markets
... This ordering leads to intuitive and reasonable short-run restrictions. For the baseline specification (1), the first restriction is that the commodity supply curve is vertical in the very short run. In other words, shifts in the demand curve elicit no changes in supply during the same month. This c ...
... This ordering leads to intuitive and reasonable short-run restrictions. For the baseline specification (1), the first restriction is that the commodity supply curve is vertical in the very short run. In other words, shifts in the demand curve elicit no changes in supply during the same month. This c ...
Tilburg University Trade unions, investment and
... other factors which influence the trade-off between (un)employment and wages and thereby the choice the unions make. These trade-offinfluencing factors included the technology describing the production side of the economy, external influences such as real world-interestrates and foreign income and g ...
... other factors which influence the trade-off between (un)employment and wages and thereby the choice the unions make. These trade-offinfluencing factors included the technology describing the production side of the economy, external influences such as real world-interestrates and foreign income and g ...
The Role of Simple Rules in the Conduct of
... well and are more robust to model uncertainty than complex rules. He argues that the findings of the 1998 NBER conference on monetary policy rules clearly support simple rules. He also acknowledges, however, that despite the apparent consensus, there are still strong disagreements among researchers ...
... well and are more robust to model uncertainty than complex rules. He argues that the findings of the 1998 NBER conference on monetary policy rules clearly support simple rules. He also acknowledges, however, that despite the apparent consensus, there are still strong disagreements among researchers ...
THE RISE OF GERMAN PROTECTIONISM IN THE 1870S: A
... indemnity imposed by Bismarck on France following the 1870-1 Franco-Prussian War. The war indemnity, in essence a very large capital inflow, translated into a massive monetary and fiscal stimulus. This led in turn to fast growth, price inflation and other symptoms that are typically observed in epis ...
... indemnity imposed by Bismarck on France following the 1870-1 Franco-Prussian War. The war indemnity, in essence a very large capital inflow, translated into a massive monetary and fiscal stimulus. This led in turn to fast growth, price inflation and other symptoms that are typically observed in epis ...