This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Inflation: Causes and Effects
... from our existing badly managed fiat money to a badly managed commodity standard might well be a step backward. The basic findings of the paper are: 1. During the years of the gold standard in the United States (18791914), inflation was kept to reasonable levels but cumulated over decades so that th ...
... from our existing badly managed fiat money to a badly managed commodity standard might well be a step backward. The basic findings of the paper are: 1. During the years of the gold standard in the United States (18791914), inflation was kept to reasonable levels but cumulated over decades so that th ...
Week 11
... These two measures are equivalent, but be careful, the second one (often used in models) is not intuitive : If e falls, less € are needed to purchase 1$, so the euro ...
... These two measures are equivalent, but be careful, the second one (often used in models) is not intuitive : If e falls, less € are needed to purchase 1$, so the euro ...
Searching for financial stability: the Mexican Moritz Cruz
... 2. Why accumulate international reserves? The criteria to determine international reserves adequacy has been a research topic since the second half of the XX century. In the begging, during the 60s, as a consequence of the plans to provide with higher liquidity the international financial system, t ...
... 2. Why accumulate international reserves? The criteria to determine international reserves adequacy has been a research topic since the second half of the XX century. In the begging, during the 60s, as a consequence of the plans to provide with higher liquidity the international financial system, t ...
NBER WORKING PAPER SERIES THE DOLLAR AND ITS DISCONTENTS Olivier Jeanne
... Treasury securities suggests that there is some truth to the “fiscal Triffin dilemma” view. The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was i ...
... Treasury securities suggests that there is some truth to the “fiscal Triffin dilemma” view. The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was i ...
A PROGRESSIVE PROGRAM FOR ECONOMIC RECOVERY & FINANCIAL RECONSTRUCTION
... Reconstruction, an interlocking set of initiatives that include: 1) a massive fiscal expansion program to promote economic recovery; 2) economic policies to restore the societal balance of power and health to labor, communities and families while making the transition to a greener economy; 3) polici ...
... Reconstruction, an interlocking set of initiatives that include: 1) a massive fiscal expansion program to promote economic recovery; 2) economic policies to restore the societal balance of power and health to labor, communities and families while making the transition to a greener economy; 3) polici ...
Statement by Lee Price Chief Economist, Department of Commerce before the
... After holding steady for several years, the U.S. trade deficit has been rising sharply since 1997 (Chart I) and deserves close scrutiny by this commission. Your report later this year on the deficit’s causes, consequences, statistics, and other related issues should help guide the thinking of our na ...
... After holding steady for several years, the U.S. trade deficit has been rising sharply since 1997 (Chart I) and deserves close scrutiny by this commission. Your report later this year on the deficit’s causes, consequences, statistics, and other related issues should help guide the thinking of our na ...
NBER WORKING PAPER SERIES RESULTS FROM A STRUCTURAL MODEL
... monetary union as an eventual implication of movement to a single trading market. For example, Lionel Robbins stated in 1971, “I do not think that in the end a common market, just like that, can function well if there is not something like a common money.”10 In 1991, former Prime Minister Edward Hea ...
... monetary union as an eventual implication of movement to a single trading market. For example, Lionel Robbins stated in 1971, “I do not think that in the end a common market, just like that, can function well if there is not something like a common money.”10 In 1991, former Prime Minister Edward Hea ...
Capital Account Liberalization as a Development Strategy for
... (welfare-enhancing argument) and as a mechanism to enforce sustainable economic policies (discipline argument). In other words, the reasoning within the Fund was that the free movement of capital flows would have led to an efficient allocation of capital and diversification of risk. Augmenting domes ...
... (welfare-enhancing argument) and as a mechanism to enforce sustainable economic policies (discipline argument). In other words, the reasoning within the Fund was that the free movement of capital flows would have led to an efficient allocation of capital and diversification of risk. Augmenting domes ...
Monetary Policy in Deflation: The Liquidity Trap in History and Practice
... of bringing about a severe liquidation and of starting a deflationary cycle. It is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to to withdraw the foundation of the structure.” Despite the ...
... of bringing about a severe liquidation and of starting a deflationary cycle. It is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to to withdraw the foundation of the structure.” Despite the ...
Chapter 6
... Spanish attempt to build a European “world-empire.” The Dutch United Provinces played a leading role in the protracted struggle against imperial Spain. The Treaties of Westphalia (1648) formalized a European inter-state system based on balance of power. The United Provinces was considered by histori ...
... Spanish attempt to build a European “world-empire.” The Dutch United Provinces played a leading role in the protracted struggle against imperial Spain. The Treaties of Westphalia (1648) formalized a European inter-state system based on balance of power. The United Provinces was considered by histori ...
Targeting Constant Money Growth at the Zero
... conversely, when it wished to ease, it lowered its funds rate target. After the target was reduced to a range of 0 to 0.25 percent in December 2008, however, the zero lower bound on the federal funds rate forced the Fed to look for other ways of providing additional monetary stimulus to help output ...
... conversely, when it wished to ease, it lowered its funds rate target. After the target was reduced to a range of 0 to 0.25 percent in December 2008, however, the zero lower bound on the federal funds rate forced the Fed to look for other ways of providing additional monetary stimulus to help output ...
Financialization and the World Economy
... Some figures have been widely cited: for example, according to the Bank for International Settlements, the daily volume of foreign exchange transactions amounted to more than 1.9 trillion dollars each day in 2004, in contrast to 570 billion per day in 1989 (www.bis.org/press/p040928.htm; www.bis.org ...
... Some figures have been widely cited: for example, according to the Bank for International Settlements, the daily volume of foreign exchange transactions amounted to more than 1.9 trillion dollars each day in 2004, in contrast to 570 billion per day in 1989 (www.bis.org/press/p040928.htm; www.bis.org ...
Chapter1
... prices to someone who knows more than they do about current market conditions *even without any public news, traders transmit news in the act of trading *If Ingrid at Chase posts a quote of 125.00-.10 and is called by Taka at Sumitomo who wants to “hit her ask” and have her buy his yen for her dolla ...
... prices to someone who knows more than they do about current market conditions *even without any public news, traders transmit news in the act of trading *If Ingrid at Chase posts a quote of 125.00-.10 and is called by Taka at Sumitomo who wants to “hit her ask” and have her buy his yen for her dolla ...
On the Franco-German Euro Contradiction and Ultimate Euro
... percent vis-à-vis the US dollar) in March 1961 followed intense battling that saw Bundesbank ...
... percent vis-à-vis the US dollar) in March 1961 followed intense battling that saw Bundesbank ...
Central Bank of Nigeria Communique No. 102 of the Monetary
... the wide and unacceptable premium between the interbank and the BDC rates. The premium should be narrowed after which some flexibility could be introduced into the interbank market, possibly by widening the band. Another key issue to contend with at this point in time is the rising threat to banking ...
... the wide and unacceptable premium between the interbank and the BDC rates. The premium should be narrowed after which some flexibility could be introduced into the interbank market, possibly by widening the band. Another key issue to contend with at this point in time is the rising threat to banking ...
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 ...
Diapositive 1
... The market is a more efficient regulator. The central bank is more flexible in terms of policy, as it does not have to worry about monitoring the exchange rate (next week) The Central Bank does not have to hold foreign reserves, as it does not have to intervene The Balance of payments automatically ...
... The market is a more efficient regulator. The central bank is more flexible in terms of policy, as it does not have to worry about monitoring the exchange rate (next week) The Central Bank does not have to hold foreign reserves, as it does not have to intervene The Balance of payments automatically ...
the international dimension to competition policy
... activity, in one sector after another – finance, communications, oil, airlines, pharmaceuticals, automotive professional services and so on. For the most part, these mergers are not anti competitive and pose no major challenge to the global economy’s major competitiveness. Indeed, in many cases, the ...
... activity, in one sector after another – finance, communications, oil, airlines, pharmaceuticals, automotive professional services and so on. For the most part, these mergers are not anti competitive and pose no major challenge to the global economy’s major competitiveness. Indeed, in many cases, the ...
Making Sense Of A New Currency: An Exploration Of Ghanaian
... 7. Confusion about the Value of Money: “I never know how much money to take (out of an ATM), and for a while, it felt as if I did not have enough money on me: you know: it felt light, but then the money that I would put in my wallet seemed small.” The stated difficulties reported by the interviewees ...
... 7. Confusion about the Value of Money: “I never know how much money to take (out of an ATM), and for a while, it felt as if I did not have enough money on me: you know: it felt light, but then the money that I would put in my wallet seemed small.” The stated difficulties reported by the interviewees ...
Fiscal and monetary policy: interdependence and possible sources
... Must there necessarily be tension between monetary and fiscal policy? This might be true if these two areas of economic policy were pursuing conflicting goals. However, if we look at the objectives of monetary and fiscal policy, we can see that they are very similar (cf. chart 1). Today, in most adv ...
... Must there necessarily be tension between monetary and fiscal policy? This might be true if these two areas of economic policy were pursuing conflicting goals. However, if we look at the objectives of monetary and fiscal policy, we can see that they are very similar (cf. chart 1). Today, in most adv ...
An Empirical Analysis of the Inflation Targeting Framework in a Time of
... 2000). In addition, IT in itself may not be sufficient to ensure fiscal discipline, since even under the IT framework governments can still pursue irresponsible fiscal policy and finance their deficits by monetization (Mishkin 2000). These actions will intensify inflationary pressures, thus making i ...
... 2000). In addition, IT in itself may not be sufficient to ensure fiscal discipline, since even under the IT framework governments can still pursue irresponsible fiscal policy and finance their deficits by monetization (Mishkin 2000). These actions will intensify inflationary pressures, thus making i ...
Introduction
... • Real Sector: The sector of the economy engaged in the production and sale of goods and services. • Financial Sector: The sector of the economy where individuals trade in financial assets. • Though economists tend to measure activity in these two sectors separately, an important point of this chapt ...
... • Real Sector: The sector of the economy engaged in the production and sale of goods and services. • Financial Sector: The sector of the economy where individuals trade in financial assets. • Though economists tend to measure activity in these two sectors separately, an important point of this chapt ...
Introduction
... • Real Sector: The sector of the economy engaged in the production and sale of goods and services. • Financial Sector: The sector of the economy where individuals trade in financial assets. • Though economists tend to measure activity in these two sectors separately, an important point of this chapt ...
... • Real Sector: The sector of the economy engaged in the production and sale of goods and services. • Financial Sector: The sector of the economy where individuals trade in financial assets. • Though economists tend to measure activity in these two sectors separately, an important point of this chapt ...
Will Asian Mercantilism Meet its
... decline in global inflation cannot be the cause. Note, too, that this is not a period of recession or weak economic growth. On the contrary, the world economy has been growing quite healthily in recent years. Even at market prices, the world economy grew 4 per cent in 2004 and is forecast by the Int ...
... decline in global inflation cannot be the cause. Note, too, that this is not a period of recession or weak economic growth. On the contrary, the world economy has been growing quite healthily in recent years. Even at market prices, the world economy grew 4 per cent in 2004 and is forecast by the Int ...
International monetary systems
International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable between buyers and sellers of different nationality, including deferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woods in 1944.