NBER WORKING PAPER SERIES GLOBALIZATION, MACROECONOMIC PERFORMANCE, AND MONETARY POLICY Frederic S. Mishkin
... These effects from the greater price flexibility and increased competition in domestic markets that have arisen from globalization, while theoretically plausible, are often at variance with salient features of the world economy, and so they do not explain why inflation has declined in recent years. ...
... These effects from the greater price flexibility and increased competition in domestic markets that have arisen from globalization, while theoretically plausible, are often at variance with salient features of the world economy, and so they do not explain why inflation has declined in recent years. ...
AUSTRALIAN DOLLAR FAIR VALUE ESTIMATES
... stated, the source of information is Insight Investment. Any forecasts or opinions are Insight Investment’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, proper advice (in accordance with t ...
... stated, the source of information is Insight Investment. Any forecasts or opinions are Insight Investment’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, proper advice (in accordance with t ...
Federal Reserve and Monetary Policy - Database of K
... Inflation is an overall increase in the average price level. People on fixed incomes and people that have saved money are hurt by inflation. 6. What can cause inflation? What is hyperinflation? An increase in the cost of resources or an increase in the demand for goods can cause inflation. Hyperinfl ...
... Inflation is an overall increase in the average price level. People on fixed incomes and people that have saved money are hurt by inflation. 6. What can cause inflation? What is hyperinflation? An increase in the cost of resources or an increase in the demand for goods can cause inflation. Hyperinfl ...
Presentation - CFA Institute
... - If there is excess capacity in the economy, then currency depreciation can increase output/income by switching demand toward domestically produced goods and services. - If the economy is at full employment, then currency depreciation must reduce domestic expenditure to improve the trade balance. ...
... - If there is excess capacity in the economy, then currency depreciation can increase output/income by switching demand toward domestically produced goods and services. - If the economy is at full employment, then currency depreciation must reduce domestic expenditure to improve the trade balance. ...
Chapter 9Currency Exchange Rates
... - If there is excess capacity in the economy, then currency depreciation can increase output/income by switching demand toward domestically produced goods and services. - If the economy is at full employment, then currency depreciation must reduce domestic expenditure to improve the trade balance. ...
... - If there is excess capacity in the economy, then currency depreciation can increase output/income by switching demand toward domestically produced goods and services. - If the economy is at full employment, then currency depreciation must reduce domestic expenditure to improve the trade balance. ...
Replacing Potemkin Capitalism Russia’s Need for a Free-Market Financial System Executive Summary
... Russia’s financial system today has neither the crude coherence of a socialist financial system nor the more polished and efficient coherence of a market-based financial system. It is in a chaotic state somewhere in between, what might be called Potemkin capitalism. Superficially, the financial syst ...
... Russia’s financial system today has neither the crude coherence of a socialist financial system nor the more polished and efficient coherence of a market-based financial system. It is in a chaotic state somewhere in between, what might be called Potemkin capitalism. Superficially, the financial syst ...
GMAG Monthly Investment Outlook Apr 15
... over Greece’s finances and the ongoing Ukraine crisis should not be ignored, but look unlikely to derail the economic recovery in progress. In Japan, too, the ongoing recovery from last year’s consumption tax hike, as well as continued stimulus from the Bank of Japan (BoJ) and a weak yen, should spu ...
... over Greece’s finances and the ongoing Ukraine crisis should not be ignored, but look unlikely to derail the economic recovery in progress. In Japan, too, the ongoing recovery from last year’s consumption tax hike, as well as continued stimulus from the Bank of Japan (BoJ) and a weak yen, should spu ...
Chapter 2 The Global Economic Environment
... Market definition – People or organizations with needs and wants; both have the willingness and ability to buy or sell The global economic environment plays a large role in the development of new markets for organizations ...
... Market definition – People or organizations with needs and wants; both have the willingness and ability to buy or sell The global economic environment plays a large role in the development of new markets for organizations ...
NBER WORKING PAPER SERIES FINANCIAL CRISES AND LIQUIDITY SHOCKS: A BANK-RUN PERSPECTIVE
... overnight; these activities took years to reach pre-crisis characteristics. Thus, available models fail to meet a central analytical challenge for rationalizing the current crisis, namely, developing a case in which behavior discontinuity could be justified in an intuitively plausible manner.3 The c ...
... overnight; these activities took years to reach pre-crisis characteristics. Thus, available models fail to meet a central analytical challenge for rationalizing the current crisis, namely, developing a case in which behavior discontinuity could be justified in an intuitively plausible manner.3 The c ...
Out of Many, One? Household Debt, Redistribution and Monetary
... Economics summed up the sentiment felt by many monetary economists: “Had you asked, say back in 2005, what would be the effect of a central bank increasing the reserve base of its banking system by a factor of 10 times, most respondents would have predicted massive expansion of bank credit, of the m ...
... Economics summed up the sentiment felt by many monetary economists: “Had you asked, say back in 2005, what would be the effect of a central bank increasing the reserve base of its banking system by a factor of 10 times, most respondents would have predicted massive expansion of bank credit, of the m ...
Demand Imbalances, Exchange-Rate Misalignments, and Monetary Policy
... Domestically and international incomplete markets ...
... Domestically and international incomplete markets ...
External Financial Stress and External Financing Vulnerability in Turkey: Some
... could be one of the consequences of the structural change in the Turkish economy after the 2001 financial crisis. Before 2001, there was an implicit foreign exchange rate peg guarantee of the government6. This eliminates the currency risk in foreign borrowing of the domestic banks, hence kept their ...
... could be one of the consequences of the structural change in the Turkish economy after the 2001 financial crisis. Before 2001, there was an implicit foreign exchange rate peg guarantee of the government6. This eliminates the currency risk in foreign borrowing of the domestic banks, hence kept their ...
chapter16
... Fiscal & monetary policy: internal effects Fiscal and monetary policy are generally used to achieve internal balance, but their effectiveness depends on the external sector Under a fixed exchange rate system, fiscal policy is more successful in promoting internal balance than is monetary policy ...
... Fiscal & monetary policy: internal effects Fiscal and monetary policy are generally used to achieve internal balance, but their effectiveness depends on the external sector Under a fixed exchange rate system, fiscal policy is more successful in promoting internal balance than is monetary policy ...
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... the source of the global imbalances that in turn have been interpreted as the cause of the global financial crisis. See for instance the last Bush Administration Economic Report of the President (CEA, 2009): • The roots of the current global financial crisis began in the late 1990s. A rapid increase ...
... the source of the global imbalances that in turn have been interpreted as the cause of the global financial crisis. See for instance the last Bush Administration Economic Report of the President (CEA, 2009): • The roots of the current global financial crisis began in the late 1990s. A rapid increase ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... In addition, the paper could link its results to the ones found in the literature on cross-country spillovers. Backus, Kehoe, and Kydland (1992) show that standard models cannot generate significant output comovements between countries if business cycles are driven by productivity shocks. Subsequent ...
... In addition, the paper could link its results to the ones found in the literature on cross-country spillovers. Backus, Kehoe, and Kydland (1992) show that standard models cannot generate significant output comovements between countries if business cycles are driven by productivity shocks. Subsequent ...
Monetary and Fiscal Policies Post 25th January Revolution: Fighters Against Windmills
... Egyptian economy. Almost all sectors of the Egyptian economy were deeply hit by the rising political unrest and the gloomy outlook prevailed during the transitional period. Monetary and fiscal policies could be considered as main victims, with monetary policy torn between sluggish growth, rising inf ...
... Egyptian economy. Almost all sectors of the Egyptian economy were deeply hit by the rising political unrest and the gloomy outlook prevailed during the transitional period. Monetary and fiscal policies could be considered as main victims, with monetary policy torn between sluggish growth, rising inf ...
Topic: reference currency basket of the renminbi
... I first raised the subject of renminbi business in Hong Kong with Mainland officials in 2001, when leading the Hong Kong Association of Banks delegation's annual visit to Beijing, and the immediate consideration for both sides was to establish a proper channel to return renminbi circulating outside ...
... I first raised the subject of renminbi business in Hong Kong with Mainland officials in 2001, when leading the Hong Kong Association of Banks delegation's annual visit to Beijing, and the immediate consideration for both sides was to establish a proper channel to return renminbi circulating outside ...
Monetary Policy Decision Making at the Bank of Canada
... Analysis Department rely critically on inputs provided by the International Economic Analysis Department and its global macroeconomic model, GMUSE, again supplemented by many other pieces of information and alternative models.6 Since Canada is an open economy, international developments, such as mov ...
... Analysis Department rely critically on inputs provided by the International Economic Analysis Department and its global macroeconomic model, GMUSE, again supplemented by many other pieces of information and alternative models.6 Since Canada is an open economy, international developments, such as mov ...
DIPLOMA TREASUR Y MGT 1 (IOBM
... control the money supply and achieve the desired level of interest rates. When there is a lot of liquidity the reserve bank sells securities and thereby reducing the excess. When there a liquidity squeeze the Central bank would buy securities and as a result injecting liquidity. In the process stabi ...
... control the money supply and achieve the desired level of interest rates. When there is a lot of liquidity the reserve bank sells securities and thereby reducing the excess. When there a liquidity squeeze the Central bank would buy securities and as a result injecting liquidity. In the process stabi ...
An International Rule System to Avoid Financial Instability
... currency or an anchor currency emerges if a country has a high share of world output, trade and capital flows. Another important condition is that the currency is stable. Such a currency has the prospect of being accepted in many countries (dollar standard, dollarization). Of the total transactions ...
... currency or an anchor currency emerges if a country has a high share of world output, trade and capital flows. Another important condition is that the currency is stable. Such a currency has the prospect of being accepted in many countries (dollar standard, dollarization). Of the total transactions ...
Adjustment and growth prospects of the developed economies
... Despite the support of monetary policy, recovery in the major economies is proving slow, fragile and uneven. Some of these economies, such as the United States, have returned to growth rates close to pre-crisis levels; others, including some in the euro area, continue to post growth rates far below ...
... Despite the support of monetary policy, recovery in the major economies is proving slow, fragile and uneven. Some of these economies, such as the United States, have returned to growth rates close to pre-crisis levels; others, including some in the euro area, continue to post growth rates far below ...
This PDF is a selection from an out-of-print volume from the... of Economic Research Volume Title: International Economic Cooperation
... New York, and London average more than $100 billion per day. Capital flows were the proximate cause of the death of the Bretton Woods system. They are a major and extraordinarily rapid mechanism for transmitting shocks in the international economy. 5 Policy interactions among countries depend on the ...
... New York, and London average more than $100 billion per day. Capital flows were the proximate cause of the death of the Bretton Woods system. They are a major and extraordinarily rapid mechanism for transmitting shocks in the international economy. 5 Policy interactions among countries depend on the ...
Book Excerpt
... THE FIRST COMPLICATION: IT’S NOT JUST MULTIPLICATION The English measurement system’s relationship to the metric system is reassuring. It is fixed. It does not change over time. One kilometer today will equal 0.6213712 miles tomorrow and the next day. However, exchange rates change constantly. This ...
... THE FIRST COMPLICATION: IT’S NOT JUST MULTIPLICATION The English measurement system’s relationship to the metric system is reassuring. It is fixed. It does not change over time. One kilometer today will equal 0.6213712 miles tomorrow and the next day. However, exchange rates change constantly. This ...
PPT Chapter5
... • The balance of payments approach is the second most utilized theoretical approach in exchange rate determination: – The basic approach argues that the equilibrium exchange rate is found currency flows match up vis a vis current and financial account activities. – This framework has wide appeal as ...
... • The balance of payments approach is the second most utilized theoretical approach in exchange rate determination: – The basic approach argues that the equilibrium exchange rate is found currency flows match up vis a vis current and financial account activities. – This framework has wide appeal as ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... controls. In these comments I will focus on the Chilean experience during the 1990s. As Edwards argues, “The . . . Chilean experience is particularly important since its practice of imposing reserve requirements has been praised by a number of analysts, including senior staff of the multilateral ins ...
... controls. In these comments I will focus on the Chilean experience during the 1990s. As Edwards argues, “The . . . Chilean experience is particularly important since its practice of imposing reserve requirements has been praised by a number of analysts, including senior staff of the multilateral ins ...
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.