![Output Response to Government Spending: Evidence from New International Military Spending Data](http://s1.studyres.com/store/data/008877658_1-adb056dfb8a2067123c83444b3a99ecb-300x300.png)
Output Response to Government Spending: Evidence from New International Military Spending Data
... employment of a magnitude unseen since the early 1930s’ Great Depression. During this episode, policymakers found themselves in an environment that required an immediate, bold response and that was poorly explained by the dominant economic theories of the time. Fiscal policy, among other measures, w ...
... employment of a magnitude unseen since the early 1930s’ Great Depression. During this episode, policymakers found themselves in an environment that required an immediate, bold response and that was poorly explained by the dominant economic theories of the time. Fiscal policy, among other measures, w ...
NBER WORKING PAPER SERIES TERMS OF TRADE SHOCKS AND FISCAL CYCLES
... example, Tornell and Lane (1999) develop a model in which competition for a common pool of funds among different units (ministries, provinces) leads to the so-called ‘voracity effect,’ whereby expenditure could actually exceed a given windfall. Taking as given such a political distortion, Talvi and ...
... example, Tornell and Lane (1999) develop a model in which competition for a common pool of funds among different units (ministries, provinces) leads to the so-called ‘voracity effect,’ whereby expenditure could actually exceed a given windfall. Taking as given such a political distortion, Talvi and ...
NBER WORKING PAPER SERIES ENDOGENOUS FINANCIAL AND TRADE OPENNESS Joshua Aizenman Ilan Noy
... tax capacity, and increases the likelihood that financial repression would be part of the menu of taxes. If the policy maker is maximizing the representative consumer’s welfare, a higher probability of staying in power increases the investment in future tax capacity, reducing the optimal financial r ...
... tax capacity, and increases the likelihood that financial repression would be part of the menu of taxes. If the policy maker is maximizing the representative consumer’s welfare, a higher probability of staying in power increases the investment in future tax capacity, reducing the optimal financial r ...
Trade-Induced Industrialization and Economic Growth
... economic growth accompanying a rapid expansion of imports of intermediate inputs from developed countries; a high return to capital sustained for an extended period of time; an expansion of international trade, both in its absolute value and in its ratio to the size of the economy, accompanying a ri ...
... economic growth accompanying a rapid expansion of imports of intermediate inputs from developed countries; a high return to capital sustained for an extended period of time; an expansion of international trade, both in its absolute value and in its ratio to the size of the economy, accompanying a ri ...
NBFR WORKING PAPER SERIES COMPARING THE GLOBAL PERFORMANCE OF ALTENATIVE EXCHANGE ARRANGEMENTS
... excellent technical support of this program. We also thank Max Corden for many interesting discussions and Ralph Bryant, Michael Emerson and Nouriel Roubini for comments, Warwick McKibbin thanks the Reserve Sank of Australia for financial support. The views expressed are those of the authors and do ...
... excellent technical support of this program. We also thank Max Corden for many interesting discussions and Ralph Bryant, Michael Emerson and Nouriel Roubini for comments, Warwick McKibbin thanks the Reserve Sank of Australia for financial support. The views expressed are those of the authors and do ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... extent of capital market integration. What has been particularly challenging has been constructing indexes that allow for useful comparisons across countries and across time. In this section I review a number of attempts at building indexes of capital mobility, and I propose a new measure that combi ...
... extent of capital market integration. What has been particularly challenging has been constructing indexes that allow for useful comparisons across countries and across time. In this section I review a number of attempts at building indexes of capital mobility, and I propose a new measure that combi ...
Trade and Development Report, 2014 – Global governance
... The classification of countries in this Report has been adopted solely for the purposes of statistical or analytical convenience and does not necessarily imply any judgement concerning the stage of development of a particular country or area. The major country groupings used in this Report follow th ...
... The classification of countries in this Report has been adopted solely for the purposes of statistical or analytical convenience and does not necessarily imply any judgement concerning the stage of development of a particular country or area. The major country groupings used in this Report follow th ...
PDF Download
... opposition. In addition, it analyses alternative policies that are effective in reducing unemployment, while encountering much less opposition than labour market reforms. ...
... opposition. In addition, it analyses alternative policies that are effective in reducing unemployment, while encountering much less opposition than labour market reforms. ...
Optimal Monetary and Fiscal Policy at the Zero Lower Bound in a
... extremely strong and the equilibrium features a real exchange rate that appreciates in levels. Thus a higher trade elasticity leads to a weaker demand for home goods, which then translates into worse outcomes. The reverse is true for the technology shock as then the real exchange rate depreciates in ...
... extremely strong and the equilibrium features a real exchange rate that appreciates in levels. Thus a higher trade elasticity leads to a weaker demand for home goods, which then translates into worse outcomes. The reverse is true for the technology shock as then the real exchange rate depreciates in ...
Here - Levy Economics Institute of Bard College
... democratic politics. Central banks across the world and in developing countries, in particular, were encouraged to declare their independence and adopt technocratic policy rules that would provide credibility, stabilizing market expectations (Grabel 2003). The Great Moderation then was evidence of t ...
... democratic politics. Central banks across the world and in developing countries, in particular, were encouraged to declare their independence and adopt technocratic policy rules that would provide credibility, stabilizing market expectations (Grabel 2003). The Great Moderation then was evidence of t ...
mmi14-Westermann 19104683 en
... Dooley, Christian Seiler, Hans-Werner Sinn, Aaron Tornell, Jakob von Weizsäcker and Joachim Wilde. We also would like to thank the ifo Institute for adding a question on creditor seniority to its Word Economic Survey, WES, in April 2013. ...
... Dooley, Christian Seiler, Hans-Werner Sinn, Aaron Tornell, Jakob von Weizsäcker and Joachim Wilde. We also would like to thank the ifo Institute for adding a question on creditor seniority to its Word Economic Survey, WES, in April 2013. ...
Goldman Sachs Global Economics Paper 208
... countries was also becoming more equal as the number of people entering the global middle class expanded rapidly. This story of the ‘Expanding Middle’ is likely to continue and remains firmly intact in the new projections. As a result of the continued shift in the economic weight of the BRICs and ot ...
... countries was also becoming more equal as the number of people entering the global middle class expanded rapidly. This story of the ‘Expanding Middle’ is likely to continue and remains firmly intact in the new projections. As a result of the continued shift in the economic weight of the BRICs and ot ...
Working NBER WORKING PAPER SERIES
... process that would operate if reserve losses (or gains) were allowed to affect the money supply, or to the long run equilibrium that would be established if this process were allowed to operate, or to the longer run consequences of changes in supplies of securities necessarily associated with polici ...
... process that would operate if reserve losses (or gains) were allowed to affect the money supply, or to the long run equilibrium that would be established if this process were allowed to operate, or to the longer run consequences of changes in supplies of securities necessarily associated with polici ...
Monetary policy background to the gold transactions of the Swiss
... Given that the catastrophic monetary conditions in most countries at the end of the First World War coincided with the prevalence of flexible exchange rates, it is not surprising that the latter were held responsible for the chaos. A return to the gold standard appeared to be a good way of remedyin ...
... Given that the catastrophic monetary conditions in most countries at the end of the First World War coincided with the prevalence of flexible exchange rates, it is not surprising that the latter were held responsible for the chaos. A return to the gold standard appeared to be a good way of remedyin ...
Monetary policy issues in a low inflation
... Nevertheless, contrary to those voices which have claimed in recent years that the task of monetary policy is now made less relevant, or even irrelevant, because "inflation is dead" and the "business cycle has disappeared", the problems associated with deflation in Japan. on one hand, and the recent ...
... Nevertheless, contrary to those voices which have claimed in recent years that the task of monetary policy is now made less relevant, or even irrelevant, because "inflation is dead" and the "business cycle has disappeared", the problems associated with deflation in Japan. on one hand, and the recent ...
Rethinking the central bank`s mandate 4
... stability, with low and stable inflation, by adjusting interest rates. This, in combination with deregulation, financial innovation and globalisation, contributed to high and stable economic growth in several countries in the 1990s and in the early 2000s. This took place without any surge in inflati ...
... stability, with low and stable inflation, by adjusting interest rates. This, in combination with deregulation, financial innovation and globalisation, contributed to high and stable economic growth in several countries in the 1990s and in the early 2000s. This took place without any surge in inflati ...
Regime shift and fast recovery on the periphery
... surplus. Trading bank notes did circulate, and were backed by gold reserves held in New Zealand, but note issue before 1930 was never limited by the size of the gold reserve. New Zealand’s conventional sterling standard did not survive the Great Depression. Indeed, it was under stress by 1929. In th ...
... surplus. Trading bank notes did circulate, and were backed by gold reserves held in New Zealand, but note issue before 1930 was never limited by the size of the gold reserve. New Zealand’s conventional sterling standard did not survive the Great Depression. Indeed, it was under stress by 1929. In th ...
new challenges to growth and stability
... Commodity prices have eased based on concerns about China’s ability to sustain high rates of investment-led growth. In the months following the May 2013 announcement by the Federal Reserve that monetary policy in the United States would gradually normalize, global financial conditions tightened and ...
... Commodity prices have eased based on concerns about China’s ability to sustain high rates of investment-led growth. In the months following the May 2013 announcement by the Federal Reserve that monetary policy in the United States would gradually normalize, global financial conditions tightened and ...
Consistency of two major data sources for
... Whilst the quotations of the German reichsmark in the 1920s have received considerable attention due to the major hyperinflation episode witnessed by the country, the exchange rates of the other currencies reported by Einzig (op. cit.) have also been employed by many studies focusing on the interwar ...
... Whilst the quotations of the German reichsmark in the 1920s have received considerable attention due to the major hyperinflation episode witnessed by the country, the exchange rates of the other currencies reported by Einzig (op. cit.) have also been employed by many studies focusing on the interwar ...
This PDF is a selection from a published volume from... Research Volume Title: International Dimensions of Monetary Policy
... for example, between stabilizing the prices of domestically produced goods as opposed to the (relative) price of imported goods, which raise the importance of international considerations in the conduct of monetary policy. In this chapter we reconsider these policy trade-offs in economies where stabl ...
... for example, between stabilizing the prices of domestically produced goods as opposed to the (relative) price of imported goods, which raise the importance of international considerations in the conduct of monetary policy. In this chapter we reconsider these policy trade-offs in economies where stabl ...
Currency Crises and Collapses
... of depreciation.Cuttingthroughthatcycle requiredan end of depreciation. Following this logic, the exchange rate was fixed at 39 pesos to the U.S. dollar and kept at that level for three years, even though the rate of inflationwas initially above 30 percent. Over time inflation declined. Yet the fixe ...
... of depreciation.Cuttingthroughthatcycle requiredan end of depreciation. Following this logic, the exchange rate was fixed at 39 pesos to the U.S. dollar and kept at that level for three years, even though the rate of inflationwas initially above 30 percent. Over time inflation declined. Yet the fixe ...
Does exchange rate depreciation have contractionary effects on firm
... decisions. For instance, Hubbard (1998) shows that it can have a stronger impact in the case of low net worth firms than for high net worth firms. And negative shocks to the net worth of firms that are financiallyconstrained raise the cost of external funding and reduce the incentives to invest, bec ...
... decisions. For instance, Hubbard (1998) shows that it can have a stronger impact in the case of low net worth firms than for high net worth firms. And negative shocks to the net worth of firms that are financiallyconstrained raise the cost of external funding and reduce the incentives to invest, bec ...
NBER WORKING PAPER SERIES LIQUIDITY TRAPS: HOW TO AVOID THEM AND
... Once in a liquidity trap, there are two means of escape. The first is to use expansionary fiscal policy. The second is to lower the zero nominal interest rate floor. This second option involves paying negative interest on government 'bearer bonds' -- coin and currency, that is 'taxing money', as adv ...
... Once in a liquidity trap, there are two means of escape. The first is to use expansionary fiscal policy. The second is to lower the zero nominal interest rate floor. This second option involves paying negative interest on government 'bearer bonds' -- coin and currency, that is 'taxing money', as adv ...
early warning indicators for developed countries - ECB
... apply BMA to a set of 30 macroeconomic and financial indicators selected on the basis of a literature review, given data availability. To account for the fact that early warning signals may come at different horizons, we consider time horizons varying from less than a year (‘late warning’) to up to ...
... apply BMA to a set of 30 macroeconomic and financial indicators selected on the basis of a literature review, given data availability. To account for the fact that early warning signals may come at different horizons, we consider time horizons varying from less than a year (‘late warning’) to up to ...
Document
... (1) credit expansion: increase lending, result of the loose monetary poplicy, opposite to credit crunch. (2) demand for money will be stable: according to the economic model, the demand for money can be adjusted by the market and monetary policy. If the financial market is over-heated, we can tighte ...
... (1) credit expansion: increase lending, result of the loose monetary poplicy, opposite to credit crunch. (2) demand for money will be stable: according to the economic model, the demand for money can be adjusted by the market and monetary policy. If the financial market is over-heated, we can tighte ...
International monetary systems
![](https://commons.wikimedia.org/wiki/Special:FilePath/International_money_montage.jpg?width=300)
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.