Sayonara Deflation: Japan Turns to “Q-Squared”
... Past results are not indicative of future investment results. This publication is for informational purposes only and reflects the current opinions of Western Asset Management. Information contained herein is believed to be accurate, but cannot be guaranteed. Opinions represented are not intended as ...
... Past results are not indicative of future investment results. This publication is for informational purposes only and reflects the current opinions of Western Asset Management. Information contained herein is believed to be accurate, but cannot be guaranteed. Opinions represented are not intended as ...
Document
... Fundamental objective of the Bank of Guatemala The Bank of Guatemala has as fundamental objective, to contribute to the creation and maintenance of the most favorable conditions to the orderly development of the national economy, to which, will propitiate the monetary exchange and credit conditions ...
... Fundamental objective of the Bank of Guatemala The Bank of Guatemala has as fundamental objective, to contribute to the creation and maintenance of the most favorable conditions to the orderly development of the national economy, to which, will propitiate the monetary exchange and credit conditions ...
Elisabetta Croci Angelini and Francesco Farina CURRENT
... expect a negative sign for this latter variable. The independent variables test the resilience of the price level, the influence of the business cycle, and the impact of the nominal exchange rate, respectively. The econometric estimates concern two sub-periods, the two decades from the launch of the ...
... expect a negative sign for this latter variable. The independent variables test the resilience of the price level, the influence of the business cycle, and the impact of the nominal exchange rate, respectively. The econometric estimates concern two sub-periods, the two decades from the launch of the ...
BALANCE OF PAYMENTS
... Data included in the balance of payments are based on concentrated reports of the Bank of Israel (data of the Controller of Foreign Exchange and the Superintendent of Banks) and various government offices, as well as on data received from factors conducting economic transactions with the rest of the ...
... Data included in the balance of payments are based on concentrated reports of the Bank of Israel (data of the Controller of Foreign Exchange and the Superintendent of Banks) and various government offices, as well as on data received from factors conducting economic transactions with the rest of the ...
Speech
... large and partly even widening, in particular in Bulgaria and Romania. High current account deficits trigger a further worsening of the net foreign asset position which, if financed mainly by short-term debt, constitutes a major macroeconomic risk given the relatively fragile international environme ...
... large and partly even widening, in particular in Bulgaria and Romania. High current account deficits trigger a further worsening of the net foreign asset position which, if financed mainly by short-term debt, constitutes a major macroeconomic risk given the relatively fragile international environme ...
Money as gold versus money as water
... The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of welfare ...
... The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of welfare ...
hedging through invoice currency
... • XYZ can fund in US Dollars (USD) and then convert to Euro using a Cross Currency Swap. XYZ will make an initial exchange of USD for Euro at the current spot exchange rate with an agreement to re-exchange at the same rate when the swap terminates in 7 years. In this way, the company is not exposed ...
... • XYZ can fund in US Dollars (USD) and then convert to Euro using a Cross Currency Swap. XYZ will make an initial exchange of USD for Euro at the current spot exchange rate with an agreement to re-exchange at the same rate when the swap terminates in 7 years. In this way, the company is not exposed ...
International Economics: A European Focus
... Timetable of transition From plan to market GDP levels and GDP growth levels in Europe’s transition economies Poverty during the transition Trade liberalisation and the exchange rate Capital flows Case study 13.2 EU accession and transition economies Case study 13.3 Summary Key concepts Questions fo ...
... Timetable of transition From plan to market GDP levels and GDP growth levels in Europe’s transition economies Poverty during the transition Trade liberalisation and the exchange rate Capital flows Case study 13.2 EU accession and transition economies Case study 13.3 Summary Key concepts Questions fo ...
China Is Not yet Number One1
... Chinese yuan. In: Simon Evenett (ed), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law. A VoxEU.org Publication, April Frankel J (2006). On the yuan: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate. CESifo Economic Studies, 52 ...
... Chinese yuan. In: Simon Evenett (ed), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law. A VoxEU.org Publication, April Frankel J (2006). On the yuan: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate. CESifo Economic Studies, 52 ...
Open-Economy Macroeconomics: Basic Concepts
... – 1980-1987 NCO went from -.5% to –3.0% of GDP, 2.1% came from a drop in S (the Reagan budget deficits). Therefore, the trade deficit helped sustain I. If not, I would have fallen affecting future growth. – 1991-2000 NCO went from -.3% to –3.7% attributable not to a decline in savings (which increas ...
... – 1980-1987 NCO went from -.5% to –3.0% of GDP, 2.1% came from a drop in S (the Reagan budget deficits). Therefore, the trade deficit helped sustain I. If not, I would have fallen affecting future growth. – 1991-2000 NCO went from -.3% to –3.7% attributable not to a decline in savings (which increas ...
Answers to Textbook Problems
... If the left-hand side of this equation becomes more volatile, then so too must the right-hand side. Assuming that expectations remain unchanged, then this increase in volatility will be reflected in higher variablility of the exchange rate. 14. A tax on interest earnings and capital gains leaves the ...
... If the left-hand side of this equation becomes more volatile, then so too must the right-hand side. Assuming that expectations remain unchanged, then this increase in volatility will be reflected in higher variablility of the exchange rate. 14. A tax on interest earnings and capital gains leaves the ...
Briefing Paper November 2010 - Weblog Sylvester Eijffinger
... period. The increase of commodity prices may be the result of global financial change (notably by commodities coming into the investment focus of financial players) associated with excess liquidity in several countries and nourished by the low interest rates set by central banks. The commodity price ...
... period. The increase of commodity prices may be the result of global financial change (notably by commodities coming into the investment focus of financial players) associated with excess liquidity in several countries and nourished by the low interest rates set by central banks. The commodity price ...
File
... ANSWER: Exchange rates are partially driven by relative interest rates of the countries of concern. When Chile's interest rates decline, there is a smaller flow of funds to be exchanged into Chilean pesos because the Chile interest rate is not as attractive to investors. There may be a shift of inve ...
... ANSWER: Exchange rates are partially driven by relative interest rates of the countries of concern. When Chile's interest rates decline, there is a smaller flow of funds to be exchanged into Chilean pesos because the Chile interest rate is not as attractive to investors. There may be a shift of inve ...
Document
... Decline in air fares for the Lusaka/London route and rates for accommodation for bed & continental breakfast due to relative strengthening of Kwacha. ...
... Decline in air fares for the Lusaka/London route and rates for accommodation for bed & continental breakfast due to relative strengthening of Kwacha. ...
NBER WORKING PAPER SERIES HOW MANY MONIES? A GENETIC APPROACH TO FINDING
... where O is a random shock, L is labor employed in period t, and 0 < /3 < 1 is the share of labor. Nominal wages are downward sticky . A simple formulation is to assume that the (log) of the nominal wage is set in order to obtain labor market equilibrium based on information available in period t — 1 ...
... where O is a random shock, L is labor employed in period t, and 0 < /3 < 1 is the share of labor. Nominal wages are downward sticky . A simple formulation is to assume that the (log) of the nominal wage is set in order to obtain labor market equilibrium based on information available in period t — 1 ...
Mankiw 6e PowerPoints
... given r*, there is only one value of Y that equates money demand with supply, regardless of e. CHAPTER 12 ...
... given r*, there is only one value of Y that equates money demand with supply, regardless of e. CHAPTER 12 ...
The exchange raTe as a moneTary policy insTrumenT
... the risk of deflation, i.e. to ensure a faster return of inflation to its 2% target level, a safe distance away from deflationary levels. Figure 3: Inflation adjusted for the first-round effect of taxes ...
... the risk of deflation, i.e. to ensure a faster return of inflation to its 2% target level, a safe distance away from deflationary levels. Figure 3: Inflation adjusted for the first-round effect of taxes ...
Document
... • How does the central bank intervention hold the exchange rate fixed after the fiscal expansion? – The rise in output due to expansionary fiscal policy raises money demand. – To prevent an increase in the home interest rate and an appreciation of the currency, the central bank must buy foreign asse ...
... • How does the central bank intervention hold the exchange rate fixed after the fiscal expansion? – The rise in output due to expansionary fiscal policy raises money demand. – To prevent an increase in the home interest rate and an appreciation of the currency, the central bank must buy foreign asse ...
Monetary policy summary - March 2016
... Inflation Report, oil prices have risen and UK short-term interest rates and sterling have fallen. Sterling has depreciated by around 9% in effective terms from its peak in mid-November 2015. ...
... Inflation Report, oil prices have risen and UK short-term interest rates and sterling have fallen. Sterling has depreciated by around 9% in effective terms from its peak in mid-November 2015. ...
Trade and the Exchange Rate
... Our goods are now relatively more expensive therefore we lose our international competitiveness. Australia will demand less of our goods and more of another countries. ...
... Our goods are now relatively more expensive therefore we lose our international competitiveness. Australia will demand less of our goods and more of another countries. ...
gatton.uky.edu
... currency relative to the US dollar by buying or selling domestic assets in exchange for dollar assets. • Arbitrage ensured that exchange rates between any two currencies remained fixed. – Suppose Bank of Japan fixed the exchange rate at 360¥/US$1 and the Bank of France fixed the exchange rate at 5 F ...
... currency relative to the US dollar by buying or selling domestic assets in exchange for dollar assets. • Arbitrage ensured that exchange rates between any two currencies remained fixed. – Suppose Bank of Japan fixed the exchange rate at 360¥/US$1 and the Bank of France fixed the exchange rate at 5 F ...
Policy Statement - Bank of Botswana
... need to maintain competitive interest rates has become particularly important since the abolition of exchange controls, a situation which allows free movement of capital. Positive real interest rates promote capital inflows and encourage domestic financial savings, both of which are essential for fi ...
... need to maintain competitive interest rates has become particularly important since the abolition of exchange controls, a situation which allows free movement of capital. Positive real interest rates promote capital inflows and encourage domestic financial savings, both of which are essential for fi ...
Monetary Policy and Financial Stability Turalay Kenç Deputy Governor
... U.S. is a net creditor in the banking sector even though it is a very large debtor overall. In effect, the U.S. borrows long and lends short through the banking sector. ...
... U.S. is a net creditor in the banking sector even though it is a very large debtor overall. In effect, the U.S. borrows long and lends short through the banking sector. ...
Trade and the Exchange Rate
... Our goods are now relatively more expensive therefore we lose our international competitiveness. Australia will demand less of our goods and more of another countries. ...
... Our goods are now relatively more expensive therefore we lose our international competitiveness. Australia will demand less of our goods and more of another countries. ...
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.