How Do Monetary and Fiscal Policy Shocks Explain US
... economy. Three main themes have emerged. First, there has been an increase in economic integration as trade and …nancial linkages across countries have multiplied. Second, emerging economies have become increasingly important to global growth. Third, emerging economies such as China and India have c ...
... economy. Three main themes have emerged. First, there has been an increase in economic integration as trade and …nancial linkages across countries have multiplied. Second, emerging economies have become increasingly important to global growth. Third, emerging economies such as China and India have c ...
Global Financial Stability Report
... Figure 1.1. Global Financial Stability Map: Risks and Conditions Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Fin ...
... Figure 1.1. Global Financial Stability Map: Risks and Conditions Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Fin ...
Global Financial Stability Report
... Figure 1.1. Global Financial Stability Map: Risks and Conditions Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Fin ...
... Figure 1.1. Global Financial Stability Map: Risks and Conditions Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Fin ...
The unremunerated reserve requirement and net capital flows: Chile
... Chile to apply a relatively tight monetary policy in which real interest rates were kept at high levels. In fact, the real 90-day lending rate averaged 8.8% in 19901997, and peaked around 15% in the first quarter of 1990.6 Moreover, as it was private expenditure that over-expanded, fiscal policy can ...
... Chile to apply a relatively tight monetary policy in which real interest rates were kept at high levels. In fact, the real 90-day lending rate averaged 8.8% in 19901997, and peaked around 15% in the first quarter of 1990.6 Moreover, as it was private expenditure that over-expanded, fiscal policy can ...
mmi06 vanAarle 1941819 en
... the design, implementation and transmission of the common monetary policy of the European Central Bank (ECB) is often focused upon. An important question concerns the optimal monetary policy for the Euro-Area (EA). Among other things, this question also concerns the credibility of the ECB. Some obse ...
... the design, implementation and transmission of the common monetary policy of the European Central Bank (ECB) is often focused upon. An important question concerns the optimal monetary policy for the Euro-Area (EA). Among other things, this question also concerns the credibility of the ECB. Some obse ...
NBER WORKING PAPER SERIES THE CONDUCT OF DOMESTIC ICY Robert J. Gordon
... The role of velocity is examined in a new set of multivariate exogeneity tests using the vector—autoregressive (VAR) approach for The three separate sample periods (1953—61, 1962—70, and 1971—79). major conclusions are that the monetary base has no significant explanatory role for spending changes. ...
... The role of velocity is examined in a new set of multivariate exogeneity tests using the vector—autoregressive (VAR) approach for The three separate sample periods (1953—61, 1962—70, and 1971—79). major conclusions are that the monetary base has no significant explanatory role for spending changes. ...
NBER WORKING PAPER SERIES
... numéraire (or how are the numéraires) determined or chosen in both barter and monetary economies? Is there a reason for the common but not universal empirical association, in systems with central bank …at money, of the numéraire and the currency issued by the central bank? ...
... numéraire (or how are the numéraires) determined or chosen in both barter and monetary economies? Is there a reason for the common but not universal empirical association, in systems with central bank …at money, of the numéraire and the currency issued by the central bank? ...
The Long or Short of it: Determinants of Foreign Currency
... foreign currency exposure into its constituent elements: this is important, since much of the theoretical literature has focused on particular dimensions of foreign-currency exposure, whereas the valuation impact of currency movements depends on the aggregate net foreign currency position. Second, w ...
... foreign currency exposure into its constituent elements: this is important, since much of the theoretical literature has focused on particular dimensions of foreign-currency exposure, whereas the valuation impact of currency movements depends on the aggregate net foreign currency position. Second, w ...
Rating the Rating Agencies - Peterson Institute for International
... perform much worse for both currency and banking crises than do the better indicators of economic fundamentals. The noise-to-signal ratio is higher than one for both types of crises, suggesting a similar incidence of good signals and false alarms. Hence, not surprisingly, the marginal contribution t ...
... perform much worse for both currency and banking crises than do the better indicators of economic fundamentals. The noise-to-signal ratio is higher than one for both types of crises, suggesting a similar incidence of good signals and false alarms. Hence, not surprisingly, the marginal contribution t ...
Political Institutions and Exchange-Rate
... commitment in good as well as in bad times. To signal a credible commitment to exchange-rate stability, governments thus have to withstand the testing of this commitment by financial markets. Defense. To defend an exchange-rate peg that has come under speculative pressure, the authorities typically n ...
... commitment in good as well as in bad times. To signal a credible commitment to exchange-rate stability, governments thus have to withstand the testing of this commitment by financial markets. Defense. To defend an exchange-rate peg that has come under speculative pressure, the authorities typically n ...
R e s e r v e B... Vo l u m e 6 4 ... C o n t e n t s
... lend in New Zealand dollars – someone, most likely, without ...
... lend in New Zealand dollars – someone, most likely, without ...
Purchasing Power Parity
... Purchasing Power Parity • PPP may not occur consistently due to: the existence of other influential factors like differentials in income levels and risk, as well as government controls; and ¤ the lack of substitutes for traded goods. A limitation in testing PPP is that the results may vary accordin ...
... Purchasing Power Parity • PPP may not occur consistently due to: the existence of other influential factors like differentials in income levels and risk, as well as government controls; and ¤ the lack of substitutes for traded goods. A limitation in testing PPP is that the results may vary accordin ...
P a g e 1
... current formative period, but it should also be understood that the course of future events is often beyond the control of statesmen.”).} Long-standing international norms guiding state behavior—in times of peace and conflict—also apply in cyberspace. Nonetheless, unique attributes of networked tech ...
... current formative period, but it should also be understood that the course of future events is often beyond the control of statesmen.”).} Long-standing international norms guiding state behavior—in times of peace and conflict—also apply in cyberspace. Nonetheless, unique attributes of networked tech ...
The Great Depression as a Credit Boom Gone Wrong by
... The experience of the 1990s renewed economists’ interest in the role of credit in macroeconomic fluctuations. The locus classicus of the credit-boom view of economic cycles is the expansion of the 1920s and the Great Depression. In this paper we ask how well quantitative measures of the credit boom ...
... The experience of the 1990s renewed economists’ interest in the role of credit in macroeconomic fluctuations. The locus classicus of the credit-boom view of economic cycles is the expansion of the 1920s and the Great Depression. In this paper we ask how well quantitative measures of the credit boom ...
Open-economy Macroeconomic Accounting - Inter
... to make a payment for investment income is entered as a debit (because domestic residents are using capital services that are produced by foreign-owned capital). Again, it is important to remember that what is entered here is the value of the services provided (which gives rise to the entitlement to ...
... to make a payment for investment income is entered as a debit (because domestic residents are using capital services that are produced by foreign-owned capital). Again, it is important to remember that what is entered here is the value of the services provided (which gives rise to the entitlement to ...
Explaining large euro effects on trade: the extensive margin and
... Euro effects seem to be present for exports within the eurozone and from the eurozone to outsiders, but not for exports from outsiders to the eurozone. Naturally, we need to control for other factors that affect trade to be able to determine if euro effects are really present and how large they are. ...
... Euro effects seem to be present for exports within the eurozone and from the eurozone to outsiders, but not for exports from outsiders to the eurozone. Naturally, we need to control for other factors that affect trade to be able to determine if euro effects are really present and how large they are. ...
From Recession to Recovery
... least common of all, affecting only a handful of the smaller and more open economies (see Table 5 in the appendix). Although recessions have become less common overall during the Great Moderation, those associated with financial crises have become more common (Figure ...
... least common of all, affecting only a handful of the smaller and more open economies (see Table 5 in the appendix). Although recessions have become less common overall during the Great Moderation, those associated with financial crises have become more common (Figure ...
PDF Download
... Our exercise yields various interesting results: We show that prior to the financial crisis the counterfactual interest rate paths for Germany traced the EONIA paths very closely. This was a period when Germany was considered the "weak man of Europe". The contrast is especially striking when compar ...
... Our exercise yields various interesting results: We show that prior to the financial crisis the counterfactual interest rate paths for Germany traced the EONIA paths very closely. This was a period when Germany was considered the "weak man of Europe". The contrast is especially striking when compar ...
From Recession to Recovery: How Soon and How
... least common of all, affecting only a handful of the smaller and more open economies (see Table 5 in the appendix). Although recessions have become less common overall during the Great Moderation, those associated with financial crises have become more common (Figure ...
... least common of all, affecting only a handful of the smaller and more open economies (see Table 5 in the appendix). Although recessions have become less common overall during the Great Moderation, those associated with financial crises have become more common (Figure ...
Presentation, Powerpoint 345kb - The Cambridge Trust for New
... its imprecise empirical value; Keynes (1936) in the General Theory explicitly rejects the idea of a unique natural rate of interest; Keynes (op. cit.) argues that there is a natural rate of interest corresponding to each level of effective demand, which would bring savings and investment into ba ...
... its imprecise empirical value; Keynes (1936) in the General Theory explicitly rejects the idea of a unique natural rate of interest; Keynes (op. cit.) argues that there is a natural rate of interest corresponding to each level of effective demand, which would bring savings and investment into ba ...
Nordics in Global Crisis
... conjunction of global macroeconomic imbalances and the workings of financial markets. The process of globalization has in the past couple of decades been very rapid but also lopsided. Hundreds of millions of workers, mainly from Asia, have entered production geared to international markets. This pro ...
... conjunction of global macroeconomic imbalances and the workings of financial markets. The process of globalization has in the past couple of decades been very rapid but also lopsided. Hundreds of millions of workers, mainly from Asia, have entered production geared to international markets. This pro ...
The duration of fixed exchange rate regimes Sébastien Wälti Trinity College Dublin
... exchange rate regimes on the basis of market-determined nominal exchange rates. Taking such a perspective allows for a better definition of regime changes as opposed to changes in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American ...
... exchange rate regimes on the basis of market-determined nominal exchange rates. Taking such a perspective allows for a better definition of regime changes as opposed to changes in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American ...
Monetary Issues in the Middle East and North Africa Region
... 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, a ...
... 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, a ...
The People`s Republic of China: 2016 Article IV Consultation
... Outlook. The near-term growth outlook has improved due to recent policy support. But the medium-term outlook is clouded by continued resource misallocation, high and rising corporate debt, structural excess capacity, and the increasingly large, opaque, and interconnected financial sector. The appare ...
... Outlook. The near-term growth outlook has improved due to recent policy support. But the medium-term outlook is clouded by continued resource misallocation, high and rising corporate debt, structural excess capacity, and the increasingly large, opaque, and interconnected financial sector. The appare ...
More on Finance and Growth - St. Louis Fed
... surrounding the role of financial contracts, markets, and intermediaries in economic growth.1 The growing body of empirical research, using different statistical procedures and data sets, produces remarkably consistent results. First, countries with better-developed financial systems tend to grow fa ...
... surrounding the role of financial contracts, markets, and intermediaries in economic growth.1 The growing body of empirical research, using different statistical procedures and data sets, produces remarkably consistent results. First, countries with better-developed financial systems tend to grow fa ...
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.