Globalisation and Inflation in OECD Countries
... includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, UK, and the USA.4 As can be seen in Figure 4, globalisation within our sample of 22 OECD countries, ...
... includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, UK, and the USA.4 As can be seen in Figure 4, globalisation within our sample of 22 OECD countries, ...
Rethinking Monetary–Fiscal Policy Coordination
... In the aftermath of the global financial crisis, policymakers in many countries face considerable challenges in fostering sustained strong growth, price stability and financial stability. In general, economic recovery has been slow and inflation has stayed below accepted definitions of price stabili ...
... In the aftermath of the global financial crisis, policymakers in many countries face considerable challenges in fostering sustained strong growth, price stability and financial stability. In general, economic recovery has been slow and inflation has stayed below accepted definitions of price stabili ...
exchange rate volatility and exports in south africa
... years. Since the end of the Gold Standard, several arrangements have emerged around the world to deal with exchange rates fluctuations, the most famous probably being the Bretton Woods agreement among industrial countries. Most recently, the creation of the European Monetary Union (EMU) has been at ...
... years. Since the end of the Gold Standard, several arrangements have emerged around the world to deal with exchange rates fluctuations, the most famous probably being the Bretton Woods agreement among industrial countries. Most recently, the creation of the European Monetary Union (EMU) has been at ...
Free Full text
... The purpose of this paper is to examine the inflation dynamics in Malawi quantitatively, with a focus on the pass-through of exchange rate and policy-related determinants of headline inflation. Malawi’s economy is dominated by rain-fed agriculture which accounts for 30 percent of GDP, and food infla ...
... The purpose of this paper is to examine the inflation dynamics in Malawi quantitatively, with a focus on the pass-through of exchange rate and policy-related determinants of headline inflation. Malawi’s economy is dominated by rain-fed agriculture which accounts for 30 percent of GDP, and food infla ...
A FAIR GLOBALIZATION: CREATING OPPORTUNITIES FOR ALL
... We seek a process of globalization with a strong social dimension based on universally shared values, and respect for human rights and individual dignity; one that is fair, inclusive, democratically governed and provides opportunities and tangible benefits for all countries and people. To this end w ...
... We seek a process of globalization with a strong social dimension based on universally shared values, and respect for human rights and individual dignity; one that is fair, inclusive, democratically governed and provides opportunities and tangible benefits for all countries and people. To this end w ...
37. Volkswirtschaftliche Tagung 2008 – 37th Economics
... Werner Faymann Vertrauen schaffen in schwierigen Zeiten ...
... Werner Faymann Vertrauen schaffen in schwierigen Zeiten ...
NBER WORKING PAPER SERIES Richard Clarida Daniel Waldman
... because our model is one of inflation – not price level – targeting so that in the model a shock to inflation has a permanent effect on the price level. Since PPP holds in the long run of the model, the nominal exchange rate depreciates in the long run to an inflation shock, even though on impact it ...
... because our model is one of inflation – not price level – targeting so that in the model a shock to inflation has a permanent effect on the price level. Since PPP holds in the long run of the model, the nominal exchange rate depreciates in the long run to an inflation shock, even though on impact it ...
Financial Instability and Monetary Policy: The Swedish Evidence
... or low and stable inflation. This policy has largely been successful in bringing inflation in the major OECD countries under control. However, there also appears to have been an increase in financial instability during the last 30 years among both developing and developed countries.1 Several countries, ...
... or low and stable inflation. This policy has largely been successful in bringing inflation in the major OECD countries under control. However, there also appears to have been an increase in financial instability during the last 30 years among both developing and developed countries.1 Several countries, ...
the political economy of central-bank independence
... independence, and independence with respect to policy. Personnel independence refers to the influence the government has in appointment procedures. It is not feasible to exclude government influence completely in appointments to a public institution as important as a central bank. The level of this ...
... independence, and independence with respect to policy. Personnel independence refers to the influence the government has in appointment procedures. It is not feasible to exclude government influence completely in appointments to a public institution as important as a central bank. The level of this ...
Effects of Fiscal Stimulus in Structural Models
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the institutions with which the authors are affiliated. Working Papers describe research in progress by the a ...
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the institutions with which the authors are affiliated. Working Papers describe research in progress by the a ...
ECONOMIC STUDIES 101 ERIK POST MACROECONOMIC
... open economy to shed some light on factors determining exits from a fixed to a flexible exchange rate regime. Exits are in the model determined by a concern for macroeconomic stabilization. If cost-push shocks are important relative to demand shocks exits should occur more likely in times of low con ...
... open economy to shed some light on factors determining exits from a fixed to a flexible exchange rate regime. Exits are in the model determined by a concern for macroeconomic stabilization. If cost-push shocks are important relative to demand shocks exits should occur more likely in times of low con ...
The Effects of Exchange Rate Regimes on Real Exchange
... the exchange rate regime however it strong result was changing recently. Along these different approaches there was an important role for prices adjustment. The traditional MDF approach with sticky prices supports the idea of greater nominal and real volatility under flexible regimes. This greater v ...
... the exchange rate regime however it strong result was changing recently. Along these different approaches there was an important role for prices adjustment. The traditional MDF approach with sticky prices supports the idea of greater nominal and real volatility under flexible regimes. This greater v ...
... and domestic economic activity contracts may require an easing in all policy instruments. Even if debt problems in the euro area are resolved before they turn into a global crisis, it is still likely to experience a prolonged period of weak economic activity in advanced economies coupled with contin ...
Chapter 2. Where Are Commodity Exporters Headed? Output
... the commodity, future spot prices will remain low or rebound only moderately over the next five years. The decline in commodity prices has been accompanied by stark slowdowns in economic growth among commodity-exporting emerging market and developing economies, most of which had experienced high gro ...
... the commodity, future spot prices will remain low or rebound only moderately over the next five years. The decline in commodity prices has been accompanied by stark slowdowns in economic growth among commodity-exporting emerging market and developing economies, most of which had experienced high gro ...
2010-IV CENTRAL BANK OF THE REPUBLIC OF TURKEY
... was gradually withdrawn, and required reserve ratios were increased. Moreover, to facilitate the use of alternative macroprudential policy tools, renumeration of required reserves was terminated, and the operational framework of liquidity management was changed. Finally, in order to be more flexible ...
... was gradually withdrawn, and required reserve ratios were increased. Moreover, to facilitate the use of alternative macroprudential policy tools, renumeration of required reserves was terminated, and the operational framework of liquidity management was changed. Finally, in order to be more flexible ...
central bank interventions, communication and interest rate policy in
... developed market economies remains fairly mixed despite the recent emergence of some more supportive evidence.1 In this context, Canales-Kirjenko (2003) argues that foreign exchange interventions may be more effective in emerging market economies than in well-established industrialized countries, be ...
... developed market economies remains fairly mixed despite the recent emergence of some more supportive evidence.1 In this context, Canales-Kirjenko (2003) argues that foreign exchange interventions may be more effective in emerging market economies than in well-established industrialized countries, be ...
Competition in the Cryptocurrency Market
... of network effects is different for currency competition than for competition between the exchanges. In the exchanges, sellers benefit from a larger number of buyers, and buyers benefit from a larger number of sellers (so-called positive cross-side effects). However, sellers would prefer a lower nu ...
... of network effects is different for currency competition than for competition between the exchanges. In the exchanges, sellers benefit from a larger number of buyers, and buyers benefit from a larger number of sellers (so-called positive cross-side effects). However, sellers would prefer a lower nu ...
CD1. European Economy. Basic editions. 44/1990. One market, one
... those concerned with preparation of the EMU Treaty provisions a handbook on the economic implications of their possible choices. The main actors in the economy — businesses, trade unions, governments — are offered a reference study which should help them prepare their strategies to exploit to the fu ...
... those concerned with preparation of the EMU Treaty provisions a handbook on the economic implications of their possible choices. The main actors in the economy — businesses, trade unions, governments — are offered a reference study which should help them prepare their strategies to exploit to the fu ...
The Efficacy of Foreign Exchange Market Intervention in Malawi
... ost central banks, especially in developing countries, use foreign exchange market intervention1 as a policy tool for macroeconomic stabilization. In Malawi, the exchange rate was floated in February 1994. Since then, the Reserve Bank of Malawi (RBM) has periodically intervened in the foreign exchan ...
... ost central banks, especially in developing countries, use foreign exchange market intervention1 as a policy tool for macroeconomic stabilization. In Malawi, the exchange rate was floated in February 1994. Since then, the Reserve Bank of Malawi (RBM) has periodically intervened in the foreign exchan ...
The long history of financial boom-bust cycles in Iceland Part II
... there are additional regional spillover effects captured by the financial cycles in Denmark and Norway, both of which have strong political, economic, and cultural ties with Iceland, and the UK, given its strong and long-standing trade and financial links. We find limited evidence for ...
... there are additional regional spillover effects captured by the financial cycles in Denmark and Norway, both of which have strong political, economic, and cultural ties with Iceland, and the UK, given its strong and long-standing trade and financial links. We find limited evidence for ...
Currency Boards for Developing Countries
... inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency can buy domestic and foreign goods and services, including buying foreign currencies at market rates without ...
... inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency can buy domestic and foreign goods and services, including buying foreign currencies at market rates without ...
currency boards for developing countries
... inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency can buy domestic and foreign goods and services, including buying foreign currencies at market rates without ...
... inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency can buy domestic and foreign goods and services, including buying foreign currencies at market rates without ...
The Effect of IMF Programs on Inequal
... In the empirical part of the paper I focus on the loan programs administered by the IMF to test these hypotheses. The IMF is often considered “the most powerful international institution in history” (Stone 2002, 1). It has vast financial resources at its disposal and its loan arrangements can make ...
... In the empirical part of the paper I focus on the loan programs administered by the IMF to test these hypotheses. The IMF is often considered “the most powerful international institution in history” (Stone 2002, 1). It has vast financial resources at its disposal and its loan arrangements can make ...
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... portfolio and that adjustments to the portfolio follow changes in relative returns on assets. If the boom in the home country is accompanied by a recession in the host country, the investor will shift to home assets, but if the business cycles of the home and host countries are synchronized, a boom ...
... portfolio and that adjustments to the portfolio follow changes in relative returns on assets. If the boom in the home country is accompanied by a recession in the host country, the investor will shift to home assets, but if the business cycles of the home and host countries are synchronized, a boom ...
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.