Not So Disconnected: Exchange Rates and the Capital Stock∗
... sector and does not affect the incentive to accumulate capital for the purposes of the production of traded goods. The reason is that shocks affecting the traded sector are fully shared internationally and thus have no effect on the relative price of consumption in different countries nor on real e ...
... sector and does not affect the incentive to accumulate capital for the purposes of the production of traded goods. The reason is that shocks affecting the traded sector are fully shared internationally and thus have no effect on the relative price of consumption in different countries nor on real e ...
Linda
... example, domestic credit creation above trend may for which no shortages in government revenues or unanticipated expenditures revenues are available. For simplicity random variable. ...
... example, domestic credit creation above trend may for which no shortages in government revenues or unanticipated expenditures revenues are available. For simplicity random variable. ...
Does inflation or currency depreciation drive monetary policy in
... of the budget deficit) became the main source of domestic asset growth and the main cause of high inflation. From about June 1995 to the financial crisis of August 1998, the switch to an exchange rate stabilisation programme and to bond-financing marked the beginning of relatively low average monthl ...
... of the budget deficit) became the main source of domestic asset growth and the main cause of high inflation. From about June 1995 to the financial crisis of August 1998, the switch to an exchange rate stabilisation programme and to bond-financing marked the beginning of relatively low average monthl ...
I Changes in Business Cycles: Evidence and Explanations Christina D. Romer
... series that have been collected in much the same way since the late 1800s. In a previous paper (Romer, 1991), I found that the production of particular commodities such as wheat, corn, coal, pig iron, refined sugar, and cotton textiles has not become substantially more stable over time. In general, ...
... series that have been collected in much the same way since the late 1800s. In a previous paper (Romer, 1991), I found that the production of particular commodities such as wheat, corn, coal, pig iron, refined sugar, and cotton textiles has not become substantially more stable over time. In general, ...
Contents
... The extent to which an easing of conditions takes place through lower interest rates rather than through a decline in the level of the New Zealand dollar is beyond the Bank’s control. How the mix of conditions evolves will depend, inter alia, on movements in foreign interest rates and on changes in ...
... The extent to which an easing of conditions takes place through lower interest rates rather than through a decline in the level of the New Zealand dollar is beyond the Bank’s control. How the mix of conditions evolves will depend, inter alia, on movements in foreign interest rates and on changes in ...
NBER WORKING PAPER SERIES THE LIBERALIZATION OF THE CURRENT CAPITAL ACCOUNTS AND
... different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a change in the tax on foreign borrowing on the equilibrium RER are i ...
... different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a change in the tax on foreign borrowing on the equilibrium RER are i ...
RATE I Maurice Obsfeld AN
... change-rate movements which feed into domestic price levels and may set off successive, explosive rounds of wage-price inflation and further exchangerate depreciation.,3 The concern is reflected in the emphasis on exchangerate surveillance in the revised Articles of Agreement of the International Mo ...
... change-rate movements which feed into domestic price levels and may set off successive, explosive rounds of wage-price inflation and further exchangerate depreciation.,3 The concern is reflected in the emphasis on exchangerate surveillance in the revised Articles of Agreement of the International Mo ...
Madagascar: A Competitiveness and Exchange Rate Assessment
... Over the last decade Madagascar’s export performance has improved. Export volumes grew on average by 9 percent a year between 1998 and 2007, up from 5 percent during the previous decade, and Madagascar has markedly reduced its dependence on traditional exports. At the same time, Madagascar has also ...
... Over the last decade Madagascar’s export performance has improved. Export volumes grew on average by 9 percent a year between 1998 and 2007, up from 5 percent during the previous decade, and Madagascar has markedly reduced its dependence on traditional exports. At the same time, Madagascar has also ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... out the promise of major improvements in economic performance. However, estimates of the quantitative impacts of policy decisions in one economy on other economies are quite small. These results. together with explicit calculations ofthe benefits of coordination, suggest the gains will rarely be sig ...
... out the promise of major improvements in economic performance. However, estimates of the quantitative impacts of policy decisions in one economy on other economies are quite small. These results. together with explicit calculations ofthe benefits of coordination, suggest the gains will rarely be sig ...
WARWICK ECONOMIC RESEARCH PAPERS Trade Costs and the Open Macroeconomy No 778
... literature, it is assumed that …rms set prices after the exchange rate and wages are known and that initially there are neither bond holdings, government consumption nor lump-sum transfers so that F = F ...
... literature, it is assumed that …rms set prices after the exchange rate and wages are known and that initially there are neither bond holdings, government consumption nor lump-sum transfers so that F = F ...
Chapter 3. From Recession to Recovery: How Soon and How
... their deposits—the banks’ main external funding source. There were four waves of bank runs. Overall, about a third of all U.S. banks failed during 1930–33. Such bank failures and losses also played an important role in other economies. In particular, the failure of the Austrian bank Creditanstalt i ...
... their deposits—the banks’ main external funding source. There were four waves of bank runs. Overall, about a third of all U.S. banks failed during 1930–33. Such bank failures and losses also played an important role in other economies. In particular, the failure of the Austrian bank Creditanstalt i ...
Capítulo 3
... been commonly used to describe the behavior of monetary policy. In Brazil, these policy rules have been estimated by several authors in order to assess the Central Bank’s response to macroeconomic variables (such as inflation, output and exchange rate), and also to indicate possible monetary policy ...
... been commonly used to describe the behavior of monetary policy. In Brazil, these policy rules have been estimated by several authors in order to assess the Central Bank’s response to macroeconomic variables (such as inflation, output and exchange rate), and also to indicate possible monetary policy ...
NBER WORKING PAPER SERIES ASSESSING THE EMERGING GLOBAL FINANCIAL ARCHITECTURE:
... openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of international reserve stocks. We begin by constructing an easy and intuitive way to summarize these trends in the form of a “Diamond chart.” Applying the methodology out ...
... openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of international reserve stocks. We begin by constructing an easy and intuitive way to summarize these trends in the form of a “Diamond chart.” Applying the methodology out ...
the prerequisites for progress towards a single currency in the
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
WORKING PAPER SERIES Estimates of Fundamental Real
... In the second half of the 1990s, the five EU pre-accession countries—the Czech Republic, Estonia, Hungary, Poland and Slovenia—entered the advanced stage of transition1, and, at the same time, the EU negotiations with these countries picked up pace. These two challenges have had a significant impact ...
... In the second half of the 1990s, the five EU pre-accession countries—the Czech Republic, Estonia, Hungary, Poland and Slovenia—entered the advanced stage of transition1, and, at the same time, the EU negotiations with these countries picked up pace. These two challenges have had a significant impact ...
Using Monetary Policy to Stabilize Economic Activity
... stable inflation can coexist with stable real economy growth. When combined with a description of policy in terms of a rule for setting the nominal interest rate or a specification of policy objectives, the resulting framework has been used to address an extensive range of policy questions. An impor ...
... stable inflation can coexist with stable real economy growth. When combined with a description of policy in terms of a rule for setting the nominal interest rate or a specification of policy objectives, the resulting framework has been used to address an extensive range of policy questions. An impor ...
local money
... are much less inclined to extend credit to one another (e.g. extending credit on the part of commercial banks and accepting delayed payment of invoiced amounts, etc.). This situation is not improved by introducing another denomination, currency or other piece of paper, as this fails to address the l ...
... are much less inclined to extend credit to one another (e.g. extending credit on the part of commercial banks and accepting delayed payment of invoiced amounts, etc.). This situation is not improved by introducing another denomination, currency or other piece of paper, as this fails to address the l ...
The Relationship Between Foreign Exchange
... calls for exchange of one country’s currency for another. International trade is directly linked trading of goods and services, foreign direct investment, long term investment portfolio flows, hedge funds, mutual funds and the safe haven status of currencies. In economies such as US and the Europea ...
... calls for exchange of one country’s currency for another. International trade is directly linked trading of goods and services, foreign direct investment, long term investment portfolio flows, hedge funds, mutual funds and the safe haven status of currencies. In economies such as US and the Europea ...
A Development-focused Allocation of the Special Drawing Rights
... The campaign for the issue of development-focused Special Drawing Rights (SDR) by the International Monetary Fund (IMF) has been on the development agenda for many years. This was certainly reflected by the Brandt Commission’s report (1970). In more recent times the campaign has been propelled, firs ...
... The campaign for the issue of development-focused Special Drawing Rights (SDR) by the International Monetary Fund (IMF) has been on the development agenda for many years. This was certainly reflected by the Brandt Commission’s report (1970). In more recent times the campaign has been propelled, firs ...
Can macroeconomic indicators predict a currency crisis? Evidence
... It is known in forecasting that a leading indicator is only as good as the rule used to interpret its movements (Diebold and Rudebusch, 1989). The leading indicators can be evaluated based on a number of attributes, including accuracy, calibration, and resolution. Accuracy is the average closeness ...
... It is known in forecasting that a leading indicator is only as good as the rule used to interpret its movements (Diebold and Rudebusch, 1989). The leading indicators can be evaluated based on a number of attributes, including accuracy, calibration, and resolution. Accuracy is the average closeness ...
balance of payments
... be paid which will be a short term drain on the economy and will further increase the CAD. However, if interest rates are lower in other countries it could be a smart move to borrow from overseas. BUT.. There is always the danger that the governments or people lending the money may, at some time, wi ...
... be paid which will be a short term drain on the economy and will further increase the CAD. However, if interest rates are lower in other countries it could be a smart move to borrow from overseas. BUT.. There is always the danger that the governments or people lending the money may, at some time, wi ...
NBER WORKING PAPER SERIES Michael D. Bordo
... countries. However, they also suggest capital inflows deliver rapid growth in non-crisis periods which is likely to offset the negative effects of crises. Countries with high capital inflows grow faster on average than countries with low capital inflows. Other evidence suggests, to the contrary, tha ...
... countries. However, they also suggest capital inflows deliver rapid growth in non-crisis periods which is likely to offset the negative effects of crises. Countries with high capital inflows grow faster on average than countries with low capital inflows. Other evidence suggests, to the contrary, tha ...
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sollicitatiebrief Roel [brieven]
... most of the export dynamics of each country? The hypothesis is that the type of products exported and the growth performance of the trade partner play a role in explaining export growth, a role that may be even more important than price competiveness. For example, German export to China and other em ...
... most of the export dynamics of each country? The hypothesis is that the type of products exported and the growth performance of the trade partner play a role in explaining export growth, a role that may be even more important than price competiveness. For example, German export to China and other em ...
ARREGLOS MONETARIOS EN ENTORNOS VOLÁTILES1
... cionado con el producto nominal va a ser M + EF, donde M es el agregado en moneda nacional, E es el tipo de cambio y F es el dinero extranjero circulando o los depósitos en moneda extranjera. M es en general bajo en una economía fuertemente dolarizada. Simplemente para fijar ideas, supongamos que es ...
... cionado con el producto nominal va a ser M + EF, donde M es el agregado en moneda nacional, E es el tipo de cambio y F es el dinero extranjero circulando o los depósitos en moneda extranjera. M es en general bajo en una economía fuertemente dolarizada. Simplemente para fijar ideas, supongamos que es ...
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.