NBER WORKING PAPER SERIES FINANCIAL DEVELOPMENT
... Each agent has the ability to operate the production technology yt = A(ktθ lt1−θ )ν , where kt is the input of capital, lt is the efficiency units of labor employed in production (i.e., an individual agent’s labor demand) and A is the Total Factor Productivity which is constant. We assume that 0 < ν ...
... Each agent has the ability to operate the production technology yt = A(ktθ lt1−θ )ν , where kt is the input of capital, lt is the efficiency units of labor employed in production (i.e., an individual agent’s labor demand) and A is the Total Factor Productivity which is constant. We assume that 0 < ν ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Basel Accords on capital adequacy created unintended incentives for short-term bank borrowing. The highly leveraged nature of the South Korean economy, together with the currency and term mismatches embodied in the mid-1990s surge of foreign debt exposure, left the economy vulnerable to a variety of ...
... Basel Accords on capital adequacy created unintended incentives for short-term bank borrowing. The highly leveraged nature of the South Korean economy, together with the currency and term mismatches embodied in the mid-1990s surge of foreign debt exposure, left the economy vulnerable to a variety of ...
Why are Central Banks Delegated Macroprudential Responsibilities?
... financial markets and implementation of prudential tools to limit these risks. Systemic risk refer to ‘a risk of disruptions to financial services that is caused by an impairment of all or parts of the financial system, and can cause serious negative consequences for the real economy’ (IMF, 2011). T ...
... financial markets and implementation of prudential tools to limit these risks. Systemic risk refer to ‘a risk of disruptions to financial services that is caused by an impairment of all or parts of the financial system, and can cause serious negative consequences for the real economy’ (IMF, 2011). T ...
Global Macro Shifts - Franklin Templeton Investments
... European Union (EU) to limit immigration and re-establish a stronger degree of national control over policies and regulations. Populist and nationalist parties have gained popularity in several other EU countries, raising uncertainty for upcoming elections in 2017. And populist elements have been st ...
... European Union (EU) to limit immigration and re-establish a stronger degree of national control over policies and regulations. Populist and nationalist parties have gained popularity in several other EU countries, raising uncertainty for upcoming elections in 2017. And populist elements have been st ...
Gold Standard: The Future for a Stable Global - Hizb ut
... model along with the special interest groups they represent - not to mention the banks that charge interest on money that was not earned and was created out of nothing. Secondly, the need for such funding is often as a result of the capitalist states instigating wars as an economic strategy to incre ...
... model along with the special interest groups they represent - not to mention the banks that charge interest on money that was not earned and was created out of nothing. Secondly, the need for such funding is often as a result of the capitalist states instigating wars as an economic strategy to incre ...
Maradona theory of interest rates
... the 1970s – showed that permanently higher inflation does not bring faster growth or higher employment, and may well reduce both. But in the post-war period views were different. In 1959 the Radcliffe Report on the Workings of the Monetary System seemed to support the idea of a permanent trade-off. ...
... the 1970s – showed that permanently higher inflation does not bring faster growth or higher employment, and may well reduce both. But in the post-war period views were different. In 1959 the Radcliffe Report on the Workings of the Monetary System seemed to support the idea of a permanent trade-off. ...
Examiners` commentaries 2016 - University of London International
... find partial support for the above statement. Their findings can be summarised as follows. 1. They find little evidence for the ‘proportionality proposition’. There is a strong relation between the long-run growth rate of money and inflation; this relation is not proportional. This strong link is wh ...
... find partial support for the above statement. Their findings can be summarised as follows. 1. They find little evidence for the ‘proportionality proposition’. There is a strong relation between the long-run growth rate of money and inflation; this relation is not proportional. This strong link is wh ...
Low long-term interest rates as a global phenomenon
... countries has declined in recent decades (Chetwin and Wood, 2013). Supply-side factors usually cited are lower productivity growth and an ageing population. Zhu (2016) argues that, with the exception of China, the natural rate in emerging Asia has fallen by over 4 percentage points, largely because ...
... countries has declined in recent decades (Chetwin and Wood, 2013). Supply-side factors usually cited are lower productivity growth and an ageing population. Zhu (2016) argues that, with the exception of China, the natural rate in emerging Asia has fallen by over 4 percentage points, largely because ...
real-world economics review
... forces would assure social harmony. There was no statistical measurement of the debts that wracked the Greek and Roman economies, or of overall output, its distribution and value. We now have such measures, but can we say that mathematics provides the key to understanding the major economic problems ...
... forces would assure social harmony. There was no statistical measurement of the debts that wracked the Greek and Roman economies, or of overall output, its distribution and value. We now have such measures, but can we say that mathematics provides the key to understanding the major economic problems ...
How Powerful Is Monetary Policy in the Long Run?
... where M is the supply of money, V is the velocity of money, P is the general price level, and T is the total value of transactions or trade. Fisher held that in the long run there was a “natural” level of real economic activity determined by economic fundamentals that could not be affected by increa ...
... where M is the supply of money, V is the velocity of money, P is the general price level, and T is the total value of transactions or trade. Fisher held that in the long run there was a “natural” level of real economic activity determined by economic fundamentals that could not be affected by increa ...
Global History for Global Citizenship. Why University Students Must Study Global History
... 2. Basic Arguments for the Study of Global History Five years after the launch of the degree the London School of Economics and Cambridge University Press sponsored the publication of a new journal – The Journal of Global History . I was asked by the editors to write a prolegomenon for its first is ...
... 2. Basic Arguments for the Study of Global History Five years after the launch of the degree the London School of Economics and Cambridge University Press sponsored the publication of a new journal – The Journal of Global History . I was asked by the editors to write a prolegomenon for its first is ...
The Trade, Debt and Finance Nexus
... looked at the issue of exchange rate volatility over a period of twenty years and for both developed and developing countries (IMF, 2004).5 It comes to two conclusions: (1) while exchange rate fluctuations increased in times of currency and balance of payment crises, on average volatility was no gre ...
... looked at the issue of exchange rate volatility over a period of twenty years and for both developed and developing countries (IMF, 2004).5 It comes to two conclusions: (1) while exchange rate fluctuations increased in times of currency and balance of payment crises, on average volatility was no gre ...
CCL Industries Appoints New President For Checkpoint
... after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological ...
... after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological ...
Optimal Monetary Policy in a Currency Area
... We assume that wealth can be accumulated by holding money or bonds. Within a region households are allowed to trade among themselves in a set of bonds, that span all the states of nature, thus consumption, within that region, is insured. However, we assume that markets are incomplete across regions: ...
... We assume that wealth can be accumulated by holding money or bonds. Within a region households are allowed to trade among themselves in a set of bonds, that span all the states of nature, thus consumption, within that region, is insured. However, we assume that markets are incomplete across regions: ...
Lecture Note on the Gold Standard
... have found that short-term rates did stay within these credibility bounds. Not just for the US but also for France and Germany. This was true even when short-term interest rates were rather volatile. It is this high degree of credibility of the system that made capital flows so substantial in this p ...
... have found that short-term rates did stay within these credibility bounds. Not just for the US but also for France and Germany. This was true even when short-term interest rates were rather volatile. It is this high degree of credibility of the system that made capital flows so substantial in this p ...
COSMOPOLITANISM - Amsterdam Law Forum
... combination of visionary leadership and bottom-up support seems essential for the cosmopolitan agenda to succeed. Furthermore, the examples used by Held throughout his book illustrate that development and reform of global governance institutions have always been the result of crisis, war or economic ...
... combination of visionary leadership and bottom-up support seems essential for the cosmopolitan agenda to succeed. Furthermore, the examples used by Held throughout his book illustrate that development and reform of global governance institutions have always been the result of crisis, war or economic ...
PDF
... movements that are not based on economic fundamentals, but rather are based in selfconfirming expectations (Frankel and Rose, 1995). Although many economists believe that speculative bubbles are one of the important sources of unexpected movement of nominal exchange rates during the post-Bretton Woo ...
... movements that are not based on economic fundamentals, but rather are based in selfconfirming expectations (Frankel and Rose, 1995). Although many economists believe that speculative bubbles are one of the important sources of unexpected movement of nominal exchange rates during the post-Bretton Woo ...
Time Consistency of Monetary Policy in Separating Exchange Markets
... exchange rate policies should be designed across all phases of the disinflation experience. On the other hand, de Haan, Knot and Sturm (1993) found that a credible exchange rate policy could reduce the costs of disinflation policies. Razin, Yuen, and Prakash (1997) also demonstrated that some of the ...
... exchange rate policies should be designed across all phases of the disinflation experience. On the other hand, de Haan, Knot and Sturm (1993) found that a credible exchange rate policy could reduce the costs of disinflation policies. Razin, Yuen, and Prakash (1997) also demonstrated that some of the ...
International Gold Standard and US Moentary Policy from World War
... Relief came without the suspension of the gold standard in the United States. On July 31, the New York Stock Exchange joined the world's other major exchanges in closing its doors, thus easing pressure on the gold standard by preventing the export of gold arising from foreign sales of U.S. corporate ...
... Relief came without the suspension of the gold standard in the United States. On July 31, the New York Stock Exchange joined the world's other major exchanges in closing its doors, thus easing pressure on the gold standard by preventing the export of gold arising from foreign sales of U.S. corporate ...
The Evolution of US Monetary Policy: 2000-2007
... This paper attempts to draw distinctions between these alternative interpretations of how the Federal Reserve implemented its policy decisions during the period from 2000 through 2007. To this end, it estimates a vector autoregressive time series model with time-varying parameters and stochastic vo ...
... This paper attempts to draw distinctions between these alternative interpretations of how the Federal Reserve implemented its policy decisions during the period from 2000 through 2007. To this end, it estimates a vector autoregressive time series model with time-varying parameters and stochastic vo ...
NBER WORKING PAPER SERIES FISCAL LIMITS IN ADVANCED ECONOMIES Eric M. Leeper
... in real exchange rates—as well as to tax evasion and the swift movement of economic activity underground. Weak fiscal infrastructures, combined with fragile political systems, fixed exchange rates, and government debt denominated in foreign currency, can leave the economy with no choice but to default ...
... in real exchange rates—as well as to tax evasion and the swift movement of economic activity underground. Weak fiscal infrastructures, combined with fragile political systems, fixed exchange rates, and government debt denominated in foreign currency, can leave the economy with no choice but to default ...
CURRENT ACCOUNT “CORE-PERIPHERY DUALISM” IN THE EMU
... If from one hand the increase of foreign capital inflows in the EU countries with higher expected return demonstrates that the EMU was effective in creating a wellintegrated capital market, on the other hand the so called “home bias reduction” in the European financial market seems not to have favo ...
... If from one hand the increase of foreign capital inflows in the EU countries with higher expected return demonstrates that the EMU was effective in creating a wellintegrated capital market, on the other hand the so called “home bias reduction” in the European financial market seems not to have favo ...
The Case for Trade and Competitiveness - WEF
... activities (Commission on Growth Report, 2008). However, the common thread between the countries that have grown successfully is that they have exploited the potential offered by openness to create new economic opportunities for their people. They have also harnessed global economic forces to drive ...
... activities (Commission on Growth Report, 2008). However, the common thread between the countries that have grown successfully is that they have exploited the potential offered by openness to create new economic opportunities for their people. They have also harnessed global economic forces to drive ...
M o n e t a r y ... Contents 1 March 2003
... A period of slower growth is not inevitable, but it still ...
... A period of slower growth is not inevitable, but it still ...
show
... • Exchange rates have been very puzzling for macroeconomists • We offer a unifying quantitative GE theory of exchange rates • Which international macro results are robust? — Monetary policy transmission and spillovers: likely yes — Welfare analysis and optimal exchange rate regimes: likely no • Our ...
... • Exchange rates have been very puzzling for macroeconomists • We offer a unifying quantitative GE theory of exchange rates • Which international macro results are robust? — Monetary policy transmission and spillovers: likely yes — Welfare analysis and optimal exchange rate regimes: likely no • Our ...
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.