This PDF is a selection from an out-of-print volume from... of Economic Research
... quiring a capital market instrument and of servicing it that is relevant. Obviously if it is more expensive for a lender to acquire and administer, ...
... quiring a capital market instrument and of servicing it that is relevant. Obviously if it is more expensive for a lender to acquire and administer, ...
P a g e 1
... forward in the literature to explain the determinants of this prolonged, low-growth period, sometimes characterised as a global liquidity trap. I will then review some of the proposed measures to exit from the liquidity trap, including fiscal and structural policies. While each of these measures has ...
... forward in the literature to explain the determinants of this prolonged, low-growth period, sometimes characterised as a global liquidity trap. I will then review some of the proposed measures to exit from the liquidity trap, including fiscal and structural policies. While each of these measures has ...
Risk and Uncertainty in Macroeconomic Policymaking
... undesirable during a recession; if they had gone into the crisis with greater fiscal space and resilience they would have been able to avoid this. The aim of such policies should be to enhance the resilience and adaptability of the economy to absorb adverse economic shocks arising from the ‘unknown’ ...
... undesirable during a recession; if they had gone into the crisis with greater fiscal space and resilience they would have been able to avoid this. The aim of such policies should be to enhance the resilience and adaptability of the economy to absorb adverse economic shocks arising from the ‘unknown’ ...
-ONETARY $ECEMBER #ONTENTS
... AND PER CENT ON AVERAGE OVER THE MEDIUM TERM 4HIS OUTLOOK ASSUMES THAT SIGNIlCANT PIPELINE EFFECTS FROM PAST INTEREST AND EXCHANGE RATE INCREASES WILL EVENTUATE AND ACT TO FURTHER CONSTRAIN THE ECONOMY OVER THE PERIOD AHEAD 3INCE THE LAST REVIEW OVERALL ECONOMIC INDICATORS HAVE CONTINUED TO ...
... AND PER CENT ON AVERAGE OVER THE MEDIUM TERM 4HIS OUTLOOK ASSUMES THAT SIGNIlCANT PIPELINE EFFECTS FROM PAST INTEREST AND EXCHANGE RATE INCREASES WILL EVENTUATE AND ACT TO FURTHER CONSTRAIN THE ECONOMY OVER THE PERIOD AHEAD 3INCE THE LAST REVIEW OVERALL ECONOMIC INDICATORS HAVE CONTINUED TO ...
Monetary Policy Spillovers and the Trilemma in the New Normal
... first half of the sample period, though the correlation has been on a rising trend again in recent years. Developing countries experience relatively high correlations in the early 2000s but since the late 2000s, the correlations appear to be trendless for these countries. Long-term interest rates a ...
... first half of the sample period, though the correlation has been on a rising trend again in recent years. Developing countries experience relatively high correlations in the early 2000s but since the late 2000s, the correlations appear to be trendless for these countries. Long-term interest rates a ...
RVI114Hermann_en.pdf
... economic development highlights another inefficiency in the financial system: its tendency to operate in a way that is not functional to this process. The post-Keynesian approach is even more radical in its criticism of the efficient market hypothesis, its argument being that the main obstacle to ma ...
... economic development highlights another inefficiency in the financial system: its tendency to operate in a way that is not functional to this process. The post-Keynesian approach is even more radical in its criticism of the efficient market hypothesis, its argument being that the main obstacle to ma ...
Review Quiz Chapter 9
... The trade-weighted index shows the average U.S. exchange rate. It is calculated by weighting each nation’s individual currency exchange rate by its importance in U.S. international trade. ...
... The trade-weighted index shows the average U.S. exchange rate. It is calculated by weighting each nation’s individual currency exchange rate by its importance in U.S. international trade. ...
External Shocks, Banks and Monetary Policy in an Open
... policy rate such as macroprudential tools are required and should be effectively combined with monetary policy to maintain these multiple goals. In the light of these events and discussions, this paper aims to answer three main questions. First, we investigate the macroeconomic and financial effect ...
... policy rate such as macroprudential tools are required and should be effectively combined with monetary policy to maintain these multiple goals. In the light of these events and discussions, this paper aims to answer three main questions. First, we investigate the macroeconomic and financial effect ...
Capital Flight from Russia
... whereas those in Indonesia and South Korea were caused by financial panic (that is, the former can be explained by the first-generation model, and the latter, by the second-generation one) (Miyao, 2003, p. 80). Although Krugman applied the first-generation model to the 1998 Russian crisis, it is our ...
... whereas those in Indonesia and South Korea were caused by financial panic (that is, the former can be explained by the first-generation model, and the latter, by the second-generation one) (Miyao, 2003, p. 80). Although Krugman applied the first-generation model to the 1998 Russian crisis, it is our ...
Exchange Rates and Monetary Policy Uncertainty
... is denominated in their respective domestic currency. We use Rt to denote the interest rate in the United States and Rt∗ to denote the interest rate in the foreign country between periods t and t + 1. We assume that the interest rate in the United States is smaller than that in the foreign country i ...
... is denominated in their respective domestic currency. We use Rt to denote the interest rate in the United States and Rt∗ to denote the interest rate in the foreign country between periods t and t + 1. We assume that the interest rate in the United States is smaller than that in the foreign country i ...
Measuring the Stance of Monetary Policy in Vietnam: A Structural
... ideas of policy transmissions; as well as estimate impacts of policy on macroeconomic variables. However, there have been a lot of difficulties that economic researchers have faced when they attempt to measure the stance of monetary policy. One of the greatest challenges is to determine which a poli ...
... ideas of policy transmissions; as well as estimate impacts of policy on macroeconomic variables. However, there have been a lot of difficulties that economic researchers have faced when they attempt to measure the stance of monetary policy. One of the greatest challenges is to determine which a poli ...
Information Technology and Monetary Policy
... A number of different policy rules were part of this robustness study, but a brief description of two of these will be sufficient to illustrate the benefits of this type of approach. I focus on two rules in which the central bank’s interest rate decisions respond both to inflation and to real GDP. I ...
... A number of different policy rules were part of this robustness study, but a brief description of two of these will be sufficient to illustrate the benefits of this type of approach. I focus on two rules in which the central bank’s interest rate decisions respond both to inflation and to real GDP. I ...
Monetary Policy
... reducing these types of unemployment. Instead, the Fed attempts to reduce levels of cyclical unemployment, which is unemployment associated with business cycle recessions. Most economists estimate that the natural rate of unemployment is between 5% and 6%. ...
... reducing these types of unemployment. Instead, the Fed attempts to reduce levels of cyclical unemployment, which is unemployment associated with business cycle recessions. Most economists estimate that the natural rate of unemployment is between 5% and 6%. ...
KNOWLEDGE DISSEMINATION, CAPITAL ACCUMULATION
... steady state. The objective is to formulate an open economy endogenous growth model based upon the standard neoclassical growth model of Solow (1956), Cass (1965), and Koopmans (1965). That model, which is essentially a closed economy model, is characterized by exogenous technological growth. We sho ...
... steady state. The objective is to formulate an open economy endogenous growth model based upon the standard neoclassical growth model of Solow (1956), Cass (1965), and Koopmans (1965). That model, which is essentially a closed economy model, is characterized by exogenous technological growth. We sho ...
View/Open
... stronger economy, a smaller current account deficit, a higher domestic interest rate, change in investors’ expectations, etc. were major reasons for a stronger New Zealand dollar during 2002 and 2003. Drew and Sethi (2007) indicated that a tight monetary policy or a higher official cash rate would r ...
... stronger economy, a smaller current account deficit, a higher domestic interest rate, change in investors’ expectations, etc. were major reasons for a stronger New Zealand dollar during 2002 and 2003. Drew and Sethi (2007) indicated that a tight monetary policy or a higher official cash rate would r ...
Risk-adjusted Covered Interest Parity: Theory and Evidence
... For a comprehensive survey of the literature, see Levich (2012). Such a band is often referred to as a “neutral band” following French and Levich (1975). ...
... For a comprehensive survey of the literature, see Levich (2012). Such a band is often referred to as a “neutral band” following French and Levich (1975). ...
Presentation before the Council of Ministers Erdem Başçı Governor
... Economic recovery that started after the global crisis of 2008 continues at a strong pace in Turkey. ...
... Economic recovery that started after the global crisis of 2008 continues at a strong pace in Turkey. ...
monetary policy and stock market performance in nigeria
... JEL Classification: E44, E52, G11, G18 ...
... JEL Classification: E44, E52, G11, G18 ...
The Transmission of Monetary Policy Operations through
... held view that open market operations (OMO) by Central Banks a§ect interest rates–and at odds indeed with the very practice of Central Banks. The irrelevance result is easiest to see in the context of a representative agent model, as explained by Woodford (2012);1 however, Wallace (1981)’s widely ci ...
... held view that open market operations (OMO) by Central Banks a§ect interest rates–and at odds indeed with the very practice of Central Banks. The irrelevance result is easiest to see in the context of a representative agent model, as explained by Woodford (2012);1 however, Wallace (1981)’s widely ci ...
Financial stress and economic activity in Germany
... stress leads to significant variations in output. Grimaldi (2010) derives a financial stress indicator for the euro area and studies its ability to detect periods of financial stress. She finds that the indicator is able to extract information from an otherwise noisy signal and that it can provide r ...
... stress leads to significant variations in output. Grimaldi (2010) derives a financial stress indicator for the euro area and studies its ability to detect periods of financial stress. She finds that the indicator is able to extract information from an otherwise noisy signal and that it can provide r ...
Responding to the Monetary Superpower
... Klenow, and Ronald McKinnon of the Stanford Economics Department, as well as Mitchel Scott, for helpful guidance and feedback. ...
... Klenow, and Ronald McKinnon of the Stanford Economics Department, as well as Mitchel Scott, for helpful guidance and feedback. ...
NBER WORKING PAPERS SERIES THE FRANC ZONE IN AFRICA
... domestic wage and price setters would have lacked the discipline, and domestic ...
... domestic wage and price setters would have lacked the discipline, and domestic ...
The role of the central bank balance sheet in monetary policy
... elastic supply of central bank liquidity to its counterparties in response to heightened demand induced by financial stress is considered in this article to be a passive deployment of the central bank balance sheet. This categorisation seems apt, since, in such cases, the consequences for the balan ...
... elastic supply of central bank liquidity to its counterparties in response to heightened demand induced by financial stress is considered in this article to be a passive deployment of the central bank balance sheet. This categorisation seems apt, since, in such cases, the consequences for the balan ...
A SIMULTANEOUS-EQUATION MODEL OF SHORT
... international trade and dampen economic growth. A tight monetary policy to raise the interest rate may defend the value of the rupee but is expected to hurt consumption and investment expenditures due to higher lending rates. Hence, it is significant to study the PKR/USD exchange rate in order to ga ...
... international trade and dampen economic growth. A tight monetary policy to raise the interest rate may defend the value of the rupee but is expected to hurt consumption and investment expenditures due to higher lending rates. Hence, it is significant to study the PKR/USD exchange rate in order to ga ...
ТЕМЫ ДИПЛОМНЫХ И КУРСОВЫХ РАБОТ ДЛЯ СТУДЕНТОВ
... prices and few option contracts traded are welcome. For literature, see preliminary syllabus for Risk Management, part on credit risk at mief.hse.ru 7. Volatility, investment, and growth in natural resource exporting countries. The hypothesis that resource abundance can lead to reduced long-term gro ...
... prices and few option contracts traded are welcome. For literature, see preliminary syllabus for Risk Management, part on credit risk at mief.hse.ru 7. Volatility, investment, and growth in natural resource exporting countries. The hypothesis that resource abundance can lead to reduced long-term gro ...
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.