NBER WORKING PAPER SERIES DOES EXCHANGE RATE RISK MATTER FOR WELFARE?
... The paper goes on to study two new types of economic environments, where the utility benefits might be expected to be larger. The first of these cases is where household preferences exhibit habits. However, experiments indicate that the conclusions from the benchmark economy are little altered. Opti ...
... The paper goes on to study two new types of economic environments, where the utility benefits might be expected to be larger. The first of these cases is where household preferences exhibit habits. However, experiments indicate that the conclusions from the benchmark economy are little altered. Opti ...
completing conditions to implement monetary policy under inflation
... economic growth at reasonable rate. Worldwide history observes the successful adoption of Inflation Targeting Monetary Policy (ITMP)in some emerging economies where quite a few macro-economic difficulties are seen. It is asserted in the draft of banking development strategy for period of 2011 – 2020 ...
... economic growth at reasonable rate. Worldwide history observes the successful adoption of Inflation Targeting Monetary Policy (ITMP)in some emerging economies where quite a few macro-economic difficulties are seen. It is asserted in the draft of banking development strategy for period of 2011 – 2020 ...
The Global Crisis and the Turkish Economy
... The first aim of this paper is to examine the extent to which and the channels through which the global crisis affected the Turkish economy. Among these channels, we consider trade, capital movements, external and internal financing, and business expectations. For such an assessment, we first need ...
... The first aim of this paper is to examine the extent to which and the channels through which the global crisis affected the Turkish economy. Among these channels, we consider trade, capital movements, external and internal financing, and business expectations. For such an assessment, we first need ...
Structural Adjustment and Reform in Developing Countries
... community, and these have obviously interacted with each other, making it difficult to disentangle their separate contributions. 1) The Retreat From Structuralism 4. The convergence was clearly influenced by a shift in intellectual opinion away from the earlier structuralist view of development, whi ...
... community, and these have obviously interacted with each other, making it difficult to disentangle their separate contributions. 1) The Retreat From Structuralism 4. The convergence was clearly influenced by a shift in intellectual opinion away from the earlier structuralist view of development, whi ...
NBER WORKING PAPER SERIES
... insulation from external shocks, and the amount of monetary independence actually achieved under the flexible rate regime. Following Friedman’s arguments on stabilizing speculation, much of the research focused on the first issue, the stability of the exchange rate and the role of short-term capital ...
... insulation from external shocks, and the amount of monetary independence actually achieved under the flexible rate regime. Following Friedman’s arguments on stabilizing speculation, much of the research focused on the first issue, the stability of the exchange rate and the role of short-term capital ...
US Presidential Cycle and Foreign Exchange Market
... economic policies that might yield to higher inflation and, consequently, might affect the relative value of the country’s assets and the real value of the U.S. dollar. He documents that Republican administrations prefer to adopt tight monetary policies than their Democratic counterparts. On the ot ...
... economic policies that might yield to higher inflation and, consequently, might affect the relative value of the country’s assets and the real value of the U.S. dollar. He documents that Republican administrations prefer to adopt tight monetary policies than their Democratic counterparts. On the ot ...
NBER WORKING PAPER SERIES SMALL COUNTRIES IN MONETARY UNIONS: A TWO-TIER MODEL
... Earlier versions were presented to the RIP Seminar, Boston College and the International Economics Workshop, Harvard University. Comments from participants, especially Richard Cooper, are gratefully acknowledged. The research reported here is part of the NBER's research program in International Stud ...
... Earlier versions were presented to the RIP Seminar, Boston College and the International Economics Workshop, Harvard University. Comments from participants, especially Richard Cooper, are gratefully acknowledged. The research reported here is part of the NBER's research program in International Stud ...
IMF eLibrary
... international statistics on all aspects of international and domestic finance. For most countries, the IFS reports data on balance of payments, international investment position, international liquidity, monetary and financial statistics, exchange rates, interest rates, prices, production, governmen ...
... international statistics on all aspects of international and domestic finance. For most countries, the IFS reports data on balance of payments, international investment position, international liquidity, monetary and financial statistics, exchange rates, interest rates, prices, production, governmen ...
Development in the G-20: Common Ground?
... development policy that asserts that a successful pursuit of development is essential for a just and sustainable international order—the very goal of the G-20. The PPD emphasizes that the new U.S. approach to development should be broad-based, long term and coherent across trade, investment, finance ...
... development policy that asserts that a successful pursuit of development is essential for a just and sustainable international order—the very goal of the G-20. The PPD emphasizes that the new U.S. approach to development should be broad-based, long term and coherent across trade, investment, finance ...
Is the Chinese currency, the renminbi, dangerously undervalued
... hina should float the renminbi, and permit it to appreciate in the currency markets, for both internal and international reasons. Domestically, China is wasting large amounts of resources by piling up excessive and low-yielding foreign exchange reserves. Its desire to continue insulating itself from ...
... hina should float the renminbi, and permit it to appreciate in the currency markets, for both internal and international reasons. Domestically, China is wasting large amounts of resources by piling up excessive and low-yielding foreign exchange reserves. Its desire to continue insulating itself from ...
Eight Strategies for Development in Comparison
... In hindsight, it is stunning how narrow the range of the consensus was and how much ambiguity can be found in the wording. Williamson, not a plain neoliberal, used a wording that left sufficient room for interpretation and hence risked strong misunderstanding. Carefully read, one cannot see a clear ...
... In hindsight, it is stunning how narrow the range of the consensus was and how much ambiguity can be found in the wording. Williamson, not a plain neoliberal, used a wording that left sufficient room for interpretation and hence risked strong misunderstanding. Carefully read, one cannot see a clear ...
Who’s Manipulating Whom? E BRI D APER • TRA
... it allowed to float freely in foreign currency markets. They contend that this “currency manipulation” gives Chinese producers an unfair advantage against their American competitors by making Chinese imports to the United States artificially cheap and by making U.S. exports to China more expensive, ...
... it allowed to float freely in foreign currency markets. They contend that this “currency manipulation” gives Chinese producers an unfair advantage against their American competitors by making Chinese imports to the United States artificially cheap and by making U.S. exports to China more expensive, ...
Monetary Policy Statement June 2009 Contents
... Zealand economy to begin growing again toward the end of this year but the recovery is likely to be slow and fragile. Many key economic indicators such as unemployment are projected to keep deteriorating well into 2010. There remain some material downside risks to activity and inflation, but for the ...
... Zealand economy to begin growing again toward the end of this year but the recovery is likely to be slow and fragile. Many key economic indicators such as unemployment are projected to keep deteriorating well into 2010. There remain some material downside risks to activity and inflation, but for the ...
MS-WORD - Department of Economics
... Readings in Spanish Monetary Theory, 1544 - 1605 (Oxford, 1952), Appendix III.95: ‘And even in Spain, in times when money as scarcer, saleable goods and labour were given for very much less than after the discovery of the Indies, which flooded the country with gold and silver’. Even so, Bodin’s view ...
... Readings in Spanish Monetary Theory, 1544 - 1605 (Oxford, 1952), Appendix III.95: ‘And even in Spain, in times when money as scarcer, saleable goods and labour were given for very much less than after the discovery of the Indies, which flooded the country with gold and silver’. Even so, Bodin’s view ...
Chap_22
... • Another common characteristic for many low- and middle-income countries is that they have traditionally borrowed from foreign countries. – Financial asset flows from foreign countries are able to finance investment projects, eventually leading to higher production and consumption. – But some inves ...
... • Another common characteristic for many low- and middle-income countries is that they have traditionally borrowed from foreign countries. – Financial asset flows from foreign countries are able to finance investment projects, eventually leading to higher production and consumption. – But some inves ...
The Impact of Monetary Policy Announcements
... will adversely a¤ect economic growth. This follows Barr & Kantor (2002) who assert that political uncertainty and economic growth have always been negatively associated in South Africa. The exchange rate is sensitive to a wide range of economic, social and political news. As such, monetary policy an ...
... will adversely a¤ect economic growth. This follows Barr & Kantor (2002) who assert that political uncertainty and economic growth have always been negatively associated in South Africa. The exchange rate is sensitive to a wide range of economic, social and political news. As such, monetary policy an ...
Currency collapses and output dynamics
... Public authorities tend to resist sharp depreciations in their economy’s exchange rate, presumably because they fear that they would be very costly in terms of foregone output.2 This article presents new evidence on the relationship between currency collapses, defined as large nominal depreciations ...
... Public authorities tend to resist sharp depreciations in their economy’s exchange rate, presumably because they fear that they would be very costly in terms of foregone output.2 This article presents new evidence on the relationship between currency collapses, defined as large nominal depreciations ...
NBER WORKING PAPER SERIES FEAR OF SUDDEN STOPS: Ricardo Caballero
... Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response ...
... Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response ...
Open-Economy Macroeconomics: Basic Concepts
... value of a currency as measured by the amount of foreign currency it can buy. • Depreciation (貨幣貶值) refers to a decrease in the value of a currency as measured by the amount of foreign currency it can buy. • If one N.T. dollar buys more foreign currency, there is an appreciation of the N.T. dollar. ...
... value of a currency as measured by the amount of foreign currency it can buy. • Depreciation (貨幣貶值) refers to a decrease in the value of a currency as measured by the amount of foreign currency it can buy. • If one N.T. dollar buys more foreign currency, there is an appreciation of the N.T. dollar. ...
The Emerging Global Financial Architecture: Tracing and
... Moreover, the greater variation in the experiences of developing countries should help in more precisely identifying the impact of trilemma choices on economic performance. We find that EMGs have moved more towards greater exchange rate flexibility than have non-EMGs, while simultaneously holding m ...
... Moreover, the greater variation in the experiences of developing countries should help in more precisely identifying the impact of trilemma choices on economic performance. We find that EMGs have moved more towards greater exchange rate flexibility than have non-EMGs, while simultaneously holding m ...
Balance of Payments and Exchange Rates
... • Between 1959 and 1985, inflation in Switzerland or Germany has not been as high as in France, so France (the French Franc) experienced a real appreciation with respect to these 2 currencies. However in the long run (over the years), the nominal exchange rate (F/DM or F/SF) also depreciated to acco ...
... • Between 1959 and 1985, inflation in Switzerland or Germany has not been as high as in France, so France (the French Franc) experienced a real appreciation with respect to these 2 currencies. However in the long run (over the years), the nominal exchange rate (F/DM or F/SF) also depreciated to acco ...
Conventional Direction to Unconventional Measures: Using
... The recent Five Presidents’ report (Juncker, 2015) has revived the debate, with the proposal of an EU financed macroeconomic stabilization function, as an initial step towards a larger European budget. The report recommends that various additional sources of financing should be considered beyond th ...
... The recent Five Presidents’ report (Juncker, 2015) has revived the debate, with the proposal of an EU financed macroeconomic stabilization function, as an initial step towards a larger European budget. The report recommends that various additional sources of financing should be considered beyond th ...
supplement/ancillary title - Amazon Simple Storage Service (S3)
... would close. An illustrative example can be done showing how someone could make money through arbitrage (buying a currency low and selling it high), and how this would affect the supply and demand for the currencies in both markets to close the gap. C) The U.S. dollar frequently serves as a vehicle ...
... would close. An illustrative example can be done showing how someone could make money through arbitrage (buying a currency low and selling it high), and how this would affect the supply and demand for the currencies in both markets to close the gap. C) The U.S. dollar frequently serves as a vehicle ...
Monetary Policy and the Federal Reserve: Current Policy and
... from the Fed, and reserve requirements that governed vault cash or deposits with the Fed as a proportion of deposits. Historically, open market operations have been the primary means for executing monetary policy. Recently, in response to the financial crisis, direct lending became important once ag ...
... from the Fed, and reserve requirements that governed vault cash or deposits with the Fed as a proportion of deposits. Historically, open market operations have been the primary means for executing monetary policy. Recently, in response to the financial crisis, direct lending became important once ag ...
- Eric Luis Uhlmann
... At the opposite end of the spectrum from Mr. Jinx— at least according to standard economic theories— is monetary currency. In principle and by design freely substitutable, one dollar should be treated the same as any other. Challenging this conventional wisdom, classic investigations by Thaler and c ...
... At the opposite end of the spectrum from Mr. Jinx— at least according to standard economic theories— is monetary currency. In principle and by design freely substitutable, one dollar should be treated the same as any other. Challenging this conventional wisdom, classic investigations by Thaler and c ...
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.