Textbook of Economics
... One can ask why we have created this new book when many other books are available in the market. First, this book is shorter in comparison with other books used at universities. These days many students study economics at colleges rather than at universities so that they need less profound knowledge ...
... One can ask why we have created this new book when many other books are available in the market. First, this book is shorter in comparison with other books used at universities. These days many students study economics at colleges rather than at universities so that they need less profound knowledge ...
The Pros and Cons of Capital Controls
... small markets can cause initial dislocation Fear of Hot Money ...
... small markets can cause initial dislocation Fear of Hot Money ...
How Big (Small?) are Fiscal Multipliers?
... Inclusion of developing countries may also aid in the identi cation of scal shocks. One critique of the SVAR approach is that scal shocks identi ed using an SVAR were predicted by the private sector although they are unpredictable by the econometrician (see Ramey, 2011, for example). In Appendix A ...
... Inclusion of developing countries may also aid in the identi cation of scal shocks. One critique of the SVAR approach is that scal shocks identi ed using an SVAR were predicted by the private sector although they are unpredictable by the econometrician (see Ramey, 2011, for example). In Appendix A ...
Stop-loss orders and price cascades in currency markets
... must be news. Yet Cai et al. (2002) find that the arrival of news was of only "secondary importance" for extraordinary yen volatility throughout 1998. Likewise, Evans (2001) finds that "public news is rarely the predominant source of exchange rate movements over any horizon" (p. 1, italics in the or ...
... must be news. Yet Cai et al. (2002) find that the arrival of news was of only "secondary importance" for extraordinary yen volatility throughout 1998. Likewise, Evans (2001) finds that "public news is rarely the predominant source of exchange rate movements over any horizon" (p. 1, italics in the or ...
stop-loss orders and price cascades in currency markets
... must be news. Yet Cai et al. (2002) find that the arrival of news was of only "secondary importance" for extraordinary yen volatility throughout 1998. Likewise, Evans (2001) finds that "public news is rarely the predominant source of exchange rate movements over any horizon" (p. 1, italics in the or ...
... must be news. Yet Cai et al. (2002) find that the arrival of news was of only "secondary importance" for extraordinary yen volatility throughout 1998. Likewise, Evans (2001) finds that "public news is rarely the predominant source of exchange rate movements over any horizon" (p. 1, italics in the or ...
The Effect of Exchange Rate Volatility on Productivity of Korean
... nominal exchange rate against the US dollar and contrasts it between two periods, before and after 1997. As expected, the exchange rate volatility had been trivial until 1997. However, during the Asian Financial crisis period (1997-1998), the exchange rate volatility surged. In addition, as the Kore ...
... nominal exchange rate against the US dollar and contrasts it between two periods, before and after 1997. As expected, the exchange rate volatility had been trivial until 1997. However, during the Asian Financial crisis period (1997-1998), the exchange rate volatility surged. In addition, as the Kore ...
Bank of England Quarterly Bulletin May 1999
... Equity prices moved sharply higher during the quarter, especially in March, with the Nikkei 225 index rising by 14%. These gains have been sustained since the end of March, which suggests that they were not purely seasonal changes in advance of the end of the fiscal year. There appeared to have been ...
... Equity prices moved sharply higher during the quarter, especially in March, with the Nikkei 225 index rising by 14%. These gains have been sustained since the end of March, which suggests that they were not purely seasonal changes in advance of the end of the fiscal year. There appeared to have been ...
MacroLab Documentation - BORA
... dividends”), government (“taxes”), and business (retained earnings, or “business saving”). The consumption submodel determines household spending (“consumption”), which is equal to most of disposable income (“wages & dividends” plus “transfer payments”) received by households; the remainder is defin ...
... dividends”), government (“taxes”), and business (retained earnings, or “business saving”). The consumption submodel determines household spending (“consumption”), which is equal to most of disposable income (“wages & dividends” plus “transfer payments”) received by households; the remainder is defin ...
Cost-Push Shocks and Monetary Policy in Open Economies Alan Sutherland
... What is the optimal choice of monetary target for an open economy? Recent analyses of closed-economy general equilibrium models tend to suggest that strict targeting of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky an ...
... What is the optimal choice of monetary target for an open economy? Recent analyses of closed-economy general equilibrium models tend to suggest that strict targeting of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky an ...
Lecture 6 - Universität Bamberg
... Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
... Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
NBER WORKING PAPER SERIES REAL EXCHANGE RATES AND PRODUCTIVITY GROWTH IN THE
... much real exchange rates based on the GDP deflator and consumer price index must diverge from those based on the prices of traded goods in order for the two economies to remain competitive. The next part exaniines the implications of these movements in real exchange rates for relative wages in the t ...
... much real exchange rates based on the GDP deflator and consumer price index must diverge from those based on the prices of traded goods in order for the two economies to remain competitive. The next part exaniines the implications of these movements in real exchange rates for relative wages in the t ...
Cost-Push Shocks and Monetary Policy in Open Economies*
... What is the optimal choice of monetary target for an open economy? Recent analyses of closed-economy general equilibrium models tend to suggest that strict targeting of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky an ...
... What is the optimal choice of monetary target for an open economy? Recent analyses of closed-economy general equilibrium models tend to suggest that strict targeting of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky an ...
The impact of foreign interest rates on the economy: The role of the
... websites. Part of this research was conducted while Jay Shambaugh was a Visiting Scholar at the IMF and a Visiting Fellow at the Institute for International Integration Studies at Trinity College Dublin. The views expressed in this paper are those of the authors and should not be attributed to the I ...
... websites. Part of this research was conducted while Jay Shambaugh was a Visiting Scholar at the IMF and a Visiting Fellow at the Institute for International Integration Studies at Trinity College Dublin. The views expressed in this paper are those of the authors and should not be attributed to the I ...
Real Exchange Rates, Saving and Growth: Is there a Link?
... recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, but over previous decades the association between depreciated real exchange rates a ...
... recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, but over previous decades the association between depreciated real exchange rates a ...
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 ...
current politics and economics of europe
... currencies, this special issue looks at the question of monetary integration for the cases of Britain and Canada. This special issue adopts a comparative, multi- and interdisciplinary perspective on these matters. In the final years of the 1990s and into the infancy of the new millennium a discussio ...
... currencies, this special issue looks at the question of monetary integration for the cases of Britain and Canada. This special issue adopts a comparative, multi- and interdisciplinary perspective on these matters. In the final years of the 1990s and into the infancy of the new millennium a discussio ...
Exchange Rate Determination and Forecasting: Can the
... the following sections are based on the subsample, which includes a vast number of trades and provides us with a considerable power to test the impact of order flow on the exchange rate. The dataset has distinguishing features which are worth mentioning. The first noticeable feature is that the data ...
... the following sections are based on the subsample, which includes a vast number of trades and provides us with a considerable power to test the impact of order flow on the exchange rate. The dataset has distinguishing features which are worth mentioning. The first noticeable feature is that the data ...
Adopting Inflation Targeting in Pakistan
... Emerging economies face increased import bills due to liberalized trade and fluctuations in commodity prices and shortages in food grains. Declining productivity, an acute shortage of energy, imperfect markets, and poor fiscal management present another challenge to the central bank agenda of price ...
... Emerging economies face increased import bills due to liberalized trade and fluctuations in commodity prices and shortages in food grains. Declining productivity, an acute shortage of energy, imperfect markets, and poor fiscal management present another challenge to the central bank agenda of price ...
Time of Troubles: The Yen and Japan`s Economy, 1985
... output below potential, and inflation therefore quiescent in 1986-88 during this first episode of endaka fukyo, there was no appetite to restrict monetary policy in the hope of moderating asset-price inflation. Such action would have risked further yen appreciation, and, as McKinnon and Ohno (1997) ...
... output below potential, and inflation therefore quiescent in 1986-88 during this first episode of endaka fukyo, there was no appetite to restrict monetary policy in the hope of moderating asset-price inflation. Such action would have risked further yen appreciation, and, as McKinnon and Ohno (1997) ...
NBER WORKING PAPER SERIES TIME OF TROUBLES: Maurice Obstfeld
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
Time of Troubles: The Yen and Japan`s Economy, 1985
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
This PDF is a selection from an out-of-print volume from the... of Economic Research Volume Title: Exchange Rate Theory and Practice
... price changes are also real price changes. These common characteristics in the behavior of prices of assets traded in organized markets suggest that there should be important common elements in the theory of the behavior of such prices. In particular, for any asset that may be held in inventory at a ...
... price changes are also real price changes. These common characteristics in the behavior of prices of assets traded in organized markets suggest that there should be important common elements in the theory of the behavior of such prices. In particular, for any asset that may be held in inventory at a ...
Time of Troubles: The Yen and Japan`s Economy, 1985-2008
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
... the early 1990s as Japan’s real economy and its financial system deteriorated? In their prominent study of the Japanese economy through 1997, McKinnon and Ohno (1997, p. 2) go so far as to “treat the course of the yen-dollar exchange rate as a forcing variable for Japanese monetary policy, rather t ...
Foreign-exchange reserves
Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by a central bank or other monetary authority, usually in various reserve currencies, mostly the United States dollar, and to a lesser extent the euro, the pound sterling, and the Japanese yen, and used to back its liabilities—e.g., the local currency issued, and the various bank reserves deposited with the central bank by the government or by financial institutions.