![NBER WORKING PAPER SERIES ASSESSING INTERNATIONAL EFFICIENCY Jonathan Heathcote Fabrizio Perri](http://s1.studyres.com/store/data/008234332_1-08bf12dc8d53190d782a90ea2a9f5185-300x300.png)
NBER WORKING PAPER SERIES ASSESSING INTERNATIONAL EFFICIENCY Jonathan Heathcote Fabrizio Perri
... However, which features of efficient allocations are hallmarks of international efficiency will not always be obvious. For this reason a useful step is to compute the theoretical predictions of alternative models in which there is no world social planner, and in which allocations are determined in a ...
... However, which features of efficient allocations are hallmarks of international efficiency will not always be obvious. For this reason a useful step is to compute the theoretical predictions of alternative models in which there is no world social planner, and in which allocations are determined in a ...
(a) The Fed buys securities from a commercial bank
... • Describe the tools used by the Fed to conduct its monetary policy ...
... • Describe the tools used by the Fed to conduct its monetary policy ...
A Flop And A debAcle: InsIde the IMF`s GlobAl RebAlAncInG Acts
... how suspenseful the meeting actually was — and how discordant. ...
... how suspenseful the meeting actually was — and how discordant. ...
G97/8 Inflation targeting in an open economy: Strict or flexible inflation targeting?
... I believe there are several good reasons for this choice. First, we have the possibility that too activist a policy, especially whip-sawing the interest rate or the exchange rate, may be counter-productive and lead to the so-called “instrument-instability problem”. That is, increasingly larger chang ...
... I believe there are several good reasons for this choice. First, we have the possibility that too activist a policy, especially whip-sawing the interest rate or the exchange rate, may be counter-productive and lead to the so-called “instrument-instability problem”. That is, increasingly larger chang ...
NBER WORKING PAPER SERIES EXCHANGE RATE VOLATILITY AND PRODUCTIVITY
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
Capital Flow Policies, Monetary Policy and Coordination
... Yet the same can be said of the motivations to implement capital controls or conduct foreign exchange interventions by many EMEs. What the discussion over the past five years in international policy forums about capital flows therefore underlines is that there are important policy spillovers of dome ...
... Yet the same can be said of the motivations to implement capital controls or conduct foreign exchange interventions by many EMEs. What the discussion over the past five years in international policy forums about capital flows therefore underlines is that there are important policy spillovers of dome ...
Macroeconomic Issues in Small States and
... characteristics, this paper attempts to provide a comprehensive framework for examining the growth-related and other challenges of small states. Small states experience similar burdens linked to a combination of indivisible fixed costs and diseconomies of scale. In the public sector, this results in ...
... characteristics, this paper attempts to provide a comprehensive framework for examining the growth-related and other challenges of small states. Small states experience similar burdens linked to a combination of indivisible fixed costs and diseconomies of scale. In the public sector, this results in ...
S0412976_en.pdf
... values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on growth will prefer flexible regimes and more depreciation. In these terms, the basic lesson this pap ...
... values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on growth will prefer flexible regimes and more depreciation. In these terms, the basic lesson this pap ...
mmi06 vanAarle 1941819 en
... inflation spillovers affect domestic prices via the price of imported raw-, intermediate and final goods used in the domestic production process. The strength of the foreign inflation and depreciation spillovers, depends not only on the intensity with which foreign goods are absorbed but also on the ...
... inflation spillovers affect domestic prices via the price of imported raw-, intermediate and final goods used in the domestic production process. The strength of the foreign inflation and depreciation spillovers, depends not only on the intensity with which foreign goods are absorbed but also on the ...
ECONOMIC STUDIES 101 ERIK POST MACROECONOMIC
... open economy to shed some light on factors determining exits from a fixed to a flexible exchange rate regime. Exits are in the model determined by a concern for macroeconomic stabilization. If cost-push shocks are important relative to demand shocks exits should occur more likely in times of low con ...
... open economy to shed some light on factors determining exits from a fixed to a flexible exchange rate regime. Exits are in the model determined by a concern for macroeconomic stabilization. If cost-push shocks are important relative to demand shocks exits should occur more likely in times of low con ...
Full Text [PDF 752KB]
... and has risen to 13% during the latter half of the 2000s after the sharp fall to 9% in the early 2000s. Emergence of large economy and/or trading partner, such as Brazil and China, together with the global …nancial integration that underscores the role of the U.S. as the international …nancial cente ...
... and has risen to 13% during the latter half of the 2000s after the sharp fall to 9% in the early 2000s. Emergence of large economy and/or trading partner, such as Brazil and China, together with the global …nancial integration that underscores the role of the U.S. as the international …nancial cente ...
Macro Sample Questions All Chapters McConnell 20 edition TO
... resources are presumed to be perfectly shiftable between bread and tractors. B. the opportunity cost of bread diminishes as more bread is produced. C. the opportunity cost of tractors increases as more bread is produced. D. the opportunity costs of both bread and tractors increase as more of each ...
... resources are presumed to be perfectly shiftable between bread and tractors. B. the opportunity cost of bread diminishes as more bread is produced. C. the opportunity cost of tractors increases as more bread is produced. D. the opportunity costs of both bread and tractors increase as more of each ...
Exchange Rate Volatility and Exports: The Case of Colombia
... between exchange rate volatility and exports. As Clark et al. (2004) note, however, this impact is estimated to be economically small and is “…by no means a robust, universal finding.” Coric and Pugh (2010) provide a more comprehensive survey of the literature, which largely employs country-level a ...
... between exchange rate volatility and exports. As Clark et al. (2004) note, however, this impact is estimated to be economically small and is “…by no means a robust, universal finding.” Coric and Pugh (2010) provide a more comprehensive survey of the literature, which largely employs country-level a ...
PDF version - Bank for International Settlements
... the EME designation indicates that EME status reduces a country’s rating by about eight notches in both 2007 and 2015. But if debt affordability is used instead of debt burden (columns 3 and 4), the difference declines from around seven and a half notches in 2007 to five notches in 2015. The importa ...
... the EME designation indicates that EME status reduces a country’s rating by about eight notches in both 2007 and 2015. But if debt affordability is used instead of debt burden (columns 3 and 4), the difference declines from around seven and a half notches in 2007 to five notches in 2015. The importa ...
MONETARY POLICY REPORT CENTRAL BANK OF THE REPUBLIC OF TURKEY JULY 2002
... In June, exchange markets were driven by pessimistic expectations, rather than macroeconomic indicators. Despite favorable developments in inflation rate, signs of increased overall activity, and determined behavior of economic administration, Turkish Lira depreciated sharply in June. Expectations S ...
... In June, exchange markets were driven by pessimistic expectations, rather than macroeconomic indicators. Despite favorable developments in inflation rate, signs of increased overall activity, and determined behavior of economic administration, Turkish Lira depreciated sharply in June. Expectations S ...
Chapter 6.
... other instruments may also have risk transfer elements, these other instruments also provide financial or other resources. 6.6 Reserve assets are shown separately because they serve a different function and thus are managed in different ways from other assets. Reserve assets include a range of instr ...
... other instruments may also have risk transfer elements, these other instruments also provide financial or other resources. 6.6 Reserve assets are shown separately because they serve a different function and thus are managed in different ways from other assets. Reserve assets include a range of instr ...
The Impact of Foreign Interest Rates on the Economy
... Specifically, base-country interest rates that are 1 percentage point higher lead to a 0.20 percentage point decline in annual GDP growth in pegged countries as opposed to no change in countries with floats. Turning to the channels underlying this result, we find that base rates have an impact on d ...
... Specifically, base-country interest rates that are 1 percentage point higher lead to a 0.20 percentage point decline in annual GDP growth in pegged countries as opposed to no change in countries with floats. Turning to the channels underlying this result, we find that base rates have an impact on d ...
Capital Flows and Real Exchange Rates in Emerging Asian Countries
... The swift and strong rebound of capital inflows in emerging Asian countries after the current global financial crisis has added new impetus to the debate on how countries receive benefits from capital inflows and avoid costs that are associated with them. One of the unfavorable side effects of “too ...
... The swift and strong rebound of capital inflows in emerging Asian countries after the current global financial crisis has added new impetus to the debate on how countries receive benefits from capital inflows and avoid costs that are associated with them. One of the unfavorable side effects of “too ...
Exchange rate exposure among European firms
... to US dollar and separately the Australian dollar to the yen exchange rates, appear to be relatively rare exceptions. Second, exposure estimates have typically been based on a single, non-overlapping series of returns within the sample period, therefore failing to exploit the full price and currency ...
... to US dollar and separately the Australian dollar to the yen exchange rates, appear to be relatively rare exceptions. Second, exposure estimates have typically been based on a single, non-overlapping series of returns within the sample period, therefore failing to exploit the full price and currency ...
completing conditions to implement monetary policy under inflation
... markets tools and the pursuit of monetary policy in inflation target without being influenced by fluctuations in financial markets (Laurens et al, 2005). 1.2.3.1. Strong financial and banking system A strong banking system along with an effectively and safely developed capital market is a necessary ...
... markets tools and the pursuit of monetary policy in inflation target without being influenced by fluctuations in financial markets (Laurens et al, 2005). 1.2.3.1. Strong financial and banking system A strong banking system along with an effectively and safely developed capital market is a necessary ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... in our sample of industrial countries, the financial account dynamics are more subtle. The most dramatic adjustment is in the banking or other flows, which decrease over 2 percentage points (of GDP) in the first two years of the adjustment. In addition, bond inflows appear to surge in the run-up to ...
... in our sample of industrial countries, the financial account dynamics are more subtle. The most dramatic adjustment is in the banking or other flows, which decrease over 2 percentage points (of GDP) in the first two years of the adjustment. In addition, bond inflows appear to surge in the run-up to ...
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.