NBER WORKING PAPER SERIES EXTERNAL ADJUSTMENT Maurice Obstfeld Working Paper
... remains a more rudimentary connection with the international capital market, as well as a range of exchange-rate arrangements that typically fall short of conventional notions of "freely floating." Even so, the subset of "emerging market" developing economies also displays increasingly deeper integr ...
... remains a more rudimentary connection with the international capital market, as well as a range of exchange-rate arrangements that typically fall short of conventional notions of "freely floating." Even so, the subset of "emerging market" developing economies also displays increasingly deeper integr ...
Quantitative easing in the United States after the crisis: conflicting
... lending facility was started in March 2008. Many other facilities that followed focussed on particular markets since markets were so segmented that the injection of liquidity at one end would never reach the other end of the system. From the end of 2008 through 2009, the Fed was engaging in a policy ...
... lending facility was started in March 2008. Many other facilities that followed focussed on particular markets since markets were so segmented that the injection of liquidity at one end would never reach the other end of the system. From the end of 2008 through 2009, the Fed was engaging in a policy ...
Five Questions About Current Monetary Policy
... currency depreciation is the normal consequence of easing monetary policy. By lowering shortand long-term interest rates, investors will, on the margin, seek assets that provide somewhat greater returns than U.S. assets, and in the process, will lower the demand for dollars and depreciate our curren ...
... currency depreciation is the normal consequence of easing monetary policy. By lowering shortand long-term interest rates, investors will, on the margin, seek assets that provide somewhat greater returns than U.S. assets, and in the process, will lower the demand for dollars and depreciate our curren ...
This PDF is a selection from a published volume from... Economic Research
... aversion to liquidity risk can have on current account and the other macroeconomic variables in a simple open economy model. In the model, each representative agent maximizes the utility function over time. Since Obstfeld and Rogoff (1997), usefulness of utility-based models has been widely recognize ...
... aversion to liquidity risk can have on current account and the other macroeconomic variables in a simple open economy model. In the model, each representative agent maximizes the utility function over time. Since Obstfeld and Rogoff (1997), usefulness of utility-based models has been widely recognize ...
monetary and fiscal policies - Marlboro Central School District
... loss in stability in the real value of money and other monetary items over time; uncertainty about future inflation may discourage investment and saving, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive eff ...
... loss in stability in the real value of money and other monetary items over time; uncertainty about future inflation may discourage investment and saving, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive eff ...
Document
... exports (E) Receives income in the form of Mexico's purchases of imports (Z) Makes an expenditure that accrues to Capital in the form of foreign savings (SF) ...
... exports (E) Receives income in the form of Mexico's purchases of imports (Z) Makes an expenditure that accrues to Capital in the form of foreign savings (SF) ...
Lecture Notes: Econ 202 - Faculty Personal Homepage
... 1. Banker of Commercial Bank • Accept deposits of commercial banks . • Transfer money from one account to another account on demand . • Act as a lender of last resort to commercial banks when they have urgent need for cash by providing temporary short-term loans . ...
... 1. Banker of Commercial Bank • Accept deposits of commercial banks . • Transfer money from one account to another account on demand . • Act as a lender of last resort to commercial banks when they have urgent need for cash by providing temporary short-term loans . ...
Dollars - Sites@UCI
... • Fixed exchange rate: pegged to gold • Balance of Payment surplus in form of gold reserves • Automatic (market) adjustment mechanism: • No monetary policy autonomy – Interest rates dictated by market – Central bank goal is to hold gold, not to create jobs or tame inflation ...
... • Fixed exchange rate: pegged to gold • Balance of Payment surplus in form of gold reserves • Automatic (market) adjustment mechanism: • No monetary policy autonomy – Interest rates dictated by market – Central bank goal is to hold gold, not to create jobs or tame inflation ...
200591203131117
... The impact of a tariff is often different from its stated amount The effective tariff rate measures the total increase in domestic production that the tariff makes possible, compared to free trade Domestic producers may use imported inputs or intermediate goods subject to various tariffs, whic ...
... The impact of a tariff is often different from its stated amount The effective tariff rate measures the total increase in domestic production that the tariff makes possible, compared to free trade Domestic producers may use imported inputs or intermediate goods subject to various tariffs, whic ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... wage increases. Shocks record the effect of independent internal and external effects upon prices: harvests, oil prices, devaluation, etc. Where such a process has long been operative, as in Brazil, the role of nominal demand in stopping inflation is weak relative to the replicative effects of forma ...
... wage increases. Shocks record the effect of independent internal and external effects upon prices: harvests, oil prices, devaluation, etc. Where such a process has long been operative, as in Brazil, the role of nominal demand in stopping inflation is weak relative to the replicative effects of forma ...
Expenditure Switching and Expenditure Changing
... fiscal expansion, it would have to experience a worsening in trade balances, because expansionary fiscal policy would lead to a rise in imports through improved disposable income and therefore worsens current account balances. Or, if a country with a current account deficit attempts to regain it, it ...
... fiscal expansion, it would have to experience a worsening in trade balances, because expansionary fiscal policy would lead to a rise in imports through improved disposable income and therefore worsens current account balances. Or, if a country with a current account deficit attempts to regain it, it ...
Growth
... Copyright © 2012 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be add ...
... Copyright © 2012 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be add ...
The Effects of Exchange Controls on the Venezuelan
... monetary and fiscal policy. Exchange rate pegs and controls in general are thought to cause significant distortions in the economy. The inability of a currency to fluctuate and reflect external and internal demand for the local products can significantly hamper the ability of a country to effect mon ...
... monetary and fiscal policy. Exchange rate pegs and controls in general are thought to cause significant distortions in the economy. The inability of a currency to fluctuate and reflect external and internal demand for the local products can significantly hamper the ability of a country to effect mon ...
The European Economy
... – (1) Sustained non-inflationary growth – (2) Lower long-term interest rates and higher rates of investment – (3) Lower unemployment – (4) Expansion of the EU single market ...
... – (1) Sustained non-inflationary growth – (2) Lower long-term interest rates and higher rates of investment – (3) Lower unemployment – (4) Expansion of the EU single market ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... The external environment has been immensely favorable in supporting the reforms with capital inflows and hence support for what otherwise might have been a fledging currency. The external support derived in part from the decline in alternative yields in developed e c ~ n o m i e sBut . ~ in large me ...
... The external environment has been immensely favorable in supporting the reforms with capital inflows and hence support for what otherwise might have been a fledging currency. The external support derived in part from the decline in alternative yields in developed e c ~ n o m i e sBut . ~ in large me ...
Knowledge Management in Finance
... similar export products. International investors may shun a region after making losses in one country. If large investment portfolios are being rebalanced at the same time it will lead to an increased outflow of money. More reasons for withdrawing hot money may be to cover losses in other countries ...
... similar export products. International investors may shun a region after making losses in one country. If large investment portfolios are being rebalanced at the same time it will lead to an increased outflow of money. More reasons for withdrawing hot money may be to cover losses in other countries ...
Macroeconomics In Open Economies:
... Fischer, Stanley (2001); "Exchange Rate Regimes"; Is the Bipolar View Correct?"; IMF. Felipe Larrain and Andres Velasco, 2000, Exchange Rate Arrangements for Emerging Market Economies, Group of Thirty Occasional Paper No. 60. Ghosh, Atish, Anne-Marie Gulde and Holger Wolf, Exchange Rate Regimes, MIT ...
... Fischer, Stanley (2001); "Exchange Rate Regimes"; Is the Bipolar View Correct?"; IMF. Felipe Larrain and Andres Velasco, 2000, Exchange Rate Arrangements for Emerging Market Economies, Group of Thirty Occasional Paper No. 60. Ghosh, Atish, Anne-Marie Gulde and Holger Wolf, Exchange Rate Regimes, MIT ...
Ch 15 Net Exports and International Finance
... economic case for free trade. It suggests that restrictions on trade, such as a tariff , a tax imposed on imported goods and services, or a quota , a ceiling on the quantity of specific goods and services that can be imported, reduce world living standards. The conceptual argument for free trade is ...
... economic case for free trade. It suggests that restrictions on trade, such as a tariff , a tax imposed on imported goods and services, or a quota , a ceiling on the quantity of specific goods and services that can be imported, reduce world living standards. The conceptual argument for free trade is ...
The Political Economy of French Monetary Policy Florin Aftalion*
... The technique used consists of forecasting for the coming year changes in gold and foreign reserves of the Central Bank and Treasury financing needs. Given a target increase for the money supply, the desired growth of loans to the economy can be set as a difference (see Appendix). However, a problem ...
... The technique used consists of forecasting for the coming year changes in gold and foreign reserves of the Central Bank and Treasury financing needs. Given a target increase for the money supply, the desired growth of loans to the economy can be set as a difference (see Appendix). However, a problem ...
KOM Chapter 13
... – Data from a transaction may come from different sources that differ in coverage, accuracy, and timing. – The balance of payments accounts therefore seldom balance in practice. – The statistical discrepancy is the account added to or subtracted from the financial account to make it balance with the ...
... – Data from a transaction may come from different sources that differ in coverage, accuracy, and timing. – The balance of payments accounts therefore seldom balance in practice. – The statistical discrepancy is the account added to or subtracted from the financial account to make it balance with the ...
Foreign-exchange reserves
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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.