What Can Exchange Rates Tell Us?
... 2. As noted by Goldstein and Mussa, the high-water mark to date for Bergsten’s championing of target zones was reached when he persuaded 10 of 28 members of a Council on Foreign Relations (1969) task force on the global financial system to support his dissent from the majority position and join him ...
... 2. As noted by Goldstein and Mussa, the high-water mark to date for Bergsten’s championing of target zones was reached when he persuaded 10 of 28 members of a Council on Foreign Relations (1969) task force on the global financial system to support his dissent from the majority position and join him ...
what does the international monetary fund(imf) do?
... foreign currency and gold reserves and use for payments requiring foreign exchange. • Its value is set daily using a basket of four major currencies: the euro, Japanese yen, pound sterling, and U.S. dollar. • The IMF introduced the SDR in 1969 because of concern that the stock and prospective growth ...
... foreign currency and gold reserves and use for payments requiring foreign exchange. • Its value is set daily using a basket of four major currencies: the euro, Japanese yen, pound sterling, and U.S. dollar. • The IMF introduced the SDR in 1969 because of concern that the stock and prospective growth ...
The Abiotic Depletion Potential: Background, Updates, and Future
... Although the price of a resource can be regarded as a measure of its scarcity and societal value, it reflects more than just that. Prices are also influenced by the structure of particular economic markets, national social conditions reflected in labor cost, the power of mining companies with a mono ...
... Although the price of a resource can be regarded as a measure of its scarcity and societal value, it reflects more than just that. Prices are also influenced by the structure of particular economic markets, national social conditions reflected in labor cost, the power of mining companies with a mono ...
BOZ READER Special 2014B
... Oxford's Centre for the Study of African Economies. The Book was a reflection on economic policy in Zambia, and the current challenges that policy makers faced. It covers a broad range of topics including fiscal and monetary policy, financial stability and governance issues. The authors of the book ...
... Oxford's Centre for the Study of African Economies. The Book was a reflection on economic policy in Zambia, and the current challenges that policy makers faced. It covers a broad range of topics including fiscal and monetary policy, financial stability and governance issues. The authors of the book ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... worsen the trade balance. However, it is known from the standard tradetheoretic analysis of this model that, under certain plausible assumptions, we could deduce that overvaluation would adversely affect the production of the exportable sector (even though the relative expansion of the importable se ...
... worsen the trade balance. However, it is known from the standard tradetheoretic analysis of this model that, under certain plausible assumptions, we could deduce that overvaluation would adversely affect the production of the exportable sector (even though the relative expansion of the importable se ...
Curaçao and Sint Maarten
... Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ cap ...
... Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ cap ...
The unremunerated reserve requirement and net capital flows: Chile
... From 1990 through 1997, the net inflow of foreign capital to Chile was exceptionally large, surpassing what would be considered a sustainable level of external financing. At the same time, real private expenditure, which accounts for over 75% of domestic aggregate demand, doubled as a result of a 10 ...
... From 1990 through 1997, the net inflow of foreign capital to Chile was exceptionally large, surpassing what would be considered a sustainable level of external financing. At the same time, real private expenditure, which accounts for over 75% of domestic aggregate demand, doubled as a result of a 10 ...
mmi-stein 221784 en
... direction they used a theoretical model that implies econometric equations. The former may be grouped under the heading BEER, behavioral equilibrium real exchange rate9, and the latter takes as a point of departure the NATREX model. Makrydakis, de Lima, Claessens and Kramer [ECB: M] describe the alt ...
... direction they used a theoretical model that implies econometric equations. The former may be grouped under the heading BEER, behavioral equilibrium real exchange rate9, and the latter takes as a point of departure the NATREX model. Makrydakis, de Lima, Claessens and Kramer [ECB: M] describe the alt ...
Integration of Real and Monetary Sectors with Labor Market – SD
... This is the third paper of a series of macroeconomic modeling that tries to model macroeconomic dynamics. In the first paper [6], money supply and creation processes of deposits were modeled. Analytical method employed in the ∗ This paper is presented at the 24th International Conference of the Syst ...
... This is the third paper of a series of macroeconomic modeling that tries to model macroeconomic dynamics. In the first paper [6], money supply and creation processes of deposits were modeled. Analytical method employed in the ∗ This paper is presented at the 24th International Conference of the Syst ...
Ten Years After: Revisiting the Asian Financial Crisis
... the most controversial role was that of the IMF. Its critics argue that the stringent monetary policies and financial sector reforms attached to the Fund’s loan programs exacerbated the crisis, while its supporters maintain that those very policies helped to dampen the effects of the crisis. Governm ...
... the most controversial role was that of the IMF. Its critics argue that the stringent monetary policies and financial sector reforms attached to the Fund’s loan programs exacerbated the crisis, while its supporters maintain that those very policies helped to dampen the effects of the crisis. Governm ...
AP Macroeconomics Crash Course
... 2. GDP = W + I + R + P: The income approach to measuring GDP correlates well with aggregate supply (AS). 3. Calculating Nominal GDP: The quantity of various goods produced in a nation times their current prices, added together. 4. GDP Deflator: A price index used to adjust nominal GDP to arrive at r ...
... 2. GDP = W + I + R + P: The income approach to measuring GDP correlates well with aggregate supply (AS). 3. Calculating Nominal GDP: The quantity of various goods produced in a nation times their current prices, added together. 4. GDP Deflator: A price index used to adjust nominal GDP to arrive at r ...
Currency Unions, Product Introductions, and the Real Exchange Rate
... of currency units is far more important for defining the boundaries between markets for some goods. Deviations from the LOP are significantly larger for these same products for countries with different currencies, even if their nominal exchange rate (NER) is pegged. For example, prices in the euro z ...
... of currency units is far more important for defining the boundaries between markets for some goods. Deviations from the LOP are significantly larger for these same products for countries with different currencies, even if their nominal exchange rate (NER) is pegged. For example, prices in the euro z ...
Dynamics of Firms and Trade in General Equilibrium
... We make a few choices to model heterogeneous …rms to re‡ect our panel data of Japanese …rms listed on the stock exchanges of Japan. In a well-known paper, Eaton and Kortum (2002) and Melitz (2003) showed that, when …rms are heterogeneous in its total factor productivity and need to cover costs for e ...
... We make a few choices to model heterogeneous …rms to re‡ect our panel data of Japanese …rms listed on the stock exchanges of Japan. In a well-known paper, Eaton and Kortum (2002) and Melitz (2003) showed that, when …rms are heterogeneous in its total factor productivity and need to cover costs for e ...
The Equilibrium Value of The Euro/$ US Exchange Rate
... internal balance. These exchange rates were not sustainable: they were overvalued, and the tradable sectors lost their competitivity. Governments may try to achieve internal balance at an overvalued exchange rate by trying to lower interest rates, and stimulate domestic demand to offset the decline ...
... internal balance. These exchange rates were not sustainable: they were overvalued, and the tradable sectors lost their competitivity. Governments may try to achieve internal balance at an overvalued exchange rate by trying to lower interest rates, and stimulate domestic demand to offset the decline ...
Inflation targeting, transparency and interest rate volatility: ditching
... One implication of this work is that the markets may have difficulty ...
... One implication of this work is that the markets may have difficulty ...
NBER WORKING PAPERS SERIES OPENNESS AND INFLATION: THEORY AND EVIDENCE David Romer
... variances of the surprise monetary shocks in the two countries are equal -the fraction of firms with flexib1e prices will therefore be larger in the more open economy. This would provide another channel through which increased openness worsened the output-inflation tradeoff, and would therefore caus ...
... variances of the surprise monetary shocks in the two countries are equal -the fraction of firms with flexib1e prices will therefore be larger in the more open economy. This would provide another channel through which increased openness worsened the output-inflation tradeoff, and would therefore caus ...
“Good Governance” in Monetary Policy and the Negative Real
... may generate a downward bias in aggregate demand, with negative long-run real effects on output growth. Two qualifications to this argument are necessary. First, procyclical monetary policy in developing countries does not occur only under inflation targeting regimes. It is also a feature of countr ...
... may generate a downward bias in aggregate demand, with negative long-run real effects on output growth. Two qualifications to this argument are necessary. First, procyclical monetary policy in developing countries does not occur only under inflation targeting regimes. It is also a feature of countr ...
International Arbitrage And Interest Rate Parity
... Covered interest arbitrage is based on the relationship between the forward rate premium and the interest rate differential. The size of the premium or discount exhibited by the forward rate of a currency should be about the same as the differential between the interest rates of the two countries ...
... Covered interest arbitrage is based on the relationship between the forward rate premium and the interest rate differential. The size of the premium or discount exhibited by the forward rate of a currency should be about the same as the differential between the interest rates of the two countries ...
84097113I_en.pdf
... undoubtedly artificially reduced the size of the public debt relative to GDP. This indicator increased almost threefold as from 2002, after the devaluation and the deepening of the recession, although it could also be argued that the medium-term equilibrium exchange rate should be lower than the lev ...
... undoubtedly artificially reduced the size of the public debt relative to GDP. This indicator increased almost threefold as from 2002, after the devaluation and the deepening of the recession, although it could also be argued that the medium-term equilibrium exchange rate should be lower than the lev ...
No.286 / March 2009 Fiscal Shocks and The Real Exchange Rate
... aggregate (Blanchard and Perotti 2002, Monacelli and Perotti 2006) or subcomponents (Monacelli and Perotti 2008 focus on non-wage government consumption, while Cavallo 2005, 2007 studies wage government consumption and Giordano et al. 2007 compare the effects of wage and non-wage government consumpt ...
... aggregate (Blanchard and Perotti 2002, Monacelli and Perotti 2006) or subcomponents (Monacelli and Perotti 2008 focus on non-wage government consumption, while Cavallo 2005, 2007 studies wage government consumption and Giordano et al. 2007 compare the effects of wage and non-wage government consumpt ...
NBER WORKING PAPER SERIES A RISK MANAGEMENT APPROACH TO
... Besides high interest payments, the so-called skeletons (contingent liabilities that turned sour) contributed significantly to the debt increase. Figure 1 shows the evolution of a hypothetical debt to GDP ratio had the skeletons not existed. The net debt to GDP ratio would have fallen by more than ...
... Besides high interest payments, the so-called skeletons (contingent liabilities that turned sour) contributed significantly to the debt increase. Figure 1 shows the evolution of a hypothetical debt to GDP ratio had the skeletons not existed. The net debt to GDP ratio would have fallen by more than ...
Exchange rate movements and export market dynamics: evidence
... survival model which is a natural framework to address the question of success and failure in export markets with our data. Our paper most relates to a small but growing number of studies linking exchange rate movements to export market dynamics. Beggset al. (2009) show that the impact of real excha ...
... survival model which is a natural framework to address the question of success and failure in export markets with our data. Our paper most relates to a small but growing number of studies linking exchange rate movements to export market dynamics. Beggset al. (2009) show that the impact of real excha ...
Introducing the Bank of Canada`s Projection Model for the Global
... to country j to its total exports to all the countries in the model. The lead term captures the forward-looking elements in aggregate demand that arise in a framework where forward-looking households optimize their consumption. Thus, expectations of the future performance of the economy are assumed ...
... to country j to its total exports to all the countries in the model. The lead term captures the forward-looking elements in aggregate demand that arise in a framework where forward-looking households optimize their consumption. Thus, expectations of the future performance of the economy are assumed ...
Federal Reserve Bank of New York Staff Reports
... Carvalho: Federal Reserve Bank of New York (e-mail: [email protected]). Nechio: Princeton University (e-mail: [email protected]). The authors would like to thank participants at the NBER Summer Institute 2008 International Finance and Macroeconomics Workshop, the 2008 SOEGW (Small Open ...
... Carvalho: Federal Reserve Bank of New York (e-mail: [email protected]). Nechio: Princeton University (e-mail: [email protected]). The authors would like to thank participants at the NBER Summer Institute 2008 International Finance and Macroeconomics Workshop, the 2008 SOEGW (Small Open ...
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.