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Quantitative Easing in a Small Open Economy: An International
... Vising-Jorgensen (2012).8 Thus, agents are concerned about a loss of liquidity when they hold long-term bonds relative to the same investment in short-term bonds. Different from Andres et al. (2004), agents here trade in international financial markets and need liquidity in foreign currency as well; ...
... Vising-Jorgensen (2012).8 Thus, agents are concerned about a loss of liquidity when they hold long-term bonds relative to the same investment in short-term bonds. Different from Andres et al. (2004), agents here trade in international financial markets and need liquidity in foreign currency as well; ...
Causes and Consequences of Global Imbalances
... It may be tempting for developing Asia’s policymakers to believe that once the global crisis subsides and the world economic outlook recovers, the region can return to its pre-crisis strategy of exporting its way into rapid growth. The temptation is all the stronger because this strategy has served ...
... It may be tempting for developing Asia’s policymakers to believe that once the global crisis subsides and the world economic outlook recovers, the region can return to its pre-crisis strategy of exporting its way into rapid growth. The temptation is all the stronger because this strategy has served ...
by Ghosh, Qureshi and Tsangarides - Faculty Directory | Berkeley
... – Divergence between different bilateral US$ regimes a great example – Notice though: need an anchor for relevance ...
... – Divergence between different bilateral US$ regimes a great example – Notice though: need an anchor for relevance ...
... devaluation into import prices and then into wages. There is an entire separate literature on import price "pass-through" which appears (to this outsider) to be less than perfectly integrated with the conventional distinction between the short-run and long-run validity of PPP. The important survey b ...
Using monetary policy to stabilize economic activity
... In this formulation, xt is a measure of the output gap, defined as output relative to potential, it is the policy interest rate, π t is the inflation rate, and π T is the central bank’s inflation target. To allow for a non-zero steady-state rate of inflation, (2) incorporates the assumption that fir ...
... In this formulation, xt is a measure of the output gap, defined as output relative to potential, it is the policy interest rate, π t is the inflation rate, and π T is the central bank’s inflation target. To allow for a non-zero steady-state rate of inflation, (2) incorporates the assumption that fir ...
key issues in the choice of an appropriate monetary policy
... emanate from the influence of the exogenously-influenced items in the consumption basket. The second lesson is the difficulty in managing inflation in the face of persisting fiscal dominance in the economy as Ghana has experienced in its history. Ghana’s peers that opted for currency boards and mone ...
... emanate from the influence of the exogenously-influenced items in the consumption basket. The second lesson is the difficulty in managing inflation in the face of persisting fiscal dominance in the economy as Ghana has experienced in its history. Ghana’s peers that opted for currency boards and mone ...
World Economic Outlook, October 2015, Chapter 3: Exchange Rates
... and trade to be estimated, the sample is restricted to economies for which at least 25 years of annual data are available.12 The analysis focuses on gross exports and imports, which include both goods and services (Annex 3.1 reports the sources of the data used). The econometric specifications emplo ...
... and trade to be estimated, the sample is restricted to economies for which at least 25 years of annual data are available.12 The analysis focuses on gross exports and imports, which include both goods and services (Annex 3.1 reports the sources of the data used). The econometric specifications emplo ...
Yip, Paul SL, (2005). The Exchange Rate Systems in Hong
... channeled to the US, helping to finance its huge current account deficit and exacerbating “global imbalances”. This calls for the strengthening of the financial system of the regional countries that would facilitate the unwinding of Asia’s savings-investment imbalance. The limited development of reg ...
... channeled to the US, helping to finance its huge current account deficit and exacerbating “global imbalances”. This calls for the strengthening of the financial system of the regional countries that would facilitate the unwinding of Asia’s savings-investment imbalance. The limited development of reg ...
S0701099_en.pdf
... to determine the extent to which real exchange rate movements in each of these countries over the past three and a half decades have resulted from changes in the SERER or from repeated episodes of misalignment. This will provide an indication of the likely effectiveness of the real exchange rate as ...
... to determine the extent to which real exchange rate movements in each of these countries over the past three and a half decades have resulted from changes in the SERER or from repeated episodes of misalignment. This will provide an indication of the likely effectiveness of the real exchange rate as ...
Exchange-Rate Stabilization in Mid-1930s
... currencies, would again throw the exchange-rate structure into confusion. Most important, the British authorities, whose recollections of the unhappy experiences under the old parity were still fresh, felt strongly that sterling itself would be seriously overvalued at the $4.86 rate. When, on Decemb ...
... currencies, would again throw the exchange-rate structure into confusion. Most important, the British authorities, whose recollections of the unhappy experiences under the old parity were still fresh, felt strongly that sterling itself would be seriously overvalued at the $4.86 rate. When, on Decemb ...
Conference Proceedings
... the way, what in the US is treated as a legal practice—lobbying as a legal practice—in other countries is just called corruption. But this is something that we have to think about as well. Lobbying groups are everywhere, and they’re able and willing to act, and they are acting—hundreds of lobbying g ...
... the way, what in the US is treated as a legal practice—lobbying as a legal practice—in other countries is just called corruption. But this is something that we have to think about as well. Lobbying groups are everywhere, and they’re able and willing to act, and they are acting—hundreds of lobbying g ...
NBER WORKING PAPER SERIES Michael B. Devereux
... who point out that, in time series observations, the correlation between relative consumption and real exchange rates is negative for most OECD economies. They refer to this discrepancy between theory and data as the ‘consumption real exchange rate anomaly’. So the complete-markets condition (5) is ...
... who point out that, in time series observations, the correlation between relative consumption and real exchange rates is negative for most OECD economies. They refer to this discrepancy between theory and data as the ‘consumption real exchange rate anomaly’. So the complete-markets condition (5) is ...
PPT chapter 15 - McGraw Hill Higher Education
... • The factors that determine attractiveness of any asset are return and risk. • A higher real domestic interest rate, if all other factors such as risk and returns abroad are held constant, promotes net capital inflows, as money from abroad is invested, and domestic investors reduce their capital ou ...
... • The factors that determine attractiveness of any asset are return and risk. • A higher real domestic interest rate, if all other factors such as risk and returns abroad are held constant, promotes net capital inflows, as money from abroad is invested, and domestic investors reduce their capital ou ...
Chapter 30
... Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, ...
... Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, ...
PDF Download
... (A1) Internal equilibrium prevails: The deviation u(t) of the rate of capacity utilization from its stationary mean is zero. (A2) There is external balance: ...
... (A1) Internal equilibrium prevails: The deviation u(t) of the rate of capacity utilization from its stationary mean is zero. (A2) There is external balance: ...
Some Further Evidence on Exchange
... to offset the risk of exchange-rate volatility. If exporters wish to hedge longer-term investment or other transactions, rather than use the forward-exchange market, they can borrow and lend in local currency to offset their other commitments. For example, a plant in a foreign country can be finance ...
... to offset the risk of exchange-rate volatility. If exporters wish to hedge longer-term investment or other transactions, rather than use the forward-exchange market, they can borrow and lend in local currency to offset their other commitments. For example, a plant in a foreign country can be finance ...
the effect of interest rate and inflation rate
... returns. Moreover, the exchange rate influences other income factors such as interest rates, inflation and even capital gains from domestic securities. While exchange rates are determined by numerous complex factors that often leave even the most experienced economists flummoxed, investors should st ...
... returns. Moreover, the exchange rate influences other income factors such as interest rates, inflation and even capital gains from domestic securities. While exchange rates are determined by numerous complex factors that often leave even the most experienced economists flummoxed, investors should st ...
Ghana: Combined First and Second Reviews Under the
... Ghana’s economy has been cushioned from the worst effects of the global recession. After 7.3 percent expansion in 2008, growth was an estimated 3–4 percent in 2009, benefiting from strong commodity exports and favorable rainfalls. Growth is projected to firm to 4-5 percent in 2010, ahead of a sharp ...
... Ghana’s economy has been cushioned from the worst effects of the global recession. After 7.3 percent expansion in 2008, growth was an estimated 3–4 percent in 2009, benefiting from strong commodity exports and favorable rainfalls. Growth is projected to firm to 4-5 percent in 2010, ahead of a sharp ...
Beggar or prosper-thy- neighbour?
... 5.3 New-Keynesian model: Beggar-thy-neighbour without rule-of-thumb households? ............... 5.4 Sensitivity analysis of the model with rule-of-thumb: External sector .................................. 5.5 Sensitivity analysis of the model with rule-of-thumb: Habits and Calvo prices ............. ...
... 5.3 New-Keynesian model: Beggar-thy-neighbour without rule-of-thumb households? ............... 5.4 Sensitivity analysis of the model with rule-of-thumb: External sector .................................. 5.5 Sensitivity analysis of the model with rule-of-thumb: Habits and Calvo prices ............. ...
The Effect of Trade Liberalization on Firm Entry and Exit in Punjab
... existing producers or through the entry of new firms or both, depending on the barriers to entry that exist for that industry. Bernard and Wagner (2001) assess firms’ decision whether to enter the exports market and conclude that entry entails considerable sunk costs. Firm entry into the exports sec ...
... existing producers or through the entry of new firms or both, depending on the barriers to entry that exist for that industry. Bernard and Wagner (2001) assess firms’ decision whether to enter the exports market and conclude that entry entails considerable sunk costs. Firm entry into the exports sec ...
Guyana: 2016 Article IV Consultation--Press Release
... The Executive Directors commended the resilience of Guyana’s economy, which continues to grow despite global headwinds. They noted, however, that challenges and risks remain, and encouraged the authorities to build up fiscal buffers, implement structural reforms, and strengthen the financial sector. ...
... The Executive Directors commended the resilience of Guyana’s economy, which continues to grow despite global headwinds. They noted, however, that challenges and risks remain, and encouraged the authorities to build up fiscal buffers, implement structural reforms, and strengthen the financial sector. ...
Demand for Money in the Transition Economy
... exclusively on asset prices, i.e. on the exchange rate, share prices1 and especially on interest rates. This channel (in an open economy) operates through the exchange rate, which impacts directly on the consumer price index via changes in the domestic value of imports. The reaction of the exchange ...
... exclusively on asset prices, i.e. on the exchange rate, share prices1 and especially on interest rates. This channel (in an open economy) operates through the exchange rate, which impacts directly on the consumer price index via changes in the domestic value of imports. The reaction of the exchange ...
Macro Conference IV
... This calls for an adjustment in the government budget, possibly through a discretionary tax increase. ...
... This calls for an adjustment in the government budget, possibly through a discretionary tax increase. ...
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.