![Keynesian Macroeconomics without the LM Curve](http://s1.studyres.com/store/data/006794361_1-f76ea4b272ef19508d520d729d3e7bd0-300x300.png)
Keynesian Macroeconomics without the LM Curve
... by money targeting.2 The Bundesbank’s money targets were explicitly tied to underlying inflation targets, and implicitly to output and exchange rate objectives. The Bundesbank was willing to miss the money targets when they conflicted with those macroeconomic objectives. As a result, one can provide ...
... by money targeting.2 The Bundesbank’s money targets were explicitly tied to underlying inflation targets, and implicitly to output and exchange rate objectives. The Bundesbank was willing to miss the money targets when they conflicted with those macroeconomic objectives. As a result, one can provide ...
Currency Portfolios and Currency Exchange in a
... currencies exchanged. To provide agents with an incentive to engage in currency exchange, we allow the two currencies to differ by their expected rates of return and purchasing power 'risk'- the dollar is assumed to be safe while holders of the domestic currency are subject to random losses of purch ...
... currencies exchanged. To provide agents with an incentive to engage in currency exchange, we allow the two currencies to differ by their expected rates of return and purchasing power 'risk'- the dollar is assumed to be safe while holders of the domestic currency are subject to random losses of purch ...
MEASURING THE EFFECTS OF MONETARY POLICY FOR
... aggregates vary according to a variety of non-policy influences. An alternative measurement of monetary policy is interest rates. But neither monetary aggregates nor interest rates were effective in identifying monetary policy. And most of the studies were focused on closed economies such as the US ...
... aggregates vary according to a variety of non-policy influences. An alternative measurement of monetary policy is interest rates. But neither monetary aggregates nor interest rates were effective in identifying monetary policy. And most of the studies were focused on closed economies such as the US ...
Link to Text - Johns Hopkins University
... A sound currency is necessary but not sufficient for stable government and economic prosperity. Great economists in positions of influence have sounded this theme over and over. To take but one example, consider Carl Menger (1840-1921), the founder of the "Austrian" school of economics and one of th ...
... A sound currency is necessary but not sufficient for stable government and economic prosperity. Great economists in positions of influence have sounded this theme over and over. To take but one example, consider Carl Menger (1840-1921), the founder of the "Austrian" school of economics and one of th ...
Unconventional Monetary Policies-
... series of unconventional monetary policies with two broad goals. The first was to restore the functioning of financial markets and intermediation. The second was to provide further monetary policy accommodation at the zero lower bound. These two goals are clearly related, as both ultimately aim to e ...
... series of unconventional monetary policies with two broad goals. The first was to restore the functioning of financial markets and intermediation. The second was to provide further monetary policy accommodation at the zero lower bound. These two goals are clearly related, as both ultimately aim to e ...
Empirical Exchange Rate Equations for the Commodity Currencies
... search for corresponding real shocks to the major currencies. In addition, understanding the effects of commodity price shocks on exchange rates is also of broad interest to developing countries, particularly as some open up their capital markets and adopt more flexible exchange rates. If commodity ...
... search for corresponding real shocks to the major currencies. In addition, understanding the effects of commodity price shocks on exchange rates is also of broad interest to developing countries, particularly as some open up their capital markets and adopt more flexible exchange rates. If commodity ...
Losing Our Marbles in the New Century? Perspective
... Of course, this kind of scenario can cause umbrage among the creditors: those nations in the rest of the world who run persistent net trade surpluses are “winners” in a mercantilist sense, but gain nothing from this situation as they give back, in the form of net investment income flows, their “marbl ...
... Of course, this kind of scenario can cause umbrage among the creditors: those nations in the rest of the world who run persistent net trade surpluses are “winners” in a mercantilist sense, but gain nothing from this situation as they give back, in the form of net investment income flows, their “marbl ...
Exchange rate valuation and its impact on the real economy
... The relationship between exchange rate movements and the real economy has been a key focus of macroeconomic policy discussions in New Zealand in recent years. There has been considerable debate about the causes of the appreciation of the real exchange rate and the extent to which it reflects either ...
... The relationship between exchange rate movements and the real economy has been a key focus of macroeconomic policy discussions in New Zealand in recent years. There has been considerable debate about the causes of the appreciation of the real exchange rate and the extent to which it reflects either ...
the impact of real exchange rate volatility on
... conducted to investigate the impact of RER volatility on economic growth; however, no consensus has been reached. It is not known whether volatility in the RER have influenced the Kenyan economic growth. A study by Musyoki et al (2012) on the impact of RER volatility on economic growth reveals that ...
... conducted to investigate the impact of RER volatility on economic growth; however, no consensus has been reached. It is not known whether volatility in the RER have influenced the Kenyan economic growth. A study by Musyoki et al (2012) on the impact of RER volatility on economic growth reveals that ...
Long memory and nonlinear mean reversion in Japanese yen
... 1998b), except for long historical data (Lothian, 1990). Although the difficulty in uncovering PPP may be partly reduced by including a linear trend variable, it remains generally hard to find strong evidence of mean reversion among yen-based real exchange rates. The inclusion of a time trend seems ...
... 1998b), except for long historical data (Lothian, 1990). Although the difficulty in uncovering PPP may be partly reduced by including a linear trend variable, it remains generally hard to find strong evidence of mean reversion among yen-based real exchange rates. The inclusion of a time trend seems ...
ANALYSIS OF THE ZIMBABWEAN HYPERINFLATION CRISIS: A
... Reduction in Value of Cash Balances = dt ...
... Reduction in Value of Cash Balances = dt ...
Inflation and the Role of Macroeconomic Policy in Ethiopia
... The ultimate policy objective of any country in general is to have sustainable economic growth and development. Policy measures are geared at achieving moderate inflation rate, keeping unemployment rate low, balancing foreign trade, stabilizing exchange and interest rates, etc and in general attaini ...
... The ultimate policy objective of any country in general is to have sustainable economic growth and development. Policy measures are geared at achieving moderate inflation rate, keeping unemployment rate low, balancing foreign trade, stabilizing exchange and interest rates, etc and in general attaini ...
Weekly FX Insight - Citibank Hong Kong
... • 2) Expand TLTRO: The ECB may expand TLTRO and also adjust its communication, e.g. by strengthening its forward guidance, such as committing to keep rates low until, say, 2018. • 3) Buy government bonds: The ECB may continue to focus on asset purchases as their main instruments of further policy ea ...
... • 2) Expand TLTRO: The ECB may expand TLTRO and also adjust its communication, e.g. by strengthening its forward guidance, such as committing to keep rates low until, say, 2018. • 3) Buy government bonds: The ECB may continue to focus on asset purchases as their main instruments of further policy ea ...
The Libyan Asset Freeze and Its Application to Foreign Government
... 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside the United States). 8. See Exec. Order No. 12,170, 3 C.F.R. ...
... 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside the United States). 8. See Exec. Order No. 12,170, 3 C.F.R. ...
EXCHANGE RATE AND INFLATION: A CASE OF
... policy decisions are at stake. This is so because higher inflation volatility means higher uncertainty, affecting inflation expectations, a crucial variable in decisions under an inflation-targeting regime. It is possible to classify the literature in two groups: those authors to whom there is no c ...
... policy decisions are at stake. This is so because higher inflation volatility means higher uncertainty, affecting inflation expectations, a crucial variable in decisions under an inflation-targeting regime. It is possible to classify the literature in two groups: those authors to whom there is no c ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... compete in providing the most attractive economic environment, measured primarily by price stability, and that policy coordination is harmful because it reduces competition among governments. Coordination can also raise the costs of policy mistakes because governments will do the same wrong things c ...
... compete in providing the most attractive economic environment, measured primarily by price stability, and that policy coordination is harmful because it reduces competition among governments. Coordination can also raise the costs of policy mistakes because governments will do the same wrong things c ...
What Determines Bilateral Trade Flows? - bu people
... exchange rate arrangements. For example, Nigeria has four exchange rates: (i) the official exchange rate which results from auctions of foreign exchange by the Nigerian Central Bank; (ii) the interbank rate at which commercial banks transact among themselves; (iii) the retail "bureau de change" rate; ...
... exchange rate arrangements. For example, Nigeria has four exchange rates: (i) the official exchange rate which results from auctions of foreign exchange by the Nigerian Central Bank; (ii) the interbank rate at which commercial banks transact among themselves; (iii) the retail "bureau de change" rate; ...
NBER WORKING PAPER SERIES FINANCIAL OPENNESS, SUDDEN STOPS AND CURRENT ACCOUNT REVERSALS
... beyond their direct effect on investment. The regression analysis indicates that the negative effects of current account reversals on growth will depend on the country’s degree of trade openness: More open countries will suffer less n in terms of lower growth relative to trend n than countries with ...
... beyond their direct effect on investment. The regression analysis indicates that the negative effects of current account reversals on growth will depend on the country’s degree of trade openness: More open countries will suffer less n in terms of lower growth relative to trend n than countries with ...
The Effect of Authoritarian Regime Type on Exchange
... conditions. The second column of Table 1 reports leaders’ turnover rates, the proportion of observations in which a leader exits from power, conditional on positive economic growth. Column 3 of the Table reports how often leaders lose power in years with negative economic growth. Our main interest l ...
... conditions. The second column of Table 1 reports leaders’ turnover rates, the proportion of observations in which a leader exits from power, conditional on positive economic growth. Column 3 of the Table reports how often leaders lose power in years with negative economic growth. Our main interest l ...
External Stability, Real Exchange Rate
... Theories of external adjustment in open economies (e.g., Obstfeld and Rogoff 1995) imply that adjustment to external imbalances can be most efficiently obtained via RER adjustment, rather than via income/output/expenditure adjustment. Relative price movements cause expenditure switching between dom ...
... Theories of external adjustment in open economies (e.g., Obstfeld and Rogoff 1995) imply that adjustment to external imbalances can be most efficiently obtained via RER adjustment, rather than via income/output/expenditure adjustment. Relative price movements cause expenditure switching between dom ...
NBER WORKING PAPER SERIES PRODUCTIVITY AND THE EURO-DOLLAR EXCHANGE RATE PUZZLE
... decided to focus on the post-1984 sample, largely because none of our candidate variables is able to explain the rise and fall in the dollar during the middle of the 1980's. Thus, we do not have anything to add to the debate over the mid-1980's mystery of “the dazzling dollar”.3 Our first observatio ...
... decided to focus on the post-1984 sample, largely because none of our candidate variables is able to explain the rise and fall in the dollar during the middle of the 1980's. Thus, we do not have anything to add to the debate over the mid-1980's mystery of “the dazzling dollar”.3 Our first observatio ...
AP 宏觀經濟學講義
... money demand, the course should proceed to investigate how equilibrium in the money market determines the equilibrium interest rate, how the investment demand curve provides the link between changes in the interest rate and changes in aggregate demand, and how changes in aggregate demand affect real ...
... money demand, the course should proceed to investigate how equilibrium in the money market determines the equilibrium interest rate, how the investment demand curve provides the link between changes in the interest rate and changes in aggregate demand, and how changes in aggregate demand affect real ...
Monetary Regime Change and Business Cycles
... After the Bretton Woods collapse in 1973, Sweden participated in the so-called “snake” exchange rate mechanism. In 1977, the Riksbank announced a unilateral target zone to a currency basket constructed using trading weights. In May 1991, the ECU became the official target. Lindbeck et al. (1994), Li ...
... After the Bretton Woods collapse in 1973, Sweden participated in the so-called “snake” exchange rate mechanism. In 1977, the Riksbank announced a unilateral target zone to a currency basket constructed using trading weights. In May 1991, the ECU became the official target. Lindbeck et al. (1994), Li ...
exchange agreement - Magellan Aviation Group
... Magellan (DDP Incoterms 2010) within 30 days of receipt of the Exchange Unit by Customer, or Customer will be charged an additional Exchange Sales Fee on day 31. If Magellan has not received the Customer Core Exchange Unit within 60 days Customer will be invoiced the Outright Sales Price in addition ...
... Magellan (DDP Incoterms 2010) within 30 days of receipt of the Exchange Unit by Customer, or Customer will be charged an additional Exchange Sales Fee on day 31. If Magellan has not received the Customer Core Exchange Unit within 60 days Customer will be invoiced the Outright Sales Price in addition ...
real exchange rate movements and export growth: nigeria, 1960-1990
... Thus, an import-prohibiting tariff structure (comprising mostly duties above 50%) was put in place. The civil war of the late 1 960s appears to have given further impetus to the protectionist tendencies, as an appreciation of the NER was deliberately permitted. Apart from its well known "spending ef ...
... Thus, an import-prohibiting tariff structure (comprising mostly duties above 50%) was put in place. The civil war of the late 1 960s appears to have given further impetus to the protectionist tendencies, as an appreciation of the NER was deliberately permitted. Apart from its well known "spending ef ...
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.