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... permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...
... permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...
Modern Macroeconomics and Monetary Policy
... publicly accessible web site, in whole or in part. ...
... publicly accessible web site, in whole or in part. ...
Seminar Paper No. 740 AN ESTIMATED DSGE MODEL FOR SWEDEN
... more recent 2001 crisis in Argentina, we have witnessed the collapses of …xed exchange rate systems followed by severe recessions and considerable credibility costs. The experience in Finland, England and Sweden, among others, illustrates successful attempts of central banks at rebuilding credibilit ...
... more recent 2001 crisis in Argentina, we have witnessed the collapses of …xed exchange rate systems followed by severe recessions and considerable credibility costs. The experience in Finland, England and Sweden, among others, illustrates successful attempts of central banks at rebuilding credibilit ...
Measuring the Stance of Monetary Policy in Vietnam: A Structural
... Bernanke and Blinder (1992); Christiano and Eichenbaum (1992a) regarded the federal fund rate and non-borrowed reserves as an appropriate measure of policy stance, respectively. However, one of the biggest limitation of these studies is they only consider a single variable as a measure of policy sta ...
... Bernanke and Blinder (1992); Christiano and Eichenbaum (1992a) regarded the federal fund rate and non-borrowed reserves as an appropriate measure of policy stance, respectively. However, one of the biggest limitation of these studies is they only consider a single variable as a measure of policy sta ...
Boom-Bust Cycles: Facts and Explanation
... Soft landings suggest that not all lending booms reflect either excessive risk taking or cronism. Instead, they may be a symptom of a less malignant process. The fact that bank credit is the only source of external funds for a big set of agents in the economy implies that many agents are not able to ...
... Soft landings suggest that not all lending booms reflect either excessive risk taking or cronism. Instead, they may be a symptom of a less malignant process. The fact that bank credit is the only source of external funds for a big set of agents in the economy implies that many agents are not able to ...
Monetary Policy after the Crisis 1. introduction Lars E.O. Svensson
... SVENSSON | MONETARY POLICY AFTER THE CRISIS 37 ...
... SVENSSON | MONETARY POLICY AFTER THE CRISIS 37 ...
Money, Interest Rates, and Exchange Rates
... • Money is very liquid: it can be easily and quickly used to pay for goods and services. • Money, however, pays little or no rate of return. • Suppose we can group assets into money (liquid assets) and all other assets (illiquid assets). ...
... • Money is very liquid: it can be easily and quickly used to pay for goods and services. • Money, however, pays little or no rate of return. • Suppose we can group assets into money (liquid assets) and all other assets (illiquid assets). ...
referees, and Stephen J. Turnovsky July 1983
... ineffective inofar as the stabilization of the real part of the domestic economy is concerned. Likewise, if the monetary authority intervenes in the exchange market so as to exactly accommodate for nominal movements in the demand for money, thereby rendering the excess demand for money dependent onl ...
... ineffective inofar as the stabilization of the real part of the domestic economy is concerned. Likewise, if the monetary authority intervenes in the exchange market so as to exactly accommodate for nominal movements in the demand for money, thereby rendering the excess demand for money dependent onl ...
Monetary Policy Independence under Flexible
... central banks will follow the Fed. This phenomenon may be called policy “spillover,” and could be the result of a number of factors, including the desire to protect domestic currencies from “excessive” depreciation.6 The late Ron McKinnon captured this idea when, in May 2014, he stated at a conferen ...
... central banks will follow the Fed. This phenomenon may be called policy “spillover,” and could be the result of a number of factors, including the desire to protect domestic currencies from “excessive” depreciation.6 The late Ron McKinnon captured this idea when, in May 2014, he stated at a conferen ...
When and Why Worry About Real Exchange Rate Appreciation?
... country’s wealth. On the back of the latter, the increase in the price of this commodity acted as a wealth effect, increasing domestic aggregate demand. For a small open economy such as the Netherlands the price of tradable goods was given. Since the price of non-tradable goods clears in the domesti ...
... country’s wealth. On the back of the latter, the increase in the price of this commodity acted as a wealth effect, increasing domestic aggregate demand. For a small open economy such as the Netherlands the price of tradable goods was given. Since the price of non-tradable goods clears in the domesti ...
This PDF is a selection from a published volume from... Economic Research Volume Title: Europe and the Euro
... certainly not the case that the benefits of monetary autonomy are absent if the exchange rate is driven by nonfundamental factors. Irrespective of what factors drive the exchange rate, a floating rate confers on the central bank autonomy in determination of the amount of base money in existence and ...
... certainly not the case that the benefits of monetary autonomy are absent if the exchange rate is driven by nonfundamental factors. Irrespective of what factors drive the exchange rate, a floating rate confers on the central bank autonomy in determination of the amount of base money in existence and ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... of sterilized intervention provides a channel through which the combination of monetary and nominal exchange rate policies can affect the real sector of the economy and, in particular, the real exchange rate. One example of such a combination of monetary and exchange rate policies is one that simult ...
... of sterilized intervention provides a channel through which the combination of monetary and nominal exchange rate policies can affect the real sector of the economy and, in particular, the real exchange rate. One example of such a combination of monetary and exchange rate policies is one that simult ...
Tr a n s p a r e n c... Hans Dillén and Jonny Nilsson, Economics Department, Sveriges Riksbank
... view may be taken to imply that the central bank is unskilled and lead to criticism. Even if such criticism happens to be unfair, it may for a period negatively influence the central bank’s credibility. Costs of this kind are also recognised by central bankers, though such mechanisms are not easy to ...
... view may be taken to imply that the central bank is unskilled and lead to criticism. Even if such criticism happens to be unfair, it may for a period negatively influence the central bank’s credibility. Costs of this kind are also recognised by central bankers, though such mechanisms are not easy to ...
Real equilibrium exchange rates
... being equal. These features of empirical studies can be explained in light of the presentation in Sections 3 and 4. It can, however, take a relatively long time before differences between the actual real exchange rate and the equilibrium exchange rate are eliminated. In industrial countries, it can ...
... being equal. These features of empirical studies can be explained in light of the presentation in Sections 3 and 4. It can, however, take a relatively long time before differences between the actual real exchange rate and the equilibrium exchange rate are eliminated. In industrial countries, it can ...
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... of deficit financing, which increase supply of money. Devaluation Devaluation brings inflation due to rise in the prices of imports, increases purchasing power of exporters, more ...
... of deficit financing, which increase supply of money. Devaluation Devaluation brings inflation due to rise in the prices of imports, increases purchasing power of exporters, more ...
Document
... have a contractionary effect on annual real GDP growth in the domestic economy, but this effect is centered on countries with fixed exchange rates. This loss of autonomy implies a potential channel through which foreign interest rates can affect pegs and floats differently, with pegs being directly ...
... have a contractionary effect on annual real GDP growth in the domestic economy, but this effect is centered on countries with fixed exchange rates. This loss of autonomy implies a potential channel through which foreign interest rates can affect pegs and floats differently, with pegs being directly ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... during recent years have chosen to pursue a discrete adjustment policy. Sweden, Spain, and Greece are the most recent examples. Discrete adjustment of the nominal exchange rate has usually been associated with either political transitions or interruptions in the normal conduct of exchange rate polic ...
... during recent years have chosen to pursue a discrete adjustment policy. Sweden, Spain, and Greece are the most recent examples. Discrete adjustment of the nominal exchange rate has usually been associated with either political transitions or interruptions in the normal conduct of exchange rate polic ...
Credibility and Monetary Policy - Federal Reserve Bank of Kansas City
... avoid all output costs, with an extension to J-period lags straightforward. These costs will, nevertheless, be smaller the smaller is the excess of expected over actual inflation rates during the epi~ode.~ The rather different contracts of the type employed in Taylor's models (1980, 1983a)also give ...
... avoid all output costs, with an extension to J-period lags straightforward. These costs will, nevertheless, be smaller the smaller is the excess of expected over actual inflation rates during the epi~ode.~ The rather different contracts of the type employed in Taylor's models (1980, 1983a)also give ...
del01-Stein 221109 en
... development. Gerlinde and Hans-Werner Sinn explain why the optimistic, unrealized, anticipations of the effects of German unification/enlargement were based upon a faulty theoretical economic framework and upon the failure to predict social/political developments. Our paper presents a theoretically ...
... development. Gerlinde and Hans-Werner Sinn explain why the optimistic, unrealized, anticipations of the effects of German unification/enlargement were based upon a faulty theoretical economic framework and upon the failure to predict social/political developments. Our paper presents a theoretically ...
Macroeconomic policies for full and productive employment
... The current global policy discourse on macroeconomics and development has created space for muchneeded re-thinking in macroeconomic policy in the wake of the Great Recession. The IMF, for example, has suggested the need to adopt a more flexible approach towards inflation targeting, to broaden the go ...
... The current global policy discourse on macroeconomics and development has created space for muchneeded re-thinking in macroeconomic policy in the wake of the Great Recession. The IMF, for example, has suggested the need to adopt a more flexible approach towards inflation targeting, to broaden the go ...
Current Account Norms in Natural Resource Rich and Capital
... How important are these development considerations— investment needs and frictions such as external credit constraints— in shaping the current account dynamics and external sustainability in RRDCs during windfalls? What is the optimal external balance in response to windfalls for RDDCs? In this pape ...
... How important are these development considerations— investment needs and frictions such as external credit constraints— in shaping the current account dynamics and external sustainability in RRDCs during windfalls? What is the optimal external balance in response to windfalls for RDDCs? In this pape ...
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.