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del11 Carlin 16783019 en
... current account balance (Table 1, Col. 2 and 7 ). Ireland's current account balance deteriorated more or less continuously from a small surplus in 1999 to a deficit of 5.3% of GDP in 2007. This reflects over-heating of the domestic economy. Table 1 also reports an indicator of export market performa ...
... current account balance (Table 1, Col. 2 and 7 ). Ireland's current account balance deteriorated more or less continuously from a small surplus in 1999 to a deficit of 5.3% of GDP in 2007. This reflects over-heating of the domestic economy. Table 1 also reports an indicator of export market performa ...
The Gold Price Outlook
... and SE Asian trade; indeed many countries want the US dollar to be replaced in global trade and global reserves. To encourage other countries to hold CNY balances (and as reserve currency) the CNY must have: ...
... and SE Asian trade; indeed many countries want the US dollar to be replaced in global trade and global reserves. To encourage other countries to hold CNY balances (and as reserve currency) the CNY must have: ...
The impact of international capital flows on the South Africa... since the end of apartheid Seeraj Mohamed
... capital flows are positively correlated with large-scale capital flight from the South African economy. Therefore, the surge in capital inflows was not associated with economic activity that would lead to long-term growth and more jobs in the economy. Instead, one may associate the surge in net capi ...
... capital flows are positively correlated with large-scale capital flight from the South African economy. Therefore, the surge in capital inflows was not associated with economic activity that would lead to long-term growth and more jobs in the economy. Instead, one may associate the surge in net capi ...
π t - Seðlabanki Íslands
... Is inflation control more difficult in very small open economies? The Challenges of Globalisation for Small Open Economies with Independent Currencies 31 May – 1 June 2007 ...
... Is inflation control more difficult in very small open economies? The Challenges of Globalisation for Small Open Economies with Independent Currencies 31 May – 1 June 2007 ...
REAL RATE AND OUTPUT COST OF BRINGING DOWN INFLATION
... the nominal and real exchange rate. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super—neutral' and has nominal inertia in both the l ...
... the nominal and real exchange rate. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super—neutral' and has nominal inertia in both the l ...
Current account reversals in industrial countries: does the exchange
... not more persistent under fixed exchange rates. Indeed, in principle, fixing the nominal exchange rate does not necessarily limit the ability of the real exchange rate to adjust, given sufficient flexibility in prices and costs. However, in practice, both prices and wages are relatively sticky compa ...
... not more persistent under fixed exchange rates. Indeed, in principle, fixing the nominal exchange rate does not necessarily limit the ability of the real exchange rate to adjust, given sufficient flexibility in prices and costs. However, in practice, both prices and wages are relatively sticky compa ...
Bulletin Contents Volume 76 No. 2, June 2013
... This article takes a look back at the last financial cycle that occurred over the previous decade – a cycle that contributed to one of the longest periods of uninterrupted economic growth in New Zealand for the past 60 years. It conducts a counterfactual exercise that maps the Reserve Bank’s new mac ...
... This article takes a look back at the last financial cycle that occurred over the previous decade – a cycle that contributed to one of the longest periods of uninterrupted economic growth in New Zealand for the past 60 years. It conducts a counterfactual exercise that maps the Reserve Bank’s new mac ...
Volume 68 No. 4, December 2005 Contents
... While not directly relevant to the question of how exposed New Zealand is to oil-related cost shocks, another potentially important dimension of our dependence on international oil markets – one which matters for third-round effects through the current account – is the amount of crude oil and refined ...
... While not directly relevant to the question of how exposed New Zealand is to oil-related cost shocks, another potentially important dimension of our dependence on international oil markets – one which matters for third-round effects through the current account – is the amount of crude oil and refined ...
Would protectionism defuse global imbalances and spur economic
... a cautionary tale regarding the implications of very large de…cits (and their reversals).2 Guided by lessons of history, mainstream views worry about the ‘inevitable’ external adjustment and the prospect of large swings in the value of the dollar.3 Others believe that concerns are overblown and ques ...
... a cautionary tale regarding the implications of very large de…cits (and their reversals).2 Guided by lessons of history, mainstream views worry about the ‘inevitable’ external adjustment and the prospect of large swings in the value of the dollar.3 Others believe that concerns are overblown and ques ...
LCCARL97_en.pdf
... preparations have had a positive impact on this current year’s rate of growth. In particular the event will have important direct effects on the tourism and construction activities and induced (multiplier) effects in the rest of the economy. Throughout the region, countries adopted a conservative mo ...
... preparations have had a positive impact on this current year’s rate of growth. In particular the event will have important direct effects on the tourism and construction activities and induced (multiplier) effects in the rest of the economy. Throughout the region, countries adopted a conservative mo ...
Nontraded Goods, Market Segmentation, and Exchange Rates
... roles for nontraded goods: as final consumption and as an input into the production of final tradable goods (retail services). In addition to retail services, final tradable goods require the use of local and imported intermediate traded inputs. Intermediate traded goods and nontraded goods are prod ...
... roles for nontraded goods: as final consumption and as an input into the production of final tradable goods (retail services). In addition to retail services, final tradable goods require the use of local and imported intermediate traded inputs. Intermediate traded goods and nontraded goods are prod ...
Nontraded Goods, Market Segmentation, and Exchange Rates WP
... roles for nontraded goods: as final consumption and as an input into the production of final tradable goods (retail services). In addition to retail services, final tradable goods require the use of local and imported intermediate traded inputs. Intermediate traded goods and nontraded goods are prod ...
... roles for nontraded goods: as final consumption and as an input into the production of final tradable goods (retail services). In addition to retail services, final tradable goods require the use of local and imported intermediate traded inputs. Intermediate traded goods and nontraded goods are prod ...
-1- June 2004 THE MACROFOUNDATION OF MONETARY POWER
... Not all imbalances need to be eliminated, of course. Standard economic theory teaches that many current-account imbalances are simply the result of what may be regarded as a kind of rational intertemporal trade – deficit countries borrowing resources from the rest of the world for productive investm ...
... Not all imbalances need to be eliminated, of course. Standard economic theory teaches that many current-account imbalances are simply the result of what may be regarded as a kind of rational intertemporal trade – deficit countries borrowing resources from the rest of the world for productive investm ...
Does Central Bank Independence Frustrate the Optimal Fiscal
... Treasury and increase the deficit (see Figure 1).8 In other words, by advocating principal reduction, the Fed is implicitly assuming a fiscal role for itself. And that is very good indeed as it is a policy mindset that is all but orthodox! However, similar to the Fed’s invitation for the fiscal auth ...
... Treasury and increase the deficit (see Figure 1).8 In other words, by advocating principal reduction, the Fed is implicitly assuming a fiscal role for itself. And that is very good indeed as it is a policy mindset that is all but orthodox! However, similar to the Fed’s invitation for the fiscal auth ...
English title
... expectations (”constrained discretion“); • IT has gained bigger ”market share“ among MP regimes; • Strict vs. flexible inflation targeting (no one does the strict one); • In open economies, the exchange rate is an important part of the transmission mechanisms, as well as a source of shocks; • The pe ...
... expectations (”constrained discretion“); • IT has gained bigger ”market share“ among MP regimes; • Strict vs. flexible inflation targeting (no one does the strict one); • In open economies, the exchange rate is an important part of the transmission mechanisms, as well as a source of shocks; • The pe ...
Entry Dynamics and the Decline in Exchange-Rate Pass-Through
... in marginal costs using foreign CPIs and commodity prices. The results are also similar if different control variables are used. For instance, pass-through declines to the same extent when unit labor costs and domestic output are respectively used to control for changes in marginal costs and import ...
... in marginal costs using foreign CPIs and commodity prices. The results are also similar if different control variables are used. For instance, pass-through declines to the same extent when unit labor costs and domestic output are respectively used to control for changes in marginal costs and import ...
1 Exchange Rates and Prices in the Long Run
... The Measurement of Money This figure shows the major kinds of monetary aggregates (currency, M0, M1, and M2) for the United States from 2004 to 2012. Normally, bank reserves are very close to zero, so M0 and currency are virtually identical, but reserves spiked up during the financial crisis in 2008 ...
... The Measurement of Money This figure shows the major kinds of monetary aggregates (currency, M0, M1, and M2) for the United States from 2004 to 2012. Normally, bank reserves are very close to zero, so M0 and currency are virtually identical, but reserves spiked up during the financial crisis in 2008 ...
NBER WORKING PAPER SERIES ACTIVITY? A SCENARIO ANALYSIS
... a cautionary tale regarding the implications of very large de…cits (and their reversals).2 Guided by lessons of history, mainstream views worry about the ‘inevitable’ external adjustment and the prospect of large swings in the value of the dollar.3 Others believe that concerns are overblown and ques ...
... a cautionary tale regarding the implications of very large de…cits (and their reversals).2 Guided by lessons of history, mainstream views worry about the ‘inevitable’ external adjustment and the prospect of large swings in the value of the dollar.3 Others believe that concerns are overblown and ques ...
Monetary Darwinism: The Political Economy of
... general political monetary chronicle. Their value and the value of the research agendas which inspired them should be more clearly illuminated through such an analysis. It is customary to begin histories of the international monetary system with the classical gold standard (1880–1914), as do all fou ...
... general political monetary chronicle. Their value and the value of the research agendas which inspired them should be more clearly illuminated through such an analysis. It is customary to begin histories of the international monetary system with the classical gold standard (1880–1914), as do all fou ...
NBER WORKING PAPER SERIES THE EXCHANGE RATE AS A TOOL OF COMMERCIAL POLICY
... account surplus and an increase in private net asset holdings which moderate the immediate effect of the spending shift on the real exchange rate by spreading some of its effect into periods after the spending shift itself has ...
... account surplus and an increase in private net asset holdings which moderate the immediate effect of the spending shift on the real exchange rate by spreading some of its effect into periods after the spending shift itself has ...
The Purchasing Power Parity Debate
... more manufactured tradables, rather than consumer price indices, which tend to reflect the prices of relatively more nontradables, such as many services. A recent theoretical and empirical literature, discussed below, has attempted to allow for short-run deviations from PPP arising from sources such ...
... more manufactured tradables, rather than consumer price indices, which tend to reflect the prices of relatively more nontradables, such as many services. A recent theoretical and empirical literature, discussed below, has attempted to allow for short-run deviations from PPP arising from sources such ...
What Explains Movements in the Peso/Dollar
... CDS-Chile represents 5-year sovereign credit default swap spread (CDS) for Chile. It measures the perceived risks of investing in Chilean securities. ESP-DEU is the interest spread between 10-year Spanish and German government bonds. It serves as a proxy for financial distress in Europe. VIX is the ...
... CDS-Chile represents 5-year sovereign credit default swap spread (CDS) for Chile. It measures the perceived risks of investing in Chilean securities. ESP-DEU is the interest spread between 10-year Spanish and German government bonds. It serves as a proxy for financial distress in Europe. VIX is the ...
Convergence analysis of Russia and Belarus economies in
... with free-floating exchange rate system, that is consider the polar variants that are rare in the real world. However, extrapolation of the main criteria for optimum currency areas to realworld processes of monetary integration for a certain group of countries helps you to find the answers in forma ...
... with free-floating exchange rate system, that is consider the polar variants that are rare in the real world. However, extrapolation of the main criteria for optimum currency areas to realworld processes of monetary integration for a certain group of countries helps you to find the answers in forma ...
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.