The Swiss National Bank in Brief
... reference interest rate. The SNB can influence money market rates by means of its open market operations or adjust the interest rate on sight deposits held by the banks and other financial market participants at the SNB. In order to influence monetary policy conditions, the SNB also intervenes in th ...
... reference interest rate. The SNB can influence money market rates by means of its open market operations or adjust the interest rate on sight deposits held by the banks and other financial market participants at the SNB. In order to influence monetary policy conditions, the SNB also intervenes in th ...
DP2005/03 A happy “halfway-house”? Medium term inflation targeting in New Zealand
... The dynamics are intuitive. Output, inflation, the exchange rate and interest rates increase in response to an output shock; inflation and the interest rate increase in response to an inflation shock; and output, inflation and the interest rate fall in response to a positive shock that leads to an a ...
... The dynamics are intuitive. Output, inflation, the exchange rate and interest rates increase in response to an output shock; inflation and the interest rate increase in response to an inflation shock; and output, inflation and the interest rate fall in response to a positive shock that leads to an a ...
View/Open
... larger taxation of agrifood sector than it really is. This situation often takes place at the early stage of transition. When national currency is overvalued PSE shows greater support. In the Soviet economy rouble was overvalued. At the beginning of transitional stage it was undervalued due to the s ...
... larger taxation of agrifood sector than it really is. This situation often takes place at the early stage of transition. When national currency is overvalued PSE shows greater support. In the Soviet economy rouble was overvalued. At the beginning of transitional stage it was undervalued due to the s ...
Version 2.0, Instruction Manual, Revised Version
... Debt Sustainability Analysis (DSA) is a key component of macroeconomic supervision in many countries of Latin America and the Caribbean (LAC). Exposure to risks of debt crisis in the LAC countries is not insignificant, at least in the perception of international financial markets and rating agencies ...
... Debt Sustainability Analysis (DSA) is a key component of macroeconomic supervision in many countries of Latin America and the Caribbean (LAC). Exposure to risks of debt crisis in the LAC countries is not insignificant, at least in the perception of international financial markets and rating agencies ...
A Common Currency Peg in East Asia?
... exchange rate changes. Eichengreen and Bayoumi (1999) find that EA countries satisfy the OCA criteria just as well as the EMU countries. They argue, however, that EA lacks important elements of successful monetary integration such as sound financial systems, political network, and a long history of ...
... exchange rate changes. Eichengreen and Bayoumi (1999) find that EA countries satisfy the OCA criteria just as well as the EMU countries. They argue, however, that EA lacks important elements of successful monetary integration such as sound financial systems, political network, and a long history of ...
Javier Hamann and Alessandro Prati Why Do Many Disinflations Fail? (Second IMF Research Conference).
... Figures 2 and 3 suggest very clearly that insufficient policy adjustment, as captured by the post-stabilization path of monetary and fiscal variables, is partly responsible. Figure 2 shows that the path of credit growth is very similar to that of inflation. In the successful disinflations, there is ...
... Figures 2 and 3 suggest very clearly that insufficient policy adjustment, as captured by the post-stabilization path of monetary and fiscal variables, is partly responsible. Figure 2 shows that the path of credit growth is very similar to that of inflation. In the successful disinflations, there is ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Monetary Policy Rules
... be. Likening economic forecasting to weather forecasting, he observes: “Leaning today against next year’s wind is hardly an easy task in the present state of meteorology.” Yet this is just the task present-day monetary policymakers have set themselves: in effect, long-range weather forecasting in a ...
... be. Likening economic forecasting to weather forecasting, he observes: “Leaning today against next year’s wind is hardly an easy task in the present state of meteorology.” Yet this is just the task present-day monetary policymakers have set themselves: in effect, long-range weather forecasting in a ...
Crisis and Consumption Smoothing
... Eichengreen et. al. (1996) de ne a currency crisis to include both the large depreciations that we consider here, and also speculative attacks that are successfully warded off by the authorities. Unfortunately, unsuccessful speculative attack are dif cult to identify even ex-post and they use sharp ...
... Eichengreen et. al. (1996) de ne a currency crisis to include both the large depreciations that we consider here, and also speculative attacks that are successfully warded off by the authorities. Unfortunately, unsuccessful speculative attack are dif cult to identify even ex-post and they use sharp ...
CHAPTER VI CURRENCY RISK MANAGEMENT: FUTURES AND
... could otherwise be held in the form of an interest-bearing asset. In general, however, a part of the initial margin can be posted in the form of interest-bearing assets, such as Treasury bills. This allows market participants to reduce the opportunity costs associated with margin requirements. A fut ...
... could otherwise be held in the form of an interest-bearing asset. In general, however, a part of the initial margin can be posted in the form of interest-bearing assets, such as Treasury bills. This allows market participants to reduce the opportunity costs associated with margin requirements. A fut ...
NBER WORKING PAPER SERIES THE FUTURE OF EMU: WHAT DOES
... Federal Reserve Banks issues dollar bills perfectly acceptable in every reserve district a five dollar bill issued by the Federal Reserve Bank of Richmond is always perfectly interchangeable with a five dollar bill issued by any other Federal Reserve Bank. A national monetary union has as a rule one ...
... Federal Reserve Banks issues dollar bills perfectly acceptable in every reserve district a five dollar bill issued by the Federal Reserve Bank of Richmond is always perfectly interchangeable with a five dollar bill issued by any other Federal Reserve Bank. A national monetary union has as a rule one ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Reducing Inflation: Motivation and Strategy
... to lower. By taking preemptive steps to avoid high inflation, a central bank can reduce the likelihood of having to engineer a costly disinflation. Second, a central bank that establishes a clear commitment to controlling inflation may be able to maintain low inflation for far less cost than if it d ...
... to lower. By taking preemptive steps to avoid high inflation, a central bank can reduce the likelihood of having to engineer a costly disinflation. Second, a central bank that establishes a clear commitment to controlling inflation may be able to maintain low inflation for far less cost than if it d ...
Capital Management Techniques In Developing Countries:
... An Assessment of Experiences from the 1990's and Lessons For the Future Gerald Epstein, Ilene Grabel and Jomo, K.S. ...
... An Assessment of Experiences from the 1990's and Lessons For the Future Gerald Epstein, Ilene Grabel and Jomo, K.S. ...
Ignorance and Influence: U.S. Economists on Argentina`s
... “In addition, the backing rule eliminates (or strictly limits, when less than 100 percent of the base is backed) the scope for issuing unbacked monetary liabilities, hence ensuring that the CBA does not run out of foreign reserves to maintain the parity. While the central bank may still give credit ...
... “In addition, the backing rule eliminates (or strictly limits, when less than 100 percent of the base is backed) the scope for issuing unbacked monetary liabilities, hence ensuring that the CBA does not run out of foreign reserves to maintain the parity. While the central bank may still give credit ...
Thirty Years of Current Account Imbalances, Current Account
... account imbalances, and the patterns of adjustment followed by countries with large payments disequilibria.10 Since the focus of the discussion is on adjustment, the analysis mostly deals with extreme observations or episodes when countries have experienced large deficits and, to some extent, large ...
... account imbalances, and the patterns of adjustment followed by countries with large payments disequilibria.10 Since the focus of the discussion is on adjustment, the analysis mostly deals with extreme observations or episodes when countries have experienced large deficits and, to some extent, large ...
2014-III
... front-loaded monetary tightening of January 28 have improved to a large extent. This improvement is due mostly to the reduced domestic and external uncertainty as well as to the Fed’s and ECB’s latest decisions. In June, the Fed announced that it would continue with its low rate policy over the medi ...
... front-loaded monetary tightening of January 28 have improved to a large extent. This improvement is due mostly to the reduced domestic and external uncertainty as well as to the Fed’s and ECB’s latest decisions. In June, the Fed announced that it would continue with its low rate policy over the medi ...
The Current Account and Macroeconomic Adjustment in the 1970s
... affected by aggregate demand; real interest rates are tied to the marginal productivity of capital and are not influenced by monetary policies, and frictions in adjusting to shocks are unimportant. These presumptions still permit a variety of responses, depending on the nature of shocks to the syste ...
... affected by aggregate demand; real interest rates are tied to the marginal productivity of capital and are not influenced by monetary policies, and frictions in adjusting to shocks are unimportant. These presumptions still permit a variety of responses, depending on the nature of shocks to the syste ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... in 1991. The bubble had burst. One may question whether monetary policy was too lax for too long during the bubble experience, that is the second half of the 1980s. What if monetary policy was tightened in 1988? Maybe that might have prevented the inflation rate from rising too quickly to the 3 perc ...
... in 1991. The bubble had burst. One may question whether monetary policy was too lax for too long during the bubble experience, that is the second half of the 1980s. What if monetary policy was tightened in 1988? Maybe that might have prevented the inflation rate from rising too quickly to the 3 perc ...
Strategies for Controlling Inflation
... price stability is the appropriate long-term goal for monetary policy. The answer is that price stability promotes an economic system that functions more efficiently. If price stability does not persist, that is, inflation occurs, there are several economic costs to the society. While these costs te ...
... price stability is the appropriate long-term goal for monetary policy. The answer is that price stability promotes an economic system that functions more efficiently. If price stability does not persist, that is, inflation occurs, there are several economic costs to the society. While these costs te ...
STATE BANK OF PAKISTAN SBP Working Paper Series
... However, in the RBC approach, since the equilibrium conditions for aggregate variables can be computed from the optimal individual behavior of consumers and firms. Further, the REH enables this optimal behavior of private agents to use available information rationally, so in this way they should res ...
... However, in the RBC approach, since the equilibrium conditions for aggregate variables can be computed from the optimal individual behavior of consumers and firms. Further, the REH enables this optimal behavior of private agents to use available information rationally, so in this way they should res ...
Download attachment
... deterioration in asset quality, be it from a collapse in real estate prices or increased bankruptcies in the nonfinancial sector. In this case, a large increase in bankruptcies or nonperforming loans could be used to mark the onset of the crisis. Indicators of business failures and nonperforming loa ...
... deterioration in asset quality, be it from a collapse in real estate prices or increased bankruptcies in the nonfinancial sector. In this case, a large increase in bankruptcies or nonperforming loans could be used to mark the onset of the crisis. Indicators of business failures and nonperforming loa ...
DP2016/02 Persistence and Volatility of Real Exchange Britta Gehrke and Fang Yao
... This paper investigates the driving forces of real exchange rate dynamics. We seek to understand why real exchange rates have been highly volatile and persistent during the post-Bretton Woods period. Understanding the sources of real exchange rate volatility and dynamics is key to building theoretic ...
... This paper investigates the driving forces of real exchange rate dynamics. We seek to understand why real exchange rates have been highly volatile and persistent during the post-Bretton Woods period. Understanding the sources of real exchange rate volatility and dynamics is key to building theoretic ...
2000 - ECB
... greatly reduced deficit-debt adjustments, will be needed to reduce the debt ratio to 60% within an appropriate period of time. Tight fiscal policy will also be needed in order to contain inflationary pressures stemming from the above-mentioned relaxation of monetary conditions in the run-up to full ...
... greatly reduced deficit-debt adjustments, will be needed to reduce the debt ratio to 60% within an appropriate period of time. Tight fiscal policy will also be needed in order to contain inflationary pressures stemming from the above-mentioned relaxation of monetary conditions in the run-up to full ...
Sources
... experienced during the 2001 economic crisis, the investment rate fell again over the last decade, reflecting the deterioration of the macroeconomic environment and increasing government interventionist policies (Figure 1). As of 2015, Argentina’s investment rate was well below the average of Latin A ...
... experienced during the 2001 economic crisis, the investment rate fell again over the last decade, reflecting the deterioration of the macroeconomic environment and increasing government interventionist policies (Figure 1). As of 2015, Argentina’s investment rate was well below the average of Latin A ...
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.