![This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies](http://s1.studyres.com/store/data/008234781_1-c76d4fcebe57c986f6db425c2cef8b62-300x300.png)
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies
... country i's currency by the same amount. A higher nominal interest rate reduces the stock of real-money balances demanded in the long run, if the interest-sensitivity of the demand for real-money balances is nonzero. Given the rate of money growth (and thus the rate of inflation), expansionary fisca ...
... country i's currency by the same amount. A higher nominal interest rate reduces the stock of real-money balances demanded in the long run, if the interest-sensitivity of the demand for real-money balances is nonzero. Given the rate of money growth (and thus the rate of inflation), expansionary fisca ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... determination of movements in real interest rates and the real exchange rate. The focus is on real interest rates, because these have been the source of surprise and concern. If nominal interest rates had simply followed the path of expected or realized inflation and the exchange rate had followed t ...
... determination of movements in real interest rates and the real exchange rate. The focus is on real interest rates, because these have been the source of surprise and concern. If nominal interest rates had simply followed the path of expected or realized inflation and the exchange rate had followed t ...
Tesis de Maestría en Economía Internacional
... into consideration when gauging the impact of real devaluation on the sustainability of public debt. First, real depreciation increases the burden of interest payable on foreign currency denominated debt, so a greater fiscal effort is needed to service this debt. Second, the impact of real depreciat ...
... into consideration when gauging the impact of real devaluation on the sustainability of public debt. First, real depreciation increases the burden of interest payable on foreign currency denominated debt, so a greater fiscal effort is needed to service this debt. Second, the impact of real depreciat ...
Monetary Policy and Exchange Rate Volatility in a Small Open
... literature on monetary policy regimes in open economies, including McCallum and Nelson (2000), Corsetti and Pesenti (2001, 2005), Clarida, Galı́ and Gertler (2001, 2002), Schmitt-Grohé and Uribe (2001), Kollmann (2002), Parrado and Velasco (2002), and Benigno and Benigno (2003), among others. 5. Se ...
... literature on monetary policy regimes in open economies, including McCallum and Nelson (2000), Corsetti and Pesenti (2001, 2005), Clarida, Galı́ and Gertler (2001, 2002), Schmitt-Grohé and Uribe (2001), Kollmann (2002), Parrado and Velasco (2002), and Benigno and Benigno (2003), among others. 5. Se ...
Purchasing Power Parity: Granger Causality Tests for the Yen
... On the export side, the influence of the exchange rate on the pricing behaviour of the Japanese export industry has earned keen attention. According to Marston (1990) (1991) Japanese enterprises tend to reduce yen export prices in case of appreciation. Athukorola and Menon (1994: 280) identify this ...
... On the export side, the influence of the exchange rate on the pricing behaviour of the Japanese export industry has earned keen attention. According to Marston (1990) (1991) Japanese enterprises tend to reduce yen export prices in case of appreciation. Athukorola and Menon (1994: 280) identify this ...
Fed - Madison County Schools
... are (increased/decreased) and the monetary multiplier is (incr/decr). 60. Assume the RR is 25% and the Fed buys $4 M of bonds from the public. The MS is increased by ($3/$4/) million and the PMC is increased by ($16/$12) M. Potential TMS is ($3/$4/$12/$16) M. 61. When the Fed lends to commercial ban ...
... are (increased/decreased) and the monetary multiplier is (incr/decr). 60. Assume the RR is 25% and the Fed buys $4 M of bonds from the public. The MS is increased by ($3/$4/) million and the PMC is increased by ($16/$12) M. Potential TMS is ($3/$4/$12/$16) M. 61. When the Fed lends to commercial ban ...
NBER WORKING PAPER SERIES STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: AN EMPIRICAL INVESTIGATION
... The largest independent dollarized countries in Table 1 are Liberia and Panama. Only the latter, however, remains dollarized today.10 The vast majority of the countries in Table 1 are extremely open, and in most of them there are no controls on capital mobility or on any type of financial transactio ...
... The largest independent dollarized countries in Table 1 are Liberia and Panama. Only the latter, however, remains dollarized today.10 The vast majority of the countries in Table 1 are extremely open, and in most of them there are no controls on capital mobility or on any type of financial transactio ...
Impact of demonetization on Indian economy
... Demonetization has offered both challenges and opportunities in the digitization of the Indian economy. The government has implemented a major change in the economic environment by demonetizing the high value currency notes – of Rs 500 and Rs 1000 denomination on 8th Nov.2016. Demonetization refers ...
... Demonetization has offered both challenges and opportunities in the digitization of the Indian economy. The government has implemented a major change in the economic environment by demonetizing the high value currency notes – of Rs 500 and Rs 1000 denomination on 8th Nov.2016. Demonetization refers ...
Balance-of-Payments Adjustment
... from the average level of 0.4% in the preceding three years. The deficit appears small as a percentage of GDP compared with figures for other countries, but this impression is due to the fact that trade flows arc small relative to GDP in India, as is the case in most other large economies. The finan ...
... from the average level of 0.4% in the preceding three years. The deficit appears small as a percentage of GDP compared with figures for other countries, but this impression is due to the fact that trade flows arc small relative to GDP in India, as is the case in most other large economies. The finan ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... crisis. We also construct a control group of tranquil observations. If a country was not subject to any crisis within a window of plus/minus two years surrounding a specific year, it is counted as a noncrisis country in that specific year. The behavior of the macroeconomic variables between the two ...
... crisis. We also construct a control group of tranquil observations. If a country was not subject to any crisis within a window of plus/minus two years surrounding a specific year, it is counted as a noncrisis country in that specific year. The behavior of the macroeconomic variables between the two ...
Real currency appreciation in accession countries
... in the real effective exchange rate computations) as soon as the access of EU accession countries to European Monetary Union (EMU) is discussed. In these discussions, it may be valuable to have an idea of the origin of such inflation differentials. The papers of Halpern/Wyplosz (1997), Krajnyák/Zett ...
... in the real effective exchange rate computations) as soon as the access of EU accession countries to European Monetary Union (EMU) is discussed. In these discussions, it may be valuable to have an idea of the origin of such inflation differentials. The papers of Halpern/Wyplosz (1997), Krajnyák/Zett ...
Exchange-Rate Determination: A Survey of
... (2.1) purchasing-power-parity theory, (2.2) a popular balance-ofpayments view, (2.3) forward exchange theory, and (2.4) the speculativerun view. Each ofthe first three views is shown to be inadequate by itself, on both theoretical and empirical grounds, as an explanation of exchange-rate behavior in ...
... (2.1) purchasing-power-parity theory, (2.2) a popular balance-ofpayments view, (2.3) forward exchange theory, and (2.4) the speculativerun view. Each ofthe first three views is shown to be inadequate by itself, on both theoretical and empirical grounds, as an explanation of exchange-rate behavior in ...
Exchange rate, income distribution and technical change - unu
... A topic of main concern among economists nowadays is the impacts of exchange rate on growth. We might say the exchange rate is, in an open economy, one of the most important macroeconomic policy tools due to its capacity of affecting a country’s relative competitiveness in international trade. After ...
... A topic of main concern among economists nowadays is the impacts of exchange rate on growth. We might say the exchange rate is, in an open economy, one of the most important macroeconomic policy tools due to its capacity of affecting a country’s relative competitiveness in international trade. After ...
Economic Review no 2 - National Bank of Rwanda
... (+31.25%) and that of the nominal GDP (+13%). This difference is explained by the fast monetization of the economy that took place in 2007, while maintaining inflation at a moderate level. Money supply increased by 31.25%, from RWF 285.6 billion to RWF 374.9 billion between December 2006 and Decembe ...
... (+31.25%) and that of the nominal GDP (+13%). This difference is explained by the fast monetization of the economy that took place in 2007, while maintaining inflation at a moderate level. Money supply increased by 31.25%, from RWF 285.6 billion to RWF 374.9 billion between December 2006 and Decembe ...
ECON 202 - Macroeconomic Principles
... The Fed can increase or decrease the total amount of reserves in the banking system through either of the following operations: ...
... The Fed can increase or decrease the total amount of reserves in the banking system through either of the following operations: ...
Foreign Exchange Interventions at Zero Interest Rates
... 2000, the Bank of Japan, acting as the agent of the Ministry of Finance, bought US dollars on 168 occasions for a cumulative amount of $304 billion and sold US dollars on 33 occasions for a cumulative amount of $38 billion. In this paper, we use monthly data from 1991 to 2002. The variables include ...
... 2000, the Bank of Japan, acting as the agent of the Ministry of Finance, bought US dollars on 168 occasions for a cumulative amount of $304 billion and sold US dollars on 33 occasions for a cumulative amount of $38 billion. In this paper, we use monthly data from 1991 to 2002. The variables include ...
Title: The Political Economy of Monetary Institutions: An
... has long interested political economists, previous literature on the topic suffers from a central limitation: ...
... has long interested political economists, previous literature on the topic suffers from a central limitation: ...
devaluation and its impact on ethiopian economy
... Main Exchange Rate regimes As it is mentioned before, the main exchange rate regimes are:- ...
... Main Exchange Rate regimes As it is mentioned before, the main exchange rate regimes are:- ...
A Neo-Keynedan Vie~ of Monetary Policy
... defined as a change in government expenditures or a change in tax rates without any accompanying change in the instruments of monetary policy. Under our present institutional set-up, the instruments of monetary policy are open-market operations, changes in reserve requirements, and changes in the Fe ...
... defined as a change in government expenditures or a change in tax rates without any accompanying change in the instruments of monetary policy. Under our present institutional set-up, the instruments of monetary policy are open-market operations, changes in reserve requirements, and changes in the Fe ...
Does the Canadian economy suffer from Dutch Disease?
... is negatively affected by the appreciation of the Canadian dollar (against the USD). They also strongly believe that the Canadian dollar is mostly driven by oil and commodity prices.5 In the meantime, the brutal fall of the oil price and other commodity prices following the worsening of the financi ...
... is negatively affected by the appreciation of the Canadian dollar (against the USD). They also strongly believe that the Canadian dollar is mostly driven by oil and commodity prices.5 In the meantime, the brutal fall of the oil price and other commodity prices following the worsening of the financi ...
Portfolio Choices with Near Rational Agents: A Solution of Some
... of bad news on the expected discounted value of consumption. In this case, there is a close parallel with the stochastic discount factor of non-expected utility models discussed in Hansen et al. (2005) and Piazzesi and Schneider (2006).6 The reasons for why the model with near-rational agents genera ...
... of bad news on the expected discounted value of consumption. In this case, there is a close parallel with the stochastic discount factor of non-expected utility models discussed in Hansen et al. (2005) and Piazzesi and Schneider (2006).6 The reasons for why the model with near-rational agents genera ...
Discretionary fiscal policy: Review and estimates for the EU
... the trade balance. Much of the policy discussion has always taken place in the context of the Mundell-Fleming model. The model features price stickiness and predicts that a fiscal expansion in an open economy with a flexible exchange rate crowds out net exports through a real exchange rate apprecia ...
... the trade balance. Much of the policy discussion has always taken place in the context of the Mundell-Fleming model. The model features price stickiness and predicts that a fiscal expansion in an open economy with a flexible exchange rate crowds out net exports through a real exchange rate apprecia ...
GreekDebt
... • Total Measures meant to save about 6.7 Billion • A series of riots and strikes have occurred over last 3o days as laws introduced. • News on 3/2/10 indicates the the Eurosystem Central Bank expects more austerity measures. Sources (in order) : http://www.nytimes.com/2010/02/25/world/europe/25gree ...
... • Total Measures meant to save about 6.7 Billion • A series of riots and strikes have occurred over last 3o days as laws introduced. • News on 3/2/10 indicates the the Eurosystem Central Bank expects more austerity measures. Sources (in order) : http://www.nytimes.com/2010/02/25/world/europe/25gree ...
Applying the Debt Sustainability Framework for Low
... – It also depend on current economic policies – And it also depends on broader institutional strength ...
... – It also depend on current economic policies – And it also depends on broader institutional strength ...
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.