![DP2006/03 A Small New Keynesian Model of the New Zealand Economy Philip Liu](http://s1.studyres.com/store/data/008874989_1-1a3661d4217a7dceef5350e1848d7b8a-300x300.png)
DP2006/03 A Small New Keynesian Model of the New Zealand Economy Philip Liu
... area, notably by Smets and Wouters (2004), Gali and Monacelli (2005), Lubik and Schorfheide (2003), Monacelli (2005), Justiniano and Preston (2004), and Lubik and Schorfheide (2005). Among these studies, key aggregate relationships are derived from micro-foundations with optimizing agents and ration ...
... area, notably by Smets and Wouters (2004), Gali and Monacelli (2005), Lubik and Schorfheide (2003), Monacelli (2005), Justiniano and Preston (2004), and Lubik and Schorfheide (2005). Among these studies, key aggregate relationships are derived from micro-foundations with optimizing agents and ration ...
Macroeconomic Forecasting and Policy Analysis
... A model‐based, macroeconomic forecast – to provide information for policy decisions and support it by structuring and systemizing the analysis ...
... A model‐based, macroeconomic forecast – to provide information for policy decisions and support it by structuring and systemizing the analysis ...
Japanese Foreign Exchange Intervention
... effects under near-zero nominal short-term rates, one must turn to the literature on the effects of sterilized intervention to understand how the intervention may have resulted in a lower value of the yen. In their recent survey, Sarno and Taylor (2001) discuss two channels for sterilized foreign ex ...
... effects under near-zero nominal short-term rates, one must turn to the literature on the effects of sterilized intervention to understand how the intervention may have resulted in a lower value of the yen. In their recent survey, Sarno and Taylor (2001) discuss two channels for sterilized foreign ex ...
an analysis of pegged exchange rate between bhutan and india
... medium of exchange. Hundreds of Bhutanese customers shopping in India would no longer be able shop using their own currency. Even if they were able to use the Ngultrum, the Indian shopkeepers would take uncertainties associated with the exchange rate into account and would always try to cover themse ...
... medium of exchange. Hundreds of Bhutanese customers shopping in India would no longer be able shop using their own currency. Even if they were able to use the Ngultrum, the Indian shopkeepers would take uncertainties associated with the exchange rate into account and would always try to cover themse ...
Ch30-7e-lecture
... monetary base respond to the long-term average growth rate of real GDP and medium-term changes in the velocity of circulation of the monetary base. The rule is based on the quantity theory of money. The McCallum rule does not need an estimate of either the real interest rate or the output gap. The M ...
... monetary base respond to the long-term average growth rate of real GDP and medium-term changes in the velocity of circulation of the monetary base. The rule is based on the quantity theory of money. The McCallum rule does not need an estimate of either the real interest rate or the output gap. The M ...
77045063I_en.pdf
... countries and made them less able to cope with the economic globalization and internationalization now prevalent in the world. The initial deregulation of finance, stock markets and public services provision created problems that governments were gradually forced to address by taking regulatory meas ...
... countries and made them less able to cope with the economic globalization and internationalization now prevalent in the world. The initial deregulation of finance, stock markets and public services provision created problems that governments were gradually forced to address by taking regulatory meas ...
Loanable Funds
... The two sides of the foreign-currency exchange market are represented by NCO and NX. NCO represents the imbalance between the purchases and sales of capital assets. NX represents the imbalance between exports and imports of goods and ...
... The two sides of the foreign-currency exchange market are represented by NCO and NX. NCO represents the imbalance between the purchases and sales of capital assets. NX represents the imbalance between exports and imports of goods and ...
F CHAPTER 1. REGIONAL ECONOMIC DEVELOPMENTS AND PROSPECTS
... countries. They accounted for more than 16% of world GDP in 2006 and one third of world GDP growth. In purchasing power parity terms, their contribution is much higher at 30% of world GDP in 2002-2004 and 58% of world GDP growth (box figure a). By far the largest contribution to global growth since ...
... countries. They accounted for more than 16% of world GDP in 2006 and one third of world GDP growth. In purchasing power parity terms, their contribution is much higher at 30% of world GDP in 2002-2004 and 58% of world GDP growth (box figure a). By far the largest contribution to global growth since ...
Eichner`s monetary economics Ahead of its time
... not only discretionary spending but also liquidity crises and the number of bankruptcies.... Thus it is credit availability – or the degree of ‘liquidity’ pressure throughout the economy – that becomes the critical monetary factor in a post-Keynesian short-period model, not the stock of money”. (Eic ...
... not only discretionary spending but also liquidity crises and the number of bankruptcies.... Thus it is credit availability – or the degree of ‘liquidity’ pressure throughout the economy – that becomes the critical monetary factor in a post-Keynesian short-period model, not the stock of money”. (Eic ...
The Long or Short of it: Determinants of Foreign Currency
... of country fixed effects in the estimation, we find support for a key general prediction of the theoretical literature: an increase in the propensity for a currency to depreciate during bad times is associated with a longer position in foreign currencies, which acts as a hedge against domestic output ...
... of country fixed effects in the estimation, we find support for a key general prediction of the theoretical literature: an increase in the propensity for a currency to depreciate during bad times is associated with a longer position in foreign currencies, which acts as a hedge against domestic output ...
Chapter 32
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
2001:3 The International Monetary Fund´s quotas
... called a loan facility. The first facility was introduced back in 1952 and was called a “stand-by arrangement” (SBA). Such arrangements meant that the IMF had to draw on its committed credit line in the currency in demand’s currency tranche. The operational support was designed The role of the USA, ...
... called a loan facility. The first facility was introduced back in 1952 and was called a “stand-by arrangement” (SBA). Such arrangements meant that the IMF had to draw on its committed credit line in the currency in demand’s currency tranche. The operational support was designed The role of the USA, ...
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... reached; and virtually all transactions were approved and processed within three days. As IMF (2004) noted in their more recent consultations with RBF under Article IV of the IMF Charter, main restrictions appear to be on capital transactions by residents. The overall balance in Fiji’s external acco ...
... reached; and virtually all transactions were approved and processed within three days. As IMF (2004) noted in their more recent consultations with RBF under Article IV of the IMF Charter, main restrictions appear to be on capital transactions by residents. The overall balance in Fiji’s external acco ...
THE DIFFUSION OF ACTIVITIES
... originating in these economies is therefore to increase their current account surplus and, correspondingly, to increase the currenct account deficit at the “core”, in situations where the tendency towards underconsumption expresses itself as a realization crisis. On the other hand, in situations wh ...
... originating in these economies is therefore to increase their current account surplus and, correspondingly, to increase the currenct account deficit at the “core”, in situations where the tendency towards underconsumption expresses itself as a realization crisis. On the other hand, in situations wh ...
Recent studies have found that PEFM is more likely in new
... In an analysis of speculative attacks in ninety developing countries, Leblang (2003) finds that governments are most likely to defend the value of their currency prior to an election, and argues that governments’ greater commitment to their exchange rate peg reduces the likelihood of a pre-electoral ...
... In an analysis of speculative attacks in ninety developing countries, Leblang (2003) finds that governments are most likely to defend the value of their currency prior to an election, and argues that governments’ greater commitment to their exchange rate peg reduces the likelihood of a pre-electoral ...
Which Anchor Will Hold?
... monetary policy, then the country must give up on the idea of stabilizing its exchange rate. If intent on achieving both independent monetary policy and stabilizing its exchange rate, then it must resort to foreign exchange controls. Only two of the three options are possible at any point in time. T ...
... monetary policy, then the country must give up on the idea of stabilizing its exchange rate. If intent on achieving both independent monetary policy and stabilizing its exchange rate, then it must resort to foreign exchange controls. Only two of the three options are possible at any point in time. T ...
NBER WORKING PAPER SERIES MONETARY AND FISCAL POLICY UNDER PERFECT FORESIGHT:
... analysis tractable, but it also helps provide insight into the analysis. The main focus of our analysis will be on the impact of monetary and fiscal expansions in one economy, say the domestic, on both ...
... analysis tractable, but it also helps provide insight into the analysis. The main focus of our analysis will be on the impact of monetary and fiscal expansions in one economy, say the domestic, on both ...
Is WAMZ an Optimum Currency Area (OCA)?
... According to European Union Commission (1990), monetary union requires virtually complete convergence of economic variables. Monetary union, however, accommodates regional divergences in relative wage levels that arise as a result of differences in productivity and competitiveness. Charalambos Tsang ...
... According to European Union Commission (1990), monetary union requires virtually complete convergence of economic variables. Monetary union, however, accommodates regional divergences in relative wage levels that arise as a result of differences in productivity and competitiveness. Charalambos Tsang ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Exchange Rates and International Macroeconomics
... therefore that it is unlikely that more efficient estimation techniques, such as imposing all the cross-equation rational expectations restrictions, would yield parameter estimates which would perform much better. While the various models do not outperform the random walk model over periods of one t ...
... therefore that it is unlikely that more efficient estimation techniques, such as imposing all the cross-equation rational expectations restrictions, would yield parameter estimates which would perform much better. While the various models do not outperform the random walk model over periods of one t ...
Foreign Exchange Risk
... • There are a number of instruments that can be used to hedge foreign exchange risk. • Chapter 8 deals with the forward markets, while Chapter 9 introduces foreign exchange futures, options, and swaps. ...
... • There are a number of instruments that can be used to hedge foreign exchange risk. • Chapter 8 deals with the forward markets, while Chapter 9 introduces foreign exchange futures, options, and swaps. ...
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.