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Chapter 15
... regulates a nation’s depository institutions and controls the quantity of the nation’s money. The degree of independence the central bank has from the government of the day varies a great deal from one country to another. ...
... regulates a nation’s depository institutions and controls the quantity of the nation’s money. The degree of independence the central bank has from the government of the day varies a great deal from one country to another. ...
Bank of England Inflation Report November 2014
... Sources: Bank of England, BDRC Continental SME Finance Monitor, Bloomberg, BofA Merrill Lynch Global Research, used with permission, British Household Panel Survey, Department for Business, Innovation and Skills, Eurostat, IMF World Economic Outlook (WEO), ONS, US Bureau of Economic Analysis and Ban ...
... Sources: Bank of England, BDRC Continental SME Finance Monitor, Bloomberg, BofA Merrill Lynch Global Research, used with permission, British Household Panel Survey, Department for Business, Innovation and Skills, Eurostat, IMF World Economic Outlook (WEO), ONS, US Bureau of Economic Analysis and Ban ...
NBER WORKING PAPER SERIES
... economy, reflecting anticipation of lower future growth. In the category of financial market factors, the first variable we include is financial openness. We use the Chinn-Ito capital market openness index (Kopen). The second variable is historic exchange rate volatility (exstdev), which is measured ...
... economy, reflecting anticipation of lower future growth. In the category of financial market factors, the first variable we include is financial openness. We use the Chinn-Ito capital market openness index (Kopen). The second variable is historic exchange rate volatility (exstdev), which is measured ...
Scenario Review - Mexico
... announce a reserve accumulation program through U.S. dollar put auctions. This mechanism was last introduced in 2010, with a monthly notional volume of $600 million. We don’t expect that volumes would be significantly higher this time. Not a long time ago, Mexican policymakers have expressed concern ...
... announce a reserve accumulation program through U.S. dollar put auctions. This mechanism was last introduced in 2010, with a monthly notional volume of $600 million. We don’t expect that volumes would be significantly higher this time. Not a long time ago, Mexican policymakers have expressed concern ...
E x c h a n g e ... d e v e l o p e d ...
... Changes in the global financial system, together with new experience with fixed and floating exchange rates, have resulted in a reassessment of exchange rate strategies for both developed and emerging market economies. The emergence of a currency union in Europe has been seen by some as showing the ...
... Changes in the global financial system, together with new experience with fixed and floating exchange rates, have resulted in a reassessment of exchange rate strategies for both developed and emerging market economies. The emergence of a currency union in Europe has been seen by some as showing the ...
Jacob A. Frenkel and Morris Goldstein THE INTERNATIONAL MONETARY SYSTEM: Introduction
... policies,7 it is not by itself likely to deliver monetary policy from having to serve two masters. Another possible way out of the box would be controls on international capital flows. This is indeed the route sometimes taken in the past by some members ofthe EMS, as evidenced by the widening of int ...
... policies,7 it is not by itself likely to deliver monetary policy from having to serve two masters. Another possible way out of the box would be controls on international capital flows. This is indeed the route sometimes taken in the past by some members ofthe EMS, as evidenced by the widening of int ...
The euro in the `currency war` - Centre for Economic Policy Research
... the role of bank loans in financing businesses in the Eurozone – by offering more liquidity to banks, the ECB hoped to boost bank credit to the economy. In practice, however, the Eurozone’s banking system has made only partial and insufficient use of the available liquidity, as demonstrated by the s ...
... the role of bank loans in financing businesses in the Eurozone – by offering more liquidity to banks, the ECB hoped to boost bank credit to the economy. In practice, however, the Eurozone’s banking system has made only partial and insufficient use of the available liquidity, as demonstrated by the s ...
an estimated new keynesian policy model for the czech republic
... • Choose GMM over MLE-based methods to ensure higher robustness of estimates against possible misspecification • Up to three lags of variables in the system used as instruments ...
... • Choose GMM over MLE-based methods to ensure higher robustness of estimates against possible misspecification • Up to three lags of variables in the system used as instruments ...
14.02 Solutions Quiz III Spring 03
... The effect on the trade balance is ambiguous, as Y goes up (imports go up), and E depreciates. The intuition is the following: at a given Vermont interest rate, the increase in the US interest rate must compensate investors with an expected appreciation of the VT$, thus implying an immediate depreci ...
... The effect on the trade balance is ambiguous, as Y goes up (imports go up), and E depreciates. The intuition is the following: at a given Vermont interest rate, the increase in the US interest rate must compensate investors with an expected appreciation of the VT$, thus implying an immediate depreci ...
The International Capital Market and the International Monetary
... beginning in the mid-1960s. Contributing factors included a series of increasing U.S. budget deficitsfrom 1965,a decline inthe dollar’s domestic purchasing power, larger external payments deficits, and rising concern aboQt the dollar’sexchange rate on the part of foreign holders. Confidence in the w ...
... beginning in the mid-1960s. Contributing factors included a series of increasing U.S. budget deficitsfrom 1965,a decline inthe dollar’s domestic purchasing power, larger external payments deficits, and rising concern aboQt the dollar’sexchange rate on the part of foreign holders. Confidence in the w ...
Putting the Cart Before the Horse? Capital Account Liberalization and
... are for an appreciation, but the fact that domestic banks have a positive net foreign asset position implies that there could still be costs to the banking sector. The current overall exposure of the corporate sector and banks in China to foreign exchange risks appears to be low; however, there are ...
... are for an appreciation, but the fact that domestic banks have a positive net foreign asset position implies that there could still be costs to the banking sector. The current overall exposure of the corporate sector and banks in China to foreign exchange risks appears to be low; however, there are ...
Contagion, Herding and Exchange-rate Instability
... Information cascades are generally considered to be the most common explanation for herding.17 The typical setting of this kind of approach is provided by two crucial assumptions. First, there is private but imperfect information. However, investors also react to other actions. Second, a selling or ...
... Information cascades are generally considered to be the most common explanation for herding.17 The typical setting of this kind of approach is provided by two crucial assumptions. First, there is private but imperfect information. However, investors also react to other actions. Second, a selling or ...
The Theoretical Basis of an Integrating Currency Area. The
... developed taking into account measures of productivity (Beachill and Pugh, 1998), and in particular the labor productivity measure (Grabowski, 2001; Dobija, 2001; 2003; 2008; Jędrzejczyk, 2012). In recent years, studies have been elaborated demonstrating that the productivity measure for the theory ...
... developed taking into account measures of productivity (Beachill and Pugh, 1998), and in particular the labor productivity measure (Grabowski, 2001; Dobija, 2001; 2003; 2008; Jędrzejczyk, 2012). In recent years, studies have been elaborated demonstrating that the productivity measure for the theory ...
Macroeconomics Study Sheet
... The aggregate demand curve (AD) illustrates the negative relationship between eqm real GDP and the price level. → Changes in AE (other than changes in the price level) result in a shift of AD. ...
... The aggregate demand curve (AD) illustrates the negative relationship between eqm real GDP and the price level. → Changes in AE (other than changes in the price level) result in a shift of AD. ...
Prasad-uce05-s 405386 en
... The current overall exposure of the corporate sector and banks in China to foreign exchange risks appears to be low; however, there are some indications that the degree of exposure has been on the rise in recent years. As shown in Table 1, in 2003, banks’ net foreign assets accounted for 3 percent o ...
... The current overall exposure of the corporate sector and banks in China to foreign exchange risks appears to be low; however, there are some indications that the degree of exposure has been on the rise in recent years. As shown in Table 1, in 2003, banks’ net foreign assets accounted for 3 percent o ...
Lectures 18 to 20
... Barriers to Expenditure Switching: Pass-Through and the J Curve The J Curve When prices are sticky and there is a nominal and real depreciation of the home currency, it may take time for the trade balance to move toward surplus. In fact, the initial impact may be toward deficit. If firms and househo ...
... Barriers to Expenditure Switching: Pass-Through and the J Curve The J Curve When prices are sticky and there is a nominal and real depreciation of the home currency, it may take time for the trade balance to move toward surplus. In fact, the initial impact may be toward deficit. If firms and househo ...
Proposals for a European Clearing Union
... transactions in all the world” (House of Lords 1943). His proposals in particular emphasized that: The idea underlying such Union is simple, namely, to generalise the essential principle of banking as it is exhibited within any closed system. This principle is the necessary equality of credits and d ...
... transactions in all the world” (House of Lords 1943). His proposals in particular emphasized that: The idea underlying such Union is simple, namely, to generalise the essential principle of banking as it is exhibited within any closed system. This principle is the necessary equality of credits and d ...
International Financial Architecture, Macro Volatility
... Two recent papers by Acemoglu, Aghion, Zilibotti (2002a,b) offer a model to demonstrate the dependence of economic policies on the distance to the technological frontier. ...
... Two recent papers by Acemoglu, Aghion, Zilibotti (2002a,b) offer a model to demonstrate the dependence of economic policies on the distance to the technological frontier. ...
NBER WORKING PAPER SERIES INTERNATIONAL BORROWING, CAPITAL CONTROLS AND THE EXCHANGE RATE:
... 17% of total external debt in 1987. Later, Chile’s return to international financial markets and voluntary lending combined with sound public finances (the fiscal accounts where in surplus until 1999) drove the share of the private sector in total external debt up 84% in 2000. Subsequently, as a res ...
... 17% of total external debt in 1987. Later, Chile’s return to international financial markets and voluntary lending combined with sound public finances (the fiscal accounts where in surplus until 1999) drove the share of the private sector in total external debt up 84% in 2000. Subsequently, as a res ...
ECO 2013: Macroeconomics Valencia Community College
... 21. A $70 price tag on a sweater in a department store window is an example of money functioning as a: A. unit of account. B. standard of deferred payments. C. store of value. D. medium of exchange. 22. When economists say that money serves as a store of value, they mean that it is: A. a way to kee ...
... 21. A $70 price tag on a sweater in a department store window is an example of money functioning as a: A. unit of account. B. standard of deferred payments. C. store of value. D. medium of exchange. 22. When economists say that money serves as a store of value, they mean that it is: A. a way to kee ...
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.