Monetary Economics, 2nd Edition
... Stylized facts on money demand and supply, and the relationships between monetary policy, inflation, output and unemployment in the economy. Theories on money demand and supply, including precautionary and buffer stock models, and monetary aggregation. Cross-country comparison of central banking and ...
... Stylized facts on money demand and supply, and the relationships between monetary policy, inflation, output and unemployment in the economy. Theories on money demand and supply, including precautionary and buffer stock models, and monetary aggregation. Cross-country comparison of central banking and ...
Paper Money Collapse
... Mankind has used money for more than 2500 years. For most of history money has been a commodity and most frequently gold or silver. There are good reasons why gold and silver have held this unique position. These precious metals possess some characteristics that make them particularly useful as mone ...
... Mankind has used money for more than 2500 years. For most of history money has been a commodity and most frequently gold or silver. There are good reasons why gold and silver have held this unique position. These precious metals possess some characteristics that make them particularly useful as mone ...
The European Central Bank - History, role and functions, October 2004
... national sovereignty; national banknotes, which occupied an increasingly important role in the circulation of money and eventually replaced par-value gold and silver coins as legal tender, communicated national cultures and symbols. Concurrently with the increasing role of banknotes as a means of pa ...
... national sovereignty; national banknotes, which occupied an increasingly important role in the circulation of money and eventually replaced par-value gold and silver coins as legal tender, communicated national cultures and symbols. Concurrently with the increasing role of banknotes as a means of pa ...
This PDF is a selection from a published volume from... Research Volume Title: International Dimensions of Monetary Policy
... become more strongly affected by international factors? Second, has the very rapid globalization of finance weakened the ability of U.S. monetary policy to influence domestic financial market conditions, and through it, the rest of the economy? In other words, does a change in the Federal Funds rate ...
... become more strongly affected by international factors? Second, has the very rapid globalization of finance weakened the ability of U.S. monetary policy to influence domestic financial market conditions, and through it, the rest of the economy? In other words, does a change in the Federal Funds rate ...
Low inflation in the euro area: Causes and
... Since the Great Recession, inflation worldwide has become more difficult to understand, and economists speak of a twin puzzle. First, inflation was expected to be lower between 2009 and end-2011, given the severity and length of the recession in most advanced economies (missing disinflation). Second ...
... Since the Great Recession, inflation worldwide has become more difficult to understand, and economists speak of a twin puzzle. First, inflation was expected to be lower between 2009 and end-2011, given the severity and length of the recession in most advanced economies (missing disinflation). Second ...
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... become more strongly affected by international factors? Second, has the very rapid globalization of finance weakened the ability of U.S. monetary policy to influence domestic financial market conditions, and through it, the rest of the economy? In other words, does a change in the Federal Funds rate hav ...
... become more strongly affected by international factors? Second, has the very rapid globalization of finance weakened the ability of U.S. monetary policy to influence domestic financial market conditions, and through it, the rest of the economy? In other words, does a change in the Federal Funds rate hav ...
Macroeconomics, 10e, Global Edition (Parkin) Chapter 25 Money
... 8) The most direct way in which money replaces barter is through its use as a A) medium of exchange. B) recording device. C) store of value. D) unit of account. Answer: A Topic: Medium of Exchange Skill: Recognition Question history: Previous edition, Chapter 8 AACSB: Reflective Thinking 9) The mos ...
... 8) The most direct way in which money replaces barter is through its use as a A) medium of exchange. B) recording device. C) store of value. D) unit of account. Answer: A Topic: Medium of Exchange Skill: Recognition Question history: Previous edition, Chapter 8 AACSB: Reflective Thinking 9) The mos ...
Evolving Macroeconomic Dynamics and Structural Change: Applications and Policy Implications Luca Gambetti
... Ginzburg, Sergio Paba, Barbara Pistoresi and Antonio Ribba for their support during all this years. All my gratitude to my family for his invaluable help, support and love. Finally, Laia, this thesis is dedicated to you. ...
... Ginzburg, Sergio Paba, Barbara Pistoresi and Antonio Ribba for their support during all this years. All my gratitude to my family for his invaluable help, support and love. Finally, Laia, this thesis is dedicated to you. ...
International Monetary Fund Annual Report 1973
... the high degree of mobility with which funds could be switched from one market to another and the reluctance or inability of the authorities to prevent such movements of funds. These movements occurred against a background of enlarged imbalances in the basic external accounts of several key countrie ...
... the high degree of mobility with which funds could be switched from one market to another and the reluctance or inability of the authorities to prevent such movements of funds. These movements occurred against a background of enlarged imbalances in the basic external accounts of several key countrie ...
This PDF is a selection from a published volume from... National Bureau of Economic Research Volume Title: The Inflation-Targeting Debate
... rise in the price of gold, and the Soviet invasion of Afghanistan. In addition, the Fed’s hesitation to tighten further probably created doubts about its willingness to bear the output costs necessary to reduce inflation. In any case, faced with this evidence of a further increase in inflation expec ...
... rise in the price of gold, and the Soviet invasion of Afghanistan. In addition, the Fed’s hesitation to tighten further probably created doubts about its willingness to bear the output costs necessary to reduce inflation. In any case, faced with this evidence of a further increase in inflation expec ...
innocent bystanders? monetary policy and inequality in the us
... levels of inequality in the United States remain a pressing concern for a large swath of the population. While such movements have primarily focused their ire on private financial institutions and their perceived contribution to inequality and the Great Recession, the Federal Reserve (Fed) has not r ...
... levels of inequality in the United States remain a pressing concern for a large swath of the population. While such movements have primarily focused their ire on private financial institutions and their perceived contribution to inequality and the Great Recession, the Federal Reserve (Fed) has not r ...
Microfoundations and Macroeconomics: An Austrian perspective
... attempted to clarify his position in his controversies with Keynes, Sraffa, and others in the LSE-Cambridge debates of that period. One could plausibly argue that Hayek’s difficulties in convincing his opponents in both the debate with Keynes and the debate over socialist calculation derived from di ...
... attempted to clarify his position in his controversies with Keynes, Sraffa, and others in the LSE-Cambridge debates of that period. One could plausibly argue that Hayek’s difficulties in convincing his opponents in both the debate with Keynes and the debate over socialist calculation derived from di ...
Training Catalog
... developments (linkages and spillovers, global imbalances, and policy coordination). Face-to-face training will remain at the center of our work through a growing network of regional training centers and programs, strategically located around the world to facilitate access to courses, enable peer-to- ...
... developments (linkages and spillovers, global imbalances, and policy coordination). Face-to-face training will remain at the center of our work through a growing network of regional training centers and programs, strategically located around the world to facilitate access to courses, enable peer-to- ...
MONETARY THEORY AND POLICY
... colleagues. You are advised to do so in order to understand and get acquainted with historical economic events as well as notable periods. There are also textbooks under the references and other (on-line and off-line) resources for further reading. They are meant to give you additional information i ...
... colleagues. You are advised to do so in order to understand and get acquainted with historical economic events as well as notable periods. There are also textbooks under the references and other (on-line and off-line) resources for further reading. They are meant to give you additional information i ...
The Ethics of Money Production
... It was this scholastic line of thought that gave rise to economics as a science. As Joseph Schumpeter wrote: It is within [the scholastics’] systems of moral theology and law that economics gained definite if not separate existence, and it is they who come nearer than does any other group to having ...
... It was this scholastic line of thought that gave rise to economics as a science. As Joseph Schumpeter wrote: It is within [the scholastics’] systems of moral theology and law that economics gained definite if not separate existence, and it is they who come nearer than does any other group to having ...
NBER WORKING PAPER SERIES THE FORMATION OF INFLATION EXPECTATIONS: David G. Blanchflower
... It is worth considering how wages may have responded to inflation expectations. Chart 8 illustrates that wage settlements showed little response to both the rise in CPI inflation or median inflation expectations over the course of 2008. Rather, wage growth began to fall back as firms cut back on hi ...
... It is worth considering how wages may have responded to inflation expectations. Chart 8 illustrates that wage settlements showed little response to both the rise in CPI inflation or median inflation expectations over the course of 2008. Rather, wage growth began to fall back as firms cut back on hi ...
What are monetary policy shocks?
... My paper is closely related to Castelnuovo (2012), Ireland (2005), Smets and Wouters (2007) and Fuhrer (1994). Whereas Castelnuovo (2012) focuses on the contribution of shocks to trend inflation on macroeconomic dynamics, my main focus is the impact of misspecifications in the reaction function on ...
... My paper is closely related to Castelnuovo (2012), Ireland (2005), Smets and Wouters (2007) and Fuhrer (1994). Whereas Castelnuovo (2012) focuses on the contribution of shocks to trend inflation on macroeconomic dynamics, my main focus is the impact of misspecifications in the reaction function on ...
Monetary Economics
... © Wynne Godley and Marc Lavoie 2007 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of t ...
... © Wynne Godley and Marc Lavoie 2007 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of t ...
Money and Macroeconomic Dynamics
... born in the year 1883 when Marx passed away, and I was born in the year 1946 when Keynes passed away. Since then I’ve been enslaved by a sense of scientific mission, though the reader may laugh at its mirage, that I should carry on and go beyond their economic thoughts for a better world. Modern mac ...
... born in the year 1883 when Marx passed away, and I was born in the year 1946 when Keynes passed away. Since then I’ve been enslaved by a sense of scientific mission, though the reader may laugh at its mirage, that I should carry on and go beyond their economic thoughts for a better world. Modern mac ...
The Effect of Monetary Policy on Credit Spreads
... on the balance sheet channel of monetary policy (e.g. Bernanke and Gertler (1989), Kiyotaki and Moore (1997)) argue that a firm’s balance sheet serves as a collateral in financial markets with information asymmetry between borrowers and lenders. A firm with a weak balance sheet would have limited ac ...
... on the balance sheet channel of monetary policy (e.g. Bernanke and Gertler (1989), Kiyotaki and Moore (1997)) argue that a firm’s balance sheet serves as a collateral in financial markets with information asymmetry between borrowers and lenders. A firm with a weak balance sheet would have limited ac ...
The Relationship Between the Federal Funds Rate and the Fed`s
... Specifically, Cook and Hahn (1989a, p. 343) note that “the standard interpretation by market participants of movements in Treasury bill rate on days of changes in the funds rate target is that the movements are due to changes in expectations of the funds rate over the life of the bill. This interpre ...
... Specifically, Cook and Hahn (1989a, p. 343) note that “the standard interpretation by market participants of movements in Treasury bill rate on days of changes in the funds rate target is that the movements are due to changes in expectations of the funds rate over the life of the bill. This interpre ...
NBER WORKING PAPER SERIES IMPERFECT KNOWLEDGE, INFLATION EXPECTATIONS, AND MONETARY POLICY Athanasios Orphanides
... imperfect knowledge can have economically important effects on the stochastic behavior of our economy and policy evaluation. An interesting feature of the model is that the interaction of learning and control creates rich nonlinear dynamics that can potentially explain both the shifting parameter s ...
... imperfect knowledge can have economically important effects on the stochastic behavior of our economy and policy evaluation. An interesting feature of the model is that the interaction of learning and control creates rich nonlinear dynamics that can potentially explain both the shifting parameter s ...
State-Dependent Pricing and Optimal Monetary Policy No. 09-20
... the tradeoff and the cost of inflation variation faced by the monetary authority in comparison to the standard time-dependent pricing (TDP) assumption. In particular, it is desirable to let inflation vary more under SDP. Despite the change in the policy tradeoff, however, the optimal response under ...
... the tradeoff and the cost of inflation variation faced by the monetary authority in comparison to the standard time-dependent pricing (TDP) assumption. In particular, it is desirable to let inflation vary more under SDP. Despite the change in the policy tradeoff, however, the optimal response under ...
The Effect of Changes in the Federal Funds Rate Target on Market
... regression. On this day the Treasury and the Federal Reserve announced a program aimed at supporting the dollar in the foreign exchange markets. The government announced that it would sharply increase its available stock of foreign exchange for use in more intensive intervention activities. On the d ...
... regression. On this day the Treasury and the Federal Reserve announced a program aimed at supporting the dollar in the foreign exchange markets. The government announced that it would sharply increase its available stock of foreign exchange for use in more intensive intervention activities. On the d ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN THE UNITED STATES? Marvin Goodfriend
... in the nominal funds rate in March. The short recession that occurred in the first half of 1980 probably resulted from this aggressive policy tightening in conjuntion with the ...
... in the nominal funds rate in March. The short recession that occurred in the first half of 1980 probably resulted from this aggressive policy tightening in conjuntion with the ...