Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis ∗ Jeffrey R. Campbell
... the expectations theory of the term structure holds good and real rates should not be affected much beyond the duration of price stickiness. These findings raise questions about the use of standard NK models for identifying the effects of Odyssean forward guidance. Therefore we reconsider the Hanson ...
... the expectations theory of the term structure holds good and real rates should not be affected much beyond the duration of price stickiness. These findings raise questions about the use of standard NK models for identifying the effects of Odyssean forward guidance. Therefore we reconsider the Hanson ...
Policy Trade-o¤s and International Spillover E¤ects at the Zero Bound Alex Haberis
... trade-o¤ for the home central bank that has two components. First, the ZLB at home constrains the home central bank’s ability to o¤set the impact of the global shock on the home natural rate (which depends on foreign shocks as well as home shocks because home households consume foreign goods). Secon ...
... trade-o¤ for the home central bank that has two components. First, the ZLB at home constrains the home central bank’s ability to o¤set the impact of the global shock on the home natural rate (which depends on foreign shocks as well as home shocks because home households consume foreign goods). Secon ...
Regional Specialization and Geographic Concentration of
... concentration mainly originate in trade theory and location theory, dating back in the 19th and then 20th century. One of the main streams of the literature dedicated to regional specialization refers to the mechanisms of this process, usually described by Ricardo’s comparative advantage theory (181 ...
... concentration mainly originate in trade theory and location theory, dating back in the 19th and then 20th century. One of the main streams of the literature dedicated to regional specialization refers to the mechanisms of this process, usually described by Ricardo’s comparative advantage theory (181 ...
Prospectus - Veritas University Abuja
... and professional base from which graduates may continue their personal academic and professional development as they assume managerial responsibilities in either public or private sectors of the society. The programme is therefore rigorous and demanding, but in all respect worthwhile and rewarding. ...
... and professional base from which graduates may continue their personal academic and professional development as they assume managerial responsibilities in either public or private sectors of the society. The programme is therefore rigorous and demanding, but in all respect worthwhile and rewarding. ...
NATIONAL OPEN UNIVERSITY OF NIGERIA MACROECONOMIC
... from course tutorials, prepare a question list before attending them. You will learn a lot from participating in discussions actively. Summary This course, Macroeconomic theory II (ECO 342), exposes the users to macroeconomics rudiments such as National income models and accounting, concepts of aggr ...
... from course tutorials, prepare a question list before attending them. You will learn a lot from participating in discussions actively. Summary This course, Macroeconomic theory II (ECO 342), exposes the users to macroeconomics rudiments such as National income models and accounting, concepts of aggr ...
Entrepreneurship and the business cycle
... Data come from the Global Entrepreneurship Monitor surveys, which show yearly estimates on nascent entrepreneurship and its subcategories such as nascent innovative, imitative, opportunity, and necessity entrepreneurship. The survey asks entrepreneurs about their motives (opportunity or necessity), ...
... Data come from the Global Entrepreneurship Monitor surveys, which show yearly estimates on nascent entrepreneurship and its subcategories such as nascent innovative, imitative, opportunity, and necessity entrepreneurship. The survey asks entrepreneurs about their motives (opportunity or necessity), ...
State-controlled Banks and the Effectiveness of Monetary Policy
... effectiveness of monetary policy including per capita GDP, trade openness, financial openness, economic freedom, fiscal policy, output gap, exchange rate depreciation, and the presence of foreign or global banks. These exercises replicate the finding of Kashyap and Stein (2000) that smaller banks tr ...
... effectiveness of monetary policy including per capita GDP, trade openness, financial openness, economic freedom, fiscal policy, output gap, exchange rate depreciation, and the presence of foreign or global banks. These exercises replicate the finding of Kashyap and Stein (2000) that smaller banks tr ...
83081100I_en.pdf
... Consequently, economic policy needs to create the conditions for consolidating the progress made with exports and gradually encouraging the production of goods and services with greater value-added and for which international demand is stronger. Particularly important for Peru are exports of goods a ...
... Consequently, economic policy needs to create the conditions for consolidating the progress made with exports and gradually encouraging the production of goods and services with greater value-added and for which international demand is stronger. Particularly important for Peru are exports of goods a ...
Inflation Targeting and Inflation Prospects in Canada
... 3.2 Zero bound on interest rates • No one will lend money at negative nominal interest if cash is costless to carry over time • The power to lower short-term interest rates to fight deflation and recession is limited when nominal rates are low on average • Potentially persuasive argument against ta ...
... 3.2 Zero bound on interest rates • No one will lend money at negative nominal interest if cash is costless to carry over time • The power to lower short-term interest rates to fight deflation and recession is limited when nominal rates are low on average • Potentially persuasive argument against ta ...
Ensuring Financial Stability: Financial Structure and the
... rapid, since stabilising one may otherwise lead to greater volatility of the other. Needless to say, if these criteria are not satisfied simultaneously, any attempts by central banks to offset asset price movements may simply raise macroeconomic volatility, ...
... rapid, since stabilising one may otherwise lead to greater volatility of the other. Needless to say, if these criteria are not satisfied simultaneously, any attempts by central banks to offset asset price movements may simply raise macroeconomic volatility, ...
T 2 A Tour of the Book
... accounting framework used in Australia (and, with minor variations, in most other countries) today. You will find it useful whenever you want to look at economic data on your own. ...
... accounting framework used in Australia (and, with minor variations, in most other countries) today. You will find it useful whenever you want to look at economic data on your own. ...
Fiscal Policy Multipliers in an RBC Model with
... the presence of non-Ricardian agents increases the multiplier and that the size of the multiplier is strongest when nominal interest rates are at its lower bound of zero. The recent analyses are almost invariably developed under the “rational expectations” (RE) hypothesis. While not denying the pote ...
... the presence of non-Ricardian agents increases the multiplier and that the size of the multiplier is strongest when nominal interest rates are at its lower bound of zero. The recent analyses are almost invariably developed under the “rational expectations” (RE) hypothesis. While not denying the pote ...
Monetary Policy Interim Report
... in 2001-2009 will be recouped. Certainly, a sustainable improvement in competitiveness cannot ―after a necessary initial phase of “correction”― be based on a combination of nominal wage reductions and falling or stagnant productivity, as the negative effects on domestic demand would more than offset ...
... in 2001-2009 will be recouped. Certainly, a sustainable improvement in competitiveness cannot ―after a necessary initial phase of “correction”― be based on a combination of nominal wage reductions and falling or stagnant productivity, as the negative effects on domestic demand would more than offset ...
NBER WORKING PAPER SERIES FORTUNE OR VIRTUE:
... the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging because, to get an econometrically satisfying answer, we need to simultaneously allow f ...
... the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging because, to get an econometrically satisfying answer, we need to simultaneously allow f ...
The 1920s and the 1990s in Mutual Reflection
... of American families near destitutuion for a full decade in an event that was totally unnecessary, because properly applied monetary and fiscal policy could have cured the recession in 1930-31, not a decade later in 1941.ʺ1 ...
... of American families near destitutuion for a full decade in an event that was totally unnecessary, because properly applied monetary and fiscal policy could have cured the recession in 1930-31, not a decade later in 1941.ʺ1 ...
Growth and Employment Dynamics in Botswana
... expansion of income from other sectors, primarily manufacturing and ultimately services. This entails a process of economic diversification over a period of time; the relative contribution of various economic activities or sectors to GDP undergoes change along with structural shifts within each sect ...
... expansion of income from other sectors, primarily manufacturing and ultimately services. This entails a process of economic diversification over a period of time; the relative contribution of various economic activities or sectors to GDP undergoes change along with structural shifts within each sect ...
NBER WORKING PAPER SERIES OPTIMAL SIMPLE AND IMPLEMENTABLE MONETARY AND FISCAL RULES
... inal rigidities induce inefficiencies even in the long run, and where there is a nonnegligible demand for money. Specifically, this paper characterizes monetary and fiscal policy rules that are optimal within a family of implementable, simple rules in a calibrated model of the business cycle. In th ...
... inal rigidities induce inefficiencies even in the long run, and where there is a nonnegligible demand for money. Specifically, this paper characterizes monetary and fiscal policy rules that are optimal within a family of implementable, simple rules in a calibrated model of the business cycle. In th ...
