WIFO-Layout Century Gothic 10 Punkt
... previous peak (using annual data) in those countries hit most severely by the crisis (the USA, Germany, France and Austria). It was 10% for the world (in PPP) or in the unweighted average of the countries in Table 1. The decline in production lasted three years. The previous peak was reached again i ...
... previous peak (using annual data) in those countries hit most severely by the crisis (the USA, Germany, France and Austria). It was 10% for the world (in PPP) or in the unweighted average of the countries in Table 1. The decline in production lasted three years. The previous peak was reached again i ...
NBER WORKING PAPER SERIES MACROECONOMIC POLICIES IN THE OECD Warwick McKibbin
... policies rather than by a set of short—run expectations. Third, the model is amenable to policy optimization exercises, and in particular can be used to study the effects of policy coordination versus non—coordination in the OECD, on global macroeconomic equilibrium. ...
... policies rather than by a set of short—run expectations. Third, the model is amenable to policy optimization exercises, and in particular can be used to study the effects of policy coordination versus non—coordination in the OECD, on global macroeconomic equilibrium. ...
NBER WORKING PAPER SERIES Susanto Basu Brent Bundick
... 95% confidence intervals. A one-standard deviation uncertainty shock increases the level of the VXO to about 24.5%, from its unconditional average of about 21%. At impact, higher uncertainty causes statistically significant declines in output, consumption, and investment. After the initial shock, ou ...
... 95% confidence intervals. A one-standard deviation uncertainty shock increases the level of the VXO to about 24.5%, from its unconditional average of about 21%. At impact, higher uncertainty causes statistically significant declines in output, consumption, and investment. After the initial shock, ou ...
Price Level Targeting - The Market Monetarist
... of price level targeting based on the theoretical results. The conventional way of evaluating monetary policy is by inspecting the objective for monetary policy announced by the central bank. However, this thesis uses a dierent approach. Because optimal monetary policy involves a stationary price l ...
... of price level targeting based on the theoretical results. The conventional way of evaluating monetary policy is by inspecting the objective for monetary policy announced by the central bank. However, this thesis uses a dierent approach. Because optimal monetary policy involves a stationary price l ...
W Globalization and U.S. Inflation
... been slack in recent years, U.S. inflation has remained mild. This study uses a variety of approaches to examine whether U.S. inflation depends on foreign, rather than domestic, capacity constraints. It is shown that foreign capacity plays little, if any, role in the determination of U.S. inflation ...
... been slack in recent years, U.S. inflation has remained mild. This study uses a variety of approaches to examine whether U.S. inflation depends on foreign, rather than domestic, capacity constraints. It is shown that foreign capacity plays little, if any, role in the determination of U.S. inflation ...
What are the Effects of Fiscal Policy Shocks
... manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ”automatically” to business cycle conditions. We do so by using sign restrictions on the impulse responses as method of identification, extending Uhlig (1997), and by imposing orthogonality to bu ...
... manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ”automatically” to business cycle conditions. We do so by using sign restrictions on the impulse responses as method of identification, extending Uhlig (1997), and by imposing orthogonality to bu ...
Macro Risks and the Term Structure
... We formulate a model which links macroeconomic factors to the term structure of interest rates in a no-arbitrage framework. We include novel factors in the model that capture the risks associated with aggregate supply and demand shocks for the U.S. economy. We extract these shocks from data on real ...
... We formulate a model which links macroeconomic factors to the term structure of interest rates in a no-arbitrage framework. We include novel factors in the model that capture the risks associated with aggregate supply and demand shocks for the U.S. economy. We extract these shocks from data on real ...
1. Introduction
... From the point of view of this author, the degree of international capital mobility is a fundamental attribute of the terrain within both domestic and international economic politics unfold. When the level of this capital mobility is altered, the terrain is altered. As McNamara points out; “At the i ...
... From the point of view of this author, the degree of international capital mobility is a fundamental attribute of the terrain within both domestic and international economic politics unfold. When the level of this capital mobility is altered, the terrain is altered. As McNamara points out; “At the i ...
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... constant equilibrium. Our approach is more general, because we consider (2) as well as (1). We then predict that the French franc would not succumb to any attack. The Italian lira would be devalued because both relative prices were “out of line” and because the equilibrium real exchange declined. We ...
... constant equilibrium. Our approach is more general, because we consider (2) as well as (1). We then predict that the French franc would not succumb to any attack. The Italian lira would be devalued because both relative prices were “out of line” and because the equilibrium real exchange declined. We ...
2010-I CENTRAL BANK OF THE REPUBLIC OF TURKEY
... administered prices) have been subject to an upward revision. In this respect, while the short-term forecasts were revised upwards significantly, there has been no major change regarding the medium-term forecasts. The revised forecasts indicate that there will be no significant upside pressures on i ...
... administered prices) have been subject to an upward revision. In this respect, while the short-term forecasts were revised upwards significantly, there has been no major change regarding the medium-term forecasts. The revised forecasts indicate that there will be no significant upside pressures on i ...
Uncertainty Shocks in a Model of E↵ective Demand Susanto Basu Brent Bundick ⇤
... 95% confidence intervals. A one-standard deviation uncertainty shock increases the level of the VXO to about 24.5%, from its unconditional average of about 21%. At impact, higher uncertainty causes statistically significant declines in output, consumption, and investment. After the initial shock, ou ...
... 95% confidence intervals. A one-standard deviation uncertainty shock increases the level of the VXO to about 24.5%, from its unconditional average of about 21%. At impact, higher uncertainty causes statistically significant declines in output, consumption, and investment. After the initial shock, ou ...
Macroeconomic Theory and Policy
... The field of macroeconomic theory has evolved rapidly over the last quarter century. A quick glance at the discipline’s leading journals reveals that virtually the entire academic profession has turned to interpreting macroeconomic data with models that are based on microeconomic foundations. Unfort ...
... The field of macroeconomic theory has evolved rapidly over the last quarter century. A quick glance at the discipline’s leading journals reveals that virtually the entire academic profession has turned to interpreting macroeconomic data with models that are based on microeconomic foundations. Unfort ...
eee06-Stazka2 3772739 en
... real – and nominal, if prices are sticky – depreciation when the nominal rate is floating entail reserve losses under fixed rates. Faced with reserve losses that, if large enough, could create a balance of payments crisis and a forced devaluation, countries that choose a pegged exchange rate system ...
... real – and nominal, if prices are sticky – depreciation when the nominal rate is floating entail reserve losses under fixed rates. Faced with reserve losses that, if large enough, could create a balance of payments crisis and a forced devaluation, countries that choose a pegged exchange rate system ...
Chapter 1: Introduction
... This chapter has two major goals: to complete the construction of the sticky-price model begun in chapter 9, and to link up the sticky-price model analysis begun in chapter 9 with the flexible-price model analysis of chapters 6 through 8. The key tool in both of these is the Phillips curve: the rela ...
... This chapter has two major goals: to complete the construction of the sticky-price model begun in chapter 9, and to link up the sticky-price model analysis begun in chapter 9 with the flexible-price model analysis of chapters 6 through 8. The key tool in both of these is the Phillips curve: the rela ...
The composition of government spending and the multiplier at the
... 1.5 at the ZLB. These values are broadly consistent with the related literature in which the multiplier at the ZLB is higher than one and about three times higher than in normal times. In normal times, the nominal interest rate adjusts upward against the output and inflationary pressures caused by t ...
... 1.5 at the ZLB. These values are broadly consistent with the related literature in which the multiplier at the ZLB is higher than one and about three times higher than in normal times. In normal times, the nominal interest rate adjusts upward against the output and inflationary pressures caused by t ...
Aggregate Supply and Demand
... 0 Expectations, optimism/pessimism 0 Interest rates, monetary policy 0 Investment tax credit or other tax incentives AGGREGATE DEMAND AND AGGREGATE SUPPLY ...
... 0 Expectations, optimism/pessimism 0 Interest rates, monetary policy 0 Investment tax credit or other tax incentives AGGREGATE DEMAND AND AGGREGATE SUPPLY ...
Agustín S. Bénétrix IIIS, Trinity College Dublin Philip R. Lane
... year. Second, the use of annual data reduces the role of anticipation effects. Blanchard and Perotti (2002) test for the existence of anticipated fiscal policy with future values of estimated fiscal shocks using quarterly frequency. To this end, they include future values of a dummy variable that me ...
... year. Second, the use of annual data reduces the role of anticipation effects. Blanchard and Perotti (2002) test for the existence of anticipated fiscal policy with future values of estimated fiscal shocks using quarterly frequency. To this end, they include future values of a dummy variable that me ...
Inflation in Developing Asia: Demand-Pull or Cost-Push?
... Rising inflation has emerged as by far the biggest macroeconomic challenge confronting developing Asia in 2008 and will remain a challenge in the coming year. In fact, inflation as measured by consumer price indices (CPI) gathered momentum throughout 2007 and accelerated sharply in the first half of ...
... Rising inflation has emerged as by far the biggest macroeconomic challenge confronting developing Asia in 2008 and will remain a challenge in the coming year. In fact, inflation as measured by consumer price indices (CPI) gathered momentum throughout 2007 and accelerated sharply in the first half of ...
FX Outlook: 2017
... Motivation: We remain mildly bullish on the 2017 dollar outlook, in particular in the first few months of the year. The DXY is currently at 101.40 (as at 1 Dec 2016). Expectations of fiscal spending under a Trump administration, firmer US data, continued expectations of the Fed rate hike next year i ...
... Motivation: We remain mildly bullish on the 2017 dollar outlook, in particular in the first few months of the year. The DXY is currently at 101.40 (as at 1 Dec 2016). Expectations of fiscal spending under a Trump administration, firmer US data, continued expectations of the Fed rate hike next year i ...
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies.Monetary economics provides insight into how to craft optimal monetary policy.Monetary policy is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it. Expansionary policy is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding. Contractionary policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values.Monetary policy differs from fiscal policy, which refers to taxation, government spending, and associated borrowing.