What rate of return can we expect over the next decade?
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...
Japan`s Fiscal Policy and Fiscal Reconstruction October 22, 2004 by
... spending budget was complied to provide funding for the measures. Referring to the ballooning budget deficit, Obuchi called himself “the biggest borrower in the world”. The Obuchi administration’s aggressive public spending policy was carried over into the subsequent administration of former ...
... spending budget was complied to provide funding for the measures. Referring to the ballooning budget deficit, Obuchi called himself “the biggest borrower in the world”. The Obuchi administration’s aggressive public spending policy was carried over into the subsequent administration of former ...
DRAFT September 8, 2010
... Flows of workers’ remittances appear to have been increasing sharply in magnitude during recent years. While related impressionistic evidence suggests that most of this increase is real, it is not possible to assess its magnitude conclusively, because part of the increase in recorded flows may simpl ...
... Flows of workers’ remittances appear to have been increasing sharply in magnitude during recent years. While related impressionistic evidence suggests that most of this increase is real, it is not possible to assess its magnitude conclusively, because part of the increase in recorded flows may simpl ...
The NAIRU and the Natural Rate of Unemployment
... be attained with an unlimited rise in the rate of unemployment. This trivial finding is important in particular with respect to the later discussion pertaining to the relationship between the natural rate of unemployment and the NAIRU. As far as the level of the non-inflationary rate of unemployment ...
... be attained with an unlimited rise in the rate of unemployment. This trivial finding is important in particular with respect to the later discussion pertaining to the relationship between the natural rate of unemployment and the NAIRU. As far as the level of the non-inflationary rate of unemployment ...
SIFMA AMG Submits Comments to the Basel Committee on Banking
... “reduces counterparty exposure . . . it can also increase the economic resources at the disposal of the bank, as the bank can use the collateral to leverage itself.” The concern seems to be that a bank could use collateral in a way that might make the collateral unavailable if and when the bank’s co ...
... “reduces counterparty exposure . . . it can also increase the economic resources at the disposal of the bank, as the bank can use the collateral to leverage itself.” The concern seems to be that a bank could use collateral in a way that might make the collateral unavailable if and when the bank’s co ...
03/2015 The Impacts of the 2008 Global Financial Crisis most affected countries
... corresponding current account deficits gained momentum in the 2000s as US financial institutions generated massive cheap credits. The growing external deficit of the US led to improvements in the current accounts of its trade partners, the majority of which were developing countries from the Global ...
... corresponding current account deficits gained momentum in the 2000s as US financial institutions generated massive cheap credits. The growing external deficit of the US led to improvements in the current accounts of its trade partners, the majority of which were developing countries from the Global ...
The Taylor Curve and the Unemployment-Inflation Tradeoff
... workers to enter into employment contracts in which they agree to supply as many hours of work as demanded by their employers (within reasonable limits) for an agreed-upon wage rate or salary. This contractually fixed wage rate or salary reflects, in part, what workers and employers expect the infla ...
... workers to enter into employment contracts in which they agree to supply as many hours of work as demanded by their employers (within reasonable limits) for an agreed-upon wage rate or salary. This contractually fixed wage rate or salary reflects, in part, what workers and employers expect the infla ...
2 Renewable Energy Technologies and Applications
... scenario of the /IEA 2002/, p. 137ff. is used as benchmark until 2050. For each country two possible convergence paths with reference to the 2050-GDP per capita of the United States are defined: Same growth rate of the GNI per capita as the United States, i.e. 1.2 %/y (“following up” (FU)) and halvi ...
... scenario of the /IEA 2002/, p. 137ff. is used as benchmark until 2050. For each country two possible convergence paths with reference to the 2050-GDP per capita of the United States are defined: Same growth rate of the GNI per capita as the United States, i.e. 1.2 %/y (“following up” (FU)) and halvi ...
Exploitation of natural resources and the public sector in Greenland
... Greenland. While the commission along the way discussed various schemes for reduction of the block grant, the final political decision entailed a constant block grant, in real terms, throughout the future. In addition, Greenland was given the right to full control over its mineral resources. The re ...
... Greenland. While the commission along the way discussed various schemes for reduction of the block grant, the final political decision entailed a constant block grant, in real terms, throughout the future. In addition, Greenland was given the right to full control over its mineral resources. The re ...
2-3 Chapter 2 – Sustainable Development: Definitions, Measures
... A second caveat is that the definitions ignore other dimensions related to quality of life and social health, such as the utility that individuals derive from living in societies with low crime rates or strong political and civil rights. Unfortunately, the shortcut is necessary for simplicity and fu ...
... A second caveat is that the definitions ignore other dimensions related to quality of life and social health, such as the utility that individuals derive from living in societies with low crime rates or strong political and civil rights. Unfortunately, the shortcut is necessary for simplicity and fu ...
NBER WORKING PAPER SERIES MONETARY POLICY IN A FINANCIAL CRISIS Christopher Gust
... international debt, B, is higher while the collateral constraint is binding, and the economy responds by increasing the current account and paying down the debt. In the new steady state the debt is reduced to the point where the collateral constraint is marginally nonbinding. That is, the collateral ...
... international debt, B, is higher while the collateral constraint is binding, and the economy responds by increasing the current account and paying down the debt. In the new steady state the debt is reduced to the point where the collateral constraint is marginally nonbinding. That is, the collateral ...
Memo 7 – Consequences of an increased loan-to
... other assets of the issuer with the same priority as holders of unsecured exposures. The fact that the issuer earmarks collateral in excess of the legal requirement thus means that unsecured exposures are riskier than if no assets were earmarked. Structural subordination thus involves investors in u ...
... other assets of the issuer with the same priority as holders of unsecured exposures. The fact that the issuer earmarks collateral in excess of the legal requirement thus means that unsecured exposures are riskier than if no assets were earmarked. Structural subordination thus involves investors in u ...
this Paper - Post-Keynesian Economics Study Group
... profit squeeze theory is well documented in Marx’s writings throughout all three volumes of Capital, e.g. “if one were to attempt … saying that the working class receive too small a portion of their own product, and the evil would be remedied by giving them a larger share of it, or raising their wag ...
... profit squeeze theory is well documented in Marx’s writings throughout all three volumes of Capital, e.g. “if one were to attempt … saying that the working class receive too small a portion of their own product, and the evil would be remedied by giving them a larger share of it, or raising their wag ...
Estimating equilibrium exchange rate - FEER vs BEER -
... Fiscal balance - positive relation, higher public spending triggering a lower level of national savings. Demographic factors – negative relation, a higher level of population dependency ratio reduces savings and the current account balance., Net foreign assets. – ambiguous effect, economies with hig ...
... Fiscal balance - positive relation, higher public spending triggering a lower level of national savings. Demographic factors – negative relation, a higher level of population dependency ratio reduces savings and the current account balance., Net foreign assets. – ambiguous effect, economies with hig ...
Can we rely upon fiscal policy estimates in countries with unreported
... features and structural problems.” Usual disclaimers apply. For the Euro area see Perotti (2004), Biav and Girard (2005), De Castro and Hernandez De Cos (2006), Burriel et al. (2009) and Alfonso and Sousa (2009), whereas for Italy one of the few analyses is found in Giordano et al. (2007). There are ...
... features and structural problems.” Usual disclaimers apply. For the Euro area see Perotti (2004), Biav and Girard (2005), De Castro and Hernandez De Cos (2006), Burriel et al. (2009) and Alfonso and Sousa (2009), whereas for Italy one of the few analyses is found in Giordano et al. (2007). There are ...
Read Paper - Economics
... maintaining full employment and higher consumption levels but may reduce welfare by impairing the ability of household to smooth consumption. In any case, superior policies exist and we do not endorse capital controls in countries such as the US and UK as a desirable way to escape secular stagnation ...
... maintaining full employment and higher consumption levels but may reduce welfare by impairing the ability of household to smooth consumption. In any case, superior policies exist and we do not endorse capital controls in countries such as the US and UK as a desirable way to escape secular stagnation ...
the annual national accounts database
... 1991, data for Germany and data for West Germany, in order to calculate various zones totals as from 1960. ...
... 1991, data for Germany and data for West Germany, in order to calculate various zones totals as from 1960. ...
Macroeconomic Performance and Volatility of Turkish Republic of
... Table 10. Average of General government balance ................................................... 32 Table 11. Average of unemployment ......................................................................... 34 Table 12. Summary of volatility of selected macroeconomic parameters ................. ...
... Table 10. Average of General government balance ................................................... 32 Table 11. Average of unemployment ......................................................................... 34 Table 12. Summary of volatility of selected macroeconomic parameters ................. ...
Is the Italian public debt really unsustainable? An historical
... 2 shows, there followed a substantial jump of the public debt/GDP ratio from about 74 in 1874 to 99 % in 1876, the latter mainly caused by the dynamic of the nominal GDP. Actually, the strong contraction in the Italian economy, with the real GDP rate of growth declining from 5.7 % in 1874 to -1.9 in ...
... 2 shows, there followed a substantial jump of the public debt/GDP ratio from about 74 in 1874 to 99 % in 1876, the latter mainly caused by the dynamic of the nominal GDP. Actually, the strong contraction in the Italian economy, with the real GDP rate of growth declining from 5.7 % in 1874 to -1.9 in ...
Fiscal policy, net exports, and the sectoral composition of output in
... period. In more detail, net exports of goods and services improved from -14.5% of GDP in 2008 to -2.2% of GDP in 2013. This improvement is primarily attributed to net goods exports which improved from -20.9% of GDP in 2008 to -9.8% of GDP in 2013. This development reflects a fall in the demand for ...
... period. In more detail, net exports of goods and services improved from -14.5% of GDP in 2008 to -2.2% of GDP in 2013. This improvement is primarily attributed to net goods exports which improved from -20.9% of GDP in 2008 to -9.8% of GDP in 2013. This development reflects a fall in the demand for ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies
... intensity, they have assumed that there is only one internationally produced good making it impossible to study issues relating to competitiveness. Goulder, Shoven, and Whalley (1983) examine the implications of international capital mobility within the context of a computable general equilibrium mo ...
... intensity, they have assumed that there is only one internationally produced good making it impossible to study issues relating to competitiveness. Goulder, Shoven, and Whalley (1983) examine the implications of international capital mobility within the context of a computable general equilibrium mo ...
Exchange Rate Developments and Fundamentals in Four
... disinflation program adopted at end-1999 aimed at reducing inflation to below 10% by end-2002. It relied on monetary control and a depreciation of the currency according to a preannounced schedule (exchange rate basket: USD 1 + EUR 0.77). This formal crawling peg regime initially had no fluctuation ...
... disinflation program adopted at end-1999 aimed at reducing inflation to below 10% by end-2002. It relied on monetary control and a depreciation of the currency according to a preannounced schedule (exchange rate basket: USD 1 + EUR 0.77). This formal crawling peg regime initially had no fluctuation ...
Multiple Choice Questions
... A) higher when inflation has been high B) lower when inflation has been high C) uncorrelated with inflation rates but correlated with other macroeconomic variables D) uncorrelated with any macroeconomic variables including inflation rates E) none of the above Answer: B Difficulty: Easy Rationale: P/ ...
... A) higher when inflation has been high B) lower when inflation has been high C) uncorrelated with inflation rates but correlated with other macroeconomic variables D) uncorrelated with any macroeconomic variables including inflation rates E) none of the above Answer: B Difficulty: Easy Rationale: P/ ...
Barro Redlick paper 0210
... In comparison to these three large wars, the post-1954 period features much more modest variations in defense spending. The largest values—1.2% in 1966 and 1.1% in 1967—apply to the early part of the Vietnam War. These values are much smaller than those for the Korean War; moreover, after 1967, the ...
... In comparison to these three large wars, the post-1954 period features much more modest variations in defense spending. The largest values—1.2% in 1966 and 1.1% in 1967—apply to the early part of the Vietnam War. These values are much smaller than those for the Korean War; moreover, after 1967, the ...
Estimating the e®ects of ¯scal policy in OECD countries Roberto Perotti
... While most economists would agree that an exogenous 10 percent increase in money supply will lead to some increase in prices after a while, perfectly reasonable economists can and do disagree even on the basic qualitative e®ects of ¯scal policy. For instance, neoclassical models predict that private ...
... While most economists would agree that an exogenous 10 percent increase in money supply will lead to some increase in prices after a while, perfectly reasonable economists can and do disagree even on the basic qualitative e®ects of ¯scal policy. For instance, neoclassical models predict that private ...