Macroeconomics V: Aggregate Demand
... some government bonds, money, and gold) rises. This leads to more consumer spending. • The second is the real exchange rate effect. When prices fall unexpectedly, the real exchange rate falls (if the nominal exchange rate is fixed). This leads to an improvement in the primary current account. • But ...
... some government bonds, money, and gold) rises. This leads to more consumer spending. • The second is the real exchange rate effect. When prices fall unexpectedly, the real exchange rate falls (if the nominal exchange rate is fixed). This leads to an improvement in the primary current account. • But ...
MACRO SHOCKS AND REAL US STOCK PRICES WITH SPECIAL FOCUS... THE “GREAT RECESSION” Abstract GUPTA, Rangan
... meaning for macroeconomists and policy makers: a) the estimated reactions transfer important information on the transmission channels of policies, for instance how monetary policy affects financial variables directly but macroeconomic variables with a delay; and b)these estimations “raw stylised fac ...
... meaning for macroeconomists and policy makers: a) the estimated reactions transfer important information on the transmission channels of policies, for instance how monetary policy affects financial variables directly but macroeconomic variables with a delay; and b)these estimations “raw stylised fac ...
Borrowing Constraints and Asset Market Dynamics: Evidence from the Pacific Basin
... similar products to the U.S. and Japan, it is not surprising that they devalued together (Huh and Kasa 1997). However, devaluation was supposed to restore their competitiveness and stimulate their economies. Instead, these devaluations produced recessions. There are many reasons why a devaluation mi ...
... similar products to the U.S. and Japan, it is not surprising that they devalued together (Huh and Kasa 1997). However, devaluation was supposed to restore their competitiveness and stimulate their economies. Instead, these devaluations produced recessions. There are many reasons why a devaluation mi ...
2002 Japan Conference: A Summary of the Papers
... examined how corporate affiliations affect investment decisions, stock returns, and corporate governance decisions, but they have not directly examined how affiliations affect the allocation of credit. This study uses a unique database that enables us to examine the patterns of firm borrowing from b ...
... examined how corporate affiliations affect investment decisions, stock returns, and corporate governance decisions, but they have not directly examined how affiliations affect the allocation of credit. This study uses a unique database that enables us to examine the patterns of firm borrowing from b ...
Sticky Prices in the United States
... outlined above. Eckstein and il'yss (1972), u.ho concentrate on indi~ i d u a lprices, also make the desired pi-ices a function of a variety o f vai-iables and, instead of allotving lagged prices to explain cui-i-ent prices, they estimate their price equations by correcting for first-ordeiserial cor ...
... outlined above. Eckstein and il'yss (1972), u.ho concentrate on indi~ i d u a lprices, also make the desired pi-ices a function of a variety o f vai-iables and, instead of allotving lagged prices to explain cui-i-ent prices, they estimate their price equations by correcting for first-ordeiserial cor ...
Winter 2017 - Sleeping Polar Bear
... Therefore, during a recession, the government may try to encourage people to spend more money than usual, rather than save more money than usual ! It would be advisable for everyone to do the exact opposite of what their instincts tell them to do ...
... Therefore, during a recession, the government may try to encourage people to spend more money than usual, rather than save more money than usual ! It would be advisable for everyone to do the exact opposite of what their instincts tell them to do ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: The International Transmission of Inflation
... country’s central bank. Accordingly, its domestic assets will be positively related to, and either lead or be coincident with, its high-powered money. Indeed, the foreign component of the reserve-currency country’s highpowered money is of minor importance for that country. Changes in. its balance of ...
... country’s central bank. Accordingly, its domestic assets will be positively related to, and either lead or be coincident with, its high-powered money. Indeed, the foreign component of the reserve-currency country’s highpowered money is of minor importance for that country. Changes in. its balance of ...
2007:3 Alternative measures of inflation for monetary policy analysis
... Input-output tables can also be used to estimate the import contents of different goods. Table 3 presents the direct and total import contents of approximately the groups of goods that are listed in Table 1. The breakdowns are not exactly the same because the published input-output tables are less ...
... Input-output tables can also be used to estimate the import contents of different goods. Table 3 presents the direct and total import contents of approximately the groups of goods that are listed in Table 1. The breakdowns are not exactly the same because the published input-output tables are less ...
Inflation. Unit 1. What is inflation? Reading
... 4. How can producers stimulate supply-side inflation? Most people associate inflation with price increases on specific goods and services. The economy is not necessarily experiencing inflation, however, every time the price of a cup of coffee goes up. We must be careful to distinguish the phenomenon ...
... 4. How can producers stimulate supply-side inflation? Most people associate inflation with price increases on specific goods and services. The economy is not necessarily experiencing inflation, however, every time the price of a cup of coffee goes up. We must be careful to distinguish the phenomenon ...
What Ended the Great Depression? It Was Not World
... “large estimated effect of monetary developments is not hard to find”: “the extraordinarily high rates of money growth in the mid- and late 1930s” (769). Further, the source of “the huge increases in the U.S. money supply during the recovery was the tremendous gold inflow that began in 1933” (773). ...
... “large estimated effect of monetary developments is not hard to find”: “the extraordinarily high rates of money growth in the mid- and late 1930s” (769). Further, the source of “the huge increases in the U.S. money supply during the recovery was the tremendous gold inflow that began in 1933” (773). ...
What Ended the Great Depression? It Was Not World War II
... “large estimated effect of monetary developments is not hard to find”: “the extraordinarily high rates of money growth in the mid- and late 1930s” (769). Further, the source of “the huge increases in the U.S. money supply during the recovery was the tremendous gold inflow that began in 1933” (773). ...
... “large estimated effect of monetary developments is not hard to find”: “the extraordinarily high rates of money growth in the mid- and late 1930s” (769). Further, the source of “the huge increases in the U.S. money supply during the recovery was the tremendous gold inflow that began in 1933” (773). ...
Working Paper No. 59 James R. Lothian Anthony Cassese 1050
... the belief on the part of at least some, if not many, researchers that in the most basic model prices will lead rather than lag money. We end by relaxing some of the simplifying assumptions of the model and state the ...
... the belief on the part of at least some, if not many, researchers that in the most basic model prices will lead rather than lag money. We end by relaxing some of the simplifying assumptions of the model and state the ...
Lower Bulk Commodity Prices and Their Effect
... has occurred partly through the reductions in net government transfer payments, other channels have also been important. One of the key channels is labour income. The pressure for firms in the mining industry to improve efficiency has caused them to rein in labour costs. In addition to that effect, ...
... has occurred partly through the reductions in net government transfer payments, other channels have also been important. One of the key channels is labour income. The pressure for firms in the mining industry to improve efficiency has caused them to rein in labour costs. In addition to that effect, ...
PDF
... During the transition the income inequality in Poland increased. Declines in real income2 have resulted for all centrally planned economies, but the burden of these declines has not been spread equally. Real income fell in the first year after the introduction of the reforms for nearly all of the so ...
... During the transition the income inequality in Poland increased. Declines in real income2 have resulted for all centrally planned economies, but the burden of these declines has not been spread equally. Real income fell in the first year after the introduction of the reforms for nearly all of the so ...
Financial Structure and the Impact of Monetary Policy on Property
... US recession in 1990-1991 and the episode of high interest rates in many European countries after the turmoil in the European exchange rate mechanism (ERM) in 1992-93, which was triggered by the adoption of tight monetary policy in Germany to offset the aggregate demand effects of German Reunificati ...
... US recession in 1990-1991 and the episode of high interest rates in many European countries after the turmoil in the European exchange rate mechanism (ERM) in 1992-93, which was triggered by the adoption of tight monetary policy in Germany to offset the aggregate demand effects of German Reunificati ...
apers g P orkin al Bank W
... economies experienced a sharp rise in residential property prices in the second half of the 1980s, in many cases associated with liberalisation and deregulation of the housing finance sector. Residential property prices were subsequently weak or fell in the 1990s, following the US recession in 1990- ...
... economies experienced a sharp rise in residential property prices in the second half of the 1980s, in many cases associated with liberalisation and deregulation of the housing finance sector. Residential property prices were subsequently weak or fell in the 1990s, following the US recession in 1990- ...
Unpublished mathematical appendix
... in the global economy, which are imperfect substitutes, and money. Each good is produced by a producer who acts as a monopolistic competitor facing a downward sloping demand curve and chooses the nominal price and the level of production of her good. Production makes only use of labor and, since lab ...
... in the global economy, which are imperfect substitutes, and money. Each good is produced by a producer who acts as a monopolistic competitor facing a downward sloping demand curve and chooses the nominal price and the level of production of her good. Production makes only use of labor and, since lab ...
Research Statement Jón Steinsson March 2012 My research
... terms for both the commitment case and the case of discretion. I show that the result attained in a purely forward-looking model that price-level targeting is optimal is fragile to the presence of ruleof-thumb consumers. In addition to the ongoing projects discussed above, Emi Nakamura and I have b ...
... terms for both the commitment case and the case of discretion. I show that the result attained in a purely forward-looking model that price-level targeting is optimal is fragile to the presence of ruleof-thumb consumers. In addition to the ongoing projects discussed above, Emi Nakamura and I have b ...
NBER WORKING PAPER SERIES Laurence Ball N. thegory Manldw Working Paper No. 4677
... identified seven dates since World War II when the Fed shifted its policy towards reducing the ...
... identified seven dates since World War II when the Fed shifted its policy towards reducing the ...
Speech at The Euro and the Dollar in a Globalized... U.C. Santa Cruz, Santa Cruz, CA
... Speech at The Euro and the Dollar in a Globalized Economy Conference U.C. Santa Cruz, Santa Cruz, CA By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonigh ...
... Speech at The Euro and the Dollar in a Globalized Economy Conference U.C. Santa Cruz, Santa Cruz, CA By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonigh ...
The Japanese Economy during the Interwar Period:
... veteran Finance Minister who resumed office in December 1931. Takahashi instituted comprehensive macroeconomic policy measures, including exchange rate, fiscal, and monetary adjustments. At the same time, the Gold Standard, which had been governing Japan’s fiscal policy, collapsed in the wake of the ...
... veteran Finance Minister who resumed office in December 1931. Takahashi instituted comprehensive macroeconomic policy measures, including exchange rate, fiscal, and monetary adjustments. At the same time, the Gold Standard, which had been governing Japan’s fiscal policy, collapsed in the wake of the ...
NBER WORKING PAPER SERIES LOST DECADE IN TRANSLATION:
... rate cuts. The overall level of interest rates was consistently one to two percentage points higher in Japan than in the U.S., however — at least until Japan’s call rate was cut to 50 basis points (½ percent) in 1995, four years after that country’s cyclical peak. Higher inflation can, to some exten ...
... rate cuts. The overall level of interest rates was consistently one to two percentage points higher in Japan than in the U.S., however — at least until Japan’s call rate was cut to 50 basis points (½ percent) in 1995, four years after that country’s cyclical peak. Higher inflation can, to some exten ...
Impact of macroeconomic factors on the global tea economy
... Several implications could be drawn from this first stage of the analysis. There was evidence that demand related factors, such as per capita GDP, represented by changes in import demand for goods and services from emerging and developing markets, as well as other variables such as changes in USD ex ...
... Several implications could be drawn from this first stage of the analysis. There was evidence that demand related factors, such as per capita GDP, represented by changes in import demand for goods and services from emerging and developing markets, as well as other variables such as changes in USD ex ...
Baseline Scenario
... Several years have passed since the population of Japan began to decline, and the downward trend is expected to accelerate in the years ahead. The population is aging, and a decline in the labor force is unavoidable in the immediate future. Given the situation, fiscal reconstruction has become an ur ...
... Several years have passed since the population of Japan began to decline, and the downward trend is expected to accelerate in the years ahead. The population is aging, and a decline in the labor force is unavoidable in the immediate future. Given the situation, fiscal reconstruction has become an ur ...
Chronic Deflation in Japan - Faculty of Business and Economics
... decline in prices was desirable because it was due to supply-side factors such as technological innovation and cheap imports---see the argument of “norm” below. The central bank's communication strategy may also have mattered. Appendix 1 summarizes how the BoJ has communicated its thinking on price ...
... decline in prices was desirable because it was due to supply-side factors such as technological innovation and cheap imports---see the argument of “norm” below. The central bank's communication strategy may also have mattered. Appendix 1 summarizes how the BoJ has communicated its thinking on price ...