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... (2013) quantify the heterogeneous effects of monetary policy on GDP across the member states by means of a recursive VAR and document the time-variation in interest rate passthrough. Furthermore, they show that the effect on GDP of monetary policy shocks is amplified through the credit channel, and ...
... (2013) quantify the heterogeneous effects of monetary policy on GDP across the member states by means of a recursive VAR and document the time-variation in interest rate passthrough. Furthermore, they show that the effect on GDP of monetary policy shocks is amplified through the credit channel, and ...
CLAUS BRAND DIETER GERDESMEIER BARBARA ROFFIA May
... euro area, namely the maintenance of price stability. According to this, price stability was defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) of below 2%. The Governing Council also outlined the key features of the framework it uses to organise the analysis and as ...
... euro area, namely the maintenance of price stability. According to this, price stability was defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) of below 2%. The Governing Council also outlined the key features of the framework it uses to organise the analysis and as ...
Dollarization in Latin America Barry Comerford, Emmet Ryan and Marton Gyongyosi
... privatisation, tax reforms, cuts in state expenditure etc. The most revolutionary aspect of these reforms was the introduction of a currency board. This made the austral/peso fully convertible into US dollars at a fixed exchange rate. A special law was enacted which required the monetary base to be ...
... privatisation, tax reforms, cuts in state expenditure etc. The most revolutionary aspect of these reforms was the introduction of a currency board. This made the austral/peso fully convertible into US dollars at a fixed exchange rate. A special law was enacted which required the monetary base to be ...
Permanent and temporary factors in broad money growth
... annual growth rate of the headline M3 series with that of the M3 series excluding such a contribution.3 The chart suggests that annual M3 growth is typically not very strongly affected by the business cycle: although the magnitudes of actual and corrected annual M3 growth differ by up to 2 percentag ...
... annual growth rate of the headline M3 series with that of the M3 series excluding such a contribution.3 The chart suggests that annual M3 growth is typically not very strongly affected by the business cycle: although the magnitudes of actual and corrected annual M3 growth differ by up to 2 percentag ...
An exorbitant privilege? Implications of reserve
... Given that European policy makers are concerned at today’s euro exchange rate, the prospect of a permanently stronger euro is likely to be unattractive. Countries including Italy, Greece, Spain, and Portugal are already suffering from the euro’s strength. And exporting countries such as Germany, whi ...
... Given that European policy makers are concerned at today’s euro exchange rate, the prospect of a permanently stronger euro is likely to be unattractive. Countries including Italy, Greece, Spain, and Portugal are already suffering from the euro’s strength. And exporting countries such as Germany, whi ...
Zero lower bound: Is it a problem in the euro area?
... zero lower bound by further improving the design of monetary policy. For example, monetary policymakers may lower interest rates pre-emptively when inflation and interest rates have fallen close to zero and the risk of deflation is high. In other words, they may respond more aggressively if they ant ...
... zero lower bound by further improving the design of monetary policy. For example, monetary policymakers may lower interest rates pre-emptively when inflation and interest rates have fallen close to zero and the risk of deflation is high. In other words, they may respond more aggressively if they ant ...
A monetary and fiscal framework for macroeconomic stability in the
... Hence, if the economy is hit by an aggregate demand shock that (due to the zero lower bound of nominal interest rates) cannot be fully offset by conventional monetary policy, NGDPLT can limit the degree to which the growth rate of NGDP undershoots the target. But monetary policy will not be able to ...
... Hence, if the economy is hit by an aggregate demand shock that (due to the zero lower bound of nominal interest rates) cannot be fully offset by conventional monetary policy, NGDPLT can limit the degree to which the growth rate of NGDP undershoots the target. But monetary policy will not be able to ...
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... Do indeed short-term interest rate and exchange rate directly influence both stability of the prices and aggregate demand? Controlled floating of the exchange rate To which extent tight control exercised by the National Bank of Romania (NBR) over the national currency depreciation rate influen ...
... Do indeed short-term interest rate and exchange rate directly influence both stability of the prices and aggregate demand? Controlled floating of the exchange rate To which extent tight control exercised by the National Bank of Romania (NBR) over the national currency depreciation rate influen ...
Central banks and currency boards / What a currency board is
... Interest rates and inflation: An orthodox currency board does not try to influence interest rates by establishing a discount rate like a typical central bank. The fixed exchange rate with the anchor currency encourages arbitrage that tends to keep interest rates and inflation in the currency board ...
... Interest rates and inflation: An orthodox currency board does not try to influence interest rates by establishing a discount rate like a typical central bank. The fixed exchange rate with the anchor currency encourages arbitrage that tends to keep interest rates and inflation in the currency board ...
Israel - Bank for International Settlements
... The aim of this paper is to review the experience of various dual-currency economies and analyze the main challenges faced by policymakers in formulating and conducting monetary policy. To that end, it distinguishes between countries with growing dollarization and those which have managed to revert ...
... The aim of this paper is to review the experience of various dual-currency economies and analyze the main challenges faced by policymakers in formulating and conducting monetary policy. To that end, it distinguishes between countries with growing dollarization and those which have managed to revert ...
Policy Contribution
... the introduction of a small budget of around 5-7 percent of GDP as a first step, the long-term objective being “a Federation in Europe in which federal public expenditure is around 20-25 percent of gross product as in the USA and the Federal Republic of Germany” (Commission of the European Communiti ...
... the introduction of a small budget of around 5-7 percent of GDP as a first step, the long-term objective being “a Federation in Europe in which federal public expenditure is around 20-25 percent of gross product as in the USA and the Federal Republic of Germany” (Commission of the European Communiti ...
The Royal Swedish Academy of Sciences has decided to award the
... these restrictions and allowed its currency to float against the US dollar. His farsighted analysis became increasingly relevant over the next ten years, as ...
... these restrictions and allowed its currency to float against the US dollar. His farsighted analysis became increasingly relevant over the next ten years, as ...
The Royal Swedish Academy of Sciences has decided to award... Robert A. Mundell
... these restrictions and allowed its currency to float against the US dollar. His farsighted analysis became increasingly relevant over the next ten years, as ...
... these restrictions and allowed its currency to float against the US dollar. His farsighted analysis became increasingly relevant over the next ten years, as ...
The Measurement of Co-Circulation of Currencies and Dollarization
... Currency substitution in developing and Eastern European countries is usually one of the consequences of high and variable inflation. High inflation, in turn, leads to dollarization and eventually to currency substitution. However, high inflation is not the only cause of dollarization. The issue of ...
... Currency substitution in developing and Eastern European countries is usually one of the consequences of high and variable inflation. High inflation, in turn, leads to dollarization and eventually to currency substitution. However, high inflation is not the only cause of dollarization. The issue of ...
Proposed Architecture for an ECOWAS Common Currency
... with is the anticipated loss or dilution of the guarantee of convertibility of their respective currencies that could result from an ECOWAS-wide common currency union. Indeed, historical evidence shows that these countries often post current account deficits and rely upon the arrangement with the gu ...
... with is the anticipated loss or dilution of the guarantee of convertibility of their respective currencies that could result from an ECOWAS-wide common currency union. Indeed, historical evidence shows that these countries often post current account deficits and rely upon the arrangement with the gu ...
Monetary-fiscal policy mix with financial frictions (1 MB )
... The United States implemented expansionary monetary and fiscal policies. On the monetary side, interest rates quickly dropped to zero and quantitative easing contributed to an increase of the money supply that more than doubled in 7 years. On the fiscal side, the government followed a temporary coun ...
... The United States implemented expansionary monetary and fiscal policies. On the monetary side, interest rates quickly dropped to zero and quantitative easing contributed to an increase of the money supply that more than doubled in 7 years. On the fiscal side, the government followed a temporary coun ...
Exchange Rate Regimes in Emerging Markets
... note that emerging markets that maintained greater exchange rate flexibility generally fared better than those with pegged arrangements (IMF 2000: 21). The desirability of an exchange rate regime, however, should be based on how it performs throughout good times and bad, and not just during a crisis ...
... note that emerging markets that maintained greater exchange rate flexibility generally fared better than those with pegged arrangements (IMF 2000: 21). The desirability of an exchange rate regime, however, should be based on how it performs throughout good times and bad, and not just during a crisis ...
Dual-Currency Economies as Multiple-Payment Systems
... credit cards, debit cards and, more recently, “smart” cards. However, many countries throughout history have used more than one currency at a time. In fact, although we tend to forget it, the use of multiple currencies as media of exchange in the United States was common into the 1930s. Until their ...
... credit cards, debit cards and, more recently, “smart” cards. However, many countries throughout history have used more than one currency at a time. In fact, although we tend to forget it, the use of multiple currencies as media of exchange in the United States was common into the 1930s. Until their ...
The dangers and drawbacks of the "unconventional monetary policy
... easing. However, it’s quite clear that we would buy outright ABS, the senior tranches, and the mezzanine tranches only if there is a guarantee. In other words, very much like what the Fed did a few years ago. So there is also this component.”-Mario Draghi.1 The main goal of Quantitative Easing is to ...
... easing. However, it’s quite clear that we would buy outright ABS, the senior tranches, and the mezzanine tranches only if there is a guarantee. In other words, very much like what the Fed did a few years ago. So there is also this component.”-Mario Draghi.1 The main goal of Quantitative Easing is to ...
The Stability and Growth Pact – Theorising a Case in European
... intergovernmentalist and realist analyses of EMU (Garrett 1994, Grieco 1995, Moravcsik 1998), one can identify Germany and France as the two most important actors who dominated the negotiations and on occasion even determined the crucial features of the outcome among themselves.4 Germany held an as ...
... intergovernmentalist and realist analyses of EMU (Garrett 1994, Grieco 1995, Moravcsik 1998), one can identify Germany and France as the two most important actors who dominated the negotiations and on occasion even determined the crucial features of the outcome among themselves.4 Germany held an as ...
Jonathan Eaton Working
... a policy of predetermining the exchange rate each period tends to yield higher welfare when the foreign price level is stable relative to domestic output and conversely. A policy of having no national currency at all, relying solely upon the foreign currency as a store of value, can in some ...
... a policy of predetermining the exchange rate each period tends to yield higher welfare when the foreign price level is stable relative to domestic output and conversely. A policy of having no national currency at all, relying solely upon the foreign currency as a store of value, can in some ...
CENTRAL BANKERS` FEAR OF FLOATING: THE PERUVIAN
... not a seller) have set the wrong incentives to the banking system to become even more dollarized in a context in which creditors have very few instruments to hedge against exchange rate risk. This weakens the financial system as the payments system is exposed to another set of risks. Since Krugman ( ...
... not a seller) have set the wrong incentives to the banking system to become even more dollarized in a context in which creditors have very few instruments to hedge against exchange rate risk. This weakens the financial system as the payments system is exposed to another set of risks. Since Krugman ( ...
The Free Banking Era and Online Currencies
... Another example of this trust issue is the Ripple Monetary System. This alternate currency is electronic notes that have a protocol for an open decentralized money system that is based off a computer-to-computer and peer-to-peer distribution system. This system is like the two alternate currencies m ...
... Another example of this trust issue is the Ripple Monetary System. This alternate currency is electronic notes that have a protocol for an open decentralized money system that is based off a computer-to-computer and peer-to-peer distribution system. This system is like the two alternate currencies m ...
Bitcoins - Lund University Publications
... requires the monopolistic issuer to publicly destroy units of its issued good to show that they are willing to maintain a price above the marginal production cost. (Bulow, 1982) This way the issuer gains the publics trust and convince them that the good is a sustainable means of trade that fulfil th ...
... requires the monopolistic issuer to publicly destroy units of its issued good to show that they are willing to maintain a price above the marginal production cost. (Bulow, 1982) This way the issuer gains the publics trust and convince them that the good is a sustainable means of trade that fulfil th ...
History of the euro
The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro).In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly took over from the former national currencies and slowly expanded behind the rest of the EU. In 2009 the Lisbon Treaty finalised its political authority, the Eurogroup, alongside the European Central Bank.