Circumventing the Zero Lower Bound with Monetary
... about the demand for money but, instead, it describes highly inelastic schedules for the demand and supply of loans with respect to a short-term rate interest rate. Moreover, interest rates are low not because monetary policy has been excessively expansionary: Interest rates are low because monetary ...
... about the demand for money but, instead, it describes highly inelastic schedules for the demand and supply of loans with respect to a short-term rate interest rate. Moreover, interest rates are low not because monetary policy has been excessively expansionary: Interest rates are low because monetary ...
This PDF is a selec on from a published volume... of Economic Research Volume Title: NBER Macroeconomics Annual 2009, Volume 24
... heterogeneity of information about the real underlying economic fundamentals matters for business cycles. Finally, even if one is ultimately interested in a monetary model, understanding the positive and normative properties of its underlying real backbone is an essential first step. Motivated by th ...
... heterogeneity of information about the real underlying economic fundamentals matters for business cycles. Finally, even if one is ultimately interested in a monetary model, understanding the positive and normative properties of its underlying real backbone is an essential first step. Motivated by th ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Money in Historical Perspective
... shifts in the demand for capital goods, and if interest rates are stabilized under these circumstances, an accommodating monetary policy will destabilize aggregate activity by feeding an inflation when interest rates rise or deepening a depression when they fall4 Unfortunately, there is often no cle ...
... shifts in the demand for capital goods, and if interest rates are stabilized under these circumstances, an accommodating monetary policy will destabilize aggregate activity by feeding an inflation when interest rates rise or deepening a depression when they fall4 Unfortunately, there is often no cle ...
mongolia`s resources boom: a cge analysis
... unique characteristics. Tapping its natural resources in a way that equally benefits the social and economic well-being of Mongolians is the greatest challenge. The resources boom in recent years directly impacted remarkable economic growth, and affected Mongolia’s economic structure, social welfare ...
... unique characteristics. Tapping its natural resources in a way that equally benefits the social and economic well-being of Mongolians is the greatest challenge. The resources boom in recent years directly impacted remarkable economic growth, and affected Mongolia’s economic structure, social welfare ...
NBER WORKING PAPER SERIES COSTS AND BENEFITS OF AN ANTI—INFLATIONARY POLICY:
... Taylor's [1980] staggered overlapping money wage contract rnode1 Mussa's [1981] sticky price model and Obstfeld and Rogoff's [1982.] version of a price adjustment rule of Barro and Grossman t1976] all have the property that, in principle, inflation can be reduced or eliminated costlessly. well—desig ...
... Taylor's [1980] staggered overlapping money wage contract rnode1 Mussa's [1981] sticky price model and Obstfeld and Rogoff's [1982.] version of a price adjustment rule of Barro and Grossman t1976] all have the property that, in principle, inflation can be reduced or eliminated costlessly. well—desig ...
'The Economics of the Recession'
... he also argued that they should put money aside in the good times. But as the Institute for Fiscal Studies put it, “Mr Brown did not leave his successor as Chancellor with the fiscal room to cope with even a modest economic slowdown, let alone the problems we currently face.” That is a technical way ...
... he also argued that they should put money aside in the good times. But as the Institute for Fiscal Studies put it, “Mr Brown did not leave his successor as Chancellor with the fiscal room to cope with even a modest economic slowdown, let alone the problems we currently face.” That is a technical way ...
Review of Treasury Macroeconomic and Revenue Forecasting
... The Review has focused its assessment of Treasury’s macroeconomic forecasts on those series which are most important for revenue forecasting. These series include nominal GDP and the major components of the income measure of nominal GDP, in particular compensation of employees and gross operating su ...
... The Review has focused its assessment of Treasury’s macroeconomic forecasts on those series which are most important for revenue forecasting. These series include nominal GDP and the major components of the income measure of nominal GDP, in particular compensation of employees and gross operating su ...
Economics
... identified the lacunae in the existing system. These experienced experts, mostly drawn from leading teaching institutions, have remained part and parcel of our present educational system for several decades and to a large extent have been conversant with the weaknesses and strengths of our education ...
... identified the lacunae in the existing system. These experienced experts, mostly drawn from leading teaching institutions, have remained part and parcel of our present educational system for several decades and to a large extent have been conversant with the weaknesses and strengths of our education ...
E C O N O M I C B U L L E T I N
... emphasizing is the fact that the numerical developments in foreign trade also reflect the price rise effect of raw materials, energy and foods. Fiscal developments of the first quarter 2008 provide evidence for a prudent fiscal policy which has resulted in a budget surplus above the projected level. ...
... emphasizing is the fact that the numerical developments in foreign trade also reflect the price rise effect of raw materials, energy and foods. Fiscal developments of the first quarter 2008 provide evidence for a prudent fiscal policy which has resulted in a budget surplus above the projected level. ...
This PDF is a selection from a published volume from... Research Volume Title: Asset Prices and Monetary Policy
... that this financial accelerator mechanism may be enhanced in the presence of learning. This stronger feedback mechanism raises the benefit to responding to asset prices, even in an environment where the policymaker is itself uninformed about the true state of technology growth. Second, much of the p ...
... that this financial accelerator mechanism may be enhanced in the presence of learning. This stronger feedback mechanism raises the benefit to responding to asset prices, even in an environment where the policymaker is itself uninformed about the true state of technology growth. Second, much of the p ...
Strategic Economic Plan - Sustainable Development Knowledge
... instance, the growth of the tourism sector will require construction of resorts as well as the construction of desalination plants, power generators and sewerage plants on the islands. New infrastructure to upgrade telecommunication facilities to accommodate electronic communication as in e-commerce ...
... instance, the growth of the tourism sector will require construction of resorts as well as the construction of desalination plants, power generators and sewerage plants on the islands. New infrastructure to upgrade telecommunication facilities to accommodate electronic communication as in e-commerce ...
Chapter 3. The Money Demand Function
... 1% level for the flexible exchange rate regime. In terms of the long-run income elasticities, it is surprising to see that long-run income elasticity for the second period apparently exceeds one. This result might be explained by the whole range of new financial instruments with rather market-determ ...
... 1% level for the flexible exchange rate regime. In terms of the long-run income elasticities, it is surprising to see that long-run income elasticity for the second period apparently exceeds one. This result might be explained by the whole range of new financial instruments with rather market-determ ...
"Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions"
... and Greenspan. This implies that our estimate of 1.5 for the open economy relative multiplier is perfectly consistent with much lower existing estimates of the closed economy aggregate multiplier (e.g., those of Barro and Redlick 2011). Since the nominal interest rate is fixed across regions in our ...
... and Greenspan. This implies that our estimate of 1.5 for the open economy relative multiplier is perfectly consistent with much lower existing estimates of the closed economy aggregate multiplier (e.g., those of Barro and Redlick 2011). Since the nominal interest rate is fixed across regions in our ...
The ` Robbins Circle `of the London School of Economics and
... Economics in Britain’. According to Wiseman(1985), the ‘Robbins Circle’ was a place ‘of intellectual independence and the pursuit of excellence.’ Second, the ‘Robbins Circle’ was opposed to ‘Cambridge Economics as Insularism.’ Third, ‘LSE vs. Cambridge’ was manifested as a distinction in economic th ...
... Economics in Britain’. According to Wiseman(1985), the ‘Robbins Circle’ was a place ‘of intellectual independence and the pursuit of excellence.’ Second, the ‘Robbins Circle’ was opposed to ‘Cambridge Economics as Insularism.’ Third, ‘LSE vs. Cambridge’ was manifested as a distinction in economic th ...
An assessment of Eurosystem staff macroeconomic projections
... fuelled by significant increases in oil and food prices, before falling again. The RMSEs for the one-year-ahead HICP inflation projections were falling up to 2006, but have since risen again, reflecting significant fluctuations in inflation that were not predicted. ...
... fuelled by significant increases in oil and food prices, before falling again. The RMSEs for the one-year-ahead HICP inflation projections were falling up to 2006, but have since risen again, reflecting significant fluctuations in inflation that were not predicted. ...
Mineral Beneficiation in South Africa
... wealth to its full potential and to the maximum benefit of the entire population. Government, therefore, will promote the establishment of secondary and tertiary mineral-based industries aimed at adding maximum value to raw materials.” ...
... wealth to its full potential and to the maximum benefit of the entire population. Government, therefore, will promote the establishment of secondary and tertiary mineral-based industries aimed at adding maximum value to raw materials.” ...
Middle East Real Estate Predictions: Dubai 2015
... Luxury and Upper Upscale sectors experienced the greatest pressure on occupancy, with a fall of 2.4% and 2.7% respectively, predominantly due to the significant increases in supply. Conversely, supply increases in Dubai’s Upper Midscale, Midscale and Economy sectors were marginal, which is likely to ...
... Luxury and Upper Upscale sectors experienced the greatest pressure on occupancy, with a fall of 2.4% and 2.7% respectively, predominantly due to the significant increases in supply. Conversely, supply increases in Dubai’s Upper Midscale, Midscale and Economy sectors were marginal, which is likely to ...
Property Prices and Real Estate Financing in a Turbulent World
... correlated over a long period of time. Causality works in both directions. Higher growth in income pushes house prices upward. Higher house prices make new construction more profitable, household wealth increases and the value of collateral goes up. This impacts on consumption. Stabilizing house pri ...
... correlated over a long period of time. Causality works in both directions. Higher growth in income pushes house prices upward. Higher house prices make new construction more profitable, household wealth increases and the value of collateral goes up. This impacts on consumption. Stabilizing house pri ...
Is the real money gap a predictor of inflation in Europe
... To avoid the problem of spurious regressions, we begin our empirical investigation with an analysis of the unit root properties of the individual series. To this effect, we apply two tests based on Choi (2004) and Phillips and Sul (2003). They have some advantages over the conventional Im, Pesaran a ...
... To avoid the problem of spurious regressions, we begin our empirical investigation with an analysis of the unit root properties of the individual series. To this effect, we apply two tests based on Choi (2004) and Phillips and Sul (2003). They have some advantages over the conventional Im, Pesaran a ...
Rethinking Credit Risk under the Malinvestment Concept: The Case
... I now turn to measuring credit risk and the role of credit risk within both the banking system and the monetary transmission mechanism. 3.1 Why Credit Risk Is Important for Banks Considering that banks serve as intermediaries between savers and borrowers, their first function is to make loans. Hence ...
... I now turn to measuring credit risk and the role of credit risk within both the banking system and the monetary transmission mechanism. 3.1 Why Credit Risk Is Important for Banks Considering that banks serve as intermediaries between savers and borrowers, their first function is to make loans. Hence ...
Post–World War II economic expansion
""Golden Age of capitalism"" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque.The post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Narrowly defined, the period spanned from 1945 to 1952, with overall growth lasting well until 1971, though there are some debates on dating the period, and booms in individual countries differed, some starting as early as 1945, and overlapping the rise of the East Asian economies into the 1980s or 1990s.During this time there was high worldwide economic growth; Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Greece (Greek economic miracle), West Germany (Wirtschaftswunder), France (Trente Glorieuses), Japan (Japanese post-war economic miracle), and Italy (Italian economic miracle).