No. 322 Fiscal Consolidation Under Imperfect Credibility
... To begin with, we assume that the consolidating economy has the means to pursue an independent monetary policy (henceforth IMP), de…ned here as the ability for the central bank to tailor nominal interest rates (and hence the exchange rate) in order to stabilize in‡ation around target and stabilize o ...
... To begin with, we assume that the consolidating economy has the means to pursue an independent monetary policy (henceforth IMP), de…ned here as the ability for the central bank to tailor nominal interest rates (and hence the exchange rate) in order to stabilize in‡ation around target and stabilize o ...
Domestic Credit Growth and International Capital Flows Philip R. Lane Peter McQuade
... No.428/ May 2013 ...
... No.428/ May 2013 ...
NBER WORKING PAPER SERIES EXITS FROM RECESSIONS: THE U.S. EXPERIENCE 1920-2007
... 2.9 Peak April 1960, Trough February 1961. The Fed began tightening in the spring of 1959 in the face of rising inflation and gold outflows. By early 1960 the FOMC recognized that the economy had slowed and began to ease two months before the April business cycle peak, as it had done in 1953. The e ...
... 2.9 Peak April 1960, Trough February 1961. The Fed began tightening in the spring of 1959 in the face of rising inflation and gold outflows. By early 1960 the FOMC recognized that the economy had slowed and began to ease two months before the April business cycle peak, as it had done in 1953. The e ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... because of increased payments for goods relative to assets and for labor relative to capital costs. This supposedly led to a large increase in the currency-deposit ratio which reduced the money supply. The only evidence Kaldor presented to support this explanation of the shift to currency was that t ...
... because of increased payments for goods relative to assets and for labor relative to capital costs. This supposedly led to a large increase in the currency-deposit ratio which reduced the money supply. The only evidence Kaldor presented to support this explanation of the shift to currency was that t ...
Monetary Policy Mistakes and the Evolution of Inflation Expectations
... and credit conditions that will foster sustained economic growth together with stability in the value of the dollar.” To this end, he stressed the importance of price stability: “Price stability is essential to sustainable growth. Inflation fosters maladjustments” (Martin, 1957, p. 8). During the 19 ...
... and credit conditions that will foster sustained economic growth together with stability in the value of the dollar.” To this end, he stressed the importance of price stability: “Price stability is essential to sustainable growth. Inflation fosters maladjustments” (Martin, 1957, p. 8). During the 19 ...
Using a Credit Aggregate Target to Implement Monetary Policy in
... inappropriate monetary policy, an inconsistent fiscal policy, unexpected oil or other supply shocks, or still other relevant factors. In order to judge whether monetary policy in particular is (or has been) on the promised course, it is necessary to move the discussion of monetary policy to a point ...
... inappropriate monetary policy, an inconsistent fiscal policy, unexpected oil or other supply shocks, or still other relevant factors. In order to judge whether monetary policy in particular is (or has been) on the promised course, it is necessary to move the discussion of monetary policy to a point ...
Millennium Development Goals: Challenges and Prospects for
... several areas in which the translation of the MDGs in the context of Ethiopia can be monitored using data that are less expensive, could easily be generated, and are helpful in tracking development and remain comparable over time. This report attempts to place the MDGs in the local context and track ...
... several areas in which the translation of the MDGs in the context of Ethiopia can be monitored using data that are less expensive, could easily be generated, and are helpful in tracking development and remain comparable over time. This report attempts to place the MDGs in the local context and track ...
Policy Mix Coherence: What Does it Mean for Monetary
... hampered this project. Given the broad diversity of the national economies involved, it seems not evident for a common central bank to introduce a monetary policy that is appropriate for each national context. Indeed, a substantial strand of the literature stressed out the importance of monetary and ...
... hampered this project. Given the broad diversity of the national economies involved, it seems not evident for a common central bank to introduce a monetary policy that is appropriate for each national context. Indeed, a substantial strand of the literature stressed out the importance of monetary and ...
Working PaPer SerieS ToWardS eXPendiTUre rULeS and FiScaL
... EMU was not sound, it remained unsound in good times and it worsened significantly further during the crisis2. -Table 1 about hereThe main “culprit” for these deficit developments as revealed by fiscal accounts is public primary expenditure which closely mirrors developments in the overall balance. ...
... EMU was not sound, it remained unsound in good times and it worsened significantly further during the crisis2. -Table 1 about hereThe main “culprit” for these deficit developments as revealed by fiscal accounts is public primary expenditure which closely mirrors developments in the overall balance. ...
THE RELATIONSHIPS BETWEEN TERM STRUCTURE OF
... than lagged consumption growth and lagged stock return. Therefore these findings declared the existence of a new and strong variable that can be used for predicting future real economic activity. After Harvey, Estrella and Hordauvelis (1991) found that term structure has more information and predict ...
... than lagged consumption growth and lagged stock return. Therefore these findings declared the existence of a new and strong variable that can be used for predicting future real economic activity. After Harvey, Estrella and Hordauvelis (1991) found that term structure has more information and predict ...
NBER WORKING PAPER SERIES GROWTH FORECAST ERRORS AND FISCAL MULTIPLIERS Daniel Leigh
... Second, we examine forecast errors for the unemployment rate and for the components of GDP. We find that forecasters significantly underestimated the increase in unemployment and the decline in private consumption and investment associated with fiscal consolidation. Finally, we compare the baseline ...
... Second, we examine forecast errors for the unemployment rate and for the components of GDP. We find that forecasters significantly underestimated the increase in unemployment and the decline in private consumption and investment associated with fiscal consolidation. Finally, we compare the baseline ...
European Economic Forecast Spring 2014
... vulnerabilities remain and require continued monitoring and policy action. Moreover, support from the external side may turn out to be weaker than earlier anticipated. While growth in advanced economies is generally firming, emerging market economies register a moderate deceleration, and world trade ...
... vulnerabilities remain and require continued monitoring and policy action. Moreover, support from the external side may turn out to be weaker than earlier anticipated. While growth in advanced economies is generally firming, emerging market economies register a moderate deceleration, and world trade ...
How Has Globalization Affected Inflation?
... goods or services typically decline compared to the general price level—in other words, their relative price declines. A case in point is the observed fall in the relative prices of many manufactured goods, such as textiles, that has accompanied the rapid integration of emerging market economies int ...
... goods or services typically decline compared to the general price level—in other words, their relative price declines. A case in point is the observed fall in the relative prices of many manufactured goods, such as textiles, that has accompanied the rapid integration of emerging market economies int ...
Impact of International Transportation Infrastructure Development on
... from Lao PDR to Thailand, of about two hundred USD, would not be charged. 2.2 Overview of the GMS Development Program Infrastructure development of land transportation and facilitation of border crossing are carried out along the three economic corridors in the GMS. During the Eighth GMS Ministerial ...
... from Lao PDR to Thailand, of about two hundred USD, would not be charged. 2.2 Overview of the GMS Development Program Infrastructure development of land transportation and facilitation of border crossing are carried out along the three economic corridors in the GMS. During the Eighth GMS Ministerial ...
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... 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 ...
OECD Economic Surveys SWITZERLAND
... The dynamic and open Swiss economy is continuing to attract immigrants, and as pointed out in the previous Survey, this accounts for a significant part of Switzerland’s robust economic growth. In February 2014, a popular initiative on “mass immigration” was passed, which obliges the government to im ...
... The dynamic and open Swiss economy is continuing to attract immigrants, and as pointed out in the previous Survey, this accounts for a significant part of Switzerland’s robust economic growth. In February 2014, a popular initiative on “mass immigration” was passed, which obliges the government to im ...
1 Zero Inflation: Goal and Target Lee Hoskins Shadow Open Market
... objective. There is nothing in the monetary policy process either by tradition or practice that locks in price stability as the primary objective. In deed, the traditional analysis in the policy process focuses on current economic data and models that imply an exploitable tradeoff between inflation ...
... objective. There is nothing in the monetary policy process either by tradition or practice that locks in price stability as the primary objective. In deed, the traditional analysis in the policy process focuses on current economic data and models that imply an exploitable tradeoff between inflation ...
NBER WORKING PAPER SERIES FINANCIAL INNOVATION AND ENDOGENOUS GROWTH Stelios Michalopoulos Luc Laeven
... entrepreneur in textbook Schumpeterian models, successful financial "innovation" generates temporary rents for financiers who are better at screening technological entrepreneurs than their competitors in our model. Thus, financial entrepreneurs choose how much to invest in improving the screening o ...
... entrepreneur in textbook Schumpeterian models, successful financial "innovation" generates temporary rents for financiers who are better at screening technological entrepreneurs than their competitors in our model. Thus, financial entrepreneurs choose how much to invest in improving the screening o ...
Risk Management for Monetary Policy Near the Zero Lower Bound
... and benefits, “the hurdle for using nontraditional policies should be higher than for traditional policies.”6 In addition, some of the benefits of unconventional policies may be decreasing, and their costs may be increasing in terms of balance sheet size or amount of time spent in a very low interest ...
... and benefits, “the hurdle for using nontraditional policies should be higher than for traditional policies.”6 In addition, some of the benefits of unconventional policies may be decreasing, and their costs may be increasing in terms of balance sheet size or amount of time spent in a very low interest ...
Gatton College of Business and Economics ECO Economics
... This course applies general theoretical principles of economics to the health care sector. The basic approach is to recognize the importance of scarcity and incentives, allowing for differences peculiar to health. The demand and supply of health and medical care are examined as they involve physicia ...
... This course applies general theoretical principles of economics to the health care sector. The basic approach is to recognize the importance of scarcity and incentives, allowing for differences peculiar to health. The demand and supply of health and medical care are examined as they involve physicia ...
NBER WORKING PAPER SERIES Athanasios Orphanides
... This paper provides a “stress test” of optimal control policies and other policy strategies to see how they would have fared in times of particular macroeconomic turmoil and when the central bank faced imperfect information. The 1960s and 1970s provide an ideal laboratory for such an experiment. The ...
... This paper provides a “stress test” of optimal control policies and other policy strategies to see how they would have fared in times of particular macroeconomic turmoil and when the central bank faced imperfect information. The 1960s and 1970s provide an ideal laboratory for such an experiment. The ...
Urbanization and Socioeconomic Development in Inner Mongolia in
... Providing scientific evidence and influencing practice are the ultimate goals for all the development measurements and relevant studies. Examining development on the regional scale would contribute to future regional planning and decision-making; second, regional scale studies can allow analysis on ...
... Providing scientific evidence and influencing practice are the ultimate goals for all the development measurements and relevant studies. Examining development on the regional scale would contribute to future regional planning and decision-making; second, regional scale studies can allow analysis on ...
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).