No: 2010 – 17 31 May 2010
... percent year-on-year during the first quarter of 2010, supporting the doubledigit growth forecast for the first quarter. April’s capacity utilization data and other leading indicators point to further recovery in economic activity over the second quarter of 2010. Yet, with the waning of base effects ...
... percent year-on-year during the first quarter of 2010, supporting the doubledigit growth forecast for the first quarter. April’s capacity utilization data and other leading indicators point to further recovery in economic activity over the second quarter of 2010. Yet, with the waning of base effects ...
Monetary Unions
... Can in principle address unemployment problems However, wages in most EMU countries are notoriously “downward inflexible” Labor mobility out of areas of unemployment Could likewise help achieve adjustment; however labor mobility within EMU is not very strong Expansionary monetary policy (at EU ...
... Can in principle address unemployment problems However, wages in most EMU countries are notoriously “downward inflexible” Labor mobility out of areas of unemployment Could likewise help achieve adjustment; however labor mobility within EMU is not very strong Expansionary monetary policy (at EU ...
Impact of the Global Crisis on Emerging Economies
... Much emphasis has been placed on fiscal stimulus to counter effects of global financial crisis But many EMs face stricter constraints on their fiscal space than advanced economies: ...
... Much emphasis has been placed on fiscal stimulus to counter effects of global financial crisis But many EMs face stricter constraints on their fiscal space than advanced economies: ...
d1-am_-_session_2_-_ioana_burla_romania
... gradual decrease towards the end of the forecasting interval, until below the share of the baseline year. The Pension Pillar 2 will have an increasingly substantial share in the total pension expenditures, and is expected to amount to around 0.8% of GDP at the end of the forecasting interval. ...
... gradual decrease towards the end of the forecasting interval, until below the share of the baseline year. The Pension Pillar 2 will have an increasingly substantial share in the total pension expenditures, and is expected to amount to around 0.8% of GDP at the end of the forecasting interval. ...
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... -‐ coefficient on Fed Funds is significantly positive -‐ long-‐term policy contagion significant but smaller than for Latin America. ...
... -‐ coefficient on Fed Funds is significantly positive -‐ long-‐term policy contagion significant but smaller than for Latin America. ...
THE EURO AND MONETARY POLICY The Perspective from Portugal
... price stability, how shall the single monetary policy be combined with the national economic (budgetary) policies? How to combine a single centrally defined monetary policy with the national budgetary and other economic policies? What should be the appropriate policy-mix? The Stability and Growth Pa ...
... price stability, how shall the single monetary policy be combined with the national economic (budgetary) policies? How to combine a single centrally defined monetary policy with the national budgetary and other economic policies? What should be the appropriate policy-mix? The Stability and Growth Pa ...
monetary policy - GCG-42
... These instruments influence upon supply, cost and availability of money which ultimately shape the pattern of variations in the level of aggregate demand and the general level of economic activity. ...
... These instruments influence upon supply, cost and availability of money which ultimately shape the pattern of variations in the level of aggregate demand and the general level of economic activity. ...
Eurozone: ECB challenged by higher bond yields
... The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particu ...
... The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particu ...
10 years Euro, what are the prospects?
... • Divergent commitments on fiscal-discipline and strong inflation fighters : Germany, Holland and Austria • Weak performing Euro area countries: Italy, Spain, Greece, France; • Strong countries can decide to leave the European monetary union because they pay on average a higher interest because of t ...
... • Divergent commitments on fiscal-discipline and strong inflation fighters : Germany, Holland and Austria • Weak performing Euro area countries: Italy, Spain, Greece, France; • Strong countries can decide to leave the European monetary union because they pay on average a higher interest because of t ...
Monetary policy of the ECB: strategy and tools
... • Article 127 of the Treaty of the Functioning of the European Union: • The primary objective of the ESCB [Eurosystem] shall be to maintain price stability • Without prejudice of the objective of price stability, the ESCB [Eurosystem] shall support the general economic policies with a view to contri ...
... • Article 127 of the Treaty of the Functioning of the European Union: • The primary objective of the ESCB [Eurosystem] shall be to maintain price stability • Without prejudice of the objective of price stability, the ESCB [Eurosystem] shall support the general economic policies with a view to contri ...
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... Germany, it only stands to reason to pay corresponding high wages. That may be true when economies are at full employment, but not otherwise. Suppose there is a wage shock. Firms will try to substitute capital for labour to reduce costs, jobs will get lost and productivity (that is, output per worke ...
... Germany, it only stands to reason to pay corresponding high wages. That may be true when economies are at full employment, but not otherwise. Suppose there is a wage shock. Firms will try to substitute capital for labour to reduce costs, jobs will get lost and productivity (that is, output per worke ...
Macroeconomic Lessons from the Great Deviation By
... relating the federal funds rate to housing construction. My research showed that a higher federal funds rate would have avoided much of the boom and bust. The next intervention on the list is the Fed’s term auction facility (TAF) created in December 2007. The purpose of the TAF was to reduce tensio ...
... relating the federal funds rate to housing construction. My research showed that a higher federal funds rate would have avoided much of the boom and bust. The next intervention on the list is the Fed’s term auction facility (TAF) created in December 2007. The purpose of the TAF was to reduce tensio ...
Module 36 The Modern Macroeconomic Consensus
... Clearly it wants a stable economy with price stability, but there isn’t any document setting out the Fed’s official view about exactly how stable the economy should be or what the inflation rate should be. This is not necessarily a bad thing. Experienced staff at the Fed generally believe that the a ...
... Clearly it wants a stable economy with price stability, but there isn’t any document setting out the Fed’s official view about exactly how stable the economy should be or what the inflation rate should be. This is not necessarily a bad thing. Experienced staff at the Fed generally believe that the a ...
Monetary policies
... - income gets spent which stimulates the economy. 2. Decreases taxes to make more $ available to biz and individuals ...
... - income gets spent which stimulates the economy. 2. Decreases taxes to make more $ available to biz and individuals ...
here. - German Studies Russia
... policies of the European Union (EU). Throughout the course we will focus on the interaction of internal and external dimensions of the EU activity. In particular, we will analyze the global role of the EU. We will review the ‘classic’ and modern theories employed to explain European integration and ...
... policies of the European Union (EU). Throughout the course we will focus on the interaction of internal and external dimensions of the EU activity. In particular, we will analyze the global role of the EU. We will review the ‘classic’ and modern theories employed to explain European integration and ...
The Gulf CurrenCy - Lancaster University
... had already been in poor shape for years before it joined the euro, but its penalty for lax fiscal behaviour was a depreciating currency and a corresponding currency risk premium on its debts. When it joined in 2001 (reporting falsely optimistic figures for its budget deficit), it was rewarded with ...
... had already been in poor shape for years before it joined the euro, but its penalty for lax fiscal behaviour was a depreciating currency and a corresponding currency risk premium on its debts. When it joined in 2001 (reporting falsely optimistic figures for its budget deficit), it was rewarded with ...
Milton Friedman and the Euro Antonio Martino
... instability. American economists have used the same arguments, which is surprising. None of them, as far as I know, has ever advocated that each state in the United States should have its own currency, be free to run large budget deficits, be allowed to monetize its debt, and manipulate the exchange ...
... instability. American economists have used the same arguments, which is surprising. None of them, as far as I know, has ever advocated that each state in the United States should have its own currency, be free to run large budget deficits, be allowed to monetize its debt, and manipulate the exchange ...
The Two Decades of Chinese Economic Reform Compared
... sums up the cost of production and the surplus held by producers. The direction of a market price formation should begin with the calculation of various cost items. Thus, it would be the case of putting the cart before the horse if market price of a final product was fixed without making correspondi ...
... sums up the cost of production and the surplus held by producers. The direction of a market price formation should begin with the calculation of various cost items. Thus, it would be the case of putting the cart before the horse if market price of a final product was fixed without making correspondi ...
2013Q2 – 06 – CEE - ABN AMRO Insights
... The Czechs do not have room for further cuts as the CNB does not want to ‘go negative’; they have hinted at the option of weakening the koruna if needed. In Turkey, we expect the CBRT to keep finetuning its monetary tools in an effort to keep the current account deficit, inflation and credit growth ...
... The Czechs do not have room for further cuts as the CNB does not want to ‘go negative’; they have hinted at the option of weakening the koruna if needed. In Turkey, we expect the CBRT to keep finetuning its monetary tools in an effort to keep the current account deficit, inflation and credit growth ...
This PDF is a selection from a published volume from
... Part III: Fiscal and monetary policy and stability This section addresses different issues in fiscal and monetary policy. The chapter by Bovenberg and Uhlig provides a quantitative characterization of optimal intergenerational risk sharing in a stochastic overlapping generation model. The analysis, ...
... Part III: Fiscal and monetary policy and stability This section addresses different issues in fiscal and monetary policy. The chapter by Bovenberg and Uhlig provides a quantitative characterization of optimal intergenerational risk sharing in a stochastic overlapping generation model. The analysis, ...
2“Macroeconomic Policy Mix for Promoting Sustainable and Inclusive Growth
... 5. Third, we need to continue to develop infrastructure and technology to expand our domestic production capacity and competitiveness. Most of Asia economies are experiencing demographic bonus, with increasing middle income group demanding carious goods and services. With ...
... 5. Third, we need to continue to develop infrastructure and technology to expand our domestic production capacity and competitiveness. Most of Asia economies are experiencing demographic bonus, with increasing middle income group demanding carious goods and services. With ...
The unconventional monetary policy of the ECB: effectiveness
... markets with decisive influence on the financing of the non-financial sector; and a new series of Targeted Long-term Refinancing Operations (TLTROs), up to 4 years, to improve bank lending to the non-financial private sector in the euro area. The ECB clearly stated the willingness to actively ex ...
... markets with decisive influence on the financing of the non-financial sector; and a new series of Targeted Long-term Refinancing Operations (TLTROs), up to 4 years, to improve bank lending to the non-financial private sector in the euro area. The ECB clearly stated the willingness to actively ex ...
Document
... a) Public Debt Situation: At the end of 2011 ratios of government debt to GDP below 60% were recorded in 13 EU member States: Estonia (6.1%), Bulgaria (16.3%), Luxembourg (18.3%), Romania (33.4%), Lithuania (38.5), Sweden (38.4), Czech Republic (40.8%). Latvia (42.2), Slovakia (43.3), Denmark (46.6) ...
... a) Public Debt Situation: At the end of 2011 ratios of government debt to GDP below 60% were recorded in 13 EU member States: Estonia (6.1%), Bulgaria (16.3%), Luxembourg (18.3%), Romania (33.4%), Lithuania (38.5), Sweden (38.4), Czech Republic (40.8%). Latvia (42.2), Slovakia (43.3), Denmark (46.6) ...
Talking Points - Austrian Marshall Plan Foundation
... of private insurance mechanisms as a substitute for fiscal union. It was also believed that the Maastricht Treaty’s no bail out clause and the Stability and Growth Pact’s fiscal limits on member nations would work to contain fiscal contagion. Finally it was believed that reforms in the member states ...
... of private insurance mechanisms as a substitute for fiscal union. It was also believed that the Maastricht Treaty’s no bail out clause and the Stability and Growth Pact’s fiscal limits on member nations would work to contain fiscal contagion. Finally it was believed that reforms in the member states ...
Lessons from the European Economic and Financial Great Crisis: A
... 6.1. The accumulation of TARGET2 imbalances -Before the crisis, both the BoP current account and the trade balance of the countries under stress were in deficit, with the exception of Italy - During the crisis, the absolute size of individual items in the BoP increased and its composition changed s ...
... 6.1. The accumulation of TARGET2 imbalances -Before the crisis, both the BoP current account and the trade balance of the countries under stress were in deficit, with the exception of Italy - During the crisis, the absolute size of individual items in the BoP increased and its composition changed s ...
Euro Plus Pact
The Euro-Plus Pact (or Euro+ Pact, also initially called the Competitiveness Pact or later the Pact for the Euro), was adopted in March 2011 under EU's Open Method of Coordination, as an intergovernmental agreement between all member states of the European Union (except Croatia, Czech Republic, Hungary, Sweden and UK), in which concrete commitments were made to be working continuously within a new commonly agreed political general framework for the implementation of structural reforms intended to improve competitiveness, employment, financial stability and the fiscal strength of each country. The plan was advocated by the French and German governments as one of many needed political responses to strengthen the EMU in areas which the European sovereign-debt crisis had revealed as being too poorly constructed.The pact was constructed as an attempt to incentivize increased implementation of structural reforms by each participating EU member state, to improve their performance within the four focus areas of the pact, through: (1) A regular bottom-up inter-governmental political dialogue (learning best practices from each other) and (2) A commitment for each state to include reform measures (freely chosen from a broad list of potential policy action responses) in their annual National Reform Programme for those of the areas found in critical need of improvement. In addition, it also featured a commitment to transpose and operationalize one of the Stability and Growth Pact fiscal rules directly into national legislation - to make it more effectively working, and a commitment to perform regular ""structured dialogue"" for enhanced tax policy coordination in EU.In May 2015, the European Political Strategy Centre (in-house think tank of the European Commission) upon its analysis of the latest set of submitted National Reform Programmes, declared the pact was in a dormant state (not being actively used or referred to by the majority of participating states), and recommended it should be revived by moving it from its current intergovernmental state to become an integrated part of the European Semester in the EU framework law. In the latest approved plan for reforming the EMU, this recommendation was adopted with a target for its transposition to take place at the latest in June 2017.