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... with the preservation of price stability in the medium run. In practice, however, the stabilisation options of central banks are quite limited. This is because, in the first place, our knowledge about the transmission mechanisms of monetary stimuli visà-vis real activity continues to be very sketchy ...
... with the preservation of price stability in the medium run. In practice, however, the stabilisation options of central banks are quite limited. This is because, in the first place, our knowledge about the transmission mechanisms of monetary stimuli visà-vis real activity continues to be very sketchy ...
Automatic Stabilizers and Stabilization Policy
... Stabilization, of course, has long been the economic playbook of the United States government; it has kept interest rates low, shored up banks, purchased bad debts and printed money. But the effect is akin to treating metastatic cancer with painkillers. It has not only let deeper problems fester, b ...
... Stabilization, of course, has long been the economic playbook of the United States government; it has kept interest rates low, shored up banks, purchased bad debts and printed money. But the effect is akin to treating metastatic cancer with painkillers. It has not only let deeper problems fester, b ...
European Commission
... Once Council takes the formal decision on Latvia's euro adoption, what must still be done in the country by 1 January 2014? Latvia must carefully prepare the changeover to the euro by implementing its national changeover plan, which provides all the details for the organisation of the introduction o ...
... Once Council takes the formal decision on Latvia's euro adoption, what must still be done in the country by 1 January 2014? Latvia must carefully prepare the changeover to the euro by implementing its national changeover plan, which provides all the details for the organisation of the introduction o ...
Transparent Communications: The Journey Continues Charles I. Plosser
... inflation. Maximum employment is largely determined by factors that are beyond the control of monetary policy. These factors include such things as demographics, technological innovations, and numerous government policies, including tax policy, minimum wage laws, unemployment benefits, and the like ...
... inflation. Maximum employment is largely determined by factors that are beyond the control of monetary policy. These factors include such things as demographics, technological innovations, and numerous government policies, including tax policy, minimum wage laws, unemployment benefits, and the like ...
Estimating a Monetary Policy Rule for India
... and a lower interest rate when the exchange rate appreciates. Equation (2) is our estimating equation. ...
... and a lower interest rate when the exchange rate appreciates. Equation (2) is our estimating equation. ...
Don`t Talk to Me about Debt. Talk to Me about Growth.
... would create a capital shortfall in the banks. As banks leverage their capital, this would result— ceteris paribus—in a reduction in the amount of credit being available to the economy. Borensztein and Panizza (2009) and Gennaioli, Martin, and Rossi (2012) found that public debt defaults are followe ...
... would create a capital shortfall in the banks. As banks leverage their capital, this would result— ceteris paribus—in a reduction in the amount of credit being available to the economy. Borensztein and Panizza (2009) and Gennaioli, Martin, and Rossi (2012) found that public debt defaults are followe ...
What`s the matter with the Fed?
... at rates lower than are likely to prevail in the future. With these special conditions, lower short-term rates and a steep yield curve can, simultaneously and strongly, stimulate both the demand for and the supply of credit and create the acceleration of aggregate demand that we associate with econo ...
... at rates lower than are likely to prevail in the future. With these special conditions, lower short-term rates and a steep yield curve can, simultaneously and strongly, stimulate both the demand for and the supply of credit and create the acceleration of aggregate demand that we associate with econo ...
A safer and more prosperous Economic and Monetary Union
... the EMU represented a major step forward for the EU as a whole, it should be acknowledged that, like all great political and economic projects, it was not born ready-made. We envision the Euro area to be joined, ultimately, by the seven Member States currently outside but which have signed up to joi ...
... the EMU represented a major step forward for the EU as a whole, it should be acknowledged that, like all great political and economic projects, it was not born ready-made. We envision the Euro area to be joined, ultimately, by the seven Member States currently outside but which have signed up to joi ...
Comment on a paper by Cogley and Sargent
... low on average. Sargent’s book and Chung’s paper show that this setup does poorly at explaining US postwar inflation and unemployment data, because it implies that policy authorities quickly realized the Phillips Curve is nearly vertical. It is hard to understand why the paper gives such a prominent ...
... low on average. Sargent’s book and Chung’s paper show that this setup does poorly at explaining US postwar inflation and unemployment data, because it implies that policy authorities quickly realized the Phillips Curve is nearly vertical. It is hard to understand why the paper gives such a prominent ...
General interest publications about the euro | European Commission
... deficit and public debt. They also seek to ensure that countries have achieved a high degree of macroeconomic stability and competitiveness in terms of low inflation rates and long-term interest rates as well as having a stable exchange rate. ...
... deficit and public debt. They also seek to ensure that countries have achieved a high degree of macroeconomic stability and competitiveness in terms of low inflation rates and long-term interest rates as well as having a stable exchange rate. ...
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... trade (excluding the euro area) increased last year by around 12%, it will probably only rise by just under 6% this year according to the Eurosystem’s projections. This will have a negative impact on export prospects for the euro area. While growth in export (including intra-trade) rose at double-di ...
... trade (excluding the euro area) increased last year by around 12%, it will probably only rise by just under 6% this year according to the Eurosystem’s projections. This will have a negative impact on export prospects for the euro area. While growth in export (including intra-trade) rose at double-di ...
The Experience of Greece: Pre-ERM
... central rate as well as for the sustainability of convergence in general. Lessons from the ERM Before I discuss the drachma’s experience in the ERM, let me posit a question: What kind of an intermediate exchange-rate regime do we have in mind when we refer to the ERM? In my view, the present ERM sys ...
... central rate as well as for the sustainability of convergence in general. Lessons from the ERM Before I discuss the drachma’s experience in the ERM, let me posit a question: What kind of an intermediate exchange-rate regime do we have in mind when we refer to the ERM? In my view, the present ERM sys ...
Coming Home to Europe: Greece and the Euro
... program was supplemented by several structural reforms in the years 1998 and 1999. A process of labor market liberalization was initiated, several state enterprises were privatized, some of them partially, and first steps were made towards cutting the deficit in the social security system. Together ...
... program was supplemented by several structural reforms in the years 1998 and 1999. A process of labor market liberalization was initiated, several state enterprises were privatized, some of them partially, and first steps were made towards cutting the deficit in the social security system. Together ...
Should inflation-targeting central banks respond to exchange rate
... respond to exchange-rate fluctuations. These studies compare macroeconomic outcomes generated by Taylor interest-rate rules that respond to exchange-rate fluctuations with those that do not respond to the exchange rate. Subsequent studies are extensions of the Ball–Taylor framework whereby Taylor inte ...
... respond to exchange-rate fluctuations. These studies compare macroeconomic outcomes generated by Taylor interest-rate rules that respond to exchange-rate fluctuations with those that do not respond to the exchange rate. Subsequent studies are extensions of the Ball–Taylor framework whereby Taylor inte ...
Monetary Policy Theory - UCSB Department of Economics
... APPLICATION Quantitative (Credit) Easing to Respond to the Global Financial Crisis (cont’d) • Though the Fed took action, the negative aggregate demand shock to the economy from the global financial crisis was so great that the Fed’s quantitative (credit) easing was insufficient to over ...
... APPLICATION Quantitative (Credit) Easing to Respond to the Global Financial Crisis (cont’d) • Though the Fed took action, the negative aggregate demand shock to the economy from the global financial crisis was so great that the Fed’s quantitative (credit) easing was insufficient to over ...
– 51 No: 2012 Release Date: 24 October 2012
... consequently have an adverse effect on the medium-term inflation outlook. 20. Prudent fiscal policy is crucial for preserving the resilience of our economy against existing global uncertainties. Strengthening the structural reform agenda that would ensure the sustainability of the fiscal discipline ...
... consequently have an adverse effect on the medium-term inflation outlook. 20. Prudent fiscal policy is crucial for preserving the resilience of our economy against existing global uncertainties. Strengthening the structural reform agenda that would ensure the sustainability of the fiscal discipline ...
default settings for ecb documents
... banks within the ECB’s Statistics Committee has been very conducive to the development of the comprehensive set of euro area statistics that is disseminated by the ECB. Equally, the cooperation between Eurostat and the ECB’s Directorate General Statistics is very intensive and fruitful, and is based ...
... banks within the ECB’s Statistics Committee has been very conducive to the development of the comprehensive set of euro area statistics that is disseminated by the ECB. Equally, the cooperation between Eurostat and the ECB’s Directorate General Statistics is very intensive and fruitful, and is based ...
Presentation to NYU Stern School of Business New York, NY
... What’s striking about the Taylor rule is that it doesn’t incorporate forecasts or other information about the economy. It doesn’t take into consideration why inflation is low or where we think the economy will be in two years. You don’t need hundreds of economists deciphering all the data and puttin ...
... What’s striking about the Taylor rule is that it doesn’t incorporate forecasts or other information about the economy. It doesn’t take into consideration why inflation is low or where we think the economy will be in two years. You don’t need hundreds of economists deciphering all the data and puttin ...
Price and wage flexibility
... •Germany can increase its interest rates in order to avoid excessive surplus and inflation The third option is fiscal policy •Spain can decrease taxes •Greece can increase taxes In a fiscal union transfer between countries can be used as a shock absorber …The fourth option is structural policy – but ...
... •Germany can increase its interest rates in order to avoid excessive surplus and inflation The third option is fiscal policy •Spain can decrease taxes •Greece can increase taxes In a fiscal union transfer between countries can be used as a shock absorber …The fourth option is structural policy – but ...
Exchange Rate Regimes: Issues & Policy Options
... Pegs can only be maintained if the authorities are prepared to subordinate all other economic policy goals to the exchange rate commitment, otherwise exit is inevitable. ...
... Pegs can only be maintained if the authorities are prepared to subordinate all other economic policy goals to the exchange rate commitment, otherwise exit is inevitable. ...
Introduction Albert Ando, Richard Herring and Richard Marston
... Gelting concludes that the model implies a natural level of unemployment, determined by the rate of productivity growth and the rate of inflation imported from abroad. To investigate the role of capital mobility in such open economies, Gelting introduces a simple two sector model and analyzes the ef ...
... Gelting concludes that the model implies a natural level of unemployment, determined by the rate of productivity growth and the rate of inflation imported from abroad. To investigate the role of capital mobility in such open economies, Gelting introduces a simple two sector model and analyzes the ef ...
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... lagging at least 20 years behind where it should have been in terms of development. ...
... lagging at least 20 years behind where it should have been in terms of development. ...
University
... • Reverse Greenspan doctrine on asset prices: “can’t lean” (against the wind), “can clean” (up after the bubble), Bill White (BIS) ? • How take into account asset prices in inflation targeting (SWE, NZ) ? • Enhance further the broader based approaches of ECB’s two-pillars and BoJ’s “two perspectives ...
... • Reverse Greenspan doctrine on asset prices: “can’t lean” (against the wind), “can clean” (up after the bubble), Bill White (BIS) ? • How take into account asset prices in inflation targeting (SWE, NZ) ? • Enhance further the broader based approaches of ECB’s two-pillars and BoJ’s “two perspectives ...
Appendices. - Harvard University
... Cyclical shifts of labor, land & capital back & forth across sectors may incur needless costs. => role for government intervention? ...
... Cyclical shifts of labor, land & capital back & forth across sectors may incur needless costs. => role for government intervention? ...
reflections on the balcerowicz plan
... the government, as stated by Kornai, but it would also help banks. Remembering that Polish banks would lend money, predominantly to Polish state run firms, the elimination of these credits would force state runs firms to become more fiscally responsible. This fiscal responsibility could mean improvi ...
... the government, as stated by Kornai, but it would also help banks. Remembering that Polish banks would lend money, predominantly to Polish state run firms, the elimination of these credits would force state runs firms to become more fiscally responsible. This fiscal responsibility could mean improvi ...
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.