What lessons from the 1930s?
... Data on government receipts and expenditure from the Banking and Monetary Statistics (Table 159) prove that government purchase of goods and services expanded every year and that the US government, at both the federal and state level, made strong efforts to improve directly the labour market. Figure ...
... Data on government receipts and expenditure from the Banking and Monetary Statistics (Table 159) prove that government purchase of goods and services expanded every year and that the US government, at both the federal and state level, made strong efforts to improve directly the labour market. Figure ...
Clarifying Central Bank Responsibilities for Monetary Policy, Credit
... In order to secure its independence, a central bank’s credit policy reach should be confined to last resort lending as described above, lending beyond that should be clearly authorized by the fiscal authorities. A Central Bank Cannot Be the Pinnacle Financial Stability Oversight Authority At the co ...
... In order to secure its independence, a central bank’s credit policy reach should be confined to last resort lending as described above, lending beyond that should be clearly authorized by the fiscal authorities. A Central Bank Cannot Be the Pinnacle Financial Stability Oversight Authority At the co ...
Ensuring Sound Monetary Policy in the Aftermath of Crisis
... timely manner, thus making it difficult to shrink our balance sheet when the time comes. Moreover, some of these programs involve longer-term assets — like the agency MBS. Such assets may prove difficult to sell for an extended period of time if markets are viewed as “fragile” or specific interest g ...
... timely manner, thus making it difficult to shrink our balance sheet when the time comes. Moreover, some of these programs involve longer-term assets — like the agency MBS. Such assets may prove difficult to sell for an extended period of time if markets are viewed as “fragile” or specific interest g ...
LatAm Daily | The Chilean CB will soon migrate towards a neutral
... Chile - A neutral bias will come soon: rates on hold at 3.5% was the only policy option in May’s monetary meeting May’s minutes of the monetary policy meeting revealed strong debates in the Board in regards to the policy bias. As we signalled some months ago, the Central bank will migrate, sooner ra ...
... Chile - A neutral bias will come soon: rates on hold at 3.5% was the only policy option in May’s monetary meeting May’s minutes of the monetary policy meeting revealed strong debates in the Board in regards to the policy bias. As we signalled some months ago, the Central bank will migrate, sooner ra ...
No: 2010 – 27 31 August 2010
... current fiscal policy implementation. Budget realizations in the first half of 2010 suggest that the better-than-expected performance in budget revenues, due to stronger economic activity than envisaged in the Medium Term Program (MTP), is largely being used to reduce government debt. Sustaining fis ...
... current fiscal policy implementation. Budget realizations in the first half of 2010 suggest that the better-than-expected performance in budget revenues, due to stronger economic activity than envisaged in the Medium Term Program (MTP), is largely being used to reduce government debt. Sustaining fis ...
Ágnes Csermely Magyar Nemzeti Bank
... – Common shocks (i.e. oil prices) have different effects due to structural asymmetries ...
... – Common shocks (i.e. oil prices) have different effects due to structural asymmetries ...
No: 2011 – 47 26 October 2011
... financial stability as a supplementary objective. To this end, the impact of the macroprudential measures taken by the CBRT and other institutions on the inflation outlook will be assessed carefully. Strengthening the commitment to fiscal discipline and the structural reform agenda in the medium ter ...
... financial stability as a supplementary objective. To this end, the impact of the macroprudential measures taken by the CBRT and other institutions on the inflation outlook will be assessed carefully. Strengthening the commitment to fiscal discipline and the structural reform agenda in the medium ter ...
Mr O`Connell gives a review on the euro and the European Central
... markets to be competitive, especially in terms of transaction costs, will be a very important factor. EMU has brought these issues of competition to the fore and increased the urgency of resolving them successfully. These developments are a source of concern to us because of the tendency towards cen ...
... markets to be competitive, especially in terms of transaction costs, will be a very important factor. EMU has brought these issues of competition to the fore and increased the urgency of resolving them successfully. These developments are a source of concern to us because of the tendency towards cen ...
The World Economy Leaders met for the first time. Commitment
... Framework to enhance implementation of the G20´s growth goal, through regular assessments by the international organizations. ...
... Framework to enhance implementation of the G20´s growth goal, through regular assessments by the international organizations. ...
No: 2010 – 30 28 September 2010
... 6. Recent data releases are in line with the outlook presented in the July Inflation Report. Gross Domestic Product (GDP) grew by 10.3 percent year-on-year and by a seasonally adjusted 3.7 percent quarter-on-quarter during the second quarter. The Committee has noted that the public construction inve ...
... 6. Recent data releases are in line with the outlook presented in the July Inflation Report. Gross Domestic Product (GDP) grew by 10.3 percent year-on-year and by a seasonally adjusted 3.7 percent quarter-on-quarter during the second quarter. The Committee has noted that the public construction inve ...
Regulatory policy and governance for strengthening
... Why focus on regulation? • Regulation is one of the three key levers of formal state power (together with taxing and spending). • Economic performance, public service efficiency, and service delivery to business and citizens depends on regulatory quality • Countries with sound regulatory systems ha ...
... Why focus on regulation? • Regulation is one of the three key levers of formal state power (together with taxing and spending). • Economic performance, public service efficiency, and service delivery to business and citizens depends on regulatory quality • Countries with sound regulatory systems ha ...
The 2016 Convergence Report: Assessment of
... euro. The euro area Member States are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. What about the other countries? In principle, all Member States that do not have ...
... euro. The euro area Member States are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. What about the other countries? In principle, all Member States that do not have ...
The relative effectiveness of fiscal and monetary
... regarding economic policy was ratified by a special conference of unions. The main elements of the Accord include support for a centralised system of wage determination and the establishment of a Price Surveillance Authority. Agreement was also reached that the maintenance of real wages should be a ...
... regarding economic policy was ratified by a special conference of unions. The main elements of the Accord include support for a centralised system of wage determination and the establishment of a Price Surveillance Authority. Agreement was also reached that the maintenance of real wages should be a ...
"two-speed recovery", with North losing steam by Kanaga Raja
... other hand, higher public-debt-to-GDP ratios have convinced many governments that they should shift to fiscal tightening. However, the report stresses, there is much larger space for macroeconomic policies, especially for proactive fiscal policies, than is perceived by policy-makers. Moreover, there ...
... other hand, higher public-debt-to-GDP ratios have convinced many governments that they should shift to fiscal tightening. However, the report stresses, there is much larger space for macroeconomic policies, especially for proactive fiscal policies, than is perceived by policy-makers. Moreover, there ...
슬라이드 1 - OECD.org
... Flash and Advance estimate are just forecasts, not statistics. They are statistics: They still depend on the source data and a reasonable inference of the current economic situation based on various quantitative and qualitative information. ...
... Flash and Advance estimate are just forecasts, not statistics. They are statistics: They still depend on the source data and a reasonable inference of the current economic situation based on various quantitative and qualitative information. ...
No: 2009 – 27 28 August 2009
... 15. The Committee members have indicated that bond yields have fallen in line with the outlook presented in the Inflation Report, and predicted that bank lending rates for consumer loans would follow gradually, as the lagged effects of cumulative easing of 900 basis points since November 2008 would ...
... 15. The Committee members have indicated that bond yields have fallen in line with the outlook presented in the Inflation Report, and predicted that bank lending rates for consumer loans would follow gradually, as the lagged effects of cumulative easing of 900 basis points since November 2008 would ...
Examining Eurozone Divergence - Sound Ideas
... sufficient enough to ensure healthy convergence among member states. This assumption would later prove to be entirely wishful thinking. The first years of the EMU produced positive overall results. GDP growth was consistent, although not as high as other areas such as the US. Overall unemployment un ...
... sufficient enough to ensure healthy convergence among member states. This assumption would later prove to be entirely wishful thinking. The first years of the EMU produced positive overall results. GDP growth was consistent, although not as high as other areas such as the US. Overall unemployment un ...
PROBLEMS WITH STABILIZATION PROGRAMS AND AN OUTLINE FOR A TURKISH STABILIZATION
... Experiences show that successful stabilization programs were successful because they created major discontinuities in the trends of main macroeconomic variables. Inflation can be lowered quite easily with incomes policy, but to keep it down requires fiscal restraint, both in terms of increasing tax ...
... Experiences show that successful stabilization programs were successful because they created major discontinuities in the trends of main macroeconomic variables. Inflation can be lowered quite easily with incomes policy, but to keep it down requires fiscal restraint, both in terms of increasing tax ...
This PDF is a selection from a published volume from... Economic Research Volume Title: Europe and the Euro
... In short, after a decade of experience with membership in the EMU, the public support for EMU is weak at best. A political leader or political party could use this weak support to promote its political power by promising to withdraw the country from the EMU or by saying that they will threaten to wi ...
... In short, after a decade of experience with membership in the EMU, the public support for EMU is weak at best. A political leader or political party could use this weak support to promote its political power by promising to withdraw the country from the EMU or by saying that they will threaten to wi ...
Is Europe`s economic stagnation inevitable or policy driven?
... Unfortunately, many European countries spent too much on the old and the rich, too little on the young and the poor, and did not innovate enough. Stagnation had worsened these biases: education budgets had been slashed and firms were investing less in training. Popular resentment against immigration ...
... Unfortunately, many European countries spent too much on the old and the rich, too little on the young and the poor, and did not innovate enough. Stagnation had worsened these biases: education budgets had been slashed and firms were investing less in training. Popular resentment against immigration ...
Powerpoint slides
... Indexation is rare in real life, probably because the contracting parties (e.g., employers and employees) focus on different price indices ...
... Indexation is rare in real life, probably because the contracting parties (e.g., employers and employees) focus on different price indices ...
Bergara - Monetary Policy in an uncertain an volatile world
... The design and implementation of monetary policy: Calvo (2013) Capital flows to emerging markets are strongly motivated by the seek of profitability and liquid assets: this motivation declines when returns of liquid assets in developed economies are expected to rise Capital flows intensifies with mo ...
... The design and implementation of monetary policy: Calvo (2013) Capital flows to emerging markets are strongly motivated by the seek of profitability and liquid assets: this motivation declines when returns of liquid assets in developed economies are expected to rise Capital flows intensifies with mo ...
English - Europeanrights.eu
... L. whereas the Treaty on the Functioning of the European Union contains, in its Articles 114(4) and (5), 153(4), 168(4), 169(4) and 193, safeguard clauses that enable Member States to maintain or introduce more stringent protective measures within the scope of application of a legal act that is addr ...
... L. whereas the Treaty on the Functioning of the European Union contains, in its Articles 114(4) and (5), 153(4), 168(4), 169(4) and 193, safeguard clauses that enable Member States to maintain or introduce more stringent protective measures within the scope of application of a legal act that is addr ...
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.