This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... currency in a single country where there are alternative assets. This problem was stressed by Keynes (1936) and Samuelson (1947) as the essential difficulty of monetary theory. In the light of these difficulties at the theoretical level, it is remarkable that there is so little difficulty in getting ...
... currency in a single country where there are alternative assets. This problem was stressed by Keynes (1936) and Samuelson (1947) as the essential difficulty of monetary theory. In the light of these difficulties at the theoretical level, it is remarkable that there is so little difficulty in getting ...
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... Since the inception of exchange rate deregulation in Nigeria, there have been fluctuations in the value of the naira. However, exchange rate of the naira to the US dollars was relatively stable in 2010 (CBN, 2010). The average exchange rate of the naira at the Whole Sale Dutch Auction System (WDAS) ...
... Since the inception of exchange rate deregulation in Nigeria, there have been fluctuations in the value of the naira. However, exchange rate of the naira to the US dollars was relatively stable in 2010 (CBN, 2010). The average exchange rate of the naira at the Whole Sale Dutch Auction System (WDAS) ...
The Adjustment Mechanism: Theory and Problems Rudiger Dornbusch*
... United States, this might today be called new competitors or new entrants in world manufacturing. Table 5 shows the change in U.S. trade with the NICs since 1981. Part of the $70 billion shift in trade reflects the debt crisis (loss of markets), but a major part is a reflection of the entrance of ne ...
... United States, this might today be called new competitors or new entrants in world manufacturing. Table 5 shows the change in U.S. trade with the NICs since 1981. Part of the $70 billion shift in trade reflects the debt crisis (loss of markets), but a major part is a reflection of the entrance of ne ...
Currency Boards - Cato Institute
... installed in the 1990s. All were installed in countries that were politically and/or economically very unstable. Furthermore, prior to the installation of currency boards, all countries had soft budget constraints and faced the prospect of continued instability. Argentina was attempting to cope with ...
... installed in the 1990s. All were installed in countries that were politically and/or economically very unstable. Furthermore, prior to the installation of currency boards, all countries had soft budget constraints and faced the prospect of continued instability. Argentina was attempting to cope with ...
DOLLARIZATION, THE FUNCTIONS OF A CENTRAL BANK AND
... deposits and assets denominated in one or more of what are perceived as strong (safe haven) foreign currencies. Especially for most small, open economies, whether the nation dollarizes or maintains its own domestic currency, any financial system problem tends to become an external financial problem ...
... deposits and assets denominated in one or more of what are perceived as strong (safe haven) foreign currencies. Especially for most small, open economies, whether the nation dollarizes or maintains its own domestic currency, any financial system problem tends to become an external financial problem ...
Emergent Brazil and the Curse of the `Hen`s Flight`
... EMERGENT BRAZIL AND THE CURSE OF THE ‘HEN’S FLIGHT’ | 3 ...
... EMERGENT BRAZIL AND THE CURSE OF THE ‘HEN’S FLIGHT’ | 3 ...
Stable Money And Free-Market Currencies
... symptoms of excess demand for or excess supply of money, either of which, hut especially the former, impinges on real activity as well as on prices. Monetary policy aimed at price-level stability would coincide with resisting unemployment due to general deficiency of spending while not creating too ...
... symptoms of excess demand for or excess supply of money, either of which, hut especially the former, impinges on real activity as well as on prices. Monetary policy aimed at price-level stability would coincide with resisting unemployment due to general deficiency of spending while not creating too ...
MonetaryTools
... The Fed Funds Market* By selling bonds, the Fed reduces reserves and increases the Fed ...
... The Fed Funds Market* By selling bonds, the Fed reduces reserves and increases the Fed ...
1 Monetary Tools
... An open market purchase is an example of expansionary monetary policy. Expansionary monetary policy is a monetary policy that tends to reduce interest rates and raise income. ...
... An open market purchase is an example of expansionary monetary policy. Expansionary monetary policy is a monetary policy that tends to reduce interest rates and raise income. ...
PDF
... value of home goods by 2.6 per cent, compared to 0.6 per cent resulting from a rise in the price of non-agricultural exportables. This was to be expected, as the former are partly consumed in the domestic market while the latter are practically all exported. As part of an industrialisation strategy ...
... value of home goods by 2.6 per cent, compared to 0.6 per cent resulting from a rise in the price of non-agricultural exportables. This was to be expected, as the former are partly consumed in the domestic market while the latter are practically all exported. As part of an industrialisation strategy ...
Currency Contracts, Pass-Through, and Devaluation
... have marked a departure from the relative stability in international markets since World War II. The difficulties began with the deterioration in the United States merchandisetrade balance in 1971. Large movements of short-term capital also occurred as anxiety over the dollar increased. The result w ...
... have marked a departure from the relative stability in international markets since World War II. The difficulties began with the deterioration in the United States merchandisetrade balance in 1971. Large movements of short-term capital also occurred as anxiety over the dollar increased. The result w ...
1 THE KEYNES PLAN, THE MARSHALL PLAN AND THE IMCU
... decline.. Faced with this reduction in market demand, businesses will reduce hiring of workers. In the international sector, nations often have a fear of being unable to meet unknown future international commitments. Accordingly, such nations attempt to grow and accumulate foreign reserves to become ...
... decline.. Faced with this reduction in market demand, businesses will reduce hiring of workers. In the international sector, nations often have a fear of being unable to meet unknown future international commitments. Accordingly, such nations attempt to grow and accumulate foreign reserves to become ...
Monetary and Macroprudential Policies in Saudi Arabia
... Credit has a positive and statistically significant impact on non-oil output after 7 quarters – suggesting that credit channel is working Weak evidence of economic impact from shocks to RM – suggesting scope to develop this further Increase in oil price increases G with a six month lag Inflation in ...
... Credit has a positive and statistically significant impact on non-oil output after 7 quarters – suggesting that credit channel is working Weak evidence of economic impact from shocks to RM – suggesting scope to develop this further Increase in oil price increases G with a six month lag Inflation in ...
PURCHASING POWER PARITY AND TURKISH LIRA
... Gustav Cassel (1866-1945). It was clearly modeled during the World War I and it came out after the breakdown of Bretton Wood System. The doctrine has been used in order to establish equilibrium exchange rates. The theory of purchasing power parity states that the exchange rate between one currency a ...
... Gustav Cassel (1866-1945). It was clearly modeled during the World War I and it came out after the breakdown of Bretton Wood System. The doctrine has been used in order to establish equilibrium exchange rates. The theory of purchasing power parity states that the exchange rate between one currency a ...
The Potential of the Renminbi as an International Currency
... money, as summarised in Table 1 (Cohen 1971; Kenen 1983). Under each function, there are examples of how official authorities and private sectors sometimes choose to use a major international currency that is not their own. These functions are distinct from each other, and their respective importanc ...
... money, as summarised in Table 1 (Cohen 1971; Kenen 1983). Under each function, there are examples of how official authorities and private sectors sometimes choose to use a major international currency that is not their own. These functions are distinct from each other, and their respective importanc ...
SPLENDID ISOLATION: BRITAIN’S PAST, PRESENT AND FUTURE IN RELATION TO THE D
... over th relevant period. However, it is worth noting that the British economy is one of the largest economies in the EU. Had it been part of the Eurozone, it would have had considerable influence over decision making in the ECB. This would have allowed it to push interest rates up above the level th ...
... over th relevant period. However, it is worth noting that the British economy is one of the largest economies in the EU. Had it been part of the Eurozone, it would have had considerable influence over decision making in the ECB. This would have allowed it to push interest rates up above the level th ...
Post-Crisis Monetary Policy Strategies
... price path incorporates a trend inflation rate. However, the effects on inflation expectations will depend on when PLT is adopted, which price index is targeted, and how quickly the public expects deviations from target to be eliminated. If U.S. had adopted price level targeting in January 2007 with ...
... price path incorporates a trend inflation rate. However, the effects on inflation expectations will depend on when PLT is adopted, which price index is targeted, and how quickly the public expects deviations from target to be eliminated. If U.S. had adopted price level targeting in January 2007 with ...
Lecture Notes - University of Pennsylvania
... This part of the course covers basic elements of open-economy macroeconomics that are needed to study financial globalization and financial crises. These theoretical principles are based on the “microfoundations” approach to macroeconomics. This approach seeks to build a theory about macroeconomic p ...
... This part of the course covers basic elements of open-economy macroeconomics that are needed to study financial globalization and financial crises. These theoretical principles are based on the “microfoundations” approach to macroeconomics. This approach seeks to build a theory about macroeconomic p ...
The Effect of Financial Stability on Monetary Policy
... In order to counter balance the losses, banks may make increasingly risky loans to restore profitability (gambling for resurrection). This is one example where there is a clear trade-off between monetary and financial stability, since what is necessary from a monetary policy point of view may ha ...
... In order to counter balance the losses, banks may make increasingly risky loans to restore profitability (gambling for resurrection). This is one example where there is a clear trade-off between monetary and financial stability, since what is necessary from a monetary policy point of view may ha ...
Chapter 15 Price Levels and the Exchange Rate in the Long Run
... Copyright © 2006 Pearson Addison-Wesley. All rights reserved. ...
... Copyright © 2006 Pearson Addison-Wesley. All rights reserved. ...
IMPORT AND EXPORT - Delhi District Courts
... convertible foreign exchange currencies. However, consequent upon issuance of public notice No.153-ITC (PN) 90-93; dated 16th May 1991 clarifying that EO under BPCG Scheme henceforth would be indicated in US $, the practice was discontinued and the licences issued/endorsed under BPCG Scheme were bei ...
... convertible foreign exchange currencies. However, consequent upon issuance of public notice No.153-ITC (PN) 90-93; dated 16th May 1991 clarifying that EO under BPCG Scheme henceforth would be indicated in US $, the practice was discontinued and the licences issued/endorsed under BPCG Scheme were bei ...
An Empirical Study of a ‘Mystery of Currency Exposure’ with the Case of A-Share Listed Companies
... constant, Rm represents the stock market return, and j is the error. The degree of currency risk exposure is then measured by the exchange rate volatility coefficient j , which reflects the changes in company profitability that can be explained by spot exchange rate fluctuations, after adjustmen ...
... constant, Rm represents the stock market return, and j is the error. The degree of currency risk exposure is then measured by the exchange rate volatility coefficient j , which reflects the changes in company profitability that can be explained by spot exchange rate fluctuations, after adjustmen ...
NBER WORKING. PAPER SERIES EQUILIBRIUM AND EXCHANGE RATES Rudiger Dornbusch
... "However, despite the efforts of European central banks to coordinate a modest fall in interest rates. last week, it is stressed here that Europe's scope to "uncouple itself from U. S. developments remains very small. This is said to apply to West Germany despite its improved current account perform ...
... "However, despite the efforts of European central banks to coordinate a modest fall in interest rates. last week, it is stressed here that Europe's scope to "uncouple itself from U. S. developments remains very small. This is said to apply to West Germany despite its improved current account perform ...
S0212088_en.pdf
... Argentina was -0.4% while in Hong Kong it was 1.8%. Prices therefore had been contributing towards a real depreciation in Argentina more intensively than in Hong Kong.4 Second, as we shall see, the Chilean band was already suffering lack of credibility over the period considered. Hence, faced to a s ...
... Argentina was -0.4% while in Hong Kong it was 1.8%. Prices therefore had been contributing towards a real depreciation in Argentina more intensively than in Hong Kong.4 Second, as we shall see, the Chilean band was already suffering lack of credibility over the period considered. Hence, faced to a s ...