Trade Effect of a Single Currency in East Africa
... instead of the domestic currency (dollarization) include the Armenian dram (Armenia and Nagorno-Karabakh Republic), the Australian dollar (Australia, Kiribati, Nauru, and Tuvalu), the Euro (Andorra, Kosovo and Montenegro), the Indian rupee (India and Bhutan), the New Zealand dollar(New Zealand, Niue ...
... instead of the domestic currency (dollarization) include the Armenian dram (Armenia and Nagorno-Karabakh Republic), the Australian dollar (Australia, Kiribati, Nauru, and Tuvalu), the Euro (Andorra, Kosovo and Montenegro), the Indian rupee (India and Bhutan), the New Zealand dollar(New Zealand, Niue ...
Four Law Drafts - the Monetary Freedom Handbook workbench!
... would risk his life for Germany without hesitation and not only that. But of monetary theory he does not understand much. 'Not much' does here mean that he understands something of it, e.g. that inflation or devaluation cannot possibly be the right thing in the middle of a crisis. With this he under ...
... would risk his life for Germany without hesitation and not only that. But of monetary theory he does not understand much. 'Not much' does here mean that he understands something of it, e.g. that inflation or devaluation cannot possibly be the right thing in the middle of a crisis. With this he under ...
Leaving the euro: A practical guide
... indebtedness. Often it is the same countries that suffer acutely from both the financial and economic problems. As a result of poor competitiveness and/or the burden of excessive debt, several members of the euro-zone suffer from a chronic shortage of aggregate demand, which results in high levels o ...
... indebtedness. Often it is the same countries that suffer acutely from both the financial and economic problems. As a result of poor competitiveness and/or the burden of excessive debt, several members of the euro-zone suffer from a chronic shortage of aggregate demand, which results in high levels o ...
Non-Wasteful Government Spending in an Estimated Open
... tend to suggest a non-wasteful nature of government spending. Kawaguchi et al. (2009) …nd a positive externality of public capital in Japan. Okubo (2008) concludes that the relationship between private and public consumption in Japan is not a substitute, which is consistent with the early …ndings b ...
... tend to suggest a non-wasteful nature of government spending. Kawaguchi et al. (2009) …nd a positive externality of public capital in Japan. Okubo (2008) concludes that the relationship between private and public consumption in Japan is not a substitute, which is consistent with the early …ndings b ...
NBER WORKING PAPER SERIES A FISCAL THEORY OF SOVEREIGN RISK Martín Uribe
... by Joaquı́n Cottani (chief economist of Lehman Brothers) published in the Argentine newspaper La Nación on June 23, 2002. See also the June 29, 2002 issue of The Economist. ...
... by Joaquı́n Cottani (chief economist of Lehman Brothers) published in the Argentine newspaper La Nación on June 23, 2002. See also the June 29, 2002 issue of The Economist. ...
Collateral Damage: Dollar Strength and Emerging Markets
... we show the dynamics of the U.S. real effective exchange rate and growth in emerging markets. We use South America’s real GDP growth as an example—results holding for other regions. We observe in Figure 1 that there have been appreciating and depreciating cycles of the U.S. dollar. We will identify ...
... we show the dynamics of the U.S. real effective exchange rate and growth in emerging markets. We use South America’s real GDP growth as an example—results holding for other regions. We observe in Figure 1 that there have been appreciating and depreciating cycles of the U.S. dollar. We will identify ...
CHAP1.WP (Word5)
... Section 13-1 explains why monetary, rather than fiscal, policy is the major tool of stabilization policy. Remind students that the stability of the demand for money is central to the conduct of monetary policy, because stable money demand implies a stable relationship between the money supply and no ...
... Section 13-1 explains why monetary, rather than fiscal, policy is the major tool of stabilization policy. Remind students that the stability of the demand for money is central to the conduct of monetary policy, because stable money demand implies a stable relationship between the money supply and no ...
The Bitcoin Revolution
... on August 7, 2014, by the coinometrics.com web site. These magnitudes are $57.3 million and $16,518 million, so the implied ratio is 0.00345. Alternatively, in terms of stocks, rather than transactions, the M1 measure of the U.S. money supply (currency plus demand deposits) is currently about $2,835 ...
... on August 7, 2014, by the coinometrics.com web site. These magnitudes are $57.3 million and $16,518 million, so the implied ratio is 0.00345. Alternatively, in terms of stocks, rather than transactions, the M1 measure of the U.S. money supply (currency plus demand deposits) is currently about $2,835 ...
DP2008/17 Does natural rate variation matter? Evidence from New Zealand Michael Kirker
... New Keynesian models are a popular tool for monetary policy advice. Typically, these models are estimated on demeaned interest rate and inflation data, implicitly assuming a constant natural real rate of interest and inflation target. However, if these concepts in fact vary over time, working with d ...
... New Keynesian models are a popular tool for monetary policy advice. Typically, these models are estimated on demeaned interest rate and inflation data, implicitly assuming a constant natural real rate of interest and inflation target. However, if these concepts in fact vary over time, working with d ...
the credit-anstalt myth
... increased liquidity needs hence, only worsened already existing balance-of-payments difficulties but did not cause them. Second, the literature pinpoints policy failure - in the form of deficit spending and overborrowing - as one of the two factors behind the crisis. As a result of high government s ...
... increased liquidity needs hence, only worsened already existing balance-of-payments difficulties but did not cause them. Second, the literature pinpoints policy failure - in the form of deficit spending and overborrowing - as one of the two factors behind the crisis. As a result of high government s ...
3. Composite indicator and the probability of a crisis - Hal-SHS
... Banking system collapses often coincide with the onset of a currency crisis. For example, the biggest difference between Russia and other Eastern European countries was the role of the banking system. In the former, credits have continued to be inefficiently directed towards the big state-owned indu ...
... Banking system collapses often coincide with the onset of a currency crisis. For example, the biggest difference between Russia and other Eastern European countries was the role of the banking system. In the former, credits have continued to be inefficiently directed towards the big state-owned indu ...
read... - Solidarity Movement for a New Ethiopia
... statement that one of the coffee business managers responded to the BBC’s reporter: “We haven’t hoarded anything… We have proof that we haven’t been hoarding…” Meles Does not Believe in Markets The problem is that Ato Meles Zenawi does not believe in the market system, despite his many attempts in f ...
... statement that one of the coffee business managers responded to the BBC’s reporter: “We haven’t hoarded anything… We have proof that we haven’t been hoarding…” Meles Does not Believe in Markets The problem is that Ato Meles Zenawi does not believe in the market system, despite his many attempts in f ...
The Federal Reserve Engages the World
... associated concerns about the US external accounts. Gyrations in exchange rates and exchange rate arrangements were poorly understood and analyzed. Increases in energy prices along with mistakes in macroeconomic policies contributed to global recession, rising inflation, and external financial crise ...
... associated concerns about the US external accounts. Gyrations in exchange rates and exchange rate arrangements were poorly understood and analyzed. Increases in energy prices along with mistakes in macroeconomic policies contributed to global recession, rising inflation, and external financial crise ...
the prerequisites for progress towards a single currency in the
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
The Effects of Monetary Policy on Prices in Malawi
... Thus, even in the early literature, the evidence that policy matters (for example, Sims, 1972; Stock and Watson, 1989; Romer and Romer, 1990) was clearly challenged by Sims (1980), Friedman and Kuttner (1992) and Cochrane (1998) among many others. Friedman (1992) notes that identical monetary policy ...
... Thus, even in the early literature, the evidence that policy matters (for example, Sims, 1972; Stock and Watson, 1989; Romer and Romer, 1990) was clearly challenged by Sims (1980), Friedman and Kuttner (1992) and Cochrane (1998) among many others. Friedman (1992) notes that identical monetary policy ...
Extreme Inflation: Dynamics and Stabilization
... We departfromthe Caganmodel and the relatedliteraturein several ways. Although the rationalexpectations formulationis theoretically attractive,it does not reflectthe facts. Increasedmoney growthinitially tends to raise real balances; only later does inflation build up and overshoot for a while.10Fig ...
... We departfromthe Caganmodel and the relatedliteraturein several ways. Although the rationalexpectations formulationis theoretically attractive,it does not reflectthe facts. Increasedmoney growthinitially tends to raise real balances; only later does inflation build up and overshoot for a while.10Fig ...
Chapters 1-12, 14: Managerial International Macroeconomics
... and almost always involves an exchange of coupons widely accepted. For the moment, let us oversimplify and assume that all payments are ultimately performed in cash. Let me discuss now the policies described above. All of them have limitations that I will discuss later; for the moment, though, I wil ...
... and almost always involves an exchange of coupons widely accepted. For the moment, let us oversimplify and assume that all payments are ultimately performed in cash. Let me discuss now the policies described above. All of them have limitations that I will discuss later; for the moment, though, I wil ...
Adaptive Learning and Survey Data
... modeled by Brock and Hommes (1997) within a framework of an adaptively rational equilibrium dynamics (ARED). Branch (2004) used the ARED to test whether inflation survey data exhibited rationally heterogeneous expectations. Similarly Jongen, Verschoor, Wolff, and Zwinkels (2012) explained dispersion ...
... modeled by Brock and Hommes (1997) within a framework of an adaptively rational equilibrium dynamics (ARED). Branch (2004) used the ARED to test whether inflation survey data exhibited rationally heterogeneous expectations. Similarly Jongen, Verschoor, Wolff, and Zwinkels (2012) explained dispersion ...
NBER WORKING PAPER SERIES THE OPTIMAL RATE OF INFLATION Stephanie Schmitt-Grohe Martin Uribe
... additional arguments that have been proposed as possible explanations of this gap: the zero bound on nominal interest rates, downward nominal rigidities in factor prices, and a quality bias in the measurement of inflation. It is often argued in policy circles that at zero or negative rates of inflatio ...
... additional arguments that have been proposed as possible explanations of this gap: the zero bound on nominal interest rates, downward nominal rigidities in factor prices, and a quality bias in the measurement of inflation. It is often argued in policy circles that at zero or negative rates of inflatio ...
Some - Jayasri Dutta
... one of us ®nds money acceptable because all others do. How does such an agreement come to pass, and is it always and everywhere desirable? In answering this question, a theory must contemplate counterfactuals, of alternatives to money both historical and imagined. At a minimum, we should be able to ...
... one of us ®nds money acceptable because all others do. How does such an agreement come to pass, and is it always and everywhere desirable? In answering this question, a theory must contemplate counterfactuals, of alternatives to money both historical and imagined. At a minimum, we should be able to ...
S0211936_en.pdf
... The economies of Latin America and the Caribbean contracted by 0.5% in 2002. As a result, per capita GDP for the year was below the level recorded in 1997, which means that the last five years have been lost to the region in terms of economic growth. The average growth rate for the region as a whole ...
... The economies of Latin America and the Caribbean contracted by 0.5% in 2002. As a result, per capita GDP for the year was below the level recorded in 1997, which means that the last five years have been lost to the region in terms of economic growth. The average growth rate for the region as a whole ...
The Money Supply Process and Monetary Policy
... In the fall of 1998, Edward Boehne, a Federal Reserve executive, knew the Fed had goofed. When he checked into a hotel in a small town in Pennsylvania, the clerk looked at his title and said, “You didn’t do enough.” By mid-November 1998, the Fed had intervened three times to expand the money supply. ...
... In the fall of 1998, Edward Boehne, a Federal Reserve executive, knew the Fed had goofed. When he checked into a hotel in a small town in Pennsylvania, the clerk looked at his title and said, “You didn’t do enough.” By mid-November 1998, the Fed had intervened three times to expand the money supply. ...
Gold, Fiat Money and Price Stability
... States and France. The Bretton Woods System established in 1944 was a weak variant of the gold standard. Under this system, the United States maintained gold convertibility at $35.00 per ounce while the other members maintained current account convertibility in dollars. Most of the adjustment mecha ...
... States and France. The Bretton Woods System established in 1944 was a weak variant of the gold standard. Under this system, the United States maintained gold convertibility at $35.00 per ounce while the other members maintained current account convertibility in dollars. Most of the adjustment mecha ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... Finally, capital flows are typically of a different nature in low‐income countries than in other countries. A large part of their foreign borrowing is in the form of official development assistance (grants or concessional loans). Such capital flows do not respond to market incentives and often do no ...
... Finally, capital flows are typically of a different nature in low‐income countries than in other countries. A large part of their foreign borrowing is in the form of official development assistance (grants or concessional loans). Such capital flows do not respond to market incentives and often do no ...
Fiscal Devaluations No. 12-10 Emmanuel Farhi, Gita Gopinath, and Oleg Itskhoki
... When is a reduction in consumption taxes and increase in income taxes required? Without a reduction in consumption taxes, fiscal devaluations result in an appreciated real exchange rate relative to a nominal devaluation. This is because fiscal devaluations, despite having the same effect on internat ...
... When is a reduction in consumption taxes and increase in income taxes required? Without a reduction in consumption taxes, fiscal devaluations result in an appreciated real exchange rate relative to a nominal devaluation. This is because fiscal devaluations, despite having the same effect on internat ...