Stories of the Twentieth Century for the Twenty
... systemic banking crises in the 1980s and 1990s. Around the same time, European countries also went through currency devaluation crises, in some cases related to banking crises. While painful, these crises were less frequent and generally less devastating than widespread cataclysms such as the 1980s ...
... systemic banking crises in the 1980s and 1990s. Around the same time, European countries also went through currency devaluation crises, in some cases related to banking crises. While painful, these crises were less frequent and generally less devastating than widespread cataclysms such as the 1980s ...
Chapter 14
... If inflation is above its target the Bank rises the target range, decreasing the money supply. If inflation is below its target, and if economy is going into recession, the Bank lowers the target range, increasing the money supply. ...
... If inflation is above its target the Bank rises the target range, decreasing the money supply. If inflation is below its target, and if economy is going into recession, the Bank lowers the target range, increasing the money supply. ...
Is there a role for domestic demand pressure on
... it possible consider factors not usually taken into account at the macroeconomic level. In particular, assuming that …rms are not price-takers in the ...
... it possible consider factors not usually taken into account at the macroeconomic level. In particular, assuming that …rms are not price-takers in the ...
Chapter 29
... The nominal exchange rate between the currencies of two countries should reflect the countries’ price levels in those countries. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. ...
... The nominal exchange rate between the currencies of two countries should reflect the countries’ price levels in those countries. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. ...
This PDF is a selection from a published volume from... Research Volume Title: International Dimensions of Monetary Policy
... goods with local inputs (Corsetti and Dedola 2005; Corsetti, Dedola, and Leduc 2008b). In this framework, provided that the tradable goods and the local inputs are poor substitutes in production, the presence of local inputs tends to mute the response of upstream prices to shocks (corresponding to a ...
... goods with local inputs (Corsetti and Dedola 2005; Corsetti, Dedola, and Leduc 2008b). In this framework, provided that the tradable goods and the local inputs are poor substitutes in production, the presence of local inputs tends to mute the response of upstream prices to shocks (corresponding to a ...
Antidumping Procedures and Macroeconomic Factors
... competition problems on a multilateral basis and which is not yet able to do so. - On the other hand, it may be that these unilateral or bilateral solutions contribute to the erosion of the efficiency of the GATT-WTO system, and may even pervert it, inasmuch as they become an additional source of tr ...
... competition problems on a multilateral basis and which is not yet able to do so. - On the other hand, it may be that these unilateral or bilateral solutions contribute to the erosion of the efficiency of the GATT-WTO system, and may even pervert it, inasmuch as they become an additional source of tr ...
DANIEL AMOAH_Feasibility Study of a Single Currency
... well as the increasing economic integration of the world as a whole, there is still a wide range of currencies circulating in the world’s economic monetary system. The International Monetary Fund with 188 member countries has more than 150 c ...
... well as the increasing economic integration of the world as a whole, there is still a wide range of currencies circulating in the world’s economic monetary system. The International Monetary Fund with 188 member countries has more than 150 c ...
TWO THEORIES OF MONEY RECONCILED: Farley Grubb Working Paper
... B. The “Backing” Theorists’ Model of the Monetary Adjustment Mechanism The “backing” theorists’ (Calomiris 1988a, 1988b; Smith 1985a, 1985b, 1988; Wicker 1985) model of the colonial monetary adjustment mechanism makes V a direct negative function of Mp. As such, increases in Mp can be perfectly offs ...
... B. The “Backing” Theorists’ Model of the Monetary Adjustment Mechanism The “backing” theorists’ (Calomiris 1988a, 1988b; Smith 1985a, 1985b, 1988; Wicker 1985) model of the colonial monetary adjustment mechanism makes V a direct negative function of Mp. As such, increases in Mp can be perfectly offs ...
Chapter 12
... payments imbalances and inward and outward foreign investment) play a leading role in economic and other policy decisions in the increasingly interdependent world economy. Such data are also used for analytical studies; that is, to determine the causes of payments imbalances and the necessity for im ...
... payments imbalances and inward and outward foreign investment) play a leading role in economic and other policy decisions in the increasingly interdependent world economy. Such data are also used for analytical studies; that is, to determine the causes of payments imbalances and the necessity for im ...
An estimated two-country EA-US model with limited exchange rate
... forecast errors reveals a non-negligible role for open economy shocks. Foreign demand shocks are significant contributors to short-run unexpected output fluctuations in the euro area, though they are less so in the United States. US domestic shocks (mainly risk premium and monetary policy shocks) ha ...
... forecast errors reveals a non-negligible role for open economy shocks. Foreign demand shocks are significant contributors to short-run unexpected output fluctuations in the euro area, though they are less so in the United States. US domestic shocks (mainly risk premium and monetary policy shocks) ha ...
NBER WORKING PAPER SERIES THE MICRO-MACRO DISCONNECT OF PURCHASING POWER PARITY
... The semi-annual observations made available to us do not extend beyond 2007. ...
... The semi-annual observations made available to us do not extend beyond 2007. ...
The euro as an international reserve currency: macroeconomic
... ultimately depends on the issuer’s fiscal capacity. In a growing world, then, the United States will inevitably lose its reserve currency monopoly. At the same time, the debate about global exchange rate arrangements has intensified over the past few years, partly driven by global imbalances and lar ...
... ultimately depends on the issuer’s fiscal capacity. In a growing world, then, the United States will inevitably lose its reserve currency monopoly. At the same time, the debate about global exchange rate arrangements has intensified over the past few years, partly driven by global imbalances and lar ...
The role of house prices in the monetary policy transmission
... should put more emphasis on macrofinancial risks posed by among others bursting housing bubbles. ...
... should put more emphasis on macrofinancial risks posed by among others bursting housing bubbles. ...
NBER WORKING PAPER SERIES INTERNATIONAL TRADE AND MACROECONOMIC DYNAMICS WITH HETEROGENEOUS FIRMS
... trade in financial assets — and focus on the role of goods market dynamics. We show that the microeconomic features of our model have important consequences for macroeconomic variables. Macroeconomic dynamics, in turn, feed back into firm-level decisions, further altering the pattern of trade over t ...
... trade in financial assets — and focus on the role of goods market dynamics. We show that the microeconomic features of our model have important consequences for macroeconomic variables. Macroeconomic dynamics, in turn, feed back into firm-level decisions, further altering the pattern of trade over t ...
as a PDF
... Against this institutional background, the bulk of the academic work on foreign exchange market interventions in major currencies has tended to focus on the question of “effectiveness” of the FX market operations against the background of some pre-specified objective that the monetary authorities ar ...
... Against this institutional background, the bulk of the academic work on foreign exchange market interventions in major currencies has tended to focus on the question of “effectiveness” of the FX market operations against the background of some pre-specified objective that the monetary authorities ar ...
The Impact of Hedging on Firm Value
... debt denominated in foreign currency, and 20% have subsidiaries abroad, therefore most of the firms show some source of sensibility to fluctuations in the exchange rate. Unlike Allayannis and Weston (2001), the estimation will use all the firms of the sample rather than only the exporter firms given ...
... debt denominated in foreign currency, and 20% have subsidiaries abroad, therefore most of the firms show some source of sensibility to fluctuations in the exchange rate. Unlike Allayannis and Weston (2001), the estimation will use all the firms of the sample rather than only the exporter firms given ...
Does Exchange Rate Policy Matter for Growth?
... Previous studies on whether the nature of the exchange rate regime influences a country’s medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes. This classification scheme, however, lea ...
... Previous studies on whether the nature of the exchange rate regime influences a country’s medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes. This classification scheme, however, lea ...
The Demand For Money
... • The value of neutral federal funds rate varies over time. The potential rate of growth of real GDP is not constant • When the rate of growth rises or falls, so does the value of the neutral federal funds rate • The FOMC must respond by changing the target for the federal funds rate that it include ...
... • The value of neutral federal funds rate varies over time. The potential rate of growth of real GDP is not constant • When the rate of growth rises or falls, so does the value of the neutral federal funds rate • The FOMC must respond by changing the target for the federal funds rate that it include ...
International barter
... so, these countries did not return to convertibility until 1958, and in the mean- ...
... so, these countries did not return to convertibility until 1958, and in the mean- ...
The Welfare effects of an East Africa Community Currency Area
... monetary unions. In a monetary union, monetary and exchange rate policies are decided at the union level and may not always be in line with the current needs of each member country. This is particularly problematic if the member countries have dissimilar business cycles and if wage rigidity and rest ...
... monetary unions. In a monetary union, monetary and exchange rate policies are decided at the union level and may not always be in line with the current needs of each member country. This is particularly problematic if the member countries have dissimilar business cycles and if wage rigidity and rest ...
Economics R. Glenn Hubbard, Anthony Patrick O`Brien, 2e.
... 1 The PCE is a so-called chain-type price index, as opposed to the market-basket approach used in constructing the CPI. As we saw in Chapter 20, because consumers shift the mix of products they buy each year, the market-basket approach makes the CPI overstate actual inflation. A chain-type price ind ...
... 1 The PCE is a so-called chain-type price index, as opposed to the market-basket approach used in constructing the CPI. As we saw in Chapter 20, because consumers shift the mix of products they buy each year, the market-basket approach makes the CPI overstate actual inflation. A chain-type price ind ...
The effect of Australian cash rate target announcements
... scheduled and non-scheduled announcements. However, they do not find statistically significant increase in expected open-close returns, i.e. macroeconomic risk premium on the announcements days. Li and Engle (1998) show that announcement-day volatility plays a substantial role in short-term volatil ...
... scheduled and non-scheduled announcements. However, they do not find statistically significant increase in expected open-close returns, i.e. macroeconomic risk premium on the announcements days. Li and Engle (1998) show that announcement-day volatility plays a substantial role in short-term volatil ...
GOLD STANDARDS: TRUE AND FALSE Joseph T. Salerno I. Introduction
... with a legal monopoly over an area of the economy will not hesitate to employ that monopoly in the service of its own interests. In the case of a government-monopolized paper fiat money, the creation of additional quantities of money is, for all intents and purposes, costless. At the same time, and ...
... with a legal monopoly over an area of the economy will not hesitate to employ that monopoly in the service of its own interests. In the case of a government-monopolized paper fiat money, the creation of additional quantities of money is, for all intents and purposes, costless. At the same time, and ...