NBER WORKING PAPER SERIES THE ROLE OF THE EXCHANGE RATE REGIME
... Specifically, base-country interest rates that are 1 percentage point higher lead to a 0.20 percentage point decline in annual GDP growth in pegged countries as opposed to no change in countries with floats. Turning to the channels underlying this result, we find that base rates have an impact on d ...
... Specifically, base-country interest rates that are 1 percentage point higher lead to a 0.20 percentage point decline in annual GDP growth in pegged countries as opposed to no change in countries with floats. Turning to the channels underlying this result, we find that base rates have an impact on d ...
Multinational Finance
... The Impact of News Events The U.S. government reports that U.S. money supply M1 increased by $1 billion more than expected in the most recent quarter This would appear to result in a larger supply of dollars and hence a lower value for the dollar. However, the increase in the money supply has alrea ...
... The Impact of News Events The U.S. government reports that U.S. money supply M1 increased by $1 billion more than expected in the most recent quarter This would appear to result in a larger supply of dollars and hence a lower value for the dollar. However, the increase in the money supply has alrea ...
Financial versus Monetary Mercantilism-Long
... relatively sluggish growth – from the early 1990s in Japan, from 1998 in Korea. Compared to the average over the decade prior to crisis, the foreign exchange reserves in percent of GDP rose by nearly five-fold after 8-10 years since the crisis. There is a significant body of evidence that financial ...
... relatively sluggish growth – from the early 1990s in Japan, from 1998 in Korea. Compared to the average over the decade prior to crisis, the foreign exchange reserves in percent of GDP rose by nearly five-fold after 8-10 years since the crisis. There is a significant body of evidence that financial ...
Working Paper No. 405 Monetary policy, capital
... A simple look at the data does not allow us to assess which of the two explanations is correct. Because the crisis is still ongoing, there are not yet many studies trying to disentangle its causes and quantify the relative contribution of different factors. In a recent speech, Bernanke (2010) discus ...
... A simple look at the data does not allow us to assess which of the two explanations is correct. Because the crisis is still ongoing, there are not yet many studies trying to disentangle its causes and quantify the relative contribution of different factors. In a recent speech, Bernanke (2010) discus ...
Discussion Paper Series - Name
... Parallel to this period there was significant research progress into the econometric methodologies that could be used to estimate a non-linear multiplier. A central focus of many new papers was whether fiscal policy was more effective during recessions than expansions. Using non-linear econometric m ...
... Parallel to this period there was significant research progress into the econometric methodologies that could be used to estimate a non-linear multiplier. A central focus of many new papers was whether fiscal policy was more effective during recessions than expansions. Using non-linear econometric m ...
External Adjustment in Oil Exporters
... Section IV concludes and suggests potential future research. II. THEORETICAL CHANNELS AND EXISTING RELEVANT LITERATURE Exchange rate changes lead to changes in relative prices between domestic and foreign goods, which affect incentives to import and export. However, this section will demonstrate imp ...
... Section IV concludes and suggests potential future research. II. THEORETICAL CHANNELS AND EXISTING RELEVANT LITERATURE Exchange rate changes lead to changes in relative prices between domestic and foreign goods, which affect incentives to import and export. However, this section will demonstrate imp ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Japanese Monetary Policy
... of research that Barsky and Miron (1989) and Yoshikawa (1989) began to study seasonal cycles in the United States and in Japan, respectively, Although the main interest here is the role of money in business cycles, much information can be obtained by studying seasonal cycles. Fluctuations of monthly ...
... of research that Barsky and Miron (1989) and Yoshikawa (1989) began to study seasonal cycles in the United States and in Japan, respectively, Although the main interest here is the role of money in business cycles, much information can be obtained by studying seasonal cycles. Fluctuations of monthly ...
Separating Monetary and Structural Causes of Inflation
... According to Abradu-Otoo et al. (2003), monetary management in Ghana has two phases; pre1983 reform phase and post-1983 reform phase. In phase I, bank of Ghana implemented both global and sectoral credit controls by implementing different credit ceilings in different sectors in as it deemed it fit f ...
... According to Abradu-Otoo et al. (2003), monetary management in Ghana has two phases; pre1983 reform phase and post-1983 reform phase. In phase I, bank of Ghana implemented both global and sectoral credit controls by implementing different credit ceilings in different sectors in as it deemed it fit f ...
NBER WO~G PAPER SERIES WHAT DOES THE BUNDESBANK TARGET?
... It is worth emphasizing the substantial advantage of this approach, relative to traditional Cowles methods and more completelyidentified VAR analyses, that responses to policy can be measured without identifying assumptions other than the timing assumption. However, this methodology does require tha ...
... It is worth emphasizing the substantial advantage of this approach, relative to traditional Cowles methods and more completelyidentified VAR analyses, that responses to policy can be measured without identifying assumptions other than the timing assumption. However, this methodology does require tha ...
DP2016/02 Persistence and Volatility of Real Exchange Britta Gehrke and Fang Yao
... Real exchange rates of major industrialized economies have been volatile and persistent ever since the Bretton Woods system of fixed exchange rates was abandoned in the 1970s. Economic theory suggests that supply shocks explain a large fraction of the fluctuations of real exchange rates both in the ...
... Real exchange rates of major industrialized economies have been volatile and persistent ever since the Bretton Woods system of fixed exchange rates was abandoned in the 1970s. Economic theory suggests that supply shocks explain a large fraction of the fluctuations of real exchange rates both in the ...
I F M What Is the
... to buy from a dealer in Tokyo 100 Japanese bicycles for sale at 30,000 yen each. The Japanese dealer will not accept payment in Danish kroner, for which he has no immediate use: he cannot pay his suppliers or employees in kroner or even buy his lunch at the local noodle shop using Danish money. He w ...
... to buy from a dealer in Tokyo 100 Japanese bicycles for sale at 30,000 yen each. The Japanese dealer will not accept payment in Danish kroner, for which he has no immediate use: he cannot pay his suppliers or employees in kroner or even buy his lunch at the local noodle shop using Danish money. He w ...
Chapter 31 - Patrick Crowley
... This figure shows exports and imports of the U.S. economy as a percentage of U.S. GDP since 1950. The substantial increases over time show the increasing importance of international trade and finance. © 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole o ...
... This figure shows exports and imports of the U.S. economy as a percentage of U.S. GDP since 1950. The substantial increases over time show the increasing importance of international trade and finance. © 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole o ...
Hamlet Without the Ghost David Laidler
... In my view, something is often missing when monetary policy is discussed, and that something is money. There is much in Hamlet to retain the attention of those who forget how the play starts, or who come into the theatre a little late, but it does hang together much better if one keeps in mind that ...
... In my view, something is often missing when monetary policy is discussed, and that something is money. There is much in Hamlet to retain the attention of those who forget how the play starts, or who come into the theatre a little late, but it does hang together much better if one keeps in mind that ...
THREE ESSAYS ON MONETARY ECONOMICS by
... research aims to address several different areas of monetary economics through empirical and theoretical work. The first essay uses annual data from twenty-seven countries to determine whether unexpected inflation has an effect on unexpected output, as suggested by the Lucas Supply Function. Additio ...
... research aims to address several different areas of monetary economics through empirical and theoretical work. The first essay uses annual data from twenty-seven countries to determine whether unexpected inflation has an effect on unexpected output, as suggested by the Lucas Supply Function. Additio ...
Interest on Reserves and Monetary Policy
... remained too easy for too long in both cases. The latitude to increase bank reserves independently of interest rate policy conceivably could have enabled the Fed to stabilize financial markets in those cases with less risk of stimulating the overall economy excessively. To some degree, the Fed can a ...
... remained too easy for too long in both cases. The latitude to increase bank reserves independently of interest rate policy conceivably could have enabled the Fed to stabilize financial markets in those cases with less risk of stimulating the overall economy excessively. To some degree, the Fed can a ...
Using a Long-Term Interest Rate as the Monetary Policy Instrument
... Over the past decade, inflation rates in many countries have fallen to levels not much above zero. This long-sought return to price stability should provide significant benefits in terms of enhanced economic efficiency and performance; however, as noted early on by Summers (1991), low inflation rate ...
... Over the past decade, inflation rates in many countries have fallen to levels not much above zero. This long-sought return to price stability should provide significant benefits in terms of enhanced economic efficiency and performance; however, as noted early on by Summers (1991), low inflation rate ...
T h e R e s e r v... b u s i n e s s c...
... including how policy has changed in the light of experience, and the thinking behind the changes. The Reserve Bank’s inflation-targeting framework has now been tested over a full business cycle. In general, New Zealand’s inflation outcomes have been very good relative to our historical experience, a ...
... including how policy has changed in the light of experience, and the thinking behind the changes. The Reserve Bank’s inflation-targeting framework has now been tested over a full business cycle. In general, New Zealand’s inflation outcomes have been very good relative to our historical experience, a ...
Depreciation of the Russian rouble in 2014-2015 and its
... The present Bachelor’s thesis examines the impact of the devaluation of the Russian rouble in 2014 and 2015 on Finnish companies operating in the food and beverages and chemical industries. The objective of the thesis is to identify the indirect impact of the weakened rouble on the financial perform ...
... The present Bachelor’s thesis examines the impact of the devaluation of the Russian rouble in 2014 and 2015 on Finnish companies operating in the food and beverages and chemical industries. The objective of the thesis is to identify the indirect impact of the weakened rouble on the financial perform ...
An Introduction to Monetary Policy Rules
... Unless the market for money is in equilibrium, the price system will not accurately reflect underlying supply and demand conditions. If the supply of money is higher than the demand to hold it, individuals will spend down their excess money balances to bring the money market back to stability. In s ...
... Unless the market for money is in equilibrium, the price system will not accurately reflect underlying supply and demand conditions. If the supply of money is higher than the demand to hold it, individuals will spend down their excess money balances to bring the money market back to stability. In s ...
Real Exchange Rates, Saving and Growth: Is there a Link?
... importance is motivated by the observation that, both currently as well as in the recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, b ...
... importance is motivated by the observation that, both currently as well as in the recent past, several countries that have achieved sustained high growth rates have simultaneously exhibited depreciated real exchange rates and high domestic saving rates. China is the most prominent current example, b ...
Transmission mechanisms and inflation targeting
... were all used, often simultaneously. Even within the crawling band exchange rate regime, there was a system of 'mini' narrower bands. All that began to change gradually as the exchange rate policy became increasingly flexible and ever more subservient to the inflation target, culminating with a floa ...
... were all used, often simultaneously. Even within the crawling band exchange rate regime, there was a system of 'mini' narrower bands. All that began to change gradually as the exchange rate policy became increasingly flexible and ever more subservient to the inflation target, culminating with a floa ...
National Bank of the Republic of Macedonia
... As the central bank of Macedonia, the National Bank of the Republic of Macedonia (hereafter referred to as NBRM) is responsible for the monetary policy, including decisions on the monetary policy stance and monetary policy instruments setup. Pursuant to the NBRM Law, the NBRM has declared the mainte ...
... As the central bank of Macedonia, the National Bank of the Republic of Macedonia (hereafter referred to as NBRM) is responsible for the monetary policy, including decisions on the monetary policy stance and monetary policy instruments setup. Pursuant to the NBRM Law, the NBRM has declared the mainte ...
NBER WORKING PAPER SERIES CAN ENDOGENOUS CHANGES IN PRICE FLEXIBILITY
... facing the loss of monetary independence has an incentive to increase the degree of wage indexation. Calmfors and Johansson show, using a simple linear model with an ad hoc quadratic welfare function, that greater variability in prices which accompanies increased wage flexibility, may in fact be wel ...
... facing the loss of monetary independence has an incentive to increase the degree of wage indexation. Calmfors and Johansson show, using a simple linear model with an ad hoc quadratic welfare function, that greater variability in prices which accompanies increased wage flexibility, may in fact be wel ...