Carl Menger`s contributions to the Austrian currency reform debate
... its purchasing power over all other goods. Differences in purchasing power in time or between countries can be measured by using “groups” or composites of goods. If index numbers “are deficient in many respects, they nonetheless provide a useful basis for practical purposes for answering the questi ...
... its purchasing power over all other goods. Differences in purchasing power in time or between countries can be measured by using “groups” or composites of goods. If index numbers “are deficient in many respects, they nonetheless provide a useful basis for practical purposes for answering the questi ...
Money, Prices and the Real Economy
... regimes based on convertibility into a precious metal with that of inconvertible – unbacked paper money – systems. He examines, too, both domestic and international aspects of the regime, and ranges widely across countries and through time. Price-level performance was clearly better under convertibi ...
... regimes based on convertibility into a precious metal with that of inconvertible – unbacked paper money – systems. He examines, too, both domestic and international aspects of the regime, and ranges widely across countries and through time. Price-level performance was clearly better under convertibi ...
Seminar Paper No. 644 NOMINAL INCOME TARGETING IN AN OPEN-ECONOMY OPTIMIZING MODEL by
... targeting could be improved upon. Large and unpredictable changes in payments industry technology and regulatory practices had led to well-publicized instability in the short-run relationships between monetary aggregates, such as M1, and nominal GDP (as well as other measures of aggregate nominal sp ...
... targeting could be improved upon. Large and unpredictable changes in payments industry technology and regulatory practices had led to well-publicized instability in the short-run relationships between monetary aggregates, such as M1, and nominal GDP (as well as other measures of aggregate nominal sp ...
NR's fl FAL fl RiTE NW ThE the of
... Reserve reduced its reliance on the Federal funds rate as an intermediate target in October 1979. So it might be surmised that the predictive power of the funds rate would be even stronger in a subsample that ends in September 1979. Table 2, which excludes data after September 1979 but is otherwise ...
... Reserve reduced its reliance on the Federal funds rate as an intermediate target in October 1979. So it might be surmised that the predictive power of the funds rate would be even stronger in a subsample that ends in September 1979. Table 2, which excludes data after September 1979 but is otherwise ...
The Euro and Stock Markets in Hungary, Poland, and UK
... be the case: a cointegration relationship is found between the two variables before the Asian crisis for Australia, Japan and the US, however, it is not found in the post-Asian crises period. The research in this paper is carried out with daily data, which may be more appropriate for this type of st ...
... be the case: a cointegration relationship is found between the two variables before the Asian crisis for Australia, Japan and the US, however, it is not found in the post-Asian crises period. The research in this paper is carried out with daily data, which may be more appropriate for this type of st ...
WO R K I N G PA P... WHAT IS GLOBAL EXCESS LIQUIDITY, AND DOES IT MATTER?
... Over recent years, market participants and economic analysts (including policy-making institutions such as the BIS and the ECB) have repeatedly expressed concerns about the excessive accumulation of liquidity in the world economy, especially in relation to its possible implications for price and fin ...
... Over recent years, market participants and economic analysts (including policy-making institutions such as the BIS and the ECB) have repeatedly expressed concerns about the excessive accumulation of liquidity in the world economy, especially in relation to its possible implications for price and fin ...
Pass-through of exchange rates and import prices to domestic
... expressed concern that as emerging market economies have recovered from the 199798 crisis, the resulting higher import prices have led to greater in‡ationary pressures in the industrialized economies. In fact, the European Central Bank has cited the possible in‡ationary e¤ects of the weak euro as o ...
... expressed concern that as emerging market economies have recovered from the 199798 crisis, the resulting higher import prices have led to greater in‡ationary pressures in the industrialized economies. In fact, the European Central Bank has cited the possible in‡ationary e¤ects of the weak euro as o ...
Global Macro Risks in Currency Excess Returns
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
NBER WORKING PAPER SERIES MONETARY POLICY LESSONS OF RECENT INFLATION AND DISINFLATION
... still believe, that estimates of money demand parameters were much less precise than estimated standard errors indicated.3 The problem is that an estimation period with an initial year after 1946 —— the initial year for many estimations is 1952 or 1953 -- is dominated by upward drifts in all the var ...
... still believe, that estimates of money demand parameters were much less precise than estimated standard errors indicated.3 The problem is that an estimation period with an initial year after 1946 —— the initial year for many estimations is 1952 or 1953 -- is dominated by upward drifts in all the var ...
Ch08 11e Lecture Presentation
... A bank’s actual reserves consists of notes and coins in its vault and its deposit at the Fed. The desired reserve ratio is the ratio of the bank’s reserves to total deposits that a bank plans to hold. The desired reserve ratio exceeds the required reserve ratio by the amount that the bank determines ...
... A bank’s actual reserves consists of notes and coins in its vault and its deposit at the Fed. The desired reserve ratio is the ratio of the bank’s reserves to total deposits that a bank plans to hold. The desired reserve ratio exceeds the required reserve ratio by the amount that the bank determines ...
Chapter 8 - Aufinance
... A bank’s actual reserves consists of notes and coins in its vault and its deposit at the Fed. The desired reserve ratio is the ratio of the bank’s reserves to total deposits that a bank plans to hold. The desired reserve ratio exceeds the required reserve ratio by the amount that the bank determines ...
... A bank’s actual reserves consists of notes and coins in its vault and its deposit at the Fed. The desired reserve ratio is the ratio of the bank’s reserves to total deposits that a bank plans to hold. The desired reserve ratio exceeds the required reserve ratio by the amount that the bank determines ...
Macroeconomic Implications Of Capital Inflows In India :
... rate and exports follows an I(1) process, current account balance is the only variable that follows I(0) process. Cointegration test shows the presence of long run relationship between a few pair of variables. The Granger causality test shows the unidirectional from private foreign capital to nomin ...
... rate and exports follows an I(1) process, current account balance is the only variable that follows I(0) process. Cointegration test shows the presence of long run relationship between a few pair of variables. The Granger causality test shows the unidirectional from private foreign capital to nomin ...
AN EVALUATION OF MONETARY POLICY IN VIETNAM
... the markets for money, labor, good, and land were gradually established. In this period, the availability of banknotes increased significantly and resulted in a period of hyperinflation during 1986-1989, yet the annual GDP growth is relatively low- 3.9%. From 1991-1996, because of the collapse of th ...
... the markets for money, labor, good, and land were gradually established. In this period, the availability of banknotes increased significantly and resulted in a period of hyperinflation during 1986-1989, yet the annual GDP growth is relatively low- 3.9%. From 1991-1996, because of the collapse of th ...
Time-Varying Equilibrium Real Rates and Monetary Policy Analysis
... trend output growth and the ERR, and inflation will not rise as much. To illustrate our argument, we present the results from a simulation where, following a reduction in trend output, a monetary authority that bases policy on a Taylor rule with a time varying ERR and filters the data using the cor ...
... trend output growth and the ERR, and inflation will not rise as much. To illustrate our argument, we present the results from a simulation where, following a reduction in trend output, a monetary authority that bases policy on a Taylor rule with a time varying ERR and filters the data using the cor ...
... groups of green arguments in favour of C-PeRB, namely that it would help to: (1) limit economic growth by constraining new investments by the availability of savings; (2) potentially elevate environmental considerations in decisions about resource allocation by increasing the role of the democratic ...
NBER WORKING PAPER SERIES ANTICIPATED PROTECTIONIST POLICIES, REAL EXCHANGE RATES
... anymore. In a way, in this type of model there are two RERs: the relative price of importables to nontradables (p/q), and the relative price of exportables to nontradables (l/q). For this reason, and in order to simplify the exposition, in this paper we will focus on the (inverse) of ...
... anymore. In a way, in this type of model there are two RERs: the relative price of importables to nontradables (p/q), and the relative price of exportables to nontradables (l/q). For this reason, and in order to simplify the exposition, in this paper we will focus on the (inverse) of ...
a simple wicksellian macroeconomic model
... approach. In particular, though the natural rate of interest appears in the model, the model is not used to trace out the effects of changes in the natural rate. The chief reason the model is not used in this way is that the natural rate of interest is a long-run equilibrium concept, and the Romer ...
... approach. In particular, though the natural rate of interest appears in the model, the model is not used to trace out the effects of changes in the natural rate. The chief reason the model is not used in this way is that the natural rate of interest is a long-run equilibrium concept, and the Romer ...
Concepts of equilibrium exchange rates
... The term equilibrium exchange rate has been used to mean many different things by many different people. For some, the concept is clearly a long-run one. For others, even short-run movements in exchange rates may represent equilibrium behaviour. So pinning down exactly what people mean when they use ...
... The term equilibrium exchange rate has been used to mean many different things by many different people. For some, the concept is clearly a long-run one. For others, even short-run movements in exchange rates may represent equilibrium behaviour. So pinning down exactly what people mean when they use ...
Goals, Guidelines, and Cans~ra~n~s Facing Mane~ary Pal~cymakers: An Overview Jeffrey C. Fuhrer*
... exceeding that average by more than one-half percentage point in any quarter. Attending this success on the inflation front has been a gradual decline in the unemployment rate to a level that most economists agree is consistent with full employment. In broad terms, the Fed appears to have achieved t ...
... exceeding that average by more than one-half percentage point in any quarter. Attending this success on the inflation front has been a gradual decline in the unemployment rate to a level that most economists agree is consistent with full employment. In broad terms, the Fed appears to have achieved t ...
No.286 / March 2009 Fiscal Shocks and The Real Exchange Rate
... The literature dealing with fiscal shocks has considered a range of different measures of government spending.1 Most papers have focused on government consumption, whether in the aggregate (Blanchard and Perotti 2002, Monacelli and Perotti 2006) or subcomponents (Monacelli and Perotti 2008 focus on ...
... The literature dealing with fiscal shocks has considered a range of different measures of government spending.1 Most papers have focused on government consumption, whether in the aggregate (Blanchard and Perotti 2002, Monacelli and Perotti 2006) or subcomponents (Monacelli and Perotti 2008 focus on ...
Final Terms dated 21 April 2011
... time later than 9:00 a.m. local time in São Paulo two São Paulo Business Days prior to the relevant BRL Valuation Date, provided, however, that if the next day is ...
... time later than 9:00 a.m. local time in São Paulo two São Paulo Business Days prior to the relevant BRL Valuation Date, provided, however, that if the next day is ...
13 - Weber State University
... 13) According to the "square-root rule" of the transactions demand for money, the demand for money would A) vary inversely with the interest rate. B) be zero if there were no costs to switching between money and interest-earning assets. C) vary less than proportionately with income. D) All of the ab ...
... 13) According to the "square-root rule" of the transactions demand for money, the demand for money would A) vary inversely with the interest rate. B) be zero if there were no costs to switching between money and interest-earning assets. C) vary less than proportionately with income. D) All of the ab ...
The Validity of the International Fisher Hypothesis in Turkish Economy
... context, in a country with high inflation rate, the interest and exchange rates will increase in the same rate and proportion and hence the national currency would be depreciated (Demirag and Goddard, 1995: 76). The International Fisher Hypothesis asserts that the main determinants of exchange rate ...
... context, in a country with high inflation rate, the interest and exchange rates will increase in the same rate and proportion and hence the national currency would be depreciated (Demirag and Goddard, 1995: 76). The International Fisher Hypothesis asserts that the main determinants of exchange rate ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... While portfolio flows are sometimes considered volatile, in India’s experience, there has been no episode of a significant retreat by foreign investors. Net FDI and net portfolio flows have been fairly stable. Debt flows have been relatively volatile, reflecting frequent changes in capital controls ...
... While portfolio flows are sometimes considered volatile, in India’s experience, there has been no episode of a significant retreat by foreign investors. Net FDI and net portfolio flows have been fairly stable. Debt flows have been relatively volatile, reflecting frequent changes in capital controls ...
L - cerge-ei
... solve the puzzle, we consider a structural break around February 1995. There are reasons to think about that. First, observe in Figure 1 that government debt is negligible before July 1994, when the government started to change seigniorage for debt as source of government finance. Also, average inf ...
... solve the puzzle, we consider a structural break around February 1995. There are reasons to think about that. First, observe in Figure 1 that government debt is negligible before July 1994, when the government started to change seigniorage for debt as source of government finance. Also, average inf ...