DP2007/09 Local linear impulse responses for a small open economy
... forecasts are preferable for several series.10 In the rest of this section we briefly discuss the direct forecasts that form the basis of Jordà’s (2005) local projection-based impulse response functions (IRFs). Standard forecasting several periods ahead is based on estimating model parameters for a ...
... forecasts are preferable for several series.10 In the rest of this section we briefly discuss the direct forecasts that form the basis of Jordà’s (2005) local projection-based impulse response functions (IRFs). Standard forecasting several periods ahead is based on estimating model parameters for a ...
Distribution and Cost-Push inflation in Brazil under inflation targeting
... wages (or unit labor costs) to deviations of the open unemployment rate from its longer run trend. Pro-cyclical markups are hard to find5 and nominal (and real) wages seem to be strongly correlated with the longer term trend of the open unemployment rate, but not with fluctuations around this trend6 ...
... wages (or unit labor costs) to deviations of the open unemployment rate from its longer run trend. Pro-cyclical markups are hard to find5 and nominal (and real) wages seem to be strongly correlated with the longer term trend of the open unemployment rate, but not with fluctuations around this trend6 ...
Seigniorage of Fiat Money and the Maqasid al-Shari`ah - e
... Sharī’ah? What are the characteristics of money in Islam – that can assist in the realization of the maqāsid? Before we delve into the question what may constitute money in Sharī’ah, let us glance over the normal functions of money. Production, Trade and Money: The Catalysts for Economic Growth and ...
... Sharī’ah? What are the characteristics of money in Islam – that can assist in the realization of the maqāsid? Before we delve into the question what may constitute money in Sharī’ah, let us glance over the normal functions of money. Production, Trade and Money: The Catalysts for Economic Growth and ...
NBER WORKING PAPER SERIES WHAT DETERMINES EUROPEAN REAL EXCHANGE RATES? Martin Berka
... those of the main data-set. Crucini and Telmer (2007) using EIU data on city prices find that crosssectional variance in long-run absolute deviations from LOP is large relative to time-series variance and time series variance in changes in LOP deviations is dominated by idiosyncratic variation, rathe ...
... those of the main data-set. Crucini and Telmer (2007) using EIU data on city prices find that crosssectional variance in long-run absolute deviations from LOP is large relative to time-series variance and time series variance in changes in LOP deviations is dominated by idiosyncratic variation, rathe ...
A VAR Model of Monetary Policy and
... an identification scheme, for a developing economy taking India as a case study, which is able to capture the monetary transmission mechanism without giving rise to any empirical anomalies. We use a VAR approach with recursive contemporaneous restrictions and identify monetary policy shocks by model ...
... an identification scheme, for a developing economy taking India as a case study, which is able to capture the monetary transmission mechanism without giving rise to any empirical anomalies. We use a VAR approach with recursive contemporaneous restrictions and identify monetary policy shocks by model ...
NBER WORKING PAPER SERIES WHAT DETERMINES EUROPEAN REAL EXCHANGE RATES? Martin Berka
... those of the main data-set. Crucini and Telmer (2007) using EIU data on city prices find that crosssectional variance in long-run absolute deviations from LOP is large relative to time-series variance and time series variance in changes in LOP deviations is dominated by idiosyncratic variation, rathe ...
... those of the main data-set. Crucini and Telmer (2007) using EIU data on city prices find that crosssectional variance in long-run absolute deviations from LOP is large relative to time-series variance and time series variance in changes in LOP deviations is dominated by idiosyncratic variation, rathe ...
Essays on Monetary Economics DEPARTMENT OF ECONOMICS UNIVERSITAT POMPEU FABRA
... (1984) study the trade off between coordination and policy competition in a dynamic setting. they study both policies under commitment and discretion. The non cooperative equilibrium is associated with losses due to the presence of beggar-thy-neighbor policies. Cooperation may be useful in moving th ...
... (1984) study the trade off between coordination and policy competition in a dynamic setting. they study both policies under commitment and discretion. The non cooperative equilibrium is associated with losses due to the presence of beggar-thy-neighbor policies. Cooperation may be useful in moving th ...
Corr with XReal-time
... as close as in Taylor (1993). In particular, the shortfall of the Federal Funds Rate below the Taylor rule rate for the United States for 2002 to 2006, emphasized by Taylor(2007) as a cause of the housing price bubble, is also evident with real-time data. Having established that Taylor rules provide ...
... as close as in Taylor (1993). In particular, the shortfall of the Federal Funds Rate below the Taylor rule rate for the United States for 2002 to 2006, emphasized by Taylor(2007) as a cause of the housing price bubble, is also evident with real-time data. Having established that Taylor rules provide ...
The Effectiveness of Unconventional Monetary Policy Tools at the
... most appropriate choice. A New Keynesian small open economy DSGE model estimated for the Czech Republic is enhanced to model the FX interventions and to compare different monetary policy rules at the zero lower bound (ZLB). The thesis provides three main findings. First, the volatility of the real a ...
... most appropriate choice. A New Keynesian small open economy DSGE model estimated for the Czech Republic is enhanced to model the FX interventions and to compare different monetary policy rules at the zero lower bound (ZLB). The thesis provides three main findings. First, the volatility of the real a ...
THE EFFECTS OF EURO ADOPTION ON THE SLOVAK ECONOMY
... to the entrepreneurs we have argued that a decrease in the interest rate will be for their benefit, because enterprises are net debtors, such decline in interest rate will represent a loss for households which are net savers. However, as long as the current trend of fast growth of credits is sustain ...
... to the entrepreneurs we have argued that a decrease in the interest rate will be for their benefit, because enterprises are net debtors, such decline in interest rate will represent a loss for households which are net savers. However, as long as the current trend of fast growth of credits is sustain ...
The Impact of Foreign Interest Rates on the Economy:
... base-country annual GDP growth and other covariates. Further, when one is considering a variety of country characteristics that could drive the relationship between domestic output movements and the base interest rate, the exchange rate regime is consistently an important factor and few other facto ...
... base-country annual GDP growth and other covariates. Further, when one is considering a variety of country characteristics that could drive the relationship between domestic output movements and the base interest rate, the exchange rate regime is consistently an important factor and few other facto ...
Link to Text - Johns Hopkins University
... floating, fixed, and pegged. With a floating rate, currencies are allowed to float more or less freely against one another. Many major currencies float--the U.S. dollar, German mark and Japanese yen are examples--but few developing countries have truly floating rates. Floating rates have not been ve ...
... floating, fixed, and pegged. With a floating rate, currencies are allowed to float more or less freely against one another. Many major currencies float--the U.S. dollar, German mark and Japanese yen are examples--but few developing countries have truly floating rates. Floating rates have not been ve ...
World Food Prices and Monetary Policy Luis A. V. Catão
... and that export sticky price high elasticity goods (as allowed by extension iii). Extension iv, ...
... and that export sticky price high elasticity goods (as allowed by extension iii). Extension iv, ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Figure 2.2 shows the dynamics of the net foreign asset position.5 The deterioration in the U.S. net foreign asset position until 2002, in line with widening current account deficits, is remarkable, but so is the fact that during 2003 and 2004 U.S. net liabilities have actually declined when scaled b ...
... Figure 2.2 shows the dynamics of the net foreign asset position.5 The deterioration in the U.S. net foreign asset position until 2002, in line with widening current account deficits, is remarkable, but so is the fact that during 2003 and 2004 U.S. net liabilities have actually declined when scaled b ...
Juha Tervala Learning by Devaluating
... policies in the 21st century.” The traditional Mundell-Fleming model supports the view that competitive devaluation is harmful to the rest of the world. However, the new open economy macroeconomics (NOEM) literature does not unambiguously support this view. In two-country NOEM models based on local ...
... policies in the 21st century.” The traditional Mundell-Fleming model supports the view that competitive devaluation is harmful to the rest of the world. However, the new open economy macroeconomics (NOEM) literature does not unambiguously support this view. In two-country NOEM models based on local ...
Beggar or prosper-thy- neighbour?
... the analytical study of the principal spill-over channels in section 4. The negative impact of lower labour incomes on the consumption of constrained households is equivalent to a negative demand shock. In such a framework, a reduction in real wage has a similar impact on aggregate demand than a del ...
... the analytical study of the principal spill-over channels in section 4. The negative impact of lower labour incomes on the consumption of constrained households is equivalent to a negative demand shock. In such a framework, a reduction in real wage has a similar impact on aggregate demand than a del ...
NBER WORKING PAPERS SERIES DEVALUATION EXPECTATIONS: ThE SWEDISH KRONA 1982-1991 Hans Lindberg
... The data used in this study are daily and cover the period January 1, 1982February 1?, 1991. Interest rates on Euro-currency deposits and spot exchange rates were ...
... The data used in this study are daily and cover the period January 1, 1982February 1?, 1991. Interest rates on Euro-currency deposits and spot exchange rates were ...
Bitcoin: A Search-Theoretic Approach
... problem (mining). The math problem gets harder as more coins are mined. The math problem is so hard that miners use computers for mining; hence, the money supply is constrained by the progress of computing technologies. Once a coin is mined, it can circulate as an ordinary coin within the Internet. ...
... problem (mining). The math problem gets harder as more coins are mined. The math problem is so hard that miners use computers for mining; hence, the money supply is constrained by the progress of computing technologies. Once a coin is mined, it can circulate as an ordinary coin within the Internet. ...
mmi06 vanAarle 1941819 en
... Since its start on January 1th 1999, policymakers, financial market participants and academic researchers alike have shown a strong interest in the effects of the Economic and Monetary Union (EMU). In particular the design, implementation and transmission of the common monetary policy of the Europea ...
... Since its start on January 1th 1999, policymakers, financial market participants and academic researchers alike have shown a strong interest in the effects of the Economic and Monetary Union (EMU). In particular the design, implementation and transmission of the common monetary policy of the Europea ...
A Global Perspective on External Positions Philip Lane
... A global perspective is also warranted by a second consideration—the growing level of cross-border integration in financial markets.3 An important consequence of financial globalization is that countries are exposed to asset price movements in other countries even if net balances are zero, with the ...
... A global perspective is also warranted by a second consideration—the growing level of cross-border integration in financial markets.3 An important consequence of financial globalization is that countries are exposed to asset price movements in other countries even if net balances are zero, with the ...
NBER WORKING PAPER SERIES A GLOBAL PERSPECTIVE ON EXTERNAL POSITIONS
... globalization is that countries are exposed to asset price movements in other countries even if net balances are zero, with the degree of exposure an increasing function of the scale of gross cross-border asset trade. However, the structure of international balance sheets radically differs across co ...
... globalization is that countries are exposed to asset price movements in other countries even if net balances are zero, with the degree of exposure an increasing function of the scale of gross cross-border asset trade. However, the structure of international balance sheets radically differs across co ...
Inflation in Latin American Countries
... openness increases. As the money supply increases, the real exchange rate depreciates resulting in a decrease in net exports. Domestic goods are relatively more expensive in times of exchange rate depreciation so imports increase while exports decrease, thus resulting in a change in the balance of ...
... openness increases. As the money supply increases, the real exchange rate depreciates resulting in a decrease in net exports. Domestic goods are relatively more expensive in times of exchange rate depreciation so imports increase while exports decrease, thus resulting in a change in the balance of ...
Trade Network Centrality and Currency Risk Premia
... To test the model, I construct an empirical counterpart of the model’s centrality measure using observed trade data. As predicted, a 1 standard deviation increase in a country’s centrality lowers its annualized currency risk premia by 0.9% and its interest rate differential by 1.6%, relative to the U ...
... To test the model, I construct an empirical counterpart of the model’s centrality measure using observed trade data. As predicted, a 1 standard deviation increase in a country’s centrality lowers its annualized currency risk premia by 0.9% and its interest rate differential by 1.6%, relative to the U ...
