S0412976_en.pdf
... growth are those that allow the exchange rate to stay flexible and take on relatively depreciated values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on gr ...
... growth are those that allow the exchange rate to stay flexible and take on relatively depreciated values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on gr ...
Chapter 25. Monetary Policy: A Summing Up
... 25-2 The Design of Monetary Policy Money Growth Targets and Target Ranges ...
... 25-2 The Design of Monetary Policy Money Growth Targets and Target Ranges ...
CURRENCY DEVALUATION AND POVERTY IN NIGERIA (PDF
... encourage more reduction of imports demand that may affect the world price of goods imported. Nevertheless, he argued that when a country is having idle resources the income of devaluing country may be affected because devaluation would cause more production and employment to take place. By this, ba ...
... encourage more reduction of imports demand that may affect the world price of goods imported. Nevertheless, he argued that when a country is having idle resources the income of devaluing country may be affected because devaluation would cause more production and employment to take place. By this, ba ...
3 - Munich Personal RePEc Archive
... the real exchange rate between the US and a European aggregate. They also show that adding real shocks (in the form total factor productivity (TFP) and government spending shocks) to their stylized model “change the model predictions little” - thereby concluding that real shocks are not important in ...
... the real exchange rate between the US and a European aggregate. They also show that adding real shocks (in the form total factor productivity (TFP) and government spending shocks) to their stylized model “change the model predictions little” - thereby concluding that real shocks are not important in ...
DP2008/01 Some benefits of monetary policy transparency in New Zealand
... the economy more broadly) typically estimated the impact of changes in observed policy rates on variables of interest directly (Cook and Hahn 1989). However, to the extent that policy moves are anticipated by market participants, the estimated impacts will be biased downwards and monetary policy wil ...
... the economy more broadly) typically estimated the impact of changes in observed policy rates on variables of interest directly (Cook and Hahn 1989). However, to the extent that policy moves are anticipated by market participants, the estimated impacts will be biased downwards and monetary policy wil ...
MEASURING THE EFFECTS OF MONETARY POLICY FOR
... after the mid 1980s when outward oriented policies were implemented, hence this period is the post liberalization era. Turkey is also a unique laboratory for analyzing the development of inflation; there was high and persistent inflation from the mid 1970s without becoming hyperinflation. Second, du ...
... after the mid 1980s when outward oriented policies were implemented, hence this period is the post liberalization era. Turkey is also a unique laboratory for analyzing the development of inflation; there was high and persistent inflation from the mid 1970s without becoming hyperinflation. Second, du ...
Money, Interest Rates, and Exchange Rates
... Our model with segmented asset markets can produce both of these features whereas a standard model cannot. In a standard model without market segmentation, persistent money injections increase expected inflation but have no effects on real interest rates, so the model induces no relation between the ...
... Our model with segmented asset markets can produce both of these features whereas a standard model cannot. In a standard model without market segmentation, persistent money injections increase expected inflation but have no effects on real interest rates, so the model induces no relation between the ...
Money
... Depository institutions engage in risky business. The make the risk of failure small, depository institutions are required to hold levels of reserves and owners’ capital equal to or surpass ratios laid down by regulation. If a depository institution fails, deposits are guaranteed up to $250,000 per ...
... Depository institutions engage in risky business. The make the risk of failure small, depository institutions are required to hold levels of reserves and owners’ capital equal to or surpass ratios laid down by regulation. If a depository institution fails, deposits are guaranteed up to $250,000 per ...
The IMF and the Brazilian Crisis
... be stuck trying to pay back for a very long time. 2. You will have to sell everything you own, fire all your employees and you will have to live in severe distress to pay your debt. In the global world of foreign investment the person with the several companies is the country and the big investors a ...
... be stuck trying to pay back for a very long time. 2. You will have to sell everything you own, fire all your employees and you will have to live in severe distress to pay your debt. In the global world of foreign investment the person with the several companies is the country and the big investors a ...
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Constrained Markets, `Surplus` Commodities and International Barter
... coincidence of wants becomes more intractable and will limit the amount of barter that can take place. Abstracting from the special features of the US situation, a likely reason for governments turning to barter arrangements for the disposal of their price-support inventories, is the insistence of t ...
... coincidence of wants becomes more intractable and will limit the amount of barter that can take place. Abstracting from the special features of the US situation, a likely reason for governments turning to barter arrangements for the disposal of their price-support inventories, is the insistence of t ...
Using Monetary Policy Rules in Emerging Market Economies By
... leaning against the wind is a policy of changing the instruments when inflationary pressures change, and this sounds like a contingency plan, and thus like a policy rule. But the policy is not specific at all. It is not specific about what the wind is, how one measures it, or how much one leans aga ...
... leaning against the wind is a policy of changing the instruments when inflationary pressures change, and this sounds like a contingency plan, and thus like a policy rule. But the policy is not specific at all. It is not specific about what the wind is, how one measures it, or how much one leans aga ...
A Tale of Two Cycles: Co-Fluctuations Between UK
... ‘East dollar’ and a ‘West dollar’. Based on this reasoning, the main focus of our paper is to use geographically disaggregated macro data for the UK in order to explore to what extent co-fluctuations with euro-zone countries have differed across UK regions. Using regional real GDP series for the UK, ...
... ‘East dollar’ and a ‘West dollar’. Based on this reasoning, the main focus of our paper is to use geographically disaggregated macro data for the UK in order to explore to what extent co-fluctuations with euro-zone countries have differed across UK regions. Using regional real GDP series for the UK, ...
GPM6 yThe Global Projection Model with 6 Regions!
... the country being studied and that of similar countries. The series of earlier papers cited in the introduction and this paper make a number of important extensions to the basic small macro model. First, in all the papers in the series, Bayesian techniques are used to estimate many of the parameters ...
... the country being studied and that of similar countries. The series of earlier papers cited in the introduction and this paper make a number of important extensions to the basic small macro model. First, in all the papers in the series, Bayesian techniques are used to estimate many of the parameters ...
How big (small?) are fiscal multipliers?
... Shapiro (1998). In this paper, we employ the SVAR approach as in Blanchard and Perotti (2002). In our case the choice is forced because the military buildup approach has so far been applied only to the US and is not practical for a large panel of countries. The validity of military expenditure as an ...
... Shapiro (1998). In this paper, we employ the SVAR approach as in Blanchard and Perotti (2002). In our case the choice is forced because the military buildup approach has so far been applied only to the US and is not practical for a large panel of countries. The validity of military expenditure as an ...
Initiative for Policy Dialogue Working Paper Series Resilience
... booms, the real exchange rate appreciates due to either the nominal appreciation if the country has a flexible exchange rate regime, or the inflation rises if the country has a relatively fixed exchange rate regime (or a combination in intermediate regimes, such as managed floating or a crawling peg ...
... booms, the real exchange rate appreciates due to either the nominal appreciation if the country has a flexible exchange rate regime, or the inflation rises if the country has a relatively fixed exchange rate regime (or a combination in intermediate regimes, such as managed floating or a crawling peg ...
Dynamics of Firms and Trade in General Equilibrium
... In contrast to the results using aggregate data, recent empirical studies using …rm-level data have found a more robust relationship between exports and the exchange rate. Among other studies, Verhoogen (2008) …nds that following the 1994 peso devaluation, Mexican …rms increased their exports. Fitzg ...
... In contrast to the results using aggregate data, recent empirical studies using …rm-level data have found a more robust relationship between exports and the exchange rate. Among other studies, Verhoogen (2008) …nds that following the 1994 peso devaluation, Mexican …rms increased their exports. Fitzg ...
Guidelines for the Single State Monetary Policy in 2015 and for 2016
... fluctuations in inflation and its deviations from the target. A symmetric range of these deviations is estimated by the Bank of Russia at 1.5 percentage points on each side. Since the monetary policy cannot influence current prices, the Bank of Russia’s response to these unforeseen factors shall be ...
... fluctuations in inflation and its deviations from the target. A symmetric range of these deviations is estimated by the Bank of Russia at 1.5 percentage points on each side. Since the monetary policy cannot influence current prices, the Bank of Russia’s response to these unforeseen factors shall be ...
Principles of Economics, Case and Fair,9e
... The amount of money needed by firms and households to facilitate their day-to-day transactions also depends on the average dollar amount of each transaction. In turn, the average amount of each transaction depends on prices, or instead, on the price level. TABLE 11.1 Determinants of Money Demand 1. ...
... The amount of money needed by firms and households to facilitate their day-to-day transactions also depends on the average dollar amount of each transaction. In turn, the average amount of each transaction depends on prices, or instead, on the price level. TABLE 11.1 Determinants of Money Demand 1. ...
monetary policy and long term interest rate in south africa
... the same direction. However, short- and long-term interest rates move in opposite directions after an exogenous policy action. On explaining the reasons why short- and long-term interest rates move in opposite directions after an exogenous policy action, Peersman (2002), referring to Ellingsen and S ...
... the same direction. However, short- and long-term interest rates move in opposite directions after an exogenous policy action. On explaining the reasons why short- and long-term interest rates move in opposite directions after an exogenous policy action, Peersman (2002), referring to Ellingsen and S ...
Money, Interest Rates, and Exchange Rates
... formed. In this and the next two chapters we examine these topics by building an economic model that links exchange rates, interest rates, and other important macroeconomic variables such as the inflation rate and output. The first step in building the model is to explain the effects of a country’s ...
... formed. In this and the next two chapters we examine these topics by building an economic model that links exchange rates, interest rates, and other important macroeconomic variables such as the inflation rate and output. The first step in building the model is to explain the effects of a country’s ...
The Gold Standard, Deflation, and Financial Crisis in the Great
... statistical evidence is not very clear on whether central banks after selling their foreign exchange simply lowered their cover ratios- -which would have had no direct effect on money supplies- -or shifted into gold ...
... statistical evidence is not very clear on whether central banks after selling their foreign exchange simply lowered their cover ratios- -which would have had no direct effect on money supplies- -or shifted into gold ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Money in Historical Perspective
... one positive shock-the open-market purchases of March-July 1932and possibly a second, if we count the short-lived open-market purchase following the stock market crash. In our analysis, we distinguished the contraction in general from the banking and liquidity crises that punctuated its course. Our ...
... one positive shock-the open-market purchases of March-July 1932and possibly a second, if we count the short-lived open-market purchase following the stock market crash. In our analysis, we distinguished the contraction in general from the banking and liquidity crises that punctuated its course. Our ...
Alternatives To Government Fiat Money
... With no clear mandate for price stability and with conflicting shortrun policy objectives, the Fed will ofnecessity be subject to political pressure, even though in theory it is independent. Fed officials, however, are not subject to the democratic process: there are no direct elections to force the ...
... With no clear mandate for price stability and with conflicting shortrun policy objectives, the Fed will ofnecessity be subject to political pressure, even though in theory it is independent. Fed officials, however, are not subject to the democratic process: there are no direct elections to force the ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... global rebalancing in demand risks setting off a dollar depreciation that might be catastrophic for Europe and Japan. Fundamentally, this view is correct in that Europe’s product and labor markets and Japan’s credit markets are much less flexible than those in the United States, and hence these regio ...
... global rebalancing in demand risks setting off a dollar depreciation that might be catastrophic for Europe and Japan. Fundamentally, this view is correct in that Europe’s product and labor markets and Japan’s credit markets are much less flexible than those in the United States, and hence these regio ...