The Phillips Curve and the Role of Monetary
... These studies nd that there is a signi cant and negative relationship between in ation and cyclical unemployment, as well as between cyclical unemployment and the in ation gap. This is interpreted as evidence for a short-run Phillips curve (Restrepo, 2008). The literature also nds that the Philli ...
... These studies nd that there is a signi cant and negative relationship between in ation and cyclical unemployment, as well as between cyclical unemployment and the in ation gap. This is interpreted as evidence for a short-run Phillips curve (Restrepo, 2008). The literature also nds that the Philli ...
INTRODUCTION REFORMING THE MONETARY REGIME James A. Dorn
... Reserve Banks and ending the Fed’s monopoly of base money by freezing the base and allowing a market for private currencies. Timberlake also would privatize the Treasury’s gold stock. These reforms, he believes, would restore the monetary system to one that is more consistent with individual freedom ...
... Reserve Banks and ending the Fed’s monopoly of base money by freezing the base and allowing a market for private currencies. Timberlake also would privatize the Treasury’s gold stock. These reforms, he believes, would restore the monetary system to one that is more consistent with individual freedom ...
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 ...
Non deliverable forwards: 2013 and beyond
... include not just swaps but also NDFs. In mid-2013, the US Commodity Futures Trading Commission (CFTC) required that NDF trading involving a US resident be reported to the DTCC starting in October 2013 and that NDFs traded on multilateral platforms be transacted on an authorised swap execution facil ...
... include not just swaps but also NDFs. In mid-2013, the US Commodity Futures Trading Commission (CFTC) required that NDF trading involving a US resident be reported to the DTCC starting in October 2013 and that NDFs traded on multilateral platforms be transacted on an authorised swap execution facil ...
sturm new 6675605 en
... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
This PDF is a selection from an out-of-print volume from the... of Economic Research Volume Title: Exchange Rate Theory and Practice
... markets are not closely correlated with monthly changes in the general price level, as measured by the consumer price index, implying that most nominal price changes are also real price changes. These common characteristics in the behavior of prices of assets traded in organized markets suggest that ...
... markets are not closely correlated with monthly changes in the general price level, as measured by the consumer price index, implying that most nominal price changes are also real price changes. These common characteristics in the behavior of prices of assets traded in organized markets suggest that ...
the ecb: independence, accountability and transparency
... The daunting task of introducing a single monetary policy and a new currency were carried out successfully The main objective of the ECB, price stability, is being maintained notwithstanding the high oil prices and the weakness of the euro. Growth in the euro area is accelerating, which also constit ...
... The daunting task of introducing a single monetary policy and a new currency were carried out successfully The main objective of the ECB, price stability, is being maintained notwithstanding the high oil prices and the weakness of the euro. Growth in the euro area is accelerating, which also constit ...
NBFR WORKING PAPER SERIES COMPARING THE GLOBAL PERFORMANCE OF ALTENATIVE EXCHANGE ARRANGEMENTS
... the GAUSS program from Applied Technical Systems. We thank Lee Edlefsen and Sam Jones at Applied Technical Systems for their excellent technical support of this program. We also thank Max Corden for many interesting discussions and Ralph Bryant, Michael Emerson and Nouriel Roubini for comments, Warw ...
... the GAUSS program from Applied Technical Systems. We thank Lee Edlefsen and Sam Jones at Applied Technical Systems for their excellent technical support of this program. We also thank Max Corden for many interesting discussions and Ralph Bryant, Michael Emerson and Nouriel Roubini for comments, Warw ...
A Balance Sheet Approach to Financial Crisis - Mark Allen
... examination of stock variables in a country’s sectoral balance sheets and its aggregate balance sheet (assets and liabilities). From this perspective, a financial crisis occurs when there is a plunge in demand for financial assets of one or more sectors: creditors may lose confidence in a country’s ...
... examination of stock variables in a country’s sectoral balance sheets and its aggregate balance sheet (assets and liabilities). From this perspective, a financial crisis occurs when there is a plunge in demand for financial assets of one or more sectors: creditors may lose confidence in a country’s ...
del08 wollmershaeuser 7196267 de
... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
Rules- Based International Monetary Reform
... direction of an inefficient policy. There are two types of impacts on other countries. First, the tradeoff in other countries shifts in an unfavorable direction, perhaps due to more volatile capital flows, exchange rates, commodity prices, and export demand. Second, less efficient monetary policy in ...
... direction of an inefficient policy. There are two types of impacts on other countries. First, the tradeoff in other countries shifts in an unfavorable direction, perhaps due to more volatile capital flows, exchange rates, commodity prices, and export demand. Second, less efficient monetary policy in ...
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... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
... all member countries at the same time. The larger the difference between the actual monetary policy and the monetary policy preferred by individual member countries, the more likely it is that the ECB will be under political pressure. To our knowledge, Clarida et al. (1998) were the first to associa ...
Capítulo 3
... Since the influential study by John B. Taylor (1993), interest rate rules have been commonly used to describe the behavior of monetary policy. In Brazil, these policy rules have been estimated by several authors in order to assess the Central Bank’s response to macroeconomic variables (such as infla ...
... Since the influential study by John B. Taylor (1993), interest rate rules have been commonly used to describe the behavior of monetary policy. In Brazil, these policy rules have been estimated by several authors in order to assess the Central Bank’s response to macroeconomic variables (such as infla ...
The Federal Reserve in a Globalized World Economy John B. Taylor
... as found in recently released transcripts. ...
... as found in recently released transcripts. ...
... where distortionary income taxes a¤ect equilibrium allocations. Finally, a distinctive feature of the model developed in this paper is that is tailored to capture essential features of emerging market economies, many of which have numeric targets for both the in‡ation rate and …scal performance. Bra ...
Shocks and policy responses in the open economy
... kinds of shocks: domestic aggregate demand shocks, domestic supply shocks, foreign trade shocks, and external supply shocks. In each case, we ask what the implication of such a shock is for the shortrun, the medium-run and the long-run equilibrium. This helps us to analyse what would happen after ea ...
... kinds of shocks: domestic aggregate demand shocks, domestic supply shocks, foreign trade shocks, and external supply shocks. In each case, we ask what the implication of such a shock is for the shortrun, the medium-run and the long-run equilibrium. This helps us to analyse what would happen after ea ...
Recent global developments in monetary policy and lessons for
... By the turn of the century, inflation targeting had become the near-universal ‘bestpractice’ approach to monetary policy. But the 2008 crisis and its aftermath took many central banks outside the inflation-targeting framework in an attempt to support a recovery held back by severe headwinds from the ...
... By the turn of the century, inflation targeting had become the near-universal ‘bestpractice’ approach to monetary policy. But the 2008 crisis and its aftermath took many central banks outside the inflation-targeting framework in an attempt to support a recovery held back by severe headwinds from the ...
Monetary Policy and Uncertainty in an Empirical Small Open Economy Model PRELIMINARY
... instance, Devereux and Engel (2003) show in a two country model with local currency pricing that optimal monetary policy stipulates stabilization of the nominal exchange rate.1 Similarly, Monacelli (2003) shows that local currency pricing induces a trade-o¤ in stabilizing domestic price in‡ation and ...
... instance, Devereux and Engel (2003) show in a two country model with local currency pricing that optimal monetary policy stipulates stabilization of the nominal exchange rate.1 Similarly, Monacelli (2003) shows that local currency pricing induces a trade-o¤ in stabilizing domestic price in‡ation and ...
Monetary Policy and Green Finance
... Within the current IMS, central bank mandates differ widely across countries. Several central banks in the G20 economies have a mandate covering two or more objectives, for example, price stability, financial stability, full employment and output growth. Others only focus on price stability. A simil ...
... Within the current IMS, central bank mandates differ widely across countries. Several central banks in the G20 economies have a mandate covering two or more objectives, for example, price stability, financial stability, full employment and output growth. Others only focus on price stability. A simil ...
70 Working Paper The benefits and costs of monetary union in Southern Africa:
... Africa, Lesotho, Namibia, and Swaziland.6 The CMA originated as an informal arrangement during the colonial period in the early twentieth century. A currency union was formally established with the signing of the Rand Monetary Area Agreement (RMA) in 1974 by South Africa, Botswana, Namibia, and Swaz ...
... Africa, Lesotho, Namibia, and Swaziland.6 The CMA originated as an informal arrangement during the colonial period in the early twentieth century. A currency union was formally established with the signing of the Rand Monetary Area Agreement (RMA) in 1974 by South Africa, Botswana, Namibia, and Swaz ...