Competitiveness and its leverage in a currency union
... follows that in such a case the common currency’s exchange rate will not be appropriate for balancing any country’s current account. The extent to which the exchange rate diverges from the one that is required to balance a country’s current account, depends on the extent to which its “essential” com ...
... follows that in such a case the common currency’s exchange rate will not be appropriate for balancing any country’s current account. The extent to which the exchange rate diverges from the one that is required to balance a country’s current account, depends on the extent to which its “essential” com ...
three essays on monetary policy in small open
... Monetary Authority of Singapore (MAS) mitigated capital in‡ows associated with an appreciating domestic currency by moving CPF funds between commercial banks and itself. In the second chapter, a model with nominal wage rigidities is combined with the assumption that all goods are traded in the new o ...
... Monetary Authority of Singapore (MAS) mitigated capital in‡ows associated with an appreciating domestic currency by moving CPF funds between commercial banks and itself. In the second chapter, a model with nominal wage rigidities is combined with the assumption that all goods are traded in the new o ...
mmi03-plasmans-new 223306 en
... where it is assumed that the stochastic shock vt is observable at time t and follows a first order autoregressive process: vt = ρvt−1 + ṽt .10 Similarly, from equations (10) and (4), we derive the optimal targets in the 8 The type of commitment considered in this paper is that derived according to ...
... where it is assumed that the stochastic shock vt is observable at time t and follows a first order autoregressive process: vt = ρvt−1 + ṽt .10 Similarly, from equations (10) and (4), we derive the optimal targets in the 8 The type of commitment considered in this paper is that derived according to ...
Natural rate of unemployment
... Accordingly, when younger workers make up a larger fraction of the workforce (as they did in the 1970s when the baby boom generation entered the workforce in significant numbers), unemployment will be higher on average. Nevertheless, it is not clear whether this greater understanding of the factors ...
... Accordingly, when younger workers make up a larger fraction of the workforce (as they did in the 1970s when the baby boom generation entered the workforce in significant numbers), unemployment will be higher on average. Nevertheless, it is not clear whether this greater understanding of the factors ...
NBER WORKING PAPER SERIES DEVALUATION CRISES AND THE MACROECONOMIC CONSEQUENCES
... devaluation will be required to render the adjustment process effective. j/ A number of authors have investigated the process of macroeconomic Most studies, however, have focused adjustment in developing countries. on a particular aspect of the adjustment process, without providing a general and int ...
... devaluation will be required to render the adjustment process effective. j/ A number of authors have investigated the process of macroeconomic Most studies, however, have focused adjustment in developing countries. on a particular aspect of the adjustment process, without providing a general and int ...
Stock Market Statistics.qxd
... for market analyses, along with current descriptive information for more than 90,000 U.S. and Canadian issues. Extensive dividend data, which includes payment dates are also provided. All U.S. and Canadian equities data are banked by CUSIP* number. *Purchasers of U.S. and Canadian equities must have ...
... for market analyses, along with current descriptive information for more than 90,000 U.S. and Canadian issues. Extensive dividend data, which includes payment dates are also provided. All U.S. and Canadian equities data are banked by CUSIP* number. *Purchasers of U.S. and Canadian equities must have ...
Should Switzerland Adopt the Euro
... As it turns out, the majority of our experts do not think that giving up an independent monetary policy would be an unbearable cost in the case of Switzerland. Unlike many current members of the euro area, Switzerland has a diversified and open economy with high labor mobility and flexible wages and ...
... As it turns out, the majority of our experts do not think that giving up an independent monetary policy would be an unbearable cost in the case of Switzerland. Unlike many current members of the euro area, Switzerland has a diversified and open economy with high labor mobility and flexible wages and ...
Capital Inflows and Exchange Rate Volatility in Korea
... provides an impulse response function based on the model. The impulse response function of the standard VAR model displays the dynamic response of one variable to a shock of another variable, as well as accommodating interaction among the conditional means of the variables in the system. When we use ...
... provides an impulse response function based on the model. The impulse response function of the standard VAR model displays the dynamic response of one variable to a shock of another variable, as well as accommodating interaction among the conditional means of the variables in the system. When we use ...
Peltonen-del05 1039031 en
... that low-income economies have experienced more banking and currency crises than advanced economies during this time. Similar conclusions are drawn in Ghosh et al. (2002), who also find that currency crises are more prevalent under de jure floating exchange rate regimes. Likewise, Rogo et al. (2003 ...
... that low-income economies have experienced more banking and currency crises than advanced economies during this time. Similar conclusions are drawn in Ghosh et al. (2002), who also find that currency crises are more prevalent under de jure floating exchange rate regimes. Likewise, Rogo et al. (2003 ...
Regional currency areas and the use of foreign currencies
... The recent introduction of the euro and projects for monetary union in other parts of the world make the replacement of national currencies (either by a foreign currency or by a new, multilateral currency issued by a regional central bank) a topical issue. Related regimes are the tight linkage of th ...
... The recent introduction of the euro and projects for monetary union in other parts of the world make the replacement of national currencies (either by a foreign currency or by a new, multilateral currency issued by a regional central bank) a topical issue. Related regimes are the tight linkage of th ...
A Comparison of Optimal Policy Rules Eras: Empirical Evidence from
... refers to the tendency for monetary authorities to adjust official interest rates mainly in sequences of small steps in the same direction: that is they adjust rates gradually, and with relatively few reversals of direction (Cobham, 2003). One of the most common explanations of why monetary authorit ...
... refers to the tendency for monetary authorities to adjust official interest rates mainly in sequences of small steps in the same direction: that is they adjust rates gradually, and with relatively few reversals of direction (Cobham, 2003). One of the most common explanations of why monetary authorit ...
NBER WORKING PAPER SERIES AND ECONOMIC ACTIVITY Stephen J. Turnovsky
... inflation in determining its effects on capital accumulation. In a series of papers he argues that for plausible parameter values, an increase in the rate of inflation is likely to lower the real rate of return to savers, thereby lowering the rate of savings, ultimately leading to a reduction in the ...
... inflation in determining its effects on capital accumulation. In a series of papers he argues that for plausible parameter values, an increase in the rate of inflation is likely to lower the real rate of return to savers, thereby lowering the rate of savings, ultimately leading to a reduction in the ...
Pages: 64
... (i) provides opportunity for theoretical and empirical analysis of this specific case of institutional change (ii) may serve as a starting point in the search for common ground between institutional and monetary economics, which is often absent in the literature, particularly that on transition (iii ...
... (i) provides opportunity for theoretical and empirical analysis of this specific case of institutional change (ii) may serve as a starting point in the search for common ground between institutional and monetary economics, which is often absent in the literature, particularly that on transition (iii ...
When and Why Worry About Real Exchange Rate Appreciation?
... traditional DD one, argues that the operative channel is the size of the (manufacturing) tradable sector. The export-led growth strategy emerged, in part, as a response to the failure of the import substitution growth strategy that started around the 1950s. Given the speed of technological progress, ...
... traditional DD one, argues that the operative channel is the size of the (manufacturing) tradable sector. The export-led growth strategy emerged, in part, as a response to the failure of the import substitution growth strategy that started around the 1950s. Given the speed of technological progress, ...
Why Does The United States Need - HiWAAY
... more-valuable, goods and services.2 This will tend to maximize the efficiency and value of all production, and thereby the real material wealth of society as a whole. Of course, the key condition for the operation and success of this process is that money-prices properly reflect the real valuations ...
... more-valuable, goods and services.2 This will tend to maximize the efficiency and value of all production, and thereby the real material wealth of society as a whole. Of course, the key condition for the operation and success of this process is that money-prices properly reflect the real valuations ...
an External Instruments Approach
... using a recursive identification scheme estimated on U.K. data. Cushman and Zha (1997) show that the prize puzzle disappears using block exogeneity restrictions in a VAR model identified with Cholesky restriction on Canadian data. Similar to these studies, our work addresses important empirical puzz ...
... using a recursive identification scheme estimated on U.K. data. Cushman and Zha (1997) show that the prize puzzle disappears using block exogeneity restrictions in a VAR model identified with Cholesky restriction on Canadian data. Similar to these studies, our work addresses important empirical puzz ...
The transmission of US shocks to Latin America
... produce a delayed and significant positive output effect. Third, US disturbances account for an important portion of the variability of Latin American macrovariables; they also induce significant comovements in US and Latin American output and inflation and, at least for Brazil in 1998 and Argentina ...
... produce a delayed and significant positive output effect. Third, US disturbances account for an important portion of the variability of Latin American macrovariables; they also induce significant comovements in US and Latin American output and inflation and, at least for Brazil in 1998 and Argentina ...
The Emerging Global Financial Architecture: Tracing and
... world economy has arrived at this juncture. East Asian reserve accumulation has been viewed as a contributing factor to the low interest rates blamed by some for the speculative excesses preceding the current financial crisis. A key message of the trilemma is instrument scarcity – policy makers face ...
... world economy has arrived at this juncture. East Asian reserve accumulation has been viewed as a contributing factor to the low interest rates blamed by some for the speculative excesses preceding the current financial crisis. A key message of the trilemma is instrument scarcity – policy makers face ...
Between war and peace: The Ottoman economy and foreign
... Second World War, which disturbs the British economy and the state’s power on managing the foreign exchange rate regime. There is a lack of comprehensive research on the Ottoman economy for the period ended by the WWI. Despite the limited information on the Ottoman economy during the war years, this ...
... Second World War, which disturbs the British economy and the state’s power on managing the foreign exchange rate regime. There is a lack of comprehensive research on the Ottoman economy for the period ended by the WWI. Despite the limited information on the Ottoman economy during the war years, this ...
Mizuho Dealer`s Eye
... 1. Review of the Previous Month As market participants focused on the possibility of a U.S. rate hike within the year, the dollar/yen pair moved with a heavy topside in September on lackluster U.S. economic indicators and concerns of a Chinese economic slowdown. With the FOMC holding off from raisin ...
... 1. Review of the Previous Month As market participants focused on the possibility of a U.S. rate hike within the year, the dollar/yen pair moved with a heavy topside in September on lackluster U.S. economic indicators and concerns of a Chinese economic slowdown. With the FOMC holding off from raisin ...
