This PDF is a selection from an out-of-print volume from... of Economic Research
... of sterilized intervention provides a channel through which the combination of monetary and nominal exchange rate policies can affect the real sector of the economy and, in particular, the real exchange rate. One example of such a combination of monetary and exchange rate policies is one that simult ...
... of sterilized intervention provides a channel through which the combination of monetary and nominal exchange rate policies can affect the real sector of the economy and, in particular, the real exchange rate. One example of such a combination of monetary and exchange rate policies is one that simult ...
Modern Money Theory 101: A Reply to Critics
... hard financial constraints. Not only can they issue their own currency2 to meet commitments denominated in their own unit of account, but also any self-imposed constraint on their budgetary operations can be by-passed by changing rules. As such, this type of government is not financially constrained ...
... hard financial constraints. Not only can they issue their own currency2 to meet commitments denominated in their own unit of account, but also any self-imposed constraint on their budgetary operations can be by-passed by changing rules. As such, this type of government is not financially constrained ...
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... in developed countries. Overshooting of agricultural prices can at least partially explain the observed agricultural-price variability. These monetary impacts and financial factors have policy implications as well. The short- and long-run impacts of monetary policy have been very important for the ...
... in developed countries. Overshooting of agricultural prices can at least partially explain the observed agricultural-price variability. These monetary impacts and financial factors have policy implications as well. The short- and long-run impacts of monetary policy have been very important for the ...
Modern Money Theory 101: A Reply to Critics
... hard financial constraints. Not only can they issue their own currency2 to meet commitments denominated in their own unit of account, but also any self-imposed constraint on their budgetary operations can be by-passed by changing rules. As such, this type of government is not financially constrained ...
... hard financial constraints. Not only can they issue their own currency2 to meet commitments denominated in their own unit of account, but also any self-imposed constraint on their budgetary operations can be by-passed by changing rules. As such, this type of government is not financially constrained ...
1990:1-1999:4 - Amherst College
... sector shocks can cause a depreciation of the currency, which at least in the short run will increase inflation. Consequently, these foreign shocks may require, particularly in countries targeting measures of consumer prices, a contractionary monetary policy when the real economy is already weak. T ...
... sector shocks can cause a depreciation of the currency, which at least in the short run will increase inflation. Consequently, these foreign shocks may require, particularly in countries targeting measures of consumer prices, a contractionary monetary policy when the real economy is already weak. T ...
Effects of monetary policy on the $ / £ exchange rate. Is there a
... and Romer (2004) monetary policy index. For the period from 1974M1 to 1990M5, Eichenbaum and Evans (1995) found the considered exchange rates to appreciate for several months after an expansionary US monetary policy shock until reaching a peak from which they then start to decline in value. The dete ...
... and Romer (2004) monetary policy index. For the period from 1974M1 to 1990M5, Eichenbaum and Evans (1995) found the considered exchange rates to appreciate for several months after an expansionary US monetary policy shock until reaching a peak from which they then start to decline in value. The dete ...
МИНИСТЕРСТВО ОБРАЗОВАНИЯ РОССИЙСКОЙ ФЕДЕРАЦИИ
... industries. This results in wage equalization between industries. All the assumptions A1-A7 are quite standard for trade models and will be shared by many models, while in other cases some of them will be relaxed. In addition to these 7, Ricardian model is based on the following assumptions: A8. The ...
... industries. This results in wage equalization between industries. All the assumptions A1-A7 are quite standard for trade models and will be shared by many models, while in other cases some of them will be relaxed. In addition to these 7, Ricardian model is based on the following assumptions: A8. The ...
The Effect of Trade Liberalization on Firm Entry and Exit in Punjab
... analyzes the impact of an appreciation of the New Taiwan dollar on the scale of production of existing firms and the exit rate in the industry. Intuitively, firm exit will rise as a result of currency appreciation because the costs of domestic firms will increase, forcing less productive firms to sh ...
... analyzes the impact of an appreciation of the New Taiwan dollar on the scale of production of existing firms and the exit rate in the industry. Intuitively, firm exit will rise as a result of currency appreciation because the costs of domestic firms will increase, forcing less productive firms to sh ...
The Global Flow of Funds: Chapter 2
... goods and services, while the capital account documents trade in financial assets. A country's accounts must balance, meaning that any deficit in the current account must be offset by a surplus in the capital account. Thus by definition, a country with a current account deficit consumes more than it ...
... goods and services, while the capital account documents trade in financial assets. A country's accounts must balance, meaning that any deficit in the current account must be offset by a surplus in the capital account. Thus by definition, a country with a current account deficit consumes more than it ...
Mathematical Analysis of the Transmission Mechanism of Monetary
... channels how the monetary policy decisions are transmitted to the real economy. The mechanism of the transmission of the monetary decisions through these channels to the real economy is called the monetary policy transmission mechanism. There have to be fulfilled several conditions in order for the ...
... channels how the monetary policy decisions are transmitted to the real economy. The mechanism of the transmission of the monetary decisions through these channels to the real economy is called the monetary policy transmission mechanism. There have to be fulfilled several conditions in order for the ...
S0701099_en.pdf
... (SERER) movements, but also to determine the extent to which movements in SERERs have been driven by changes in sectoral productivity performance or by other factors. This paper presents an analysis of the evolution of the competitiveness in the traded goods sectors in six Latin American countries t ...
... (SERER) movements, but also to determine the extent to which movements in SERERs have been driven by changes in sectoral productivity performance or by other factors. This paper presents an analysis of the evolution of the competitiveness in the traded goods sectors in six Latin American countries t ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... which changes in commodity export prices are transmitted into real exchange rate changes, very few empirical studies have tackled this ~ u b j e c t This . ~ paper develops and tests a model of the interactions among commodity export prices, money creation, inflation, and the real exchange rate. The ...
... which changes in commodity export prices are transmitted into real exchange rate changes, very few empirical studies have tackled this ~ u b j e c t This . ~ paper develops and tests a model of the interactions among commodity export prices, money creation, inflation, and the real exchange rate. The ...
econometric testing of purchasing power parity in less developed
... rate determination. The PPP theory establishes a long run relationship between the nominal exchange rate and the ratio of the domestic to foreign price levels.1 There are many versions of PPP, however, absolute PPP and relative PPP are most commonly considered versions. The absolute PPP implies that ...
... rate determination. The PPP theory establishes a long run relationship between the nominal exchange rate and the ratio of the domestic to foreign price levels.1 There are many versions of PPP, however, absolute PPP and relative PPP are most commonly considered versions. The absolute PPP implies that ...
The-Gold-Standard-Domitrovic2
... on. And it made running a convertible-note gold standard easy. If the market price of gold is staying put at a low level, print currency freely on demand; if gold is sinking in price, print currency to an even greater degree, indeed to the degree that gold rises in price back to the exchange-rate pa ...
... on. And it made running a convertible-note gold standard easy. If the market price of gold is staying put at a low level, print currency freely on demand; if gold is sinking in price, print currency to an even greater degree, indeed to the degree that gold rises in price back to the exchange-rate pa ...
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... variables. It also allows us to measure the spillovers between individual countries and the EA. Many papers have attempted to characterize the dynamics of European economies. One common strategy has been to model the EA economy using only EA aggregates. Examples include evidence based on VARs (Peers ...
... variables. It also allows us to measure the spillovers between individual countries and the EA. Many papers have attempted to characterize the dynamics of European economies. One common strategy has been to model the EA economy using only EA aggregates. Examples include evidence based on VARs (Peers ...
productivity, commodity prices and the real exchange rate
... include homogeneous traded goods such as commodities, and it is not clear how the presence of such goods would affect the terms of trade adjustment. The present paper extends this literature on both empirical and theoretical fronts. Our empirical analysis examines the robustness of a long-run relati ...
... include homogeneous traded goods such as commodities, and it is not clear how the presence of such goods would affect the terms of trade adjustment. The present paper extends this literature on both empirical and theoretical fronts. Our empirical analysis examines the robustness of a long-run relati ...
The Dynamics of Currency Substitution, Asset Substitution and De
... Interestingly, the currency and asset substitution processes need not go hand in hand, suggesting that they are independent phenomena, driven by different incentive mechanisms. This finding is reinforced when the dollarization indices are related to currency and asset substitution indices. The fina ...
... Interestingly, the currency and asset substitution processes need not go hand in hand, suggesting that they are independent phenomena, driven by different incentive mechanisms. This finding is reinforced when the dollarization indices are related to currency and asset substitution indices. The fina ...
NBER WORKING PAPER SERIES THE MACROECONOMICS OF THE GREAT Ben S. Bernanke
... requirements usually set a minimum backing ratio (such as the Federal Reserve's 40% requirement), implying a maximum value for BASE/RES (e.g., ...
... requirements usually set a minimum backing ratio (such as the Federal Reserve's 40% requirement), implying a maximum value for BASE/RES (e.g., ...
The Demand for International Reserves and Monetary
... The rest of the paper is organized as follows. Section 2 discusses the adequacy of international reserves in India whereas section 3 presents data and data sources. Section 4 presents theoretical aspects of the reserve demand function and section 5 presents the empirical results reserve demand funct ...
... The rest of the paper is organized as follows. Section 2 discusses the adequacy of international reserves in India whereas section 3 presents data and data sources. Section 4 presents theoretical aspects of the reserve demand function and section 5 presents the empirical results reserve demand funct ...
Why and when to introduce a single currency in ECOWAS
... and developing countries in general, are mainly attributable to the current international monetary system which does not ...
... and developing countries in general, are mainly attributable to the current international monetary system which does not ...
Prioritizing Economic Growth: Enhancing Macroeconomic Policy
... essentially only two macropolicy instruments, fiscal and monetary policy. But there are only internal policy goals, since external targets are proportionately less important in closed economies. Despite the presence of only two instruments, the absence of two goals for external balance means that th ...
... essentially only two macropolicy instruments, fiscal and monetary policy. But there are only internal policy goals, since external targets are proportionately less important in closed economies. Despite the presence of only two instruments, the absence of two goals for external balance means that th ...
Is the J-Curve Effect Observable for Small North European
... frictions to international trade are sufficient to allow deviations from purchasing power parity, at least in the short run. In reaction to exchange rate changes, producers may not immediately change the foreign currency price on products they sell in a foreign country. This the producers may do bec ...
... frictions to international trade are sufficient to allow deviations from purchasing power parity, at least in the short run. In reaction to exchange rate changes, producers may not immediately change the foreign currency price on products they sell in a foreign country. This the producers may do bec ...
Regulation of Non-U.S. Exchanges` Marketing Efforts in
... In addition, the “Due Process” clause under the 14th Amendment of the U.S. Constitution puts limits on the jurisdiction of the federal government and the states over the activities of foreign persons. See International Shoe Co. v. State of Washington, 66 S. Ct. 154 (1945); McGee v. International Lif ...
... In addition, the “Due Process” clause under the 14th Amendment of the U.S. Constitution puts limits on the jurisdiction of the federal government and the states over the activities of foreign persons. See International Shoe Co. v. State of Washington, 66 S. Ct. 154 (1945); McGee v. International Lif ...
Fisher and Wicksell on the Quantity Theory
... cash balances. This demand together with the given nominal money supply ensured price level determinacy. Thus a random shock to the price level that temporarily raised it above its equilibrium level would, by making actual real balances smaller than desired, induce cashholders either to cut their ex ...
... cash balances. This demand together with the given nominal money supply ensured price level determinacy. Thus a random shock to the price level that temporarily raised it above its equilibrium level would, by making actual real balances smaller than desired, induce cashholders either to cut their ex ...
