NBER WORKING PAPER SERIES
... has generated “Dutch Disease” type situations, where acute real exchange rate appreciation has resulted in the crowding out of non-commodities tradable industries. Within this picture, emerging countries’ policy makers have discussed a number of palliatives, including the imposition of controls on c ...
... has generated “Dutch Disease” type situations, where acute real exchange rate appreciation has resulted in the crowding out of non-commodities tradable industries. Within this picture, emerging countries’ policy makers have discussed a number of palliatives, including the imposition of controls on c ...
International Experiences with Different Monetary Policy Regimes
... Thus overly expansionary monetary policy and inflation may result, so that the time-inconsistency problem remains: the time-inconsistency problem is just shifted back one step. Thus even if the source of time inconsistency is not within central banks, a nominal anchor may be needed to limit politica ...
... Thus overly expansionary monetary policy and inflation may result, so that the time-inconsistency problem remains: the time-inconsistency problem is just shifted back one step. Thus even if the source of time inconsistency is not within central banks, a nominal anchor may be needed to limit politica ...
EM Currency Handbook 2014
... more open economies will benefit disproportionately from strengthening demand in the US and Europe. Beyond Asia, Central Europe is emerging from a period of painful deleveraging and is poised to see activity accelerate. Reforms in Mexico will leave it better placed to benefit from US recovery. Growt ...
... more open economies will benefit disproportionately from strengthening demand in the US and Europe. Beyond Asia, Central Europe is emerging from a period of painful deleveraging and is poised to see activity accelerate. Reforms in Mexico will leave it better placed to benefit from US recovery. Growt ...
Monetary Policy Signaling and Movements in the Swedish Term
... Riksbank Act became effective. Before 1999 monetary policy decisions were taken by the Governor, who set the repo rate in accordance with general guidelines provided by a Governing Board consisting of parliament members. However, the new Riksbank Act states that an Executive Board consisting of six ...
... Riksbank Act became effective. Before 1999 monetary policy decisions were taken by the Governor, who set the repo rate in accordance with general guidelines provided by a Governing Board consisting of parliament members. However, the new Riksbank Act states that an Executive Board consisting of six ...
... that the countries in the ERM were subjected to a negative demand shock that led to a decline in economic growth and a rise in unemployment. It was certainly feasible for the governments of these countries to keep their exchange rates fixed relative to the mark in these circumstances, but speculator ...
Unrestrained Credit In A Credit Economy, The Credit Cycle, And Fiat
... level changes, the money supply adjusts itself to accommodate the change in demand for money. Also, given an ad hoc interest-rate policy of banks, firms adjust their credit policies to accommodate their customers. Thus interest rates can be high yet produce no lowering effect on the general level of ...
... level changes, the money supply adjusts itself to accommodate the change in demand for money. Also, given an ad hoc interest-rate policy of banks, firms adjust their credit policies to accommodate their customers. Thus interest rates can be high yet produce no lowering effect on the general level of ...
Pick Your Poison: The Choices and 1 4
... The estimates suggest that large currency depreciations and major reserve sales generate significant increases in GDP growth relative to the counterfactual, although the positive effects do not occur for at least four quarters (and even longer for depreciations) and may be preceded initially by a co ...
... The estimates suggest that large currency depreciations and major reserve sales generate significant increases in GDP growth relative to the counterfactual, although the positive effects do not occur for at least four quarters (and even longer for depreciations) and may be preceded initially by a co ...
Money demand and macroeconomic stability revisited
... irrelevant for the determination of macroeconomic aggregates when the central bank realizes certain interest rate targets. This has even led to the theoretical concept of economies being cashless in the limit, which facilitates an analysis of interest rate policy where monetary aggregates can be neg ...
... irrelevant for the determination of macroeconomic aggregates when the central bank realizes certain interest rate targets. This has even led to the theoretical concept of economies being cashless in the limit, which facilitates an analysis of interest rate policy where monetary aggregates can be neg ...
Working Paper 23 – Will Asymmetric Shocks Pose a Serious
... the EU will gain a new dimension. A unified financial market will be created, which will be deeper, more liquid and more competitive than hitherto. As a result, the European financial market will become more appealing. Price competition between domestic and foreign suppliers will rise Transaction an ...
... the EU will gain a new dimension. A unified financial market will be created, which will be deeper, more liquid and more competitive than hitherto. As a result, the European financial market will become more appealing. Price competition between domestic and foreign suppliers will rise Transaction an ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... to further credit tranches.5 Stand-By Arrangements typically last for twelve to eighteen months (the legal maximum is three years), and first tranche drawings do not require strict conditionality. Any drawings beyond the first tranche require both phasing out and stricter conditionality and are limi ...
... to further credit tranches.5 Stand-By Arrangements typically last for twelve to eighteen months (the legal maximum is three years), and first tranche drawings do not require strict conditionality. Any drawings beyond the first tranche require both phasing out and stricter conditionality and are limi ...
International Macroeconomics
... of U.S. residents employed temporarily abroad, (2) earnings of U.S. residents employed by foreign governments in the United States, and (3) earnings of U.S. residents employed by international organizations in the United States, which is the largest of the three categories. This account also measure ...
... of U.S. residents employed temporarily abroad, (2) earnings of U.S. residents employed by foreign governments in the United States, and (3) earnings of U.S. residents employed by international organizations in the United States, which is the largest of the three categories. This account also measure ...
Is the Crisis Problem Growing More Severe?
... parity, abandonment of a pegged exchange rate, or an international rescue. In addition, we construct the familiar index of exchange market pressure, calculated as a weighted average of the percentage change in the exchange rate, the change in the short-term interest rate, and the percentage change i ...
... parity, abandonment of a pegged exchange rate, or an international rescue. In addition, we construct the familiar index of exchange market pressure, calculated as a weighted average of the percentage change in the exchange rate, the change in the short-term interest rate, and the percentage change i ...
Interest rate Volatility, Asymmetric Interest rate Pass
... economic and/or monetary unions. Our research is important since commercial Banks provides most of the funds for investment in the CSME; they play an important role in the transmission of monetary policy in these countries. Also the EC-EGARCH(1, 1) model deals with heteroskedasticity problem which i ...
... economic and/or monetary unions. Our research is important since commercial Banks provides most of the funds for investment in the CSME; they play an important role in the transmission of monetary policy in these countries. Also the EC-EGARCH(1, 1) model deals with heteroskedasticity problem which i ...
Monetary discretion, pricing complementary and dynamic
... if the central bank maintains a fixed nominal money stock. Our setup thus highlights the role of discretionary monetary policy in generating complementarity. There is a rich literature on the importance of commitment for monetary policy. In section 6 we relate our analyses to three branches of the e ...
... if the central bank maintains a fixed nominal money stock. Our setup thus highlights the role of discretionary monetary policy in generating complementarity. There is a rich literature on the importance of commitment for monetary policy. In section 6 we relate our analyses to three branches of the e ...
Is low inflation really causing the decline in exchange rate pass
... (2004) argued that a potential explanation for this finding is that changes in the monetary policy regimes implemented in the 1990s were perceived as more credible than those carried out in the 1980s. Mishkin and Savastano (2001), Leiderman and Bar-Or (2000), Cespedes and Soto (2005) and Schmidt-Heb ...
... (2004) argued that a potential explanation for this finding is that changes in the monetary policy regimes implemented in the 1990s were perceived as more credible than those carried out in the 1980s. Mishkin and Savastano (2001), Leiderman and Bar-Or (2000), Cespedes and Soto (2005) and Schmidt-Heb ...
Spillover Implications of Differences in Monetary Conditions in
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
Uganda - COMESA Monetary Institute
... (through administrative measures) or indirectly, through the balance sheet of the central bank (money market operations and reserve requirements). In the early 1990s, Uganda moved from reliance on credit or interest rate controls toward reliance on money market operations in view of the increasing i ...
... (through administrative measures) or indirectly, through the balance sheet of the central bank (money market operations and reserve requirements). In the early 1990s, Uganda moved from reliance on credit or interest rate controls toward reliance on money market operations in view of the increasing i ...
Interest Rate Determination - 2012 Book Archive
... doesn’t think to include the current balance in this type of bank deposit. 2. Since there are many different interest rates on many types of loans and deposits, how do we interpret the equilibrium interest rate in the model? ...
... doesn’t think to include the current balance in this type of bank deposit. 2. Since there are many different interest rates on many types of loans and deposits, how do we interpret the equilibrium interest rate in the model? ...
Robert J. Working
... lend to another at a lower rate. If the Fed can print nominal bonds as well as money in unlimited amounts, there is no limit to its ability to do this (nor to repay the principal on the nominal bonds when they come due). ...
... lend to another at a lower rate. If the Fed can print nominal bonds as well as money in unlimited amounts, there is no limit to its ability to do this (nor to repay the principal on the nominal bonds when they come due). ...
Abstract - NYU Stern
... deficit” phenomenon. In fact, since the middle of 2000 while the investment rate has sharply fallen following the bust of the IT bubble, the US current account deficit has kept on growing and was equal to about 5% of GDP in 2002. So while one could have argued that the current account deficit of th ...
... deficit” phenomenon. In fact, since the middle of 2000 while the investment rate has sharply fallen following the bust of the IT bubble, the US current account deficit has kept on growing and was equal to about 5% of GDP in 2002. So while one could have argued that the current account deficit of th ...
Identifying the Effects of Monetary Policy Shocks in an Open Economy
... restrictions that have been imposed on VAR models of closed economies are less suitable for open economy analyses. In particular, the standard assumptions that a monetary policy shock has an immediate effect on the domestic interest rate, but neither on inflation, nor on output, are presumably not suffi ...
... restrictions that have been imposed on VAR models of closed economies are less suitable for open economy analyses. In particular, the standard assumptions that a monetary policy shock has an immediate effect on the domestic interest rate, but neither on inflation, nor on output, are presumably not suffi ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Reducing Inflation: Motivation and Strategy
... among central banks, and is currently a popular subject of academic discussion. It is perhaps not widely appreciated, however, that always underlying Germany’s announced monetary target is an explicitly stated goal for i n f l a t i ~ n . ~ This contrasts with the United States, for example, where i ...
... among central banks, and is currently a popular subject of academic discussion. It is perhaps not widely appreciated, however, that always underlying Germany’s announced monetary target is an explicitly stated goal for i n f l a t i ~ n . ~ This contrasts with the United States, for example, where i ...
Economic Development and International Financial Trilemma in
... Affairs Section 4, SQI and SQA in Graduate School of Economics. Especially, I would like to express my gratitude to Yukari Matsuoka from SQA, and my Japanese language instructors Hiroko Yoshikawa, Kyoko Takada, Fumiko Kikuchi, Aya Takashima and many others. Equally, I am grateful to my colleagues an ...
... Affairs Section 4, SQI and SQA in Graduate School of Economics. Especially, I would like to express my gratitude to Yukari Matsuoka from SQA, and my Japanese language instructors Hiroko Yoshikawa, Kyoko Takada, Fumiko Kikuchi, Aya Takashima and many others. Equally, I am grateful to my colleagues an ...
International Reserves and Foreign Currency Liquidity
... This book is an update of the International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Guidelines) issued in 2001. It sets forth the underlying framework for the Data Template on International Reserves and Foreign Currency Liquidity (Reserves Data Template) and provides ...
... This book is an update of the International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Guidelines) issued in 2001. It sets forth the underlying framework for the Data Template on International Reserves and Foreign Currency Liquidity (Reserves Data Template) and provides ...
7 Research Department Working Paper ... The Central Bank of the Republic of Turkey
... Agenor and Montiel (1999) demonstrated that in a world of high capital mobility and unstable capital movements, conventional pegged exchange rates have proved fragile. ...
... Agenor and Montiel (1999) demonstrated that in a world of high capital mobility and unstable capital movements, conventional pegged exchange rates have proved fragile. ...