Currency internationalisation and exchange rate dynamics in
... determination in emerging markets in the context of the recent process of currency internationalisation using Brazil as a case study. It develops an alternative analytical framework for exchange rate determination in emerging markets based on PostKeynesian economic thought. Drawing on several strand ...
... determination in emerging markets in the context of the recent process of currency internationalisation using Brazil as a case study. It develops an alternative analytical framework for exchange rate determination in emerging markets based on PostKeynesian economic thought. Drawing on several strand ...
The Causes of Inflation in Mongolia
... stated that the government budget deficit can create unavoidable inflation. The New Neoclassical Synthesis plays pivotal role in the studies of monetary policy. This theory basically flourished from the Keynesian view and Neoclassical principle to the macroeconomic analysis. It is popularized around ...
... stated that the government budget deficit can create unavoidable inflation. The New Neoclassical Synthesis plays pivotal role in the studies of monetary policy. This theory basically flourished from the Keynesian view and Neoclassical principle to the macroeconomic analysis. It is popularized around ...
Currency Boards for Developing Countries
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
NBER WORKING PAPER SERIES SOURCES OF MACROECONOMIC IMBALANCES A SIMULATION APPROACH
... the United States, usually with some variant of labor-managementgovernment cooperation to overcome structural problems in the U.S. economy. ...
... the United States, usually with some variant of labor-managementgovernment cooperation to overcome structural problems in the U.S. economy. ...
currency boards for developing countries
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
The Monetary Policy Decision Process in the Federal Republic of Germany
... the course of "fast-speed" and "low-speed" target variables. (4) Undesired results that are produced by monetary policy actions within the stochastic system can be corrected by prompt policy actions. (5) The central bank is an institution that operates in the public interest and tries to make its op ...
... the course of "fast-speed" and "low-speed" target variables. (4) Undesired results that are produced by monetary policy actions within the stochastic system can be corrected by prompt policy actions. (5) The central bank is an institution that operates in the public interest and tries to make its op ...
EmErging CurrEnCy - Societe Generale
... information to clients; (2) the exemption set out in Regulation 34 of the FAR, which exempts us from complying with Section 27 of the FAA on recommendations; and (3) the exemption set out in Regulation 35 of the FAR, which exempts us from complying with Section 36 of the FAA on disclosure of certain ...
... information to clients; (2) the exemption set out in Regulation 34 of the FAR, which exempts us from complying with Section 27 of the FAA on recommendations; and (3) the exemption set out in Regulation 35 of the FAR, which exempts us from complying with Section 36 of the FAA on disclosure of certain ...
Debt Limits and the Structure of Public Debt
... stabilize debt through a fiscal reaction function (see Bohn, 1998 and 2005; Abiad and Ostry, 2005; and Mendoza and Ostry, 2007): as the debt level rises, so will the primary balance, until some maximum level is reached. If the maximum primary balance is insufficient to stabilize debt dynamics, then ...
... stabilize debt through a fiscal reaction function (see Bohn, 1998 and 2005; Abiad and Ostry, 2005; and Mendoza and Ostry, 2007): as the debt level rises, so will the primary balance, until some maximum level is reached. If the maximum primary balance is insufficient to stabilize debt dynamics, then ...
Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
... (Taylor) from equation (1) and the inflation rate π to which the real interest rate r∗ is added (Fisher)5 . This latter variable corresponds to the Fisherian interest rate, i.e. r∗ + π, where r∗ is set equal to 2. Several interesting features appear from this graph. An obvious fact that is often ov ...
... (Taylor) from equation (1) and the inflation rate π to which the real interest rate r∗ is added (Fisher)5 . This latter variable corresponds to the Fisherian interest rate, i.e. r∗ + π, where r∗ is set equal to 2. Several interesting features appear from this graph. An obvious fact that is often ov ...
mma research papers - Maldives Monetary Authority
... Chinese during this period could be due to low room rates and discounted packages offered in this low season. While consistently high Chinese tourist numbers in October can be attributed to the National Day Golden Week, high arrivals from July to September could also be attributed to families taking ...
... Chinese during this period could be due to low room rates and discounted packages offered in this low season. While consistently high Chinese tourist numbers in October can be attributed to the National Day Golden Week, high arrivals from July to September could also be attributed to families taking ...
Circumventing the Zero Lower Bound with Monetary
... of money will have no effect on economic activity but rather that the public’s reluctance to borrow prevents money from being created in the first place. Hawtrey (1931, pp. 30-31) describes the situation and a solution to it as follows: [I]f the depression is very severe, enterprise will be killed. ...
... of money will have no effect on economic activity but rather that the public’s reluctance to borrow prevents money from being created in the first place. Hawtrey (1931, pp. 30-31) describes the situation and a solution to it as follows: [I]f the depression is very severe, enterprise will be killed. ...
How Big (Small?) are Fiscal Multipliers?
... case the choice is forced because the military buildup approach has so far been applied only the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts mu ...
... case the choice is forced because the military buildup approach has so far been applied only the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts mu ...
Quarterly Projection Model for India: Key Elements and Properties
... of businesses and households is not the very short-term rate of interest directly controlled by the central bank. They borrow at longer terms. Policy rate affects these rates more through the impact of the policy rates expected in the future, and hence the whole yield curve. This is reflected in the ...
... of businesses and households is not the very short-term rate of interest directly controlled by the central bank. They borrow at longer terms. Policy rate affects these rates more through the impact of the policy rates expected in the future, and hence the whole yield curve. This is reflected in the ...
The Transmission of Monetary Policy in Canada
... desired balances at the Bank, that it can alter the overnight interest rate. Faced with a shortfall, the direct clearers will call one-day loans to security dealers, sell very short-term liquid assets from their portfolio, or bid more aggressively for very 1. Financial institutions also hold notes a ...
... desired balances at the Bank, that it can alter the overnight interest rate. Faced with a shortfall, the direct clearers will call one-day loans to security dealers, sell very short-term liquid assets from their portfolio, or bid more aggressively for very 1. Financial institutions also hold notes a ...
Ignorance and Influence: U.S. Economists on Argentina`s
... or a specified foreign currency. The domestic quantity of money in the form of currency rises only when people bring to the authority an equally valued amount of reserves, and the domestic quantity of currency falls only when people bring back these notes to exchange for reserves. If the monetary au ...
... or a specified foreign currency. The domestic quantity of money in the form of currency rises only when people bring to the authority an equally valued amount of reserves, and the domestic quantity of currency falls only when people bring back these notes to exchange for reserves. If the monetary au ...
IMF World Economic Outlook, May 1998-
... Banking crises generally stem from the assets side of banks’ balance sheets—from a protracted deterioration in asset quality. This suggests that variables such as the share of nonperforming loans in banks’ portfolios, large fluctuations in real estate and stock prices, and indicators of business fai ...
... Banking crises generally stem from the assets side of banks’ balance sheets—from a protracted deterioration in asset quality. This suggests that variables such as the share of nonperforming loans in banks’ portfolios, large fluctuations in real estate and stock prices, and indicators of business fai ...
The Politics of Monetary Leadership and
... task of leading monetary aairs by providing international public goods and presenting the focal point for cooperative eorts. Yet cooperation will not be successful unless relevant medium-sized states follow the monetary lead of the more powerful states. Thus, monetary cooperation, de®ned by exchan ...
... task of leading monetary aairs by providing international public goods and presenting the focal point for cooperative eorts. Yet cooperation will not be successful unless relevant medium-sized states follow the monetary lead of the more powerful states. Thus, monetary cooperation, de®ned by exchan ...
NBER WORKING PAPER SERIES MONETARY POLICY AND RATIONAL ASSET PRICE BUBBLES
... dynamics of asset price bubbles. In particular, it makes it possible to assess the consequences of having a central bank use its interest rate policy to counteract asset price bubbles in a systematic way, as has been proposed by a number of authors and commentators.5 The paper’s main results can be ...
... dynamics of asset price bubbles. In particular, it makes it possible to assess the consequences of having a central bank use its interest rate policy to counteract asset price bubbles in a systematic way, as has been proposed by a number of authors and commentators.5 The paper’s main results can be ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Second, based on this diagnosis, these studies write out a prescription that the BOJ should make a commitment to an expansionary monetary policy in the future. Woodford (1999) and Reifschneider and Williams (2000) argue that, even when the current overnight interest rate is close to zero, the long-t ...
... Second, based on this diagnosis, these studies write out a prescription that the BOJ should make a commitment to an expansionary monetary policy in the future. Woodford (1999) and Reifschneider and Williams (2000) argue that, even when the current overnight interest rate is close to zero, the long-t ...
Export Dynamics in Large Devaluations January 2014
... confererence, BU, ECB-Bank of Canada Workshop on Exchange Rates, New York Fed, NYU, Federal Reserve Board, Paris School of Economics, HEC-Montreal, INSEAD, IMF, ITAM, Ohio State University, Richmond Fed, Stonybrook, UBC, Georgetown, Tsinghua Macro Workshop, Econometric Society Annual meeting, LACEA- ...
... confererence, BU, ECB-Bank of Canada Workshop on Exchange Rates, New York Fed, NYU, Federal Reserve Board, Paris School of Economics, HEC-Montreal, INSEAD, IMF, ITAM, Ohio State University, Richmond Fed, Stonybrook, UBC, Georgetown, Tsinghua Macro Workshop, Econometric Society Annual meeting, LACEA- ...
No.314 / January 2010 External Imbalances and Fiscal Policy Philip R. Lane
... be associated with an increase in external debt. For instance, Ganelli (2005) and Kumhof and Laxton (2009) provide models in which households have …nite horizons, such that a debt-…nanced tax cut increases the wealth of currently-alive cohorts, boosting consumption and generating a current account d ...
... be associated with an increase in external debt. For instance, Ganelli (2005) and Kumhof and Laxton (2009) provide models in which households have …nite horizons, such that a debt-…nanced tax cut increases the wealth of currently-alive cohorts, boosting consumption and generating a current account d ...
Greenspan`s Conundrum and the Fed`s Ability to
... it and that the change was due to the aberrant behavior of long-term yields and not to the behavior of the funds rate. I take a different approach. Specifically, I begin by investigating when the change in the relationship occurred. Finding the relationship between the 10-year Treasury yield and the ...
... it and that the change was due to the aberrant behavior of long-term yields and not to the behavior of the funds rate. I take a different approach. Specifically, I begin by investigating when the change in the relationship occurred. Finding the relationship between the 10-year Treasury yield and the ...