Essays in International Economics
... underlying foreign payments imbalances in the event of a sudden stop and provide foreign exchange liquidity in the face of a bank run. At the same time the government is trying ...
... underlying foreign payments imbalances in the event of a sudden stop and provide foreign exchange liquidity in the face of a bank run. At the same time the government is trying ...
The interest rate pass-through in the euro area during
... policy to influence bank retail rates is of particular interest for the European Central Bank (ECB). There exists a large literature on the effect changes in monetary policy rates have on bank retail rates, i.e. the interest rate pass-through (IP).1 Stylized facts about the IP for the euro area befo ...
... policy to influence bank retail rates is of particular interest for the European Central Bank (ECB). There exists a large literature on the effect changes in monetary policy rates have on bank retail rates, i.e. the interest rate pass-through (IP).1 Stylized facts about the IP for the euro area befo ...
NBER WORKING PAPER SERIES 1880-1913 vs. 1972-1997
... financing. Governments may have trouble making interest payments on debt coming due as capital markets become unwilling to continue rolling debt over. The capital flow reversal, if large enough, could also force the abandonment of an exchange rate peg and a large change in the nominal exchange rate. ...
... financing. Governments may have trouble making interest payments on debt coming due as capital markets become unwilling to continue rolling debt over. The capital flow reversal, if large enough, could also force the abandonment of an exchange rate peg and a large change in the nominal exchange rate. ...
Equilibrium Real Exchange Rate, Misalignment, and Export
... Equilibrium real exchange rate is one of the most important concepts in open macroeconomics. The significant and persistent deviation of real exchange rates (RER) from equilibrium level, i.e., RER misalignment, could have implications on the balance of the economy. There is a vast theoretical and em ...
... Equilibrium real exchange rate is one of the most important concepts in open macroeconomics. The significant and persistent deviation of real exchange rates (RER) from equilibrium level, i.e., RER misalignment, could have implications on the balance of the economy. There is a vast theoretical and em ...
Quality, Trade, and Exchange Rate Pass-Through
... 209 wine producers. The exporters in the sample are therefore multi-product …rms. In order to assess the quality of wines we rely on two well-known experts wine ratings, the Wine Spectator and Robert Parker. In both cases a quality score is assigned to a wine according to its name, grape, type, and ...
... 209 wine producers. The exporters in the sample are therefore multi-product …rms. In order to assess the quality of wines we rely on two well-known experts wine ratings, the Wine Spectator and Robert Parker. In both cases a quality score is assigned to a wine according to its name, grape, type, and ...
Slow disinflation process willl delay policy rate cuts
... Slower disinflation in 2007 and a tighter policy rate path When the Central Bank appraised the inflation outlook in March, it concluded that the policy rate, which since December 2006 had remained unchanged at 13.3% (stated in the Central Bank’s new presentation as a nominal discounted rate; this co ...
... Slower disinflation in 2007 and a tighter policy rate path When the Central Bank appraised the inflation outlook in March, it concluded that the policy rate, which since December 2006 had remained unchanged at 13.3% (stated in the Central Bank’s new presentation as a nominal discounted rate; this co ...
FX Options and Structured Products
... It contains actually traded deals with corresponding motivations explaining why the structures have been traded. This way the reader gets a feeling how to build new structures to suit clients’ needs. The exercises are meant to practice the material. Several of them are actually difficult to solve an ...
... It contains actually traded deals with corresponding motivations explaining why the structures have been traded. This way the reader gets a feeling how to build new structures to suit clients’ needs. The exercises are meant to practice the material. Several of them are actually difficult to solve an ...
© PG Worth Publishers, Do Not Duplicate
... between banks and other financial institutions. As we first discussed in Chapter 3, financial markets have the important function of transferring the economy’s resources from those households that wish to save some of their income for the future to those households and firms that wish to borrow to b ...
... between banks and other financial institutions. As we first discussed in Chapter 3, financial markets have the important function of transferring the economy’s resources from those households that wish to save some of their income for the future to those households and firms that wish to borrow to b ...
NBER WORKING PAPER SERIES GLOBALIZATION AND MONETARY CONTROL Michael Woodford Working Paper 13329
... It is sometimes argued that increased integration of international financial markets should imply that interest rates in each country will come to be determined largely by world conditions rather than domestic conditions. It is then feared that as a result, domestic monetary policy will come to have ...
... It is sometimes argued that increased integration of international financial markets should imply that interest rates in each country will come to be determined largely by world conditions rather than domestic conditions. It is then feared that as a result, domestic monetary policy will come to have ...
Do Exchange Rates Affect the Capital-Labour Ratio?
... common argument is that the effects of exchange rate pass-through influence factor demands by changing the relative price between domestic and foreign inputs. In the case of an exchange rate depreciation, firms would substitute capital for labour in response to the rising price of imported capital. ...
... common argument is that the effects of exchange rate pass-through influence factor demands by changing the relative price between domestic and foreign inputs. In the case of an exchange rate depreciation, firms would substitute capital for labour in response to the rising price of imported capital. ...
Money and Inflation
... In Chapter 2 we focused on real GDP and real GDP per worker. These are real variables because they are in terms of goods and services (i.e., they are adjusted for the effects of price changes). In this chapter, we focus on nominal variables such as the price level, the inflation rate, and the nomina ...
... In Chapter 2 we focused on real GDP and real GDP per worker. These are real variables because they are in terms of goods and services (i.e., they are adjusted for the effects of price changes). In this chapter, we focus on nominal variables such as the price level, the inflation rate, and the nomina ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... 2003. The twenty-six episodes vary in a number of ways and allow us to place the current U.S. situation in context; while the United States may be in what it considers uncharted waters (with respect to its own history), along many dimensions its current scenario is not atypical. There are well-known ...
... 2003. The twenty-six episodes vary in a number of ways and allow us to place the current U.S. situation in context; while the United States may be in what it considers uncharted waters (with respect to its own history), along many dimensions its current scenario is not atypical. There are well-known ...
Zimbabwe: Challenges and Policy Options after Hyperinflation African Department 10/3
... exchange trading takes place in U.S. dollars, the payments systems operate in U.S. dollars, and the banking system and the Reserve Bank of Zimbabwe (RBZ) maintain accounting in U.S. dollars. In cash transactions, the U.S. dollar is the currency of choice, but the rand is prevalent in the South of th ...
... exchange trading takes place in U.S. dollars, the payments systems operate in U.S. dollars, and the banking system and the Reserve Bank of Zimbabwe (RBZ) maintain accounting in U.S. dollars. In cash transactions, the U.S. dollar is the currency of choice, but the rand is prevalent in the South of th ...
Post keynesian monetary theory and its implications
... contrast to the exogenous view held by monetarists, it is pertinent to examine how the money supply process takes place in the endogenous money view. This is taken up in Chapter 3. Underlying the Post Keynesian view is the notion introduced by Keynes that investment activity, funded by bank credit, ...
... contrast to the exogenous view held by monetarists, it is pertinent to examine how the money supply process takes place in the endogenous money view. This is taken up in Chapter 3. Underlying the Post Keynesian view is the notion introduced by Keynes that investment activity, funded by bank credit, ...
ANNUAL REPORT (July 1990 - December 1991) April 1992
... has reinforced its efforts to improve the co-ordination of monetary policies. In particular, as a complement to the monthly monitoring of current conditions in financial and foreign exchange markets, the Committee has introduced an annual forward-looking assessment of Member States' monetary policy ...
... has reinforced its efforts to improve the co-ordination of monetary policies. In particular, as a complement to the monthly monitoring of current conditions in financial and foreign exchange markets, the Committee has introduced an annual forward-looking assessment of Member States' monetary policy ...
Bank of England Quarterly Bulletin May 1999
... Equity prices moved sharply higher during the quarter, especially in March, with the Nikkei 225 index rising by 14%. These gains have been sustained since the end of March, which suggests that they were not purely seasonal changes in advance of the end of the fiscal year. There appeared to have been ...
... Equity prices moved sharply higher during the quarter, especially in March, with the Nikkei 225 index rising by 14%. These gains have been sustained since the end of March, which suggests that they were not purely seasonal changes in advance of the end of the fiscal year. There appeared to have been ...
NBER WORKING PAPER SERIES FISCAL VERSUS NET CAPITAL FLOW CONCERNS
... allocate savings to preferred sectors. Capital outflow controls help prevent capital flight in response to domestic regulations, and therefore are a key ingredient of financial repression. The revenues from financial repression can be substantial. Giovannini and de Melo (1993) showed that for some 2 ...
... allocate savings to preferred sectors. Capital outflow controls help prevent capital flight in response to domestic regulations, and therefore are a key ingredient of financial repression. The revenues from financial repression can be substantial. Giovannini and de Melo (1993) showed that for some 2 ...
Experimental Study on China’s Interest Rate Policy Output Effect
... Interest rate policy is the guiding principle and measure the monetary authorities takes to control interest rate for specialized macro-economic goal, and it is an important part of the monetary policy. Whether interest rate policy can improve economic growth depends on whether the interest rate and ...
... Interest rate policy is the guiding principle and measure the monetary authorities takes to control interest rate for specialized macro-economic goal, and it is an important part of the monetary policy. Whether interest rate policy can improve economic growth depends on whether the interest rate and ...
Monetary Policy Statement December 1997 Contents
... Monetary conditions continued to ease over the second half of 1997 in response to prospects for declining inflation. On the basis of our inflation projections and the risks surrounding the outlook, the Bank’s assessment is that a level of monetary conditions around 650 on the Monetary Conditions Ind ...
... Monetary conditions continued to ease over the second half of 1997 in response to prospects for declining inflation. On the basis of our inflation projections and the risks surrounding the outlook, the Bank’s assessment is that a level of monetary conditions around 650 on the Monetary Conditions Ind ...
Transparency and predictability in monetary policy
... Whereas monetary policy was previously formulated without any particular emphasis on public disclosure, most central banks now attach considerable importance to transparency and predictability. This is partly because monetary policy has been revised in many countries from rule-based regimes linked t ...
... Whereas monetary policy was previously formulated without any particular emphasis on public disclosure, most central banks now attach considerable importance to transparency and predictability. This is partly because monetary policy has been revised in many countries from rule-based regimes linked t ...
Monetary Issues in the Middle East and North Africa Region
... CBs operating a fully-credible fixed exchange rate regime need to consider how best to manage liquidity (reserve money balances at the CB) within the financial system and, ideally, promote market development with appropriate incentives. This section discusses operational differences between corridor ...
... CBs operating a fully-credible fixed exchange rate regime need to consider how best to manage liquidity (reserve money balances at the CB) within the financial system and, ideally, promote market development with appropriate incentives. This section discusses operational differences between corridor ...
Effects of Tariffs and Real Exchange Rates on Job Reallocation
... productive ones, new information is revealed after policy changes. Firms partly learn how well they adapt to the new market place after they have been operating under the new conditions for some time, as with any change in the economic environment. Some firms may realize they are not competitive rel ...
... productive ones, new information is revealed after policy changes. Firms partly learn how well they adapt to the new market place after they have been operating under the new conditions for some time, as with any change in the economic environment. Some firms may realize they are not competitive rel ...
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus
... liberalize outflows to manage the concerns posed by surging NKI for fear of losing these revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the ...
... liberalize outflows to manage the concerns posed by surging NKI for fear of losing these revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the ...