-1- Benjamin J. Cohen
... this vein may be said to trace its lineage back to a seminal article by Jeffry Frieden dating from 1991 (Frieden 1991), which focused on how growing levels of financial integration might be expected to influence the policy preferences of influential constituencies. For Frieden, the key distinction w ...
... this vein may be said to trace its lineage back to a seminal article by Jeffry Frieden dating from 1991 (Frieden 1991), which focused on how growing levels of financial integration might be expected to influence the policy preferences of influential constituencies. For Frieden, the key distinction w ...
IX. The First Global Economy: The Gold Standard
... Germany. Germany’s Reichsbank and the Bank of France loaned their reserves to the Bank of England in 1906. Large-scale—albeit informal and case-by-case—international macroeconomic policy coordination was thus the rule under the pre-World War I gold standard. Thus in the industrial core the pre-World ...
... Germany. Germany’s Reichsbank and the Bank of France loaned their reserves to the Bank of England in 1906. Large-scale—albeit informal and case-by-case—international macroeconomic policy coordination was thus the rule under the pre-World War I gold standard. Thus in the industrial core the pre-World ...
NBER WORKING PAPER SERIES THE TRANSMISSION MECHANISM AND THE Frederic S. Mishkin
... However, if a country decides that it wants to have its own independent monetary policy, then with open capital markets it has to allow the exchange rate to fluctuate. However, the fact that exchange rate fluctuations are a major concern in so many countries raises the danger that monetary policy m ...
... However, if a country decides that it wants to have its own independent monetary policy, then with open capital markets it has to allow the exchange rate to fluctuate. However, the fact that exchange rate fluctuations are a major concern in so many countries raises the danger that monetary policy m ...
Slides - Centre for Economic Policy Research
... • The zero lower bound arises when a government issues pieces of paper (or coins) 1. guaranteeing a zero nominal interest rate 2. over all horizons 3. that can be obtained in unlimited quantities in exchange for money in the bank. ...
... • The zero lower bound arises when a government issues pieces of paper (or coins) 1. guaranteeing a zero nominal interest rate 2. over all horizons 3. that can be obtained in unlimited quantities in exchange for money in the bank. ...
PDF
... resulted in the equivalent of export taxes for the exportable commodities covered here. Tue exceptions were Ghana (where a highly unrealistic exchange rate resulted in such strong disincentives that some compensatory action was politically essential), Portugal, Chile, and Zambia. Tue average taxatio ...
... resulted in the equivalent of export taxes for the exportable commodities covered here. Tue exceptions were Ghana (where a highly unrealistic exchange rate resulted in such strong disincentives that some compensatory action was politically essential), Portugal, Chile, and Zambia. Tue average taxatio ...
- Scientific Research Publishing
... into excess reserves, could stimulate to the economy, when the opposite would result, i.e. more hording, less lending, slower economic growth needs to come under scrutiny. Fed officials are only just realizing the risks that such a policy imposes. The Fed paid banks $4 bil. last year, about $12 per ...
... into excess reserves, could stimulate to the economy, when the opposite would result, i.e. more hording, less lending, slower economic growth needs to come under scrutiny. Fed officials are only just realizing the risks that such a policy imposes. The Fed paid banks $4 bil. last year, about $12 per ...
32 - Long Island University
... – The demand for loanable funds in the loanable funds market increased, which increased the interest rate. – The higher interest rate reduced net capital outflow but this decrease was not as large as the increase caused by capital flight. Therefore, NCO increased. – This increased the supply of peso ...
... – The demand for loanable funds in the loanable funds market increased, which increased the interest rate. – The higher interest rate reduced net capital outflow but this decrease was not as large as the increase caused by capital flight. Therefore, NCO increased. – This increased the supply of peso ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... The paper emphasizes four empirical regularities that the model is designed to explain: 1. Volatility shocks influence the level of dollar exchange rates. An increase in the volatility of the inflation-target shock or the monetary policy shock appreciates the dollar, but an increase in the volatilit ...
... The paper emphasizes four empirical regularities that the model is designed to explain: 1. Volatility shocks influence the level of dollar exchange rates. An increase in the volatility of the inflation-target shock or the monetary policy shock appreciates the dollar, but an increase in the volatilit ...
Monetary Policy Independence, the Currency Regime, and the
... facilitated by financial repression and a relatively closed capital account. Among other things, this has meant very low real rates of return for households, which save a lot and have few investment opportunities other than domestic bank deposits. The policies have also curtailed financial sector de ...
... facilitated by financial repression and a relatively closed capital account. Among other things, this has meant very low real rates of return for households, which save a lot and have few investment opportunities other than domestic bank deposits. The policies have also curtailed financial sector de ...
As stipulated in the Article 42 of the Central Bank... significant breach of the inflation target, the Central Bank of...
... regarding pricing behavior. Three-month accumulated increase in consumer prices in the final quarter of year 2011 was 5.66 percent. This will stay in annual inflation figure for another three quarters. Therefore, it is highly likely that annual inflation will stay significantly above the target unti ...
... regarding pricing behavior. Three-month accumulated increase in consumer prices in the final quarter of year 2011 was 5.66 percent. This will stay in annual inflation figure for another three quarters. Therefore, it is highly likely that annual inflation will stay significantly above the target unti ...
Models of Equilibrium Real Exchange Rates Revisited: A Selective
... implying that the real exchange rate is determined solely by the relative gaps in nontradables and tradables prices domestically vis-à-vis the country’s trading partners.5 Equation (3) is highly versatile and explains why many a times there are different interpretations and uses of the real exchange ...
... implying that the real exchange rate is determined solely by the relative gaps in nontradables and tradables prices domestically vis-à-vis the country’s trading partners.5 Equation (3) is highly versatile and explains why many a times there are different interpretations and uses of the real exchange ...
NBER WORKING PAPER SERIES INTERNATIONAL LIQUIDITY AND MONETARY CONTROL Jacob A. Frenkel
... earlier predictions, the questions concerning the provision of international reserves, and the discussions concerning the role of the International Monetary Fund in this context, are as relevant at the present time as they were during the Bretton Woods era. ...
... earlier predictions, the questions concerning the provision of international reserves, and the discussions concerning the role of the International Monetary Fund in this context, are as relevant at the present time as they were during the Bretton Woods era. ...
Maastricht criteria - Graduate Institute of International and
... provide any guarantee that, once admitted, member countries will behave as they are expected to. This criticism was anticipated in two ways. First, good monetary policy would enforce price stability and low interest rates while the irreversible conversion of parities would eliminate all risk of exch ...
... provide any guarantee that, once admitted, member countries will behave as they are expected to. This criticism was anticipated in two ways. First, good monetary policy would enforce price stability and low interest rates while the irreversible conversion of parities would eliminate all risk of exch ...
EXCHANGE RATE RISK AND EXPORT FLOWS
... floating exchange rate regimes. They find that there is no direct relation between the trade volumes and exchange rate regime. Under both systems, the volume of the trade can increase or decrease depending on consumer preferences and decisions on monetary policy in each country. Based on developed ...
... floating exchange rate regimes. They find that there is no direct relation between the trade volumes and exchange rate regime. Under both systems, the volume of the trade can increase or decrease depending on consumer preferences and decisions on monetary policy in each country. Based on developed ...
Internationalization of the RMB and Historical Precedents
... comparative advantage at dealing in dollars, British banks at dealing in pounds, Chinese banks at dealing in renminbi, and so on. ...
... comparative advantage at dealing in dollars, British banks at dealing in pounds, Chinese banks at dealing in renminbi, and so on. ...
NBER WORKING PAPER SERIES ADJUSTMENT IN THE WORLD ECONOMY
... that might lead one to suspect this First, even wi t h p erfect capit al mobility one should not expect the US budget defic it to crowd out only the trade balance, with no effect on domestic investment. The US is rou ghly a third of the world ...
... that might lead one to suspect this First, even wi t h p erfect capit al mobility one should not expect the US budget defic it to crowd out only the trade balance, with no effect on domestic investment. The US is rou ghly a third of the world ...
Currency competition between Euro and US Dollar
... determinants of the real euro-dollar exchange rate: the international real interest differentials, relative prices in the traded and non-traded goods sectors, the real oil price and the relative fiscal position. From 2001 on, many economists designed various kinds of models to analyse the determinan ...
... determinants of the real euro-dollar exchange rate: the international real interest differentials, relative prices in the traded and non-traded goods sectors, the real oil price and the relative fiscal position. From 2001 on, many economists designed various kinds of models to analyse the determinan ...
Foreign Exchange Intervention and Equilibrium Real Exchange Rates
... source of shocks to real and nominal exchange rates (see, inter alia, Clarida and Gali, 1994, Kim and Roubini, 2000), Kim (2003) comes up with similar suggestions. Kim analyses jointly the effects of foreign exchange intervention strategies –pursued by setting exchange reserves- and monetary policy ...
... source of shocks to real and nominal exchange rates (see, inter alia, Clarida and Gali, 1994, Kim and Roubini, 2000), Kim (2003) comes up with similar suggestions. Kim analyses jointly the effects of foreign exchange intervention strategies –pursued by setting exchange reserves- and monetary policy ...
PDF - Department of Economics
... not a relevant component of the explanation. Further, in these models the money supply is 2 The discussion is by no means conclusive. Some views are left out inevitably. Rowthorn (1977) is described as a model of both the post-Keynesian and Marxist views on inflation. This is open to criticism, but ...
... not a relevant component of the explanation. Further, in these models the money supply is 2 The discussion is by no means conclusive. Some views are left out inevitably. Rowthorn (1977) is described as a model of both the post-Keynesian and Marxist views on inflation. This is open to criticism, but ...
International Economics, 10e (Krugman/Obstfeld/Melitz) Chapter 21
... A) monetary policy while the other European countries pegged their currencies to the DM. B) fiscal policy while the other European countries pegged their currencies to the DM. C) monetary policy while the other European countries kept their currencies fluctuating relative to the DM. D) fiscal policy ...
... A) monetary policy while the other European countries pegged their currencies to the DM. B) fiscal policy while the other European countries pegged their currencies to the DM. C) monetary policy while the other European countries kept their currencies fluctuating relative to the DM. D) fiscal policy ...
Week 25
... With monetary expansion (to finance new state spending) there is an excess supply of money an excess demand for goods and services demand pull inflation ...
... With monetary expansion (to finance new state spending) there is an excess supply of money an excess demand for goods and services demand pull inflation ...
Document
... With monetary expansion (to finance new state spending) there is an excess supply of money an excess demand for goods and services demand pull inflation ...
... With monetary expansion (to finance new state spending) there is an excess supply of money an excess demand for goods and services demand pull inflation ...
View/Open
... by 10-15%. Munro (2004) used an asset price view to explain exchange rates and showed that fixed asset prices, export commodity prices, interest rates, and a notion of equilibrium can explain a significant portion of exchange rate cycles, but they explain only a small portion of short-term exchange ...
... by 10-15%. Munro (2004) used an asset price view to explain exchange rates and showed that fixed asset prices, export commodity prices, interest rates, and a notion of equilibrium can explain a significant portion of exchange rate cycles, but they explain only a small portion of short-term exchange ...
The Impact of the December 2004 Tsunami: An Empirical
... Co-movements with foreign stock markets could largely explain the behavior of emerging market returns. The estimation therefore includes stock returns for Japan, U.K., and the U.S. which are three main developed markets of the world.3 The U.K. and U.S. equity market returns are somewhat highly corre ...
... Co-movements with foreign stock markets could largely explain the behavior of emerging market returns. The estimation therefore includes stock returns for Japan, U.K., and the U.S. which are three main developed markets of the world.3 The U.K. and U.S. equity market returns are somewhat highly corre ...