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From Closed to Open Economy Macroeconomics: The Real Exchange Rate and Capital Inflows India 1981-1994
From Closed to Open Economy Macroeconomics: The Real Exchange Rate and Capital Inflows India 1981-1994

... and miscellaneous ...
Monetary Economics, 2nd Edition
Monetary Economics, 2nd Edition

... monetary economics and monetary policy currently available. It covers the microeconomic, macroeconomic and monetary policy components of the field. The author also integrates the presentation of monetary theory with its heritage, stylized facts, empirical formulations and econometric tests. Major fea ...
Sacrifice Ratio or Welfare Gain Ratio? Disinflation in a DGSE monetary model C
Sacrifice Ratio or Welfare Gain Ratio? Disinflation in a DGSE monetary model C

... This section brie‡y reviews the empirical evidence to illustrate the basic facts characterizing a disin‡ation. Most of the empirical literature on disin‡ations focused on the so-called sacri…ce ratio (SR), de…ned as the ratio of the total cumulative percentage output loss following a disin‡ation to ...
Global FX Guide
Global FX Guide

The European Central Bank - History, role and functions, October 2004
The European Central Bank - History, role and functions, October 2004

... The ECB is fully committed to the principles of openness and transparency, and it honours this commitment in particular with a large volume of publications that explain its aims and activities. In addition to the frequent and extensive publications on current developments within its field of compete ...
ppt_montreal_crise
ppt_montreal_crise

... According to the IMF… “The results show that the presence of an IMF-supported program does not reduce public spending on either health or education—measured as a share of total public spending, GDP, or in per capita real terms. In fact, we estimate that during program periods, and with all other fa ...
general agreement on tariffs and trade
general agreement on tariffs and trade

... February and March. In April, May and June 1989, the cruzado was allowed to depreciate gradually. For the rest of 1989, the cruzado depreciated more freely against the dollar. ...
Cover page for the project report – 2 semester, BP 2:
Cover page for the project report – 2 semester, BP 2:

... receiver. Just as language is a means of interaction between ideas, money is the means of interaction concerning the exchange of goods and services (Jacob & Slaus 2012). Money then can be perceived as a sort of language, it is a social construction, which like many other constructions can be restruc ...
Review of the Riksbank`s Monetary Policy 2010-2015
Review of the Riksbank`s Monetary Policy 2010-2015

... Fifth, tensions among members of the Executive Board, while not leading to significant differences in policy judgements in 2010 and 2011, grew in 2012 and spilled over in 2013 into disagreements not only about the setting of interest rates but also, and significantly, about the objectives of policy. ...
Review of the Riksbank`s Monetary Policy 2010-2015
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... Fifth, tensions among members of the Executive Board, while not leading to significant differences in policy judgements in 2010 and 2011, grew in 2012 and spilled over in 2013 into disagreements not only about the setting of interest rates but also, and significantly, about the objectives of policy. ...
What triggers prolonged inflation regimes? A - ECB
What triggers prolonged inflation regimes? A - ECB

MONETARY THEORY AND POLICY
MONETARY THEORY AND POLICY

... To successfully complete this course, you are required to read the study units, referenced books and other materials on the course. Each unit contains self-assessment exercises called Student Assessment Exercises (SAE). At some points in the course, you will be required to submit assignments for as ...
BDO - NEED TO KNOW / Hedge Accounting (IFRS 9 Financial
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... hedge accounting more broadly to manage profit or loss mismatches and improve what might be regarded as being ‘artificial’ hedge ineffectiveness. Key changes introduced by the new model include: –– Simplified effectiveness testing, including removal of the 80-125% highly effective threshold –– More ...
Seminar Paper No. 716 NOMINAL WAGE FLEXIBILITY, WAGE INDEXATION AND MONETARY UNION
Seminar Paper No. 716 NOMINAL WAGE FLEXIBILITY, WAGE INDEXATION AND MONETARY UNION

... The theory of wage indexation originated with Gray (1976) and Fischer (1977). It has focused on the incentives to stabilise employment. With nominal demand shocks, wage setters prefer full indexation, as this stabilises the real wage and thus also employment. In the case of real supply shocks, wage ...
Speculative hyperinflations: when can we rule
Speculative hyperinflations: when can we rule

... The two models just mentioned provide a rationale for the …scal root view, however at the cost of neglecting the government’s policy path followed beyond the current date. A di¤erent view is taken by Bental and Eckstein (1990) and Paal (2000), since in these models the anticipation of a reform is t ...
Increasing US real interest rates
Increasing US real interest rates

... This period of time can be called “the century of gold”. After rising dramatically and continuously in a long time, the price had the trend of reducing (from October 2011 to July 2012). However, this trend could not remain any longer as from the end of August 2012, gold price started to rise sharpl ...
The Concept of Monetary Sovereignty Revisited
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... eiop/pdf/2004–015.pdf; A. Chayes and A.H. Chayes, The New Sovereignty: Compliance with International Regulatory Agreements (1995); Hathaway, ‘International Delegation and State Sovereignty’, 71 L & Contemporary Probs (2008) 115; Jackson, ‘Sovereignty Modern: A  New Approach to an Outdated Concept’, ...
Empirical Essays on Monetary Policy Universitat Autònoma de Barcelona Departament d'Economia Aplicada
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... The monetary policy rule and the NK Phillips Curve became key elements of the NK policy model (e.g. Galí, 2008), which is at present the most influential theoretic framework for analysis of macroeconomic dynamics and monetary policy both in academia and among monetary policy makers. Dynamics Stochas ...
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... In this thesis, we extend those models which have imposed the bare minimum of restrictions on the production relationship, and which pay explicit attention to dynamics. The whole thesis can be viewed as two main essays. In the fIrst main essay (Chapters 3 and 4) we focus on the likelihood of contrac ...
Impact of Monetary Policy on Indian Economy in the Post
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... second factor is the stage of development of markets, institutions and technological development. In such a set up, where these conditions are satisfactory, it is possible for the Central bank to signal its intention with one single instrument or a combination of instruments. It is important to reco ...
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... This thesis is written in order to obtain my second master’s degree in Business Engineering with a major in Finance. The subject was chosen because it had so many different elements in it which could provide me with the necessary variation during the whole period I worked on it and because I have a ...
Inflation Targeting in Transition Economies Experience and Prospects
Inflation Targeting in Transition Economies Experience and Prospects

... The main reason why large fiscal deficits in accession countries do not trigger adverse market reaction is that they are widely considered to be temporary. In part this reflects the recognition of implicit public-sector liabilities from the past. Moreover, as a result of EU/EMU accession, these coun ...
MultiFractality in Foreign Currency Markets
MultiFractality in Foreign Currency Markets

... “regular” to “irregular” phases of the capital markets and vice versa. In general, these markets are characterized by investors having similar or different lengths of investment horizons. If the matching between the asset demand and supply4 is relatively equal, then both the liquidity and regularity ...
Exchange Rate Response to Macro News
Exchange Rate Response to Macro News

... price movements. By demonstrating their clustering pattern around round numbers, Osler (2005) provides evidence from currency markets that stop-loss orders can create rapid, self-reinforcing price movements. ...
The Future of Money
The Future of Money

... credit cards. Similarly, many clearing and settlement systems give rise to expensive service charges and lucrative floats that have serious social consequences in areas such as remittances by foreign workers, providing financial services to the excluded, or encouraging the start-up of micro-enterpri ...
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Fixed exchange-rate system

A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime where a currency's value is fixed against either the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold. There are benefits and risks to using a fixed exchange rate. A fixed exchange rate is usually used in order to stabilize the value of a currency by directly fixing its value in a predetermined ratio to a different, more stable or more internationally prevalent currency (or currencies), to which the value is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, the way floating currencies will do. This makes trade and investments between the two currency areas easier and more predictable, and is especially useful for small economies in which external trade forms a large part of their GDP.A fixed exchange-rate system can also be used as a means to control the behavior of a currency, such as by limiting rates of inflation. However, in doing so, the pegged currency is then controlled by its reference value. As such, when the reference value rises or falls, it then follows that the value(s) of any currencies pegged to it will also rise and fall in relation to other currencies and commodities with which the pegged currency can be traded. In other words, a pegged currency is dependent on its reference value to dictate how its current worth is defined at any given time. In addition, according to the Mundell–Fleming model, with perfect capital mobility, a fixed exchange rate prevents a government from using domestic monetary policy in order to achieve macroeconomic stability.In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to finance any payments imbalances.In the 21st century, the currencies associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange rate system was the People's Republic of China which, in July 2005, adopted a slightly more flexible exchange rate system called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the Euro (€) from the local currencies of countries joining the Eurozone.
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