The Monetary Transmission Mechanism in Pre
... handicapped its trade situation. Trade deficits increased together with a new outflow of silver. When the federal government issued the Silver Purchase Act in 1934 which aimed at increasing international silver price twice, Chinese government had to conduct currency reform which suspended the silver ...
... handicapped its trade situation. Trade deficits increased together with a new outflow of silver. When the federal government issued the Silver Purchase Act in 1934 which aimed at increasing international silver price twice, Chinese government had to conduct currency reform which suspended the silver ...
Working Paper No. 321 - Good Policies or Good Luck? New Insights
... Chapter 2). There is a mass one of varieties produced in each country and all those varieties are traded between the two countries. Business cycle ‡uctuations are driven by country-speci…c productivity shocks, cost-push shocks, and monetary policy shocks. I assume the law of one price (LOOP) holds a ...
... Chapter 2). There is a mass one of varieties produced in each country and all those varieties are traded between the two countries. Business cycle ‡uctuations are driven by country-speci…c productivity shocks, cost-push shocks, and monetary policy shocks. I assume the law of one price (LOOP) holds a ...
an empirical study of the yen/dollar exchange rate
... associated with an increase in conditional yen/dollar volatility. Similarly, Baillie and Humpage (1992) find a positive relationship between Federal Reserve, Bank of Japan and Bundesbank intervention and the conditional volatility of the mark/dollar and yen/dollar exchange rates for the period Febr ...
... associated with an increase in conditional yen/dollar volatility. Similarly, Baillie and Humpage (1992) find a positive relationship between Federal Reserve, Bank of Japan and Bundesbank intervention and the conditional volatility of the mark/dollar and yen/dollar exchange rates for the period Febr ...
ARREGLOS MONETARIOS EN ENTORNOS VOLÁTILES1
... cionado con el producto nominal va a ser M + EF, donde M es el agregado en moneda nacional, E es el tipo de cambio y F es el dinero extranjero circulando o los depósitos en moneda extranjera. M es en general bajo en una economía fuertemente dolarizada. Simplemente para fijar ideas, supongamos que es ...
... cionado con el producto nominal va a ser M + EF, donde M es el agregado en moneda nacional, E es el tipo de cambio y F es el dinero extranjero circulando o los depósitos en moneda extranjera. M es en general bajo en una economía fuertemente dolarizada. Simplemente para fijar ideas, supongamos que es ...
Document
... Von Hagen and Zhou (2005) find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. There is a hump-shaped relationship between exchange rate regime flexibility and capital control intensity. With capital movements und ...
... Von Hagen and Zhou (2005) find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. There is a hump-shaped relationship between exchange rate regime flexibility and capital control intensity. With capital movements und ...
Day Trading the Currency Market
... “I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I’ll definitely be keeping it on my desk for reference. The book is very readable and very educational. ...
... “I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I’ll definitely be keeping it on my desk for reference. The book is very readable and very educational. ...
Mr. Samson Ampofo
... in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in inflation. Nevertheless, exports grew at unprecedented rates and the overall economic growth rate reached a seven-year high. The financial system adjusted for the benefit of ...
... in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in inflation. Nevertheless, exports grew at unprecedented rates and the overall economic growth rate reached a seven-year high. The financial system adjusted for the benefit of ...
Trade Effect of a Single Currency in East Africa
... BCEAO (Banque Centrale des États de l'Afrique de l'Ouest,) “The Central Bank of West African States”. ...
... BCEAO (Banque Centrale des États de l'Afrique de l'Ouest,) “The Central Bank of West African States”. ...
Monetary policy without interest rates.
... is that the impulse response functions of production, prices, money and unemployment show a pattern very similar to standard VAR studies of monetary policy (Sims 1992, Christiano et al. 1999) despite the sample, the country, the type of monetary policy and the identi cation method being all quite di ...
... is that the impulse response functions of production, prices, money and unemployment show a pattern very similar to standard VAR studies of monetary policy (Sims 1992, Christiano et al. 1999) despite the sample, the country, the type of monetary policy and the identi cation method being all quite di ...
International Experiences with Different Monetary Policy Regimes
... and Mishkin (1991, 1994, 1996).] A financial crisis is a nonlinear disruption to financial markets in which asymmetric information problems (adverse selection and moral hazard) become much worse, so that financial markets are unable to efficiently channel funds to economic agents who have the most p ...
... and Mishkin (1991, 1994, 1996).] A financial crisis is a nonlinear disruption to financial markets in which asymmetric information problems (adverse selection and moral hazard) become much worse, so that financial markets are unable to efficiently channel funds to economic agents who have the most p ...
IMF World Economic Outlook, May 1998-
... Some International Evidence, 1870–1933,” in Forrest Capie and Geoffrey Wood, eds., Financial Crises and the World Banking System (New York: St. Martin’s, 1985); Gerard Caprio, Jr., and Daniela Klingebiel, “Banking Insolvency: Bad Luck, Bad Policy, or Bad Banking,” in World Bank, Annual World Bank Co ...
... Some International Evidence, 1870–1933,” in Forrest Capie and Geoffrey Wood, eds., Financial Crises and the World Banking System (New York: St. Martin’s, 1985); Gerard Caprio, Jr., and Daniela Klingebiel, “Banking Insolvency: Bad Luck, Bad Policy, or Bad Banking,” in World Bank, Annual World Bank Co ...
External Reserves Accumulation and the
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
US Intervention in the Exchange Market for DM, 1977-80
... of intervening in exchange markets in such a way as to stabilize them? (2) If the authorities are indeed capable of stabilizing the exchange rate, should they attempt to do so? The primary purpose of this study is to investigate the first of these questions by examining U.S. official intervention in ...
... of intervening in exchange markets in such a way as to stabilize them? (2) If the authorities are indeed capable of stabilizing the exchange rate, should they attempt to do so? The primary purpose of this study is to investigate the first of these questions by examining U.S. official intervention in ...
A Journey to Inflation Targeting: Easier Said than Done
... intermediation have typically been able to achieve their objectives under MT.6 Countries with diversified and deep financial markets and where the monetary policy transmission is strong typically rely on monetary regimes whereby the central bank’s money market operations (usually of short term tenor ...
... intermediation have typically been able to achieve their objectives under MT.6 Countries with diversified and deep financial markets and where the monetary policy transmission is strong typically rely on monetary regimes whereby the central bank’s money market operations (usually of short term tenor ...
... currency at the specified fixed exchange rate whenever the public requests it. In order to credibly meet these requests, a currency board typically has more than 100% foreign reserves backing the domestic currency and allows the monetary authorities absolutely no discretion. The early years of Arge ...
Modelling the rand and commodity prices: A Granger causality and
... when tested against data from major industrialized economies over the floating exchange rate period, canonical exchange rate models produce notoriously poor in-sample estimations, judged by both standard goodness- of-fit criteria and signs of estimated coefficients. Since Meese and Rogoff (1983) fir ...
... when tested against data from major industrialized economies over the floating exchange rate period, canonical exchange rate models produce notoriously poor in-sample estimations, judged by both standard goodness- of-fit criteria and signs of estimated coefficients. Since Meese and Rogoff (1983) fir ...
Seminar Paper No. 643 MONEY GROWTH TARGETING by Jürgen von Hagen
... The preparation of the European Monetary Union (EMU) and its European Central Bank (ECB) has revived interest in monetary strategies in recent years. In Europe, much of that debate has recently focused on the choice between “inflation (forecast) targeting” (Svensson, 1997) and “monetary targeting” f ...
... The preparation of the European Monetary Union (EMU) and its European Central Bank (ECB) has revived interest in monetary strategies in recent years. In Europe, much of that debate has recently focused on the choice between “inflation (forecast) targeting” (Svensson, 1997) and “monetary targeting” f ...
The Effects of Monetary Policy on Prices in Malawi
... agriculture sector contributes no more than 40% to total GDP, compared with 45%–50% for services and about 11% for manufacturing. In 2006 about 72% of the agricultural output was produced by the smallholder sector, while the balance was from estates. Output from the services sector is dominated by w ...
... agriculture sector contributes no more than 40% to total GDP, compared with 45%–50% for services and about 11% for manufacturing. In 2006 about 72% of the agricultural output was produced by the smallholder sector, while the balance was from estates. Output from the services sector is dominated by w ...
Central Bank Intervention and Exchange Rate Volatility in Zambia
... misalignment away from fundamental values, offsetting volatility in the (nominal) exchange rate, resisting short-term trends in exchange rates, accumulating official reserves, limiting exchange rate pass-through to prices and defending an exchange rate target are cited as some motivating factors for ...
... misalignment away from fundamental values, offsetting volatility in the (nominal) exchange rate, resisting short-term trends in exchange rates, accumulating official reserves, limiting exchange rate pass-through to prices and defending an exchange rate target are cited as some motivating factors for ...
The Eurosystem`s bond purchases and the exchange rate of the
... result of such an announcement, for example, the view that the outlook for growth at home is less favourable than hitherto supposed might gain ground among market participants.6 This would lead to a rise in risk premiums. Conversely, in a setting where heightened uncertainty already exists, the cent ...
... result of such an announcement, for example, the view that the outlook for growth at home is less favourable than hitherto supposed might gain ground among market participants.6 This would lead to a rise in risk premiums. Conversely, in a setting where heightened uncertainty already exists, the cent ...
Monetary/Fiscal Interactions: Nominal Indeterminacy
... bounded equilibria. In this case, the price level is pinned down if we specify monetary policy as an interest-rate rule (reacting to in‡ation) that obeys the Taylor Principle or a policy that sets an exogenous path for the money supply ...
... bounded equilibria. In this case, the price level is pinned down if we specify monetary policy as an interest-rate rule (reacting to in‡ation) that obeys the Taylor Principle or a policy that sets an exogenous path for the money supply ...
The Evolution of Federal Reserve Monetary Policy, 1935-59
... monetary forces. Unlike the 1930s, when large gold inflows swamped the Fed’s ability to use open market operations or increases in its discount rate to absorb banking system reserves, or the 1940s, when monetary policy was focused on maintaining low interest rates for the Treasury, in the 1950s, the ...
... monetary forces. Unlike the 1930s, when large gold inflows swamped the Fed’s ability to use open market operations or increases in its discount rate to absorb banking system reserves, or the 1940s, when monetary policy was focused on maintaining low interest rates for the Treasury, in the 1950s, the ...
The Bitcoin Revolution
... become a major (and perhaps main) medium of exchange—provided it is not thwarted by legal actions of the U.S. government. A natural way to argue that Bitcoin will grow is to identify some of its major advantages. A useful (and highly positive/optimistic) viewpoint has been expressed by Andreessen (2 ...
... become a major (and perhaps main) medium of exchange—provided it is not thwarted by legal actions of the U.S. government. A natural way to argue that Bitcoin will grow is to identify some of its major advantages. A useful (and highly positive/optimistic) viewpoint has been expressed by Andreessen (2 ...
NBER WORKING PAPER SERIES ASSESSING THE EMERGING GLOBAL FINANCIAL ARCHITECTURE:
... We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account openne ...
... We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account openne ...
