ESSAYS ON FLEXIBLE EXCHANGE RATES By Paul Robin Krugman
... I omit any interest rate effect for simplicity. This also prevents the variation of the exchange rate from having any speculative component. ...
... I omit any interest rate effect for simplicity. This also prevents the variation of the exchange rate from having any speculative component. ...
Foreign Exchange Risk Management Practices
... from imperfections in other national markets. These imperfections give the company an expanded opportunity set, such as for products, factors of production, and financial assets. With this expansion comes a variety of associated risks for the international financial management to deal with. One of t ...
... from imperfections in other national markets. These imperfections give the company an expanded opportunity set, such as for products, factors of production, and financial assets. With this expansion comes a variety of associated risks for the international financial management to deal with. One of t ...
Law of the Republic of Kazakhstan on Currency
... abroad or in state service on behalf of the Republic of Kazakhstan beyond its border, with the exception citizens of the Republic of Kazakhstan possessing a document entitling them for permanent residence in a foreign state issued under the laws of such foreign state; foreigners and persons without ...
... abroad or in state service on behalf of the Republic of Kazakhstan beyond its border, with the exception citizens of the Republic of Kazakhstan possessing a document entitling them for permanent residence in a foreign state issued under the laws of such foreign state; foreigners and persons without ...
Lectures on International Money
... for medium sized purchases and gold for larger purchases. These were all commodity money. That means that they had a value independent from their value as money. One is willing to hold precious metals even if one can not use them in day-to-day transactions. – As a unit of account: gold works well if ...
... for medium sized purchases and gold for larger purchases. These were all commodity money. That means that they had a value independent from their value as money. One is willing to hold precious metals even if one can not use them in day-to-day transactions. – As a unit of account: gold works well if ...
ANNUAL REPORT (July 1990 - December 1991) April 1992
... of monetary policy for the following year are taken by the national authorities. This exercise is followed by regular reviews of the outturn in comparison with policy targets to assess the continued appropriateness of the stance of national policies in the light of evolving developments. In order to ...
... of monetary policy for the following year are taken by the national authorities. This exercise is followed by regular reviews of the outturn in comparison with policy targets to assess the continued appropriateness of the stance of national policies in the light of evolving developments. In order to ...
Monetary Issues in the Middle East and North Africa Region
... their operational frameworks, in the face of the global financial crisis, and introduce ways to handle pressures from newly rising risks and challenges is also emphasized, including in support of financial stability and the relevant design incentive structures in the financial system. The handbook c ...
... their operational frameworks, in the face of the global financial crisis, and introduce ways to handle pressures from newly rising risks and challenges is also emphasized, including in support of financial stability and the relevant design incentive structures in the financial system. The handbook c ...
The currency union effect on trade - Inter
... and Meissner (2002). Both of these papers look at the experience of countries during the gold standard, using smaller samples that consist primarily of industrial countries and a small group of large developing countries.13 Estevadeordal, Frantz and Taylor, using data from 1870 through 1939, find th ...
... and Meissner (2002). Both of these papers look at the experience of countries during the gold standard, using smaller samples that consist primarily of industrial countries and a small group of large developing countries.13 Estevadeordal, Frantz and Taylor, using data from 1870 through 1939, find th ...
Monetary Policy and Exchange Rate Interactions in a Small Open
... lagged response in domestic variables, such as output and inflation, to monetary policy shocks. These restrictions are less controversial. Studies which identify monetary policy without these restrictions have found qualitatively similar results; see e.g. Faust, Swanson and Wright (2004). To my know ...
... lagged response in domestic variables, such as output and inflation, to monetary policy shocks. These restrictions are less controversial. Studies which identify monetary policy without these restrictions have found qualitatively similar results; see e.g. Faust, Swanson and Wright (2004). To my know ...
Money, Liquidity, Credit, and Debt
... deposits, the following basic characteristics need to be taken into account: (a) Transactions costs. Deposits and some types of debt securities can be converted into currency or transferable deposits without incurring explicit costs in the form of fees or other charges or the implicit costs arising ...
... deposits, the following basic characteristics need to be taken into account: (a) Transactions costs. Deposits and some types of debt securities can be converted into currency or transferable deposits without incurring explicit costs in the form of fees or other charges or the implicit costs arising ...
ECONOMICS AN AUSTRALIAN CONTRIBUTION TO
... over imports and a balance of payments surplus, thus resulting in specie (gold) being shifted from the rest of the world to Britain. This process would return what Hume called the ‘level of money’ to its equilibrium state. Hence the price-specie-flow mechanism corrects balance of payments disequilib ...
... over imports and a balance of payments surplus, thus resulting in specie (gold) being shifted from the rest of the world to Britain. This process would return what Hume called the ‘level of money’ to its equilibrium state. Hence the price-specie-flow mechanism corrects balance of payments disequilib ...
Scotland analysis: Currency and monetary policy
... The introduction of a new independent Scottish currency would not require any negotiations with the continuing UK, beyond resolving the requirement for euro membership in any EU membership negotiations. There would be one-off transition costs due to the need to establish a central bank and replace s ...
... The introduction of a new independent Scottish currency would not require any negotiations with the continuing UK, beyond resolving the requirement for euro membership in any EU membership negotiations. There would be one-off transition costs due to the need to establish a central bank and replace s ...
Transmission Lags of Monetary Policy: A Meta
... variability. We collect 67 published studies and examine when prices bottom out after a monetary contraction. The average transmission lag is 29 months, and the maximum decrease in prices reaches 0.9% on average after a one-percentage-point hike in the policy rate. Transmission lags are longer in la ...
... variability. We collect 67 published studies and examine when prices bottom out after a monetary contraction. The average transmission lag is 29 months, and the maximum decrease in prices reaches 0.9% on average after a one-percentage-point hike in the policy rate. Transmission lags are longer in la ...
NBER WORKING PAPER SERIES THE U.S. CURRENT ACCOUNT DEFICIT: GRADUAL Sebastian Edwards
... account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. On the other hand, this fact also suggests that the U.S. is moving into uncharted w ...
... account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. On the other hand, this fact also suggests that the U.S. is moving into uncharted w ...
Seminar Paper No. 687 THE ZERO BOUND IN AN OPEN ECONOMY:
... A previous version of this paper was presented at Bank of Japan’s 9th international conference, “The Role of Monetary Policy under Low In‡ation: De‡ationary Shocks and Their Policy Responses,” held in Tokyo, July 3–4, 2000. I thank my discussants, Glenn Stevens and Job Swank, and Claes Berg, Ben Ber ...
... A previous version of this paper was presented at Bank of Japan’s 9th international conference, “The Role of Monetary Policy under Low In‡ation: De‡ationary Shocks and Their Policy Responses,” held in Tokyo, July 3–4, 2000. I thank my discussants, Glenn Stevens and Job Swank, and Claes Berg, Ben Ber ...
Cost Push Shocks and Monetary Policies in Open
... short run. But in an open economy there are more relative prices to consider. A particularly important additional concern is the relative price between home and foreign goods. Nevertheless, open economy contributions to the recent literature suggest that a welfare maximising monetary policy should f ...
... short run. But in an open economy there are more relative prices to consider. A particularly important additional concern is the relative price between home and foreign goods. Nevertheless, open economy contributions to the recent literature suggest that a welfare maximising monetary policy should f ...
How Has the Monetary Transmission Mechanism Evolved Over Time?
... These two approaches – VAR and DSGE – span the range from relatively unstructured to highly structured. An intermediate approach, adopted in, for example, Akhtar and Harris (1987), Friedman (1989), Mauskopf (1990), and Fair (2004) specifies equations for various categories of expenditure using info ...
... These two approaches – VAR and DSGE – span the range from relatively unstructured to highly structured. An intermediate approach, adopted in, for example, Akhtar and Harris (1987), Friedman (1989), Mauskopf (1990), and Fair (2004) specifies equations for various categories of expenditure using info ...
NBER WORKING PAPER SERIES TIME? Jean Boivin
... These two approaches – VAR and DSGE – span the range from relatively unstructured to highly structured. An intermediate approach, adopted in, for example, Akhtar and Harris (1987), Friedman (1989), Mauskopf (1990), and Fair (2004) specifies equations for various categories of expenditure using info ...
... These two approaches – VAR and DSGE – span the range from relatively unstructured to highly structured. An intermediate approach, adopted in, for example, Akhtar and Harris (1987), Friedman (1989), Mauskopf (1990), and Fair (2004) specifies equations for various categories of expenditure using info ...
Uganda - COMESA Monetary Institute
... reserve money programme program monetary policy framework was because innovations in the financial market made the relationship between money supply and prices highly unstable. Money supply was no longer a reliable indicator of monetary conditions in the short run, although persistent growth in mone ...
... reserve money programme program monetary policy framework was because innovations in the financial market made the relationship between money supply and prices highly unstable. Money supply was no longer a reliable indicator of monetary conditions in the short run, although persistent growth in mone ...
View/Open
... Krugman (2000, pp.1) acknowledges that there is no generally accepted formal definition of currency crises, but we know them when we see them. Different definitions of currency crises may actually fall into three classes. An example of the first class of definitions appears in the work of Frankel ...
... Krugman (2000, pp.1) acknowledges that there is no generally accepted formal definition of currency crises, but we know them when we see them. Different definitions of currency crises may actually fall into three classes. An example of the first class of definitions appears in the work of Frankel ...
Working NBER WORKING PAPER SERIES
... less confidence in the ability of governments to systematically affect levels of national income and consistently maintain full employment through policy manipulation. ...
... less confidence in the ability of governments to systematically affect levels of national income and consistently maintain full employment through policy manipulation. ...
THE GREAT DEPRESSION IN IRVING FISHER`S THOUGHT∗
... apparently “healthy” trend, however, had been altered by risky speculative manoeuvres, facilitated by an excessively permissive credit policy. The stock market had therefore become increasingly precarious and vulnerable to bearish speculation, until the crash of October-December, which ended up brin ...
... apparently “healthy” trend, however, had been altered by risky speculative manoeuvres, facilitated by an excessively permissive credit policy. The stock market had therefore become increasingly precarious and vulnerable to bearish speculation, until the crash of October-December, which ended up brin ...
International Political Economy: Perspectives on Global Power and
... This last fact—the impact of policy and politics on economic trends—is the most visible, and probably the most important, reason to look beyond marketbased, purely economic explanations of social behavior. Indeed, many marketoriented economists are continually surprised by the ability of governments ...
... This last fact—the impact of policy and politics on economic trends—is the most visible, and probably the most important, reason to look beyond marketbased, purely economic explanations of social behavior. Indeed, many marketoriented economists are continually surprised by the ability of governments ...
Slide 1
... The last 19 years have been full of turmoil from the economic and financial point of view. Considering the number of financial crises that have taken place and the unfolding of the current financial crisis that began in 2007, I considered the phenomenon of Sudden Stop an important issue, especially ...
... The last 19 years have been full of turmoil from the economic and financial point of view. Considering the number of financial crises that have taken place and the unfolding of the current financial crisis that began in 2007, I considered the phenomenon of Sudden Stop an important issue, especially ...
Navigating Constraints: The Evolution of Federal Reserve Monetary
... By contrast, in the 1950s, the Fed was relatively unconstrained by political pressures or international 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 ...
... By contrast, in the 1950s, the Fed was relatively unconstrained by political pressures or international 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 ...
Exchange rate exposure among European firms
... We find that firms in all three economies gained market value when their local currency depreciated against the US dollar. However, a significant majority of UK and German firms actually lost value when their currencies depreciated against the European currency unit (ECU), and German firms were simi ...
... We find that firms in all three economies gained market value when their local currency depreciated against the US dollar. However, a significant majority of UK and German firms actually lost value when their currencies depreciated against the European currency unit (ECU), and German firms were simi ...