IEA Monograph - Institute Of Economic Affairs, Ghana
... debt rise over the years, reaching over 100% of GDP in 2000. When the IMF and World Bank introduced the Heavily-Indebted Poor Countries (HIPC) initiative in 1999, Ghana was judged to be a HIPC with unsustainable debt. The country benefited from debt relief under the initiative in 2004 when it met th ...
... debt rise over the years, reaching over 100% of GDP in 2000. When the IMF and World Bank introduced the Heavily-Indebted Poor Countries (HIPC) initiative in 1999, Ghana was judged to be a HIPC with unsustainable debt. The country benefited from debt relief under the initiative in 2004 when it met th ...
- FRASER (St.Louis Fed)
... ment efforts to restrain wages. There is also a small-town, smallbusiness, agrarian economic conservatism, which not only identi fies its special interests with the general welfare but also retains respect for traditional symbols, like the balanced budget.5 Thus the term “conservative” has a variet ...
... ment efforts to restrain wages. There is also a small-town, smallbusiness, agrarian economic conservatism, which not only identi fies its special interests with the general welfare but also retains respect for traditional symbols, like the balanced budget.5 Thus the term “conservative” has a variet ...
Inflation Through the Lens of the Fiscal Theory
... International Monetary Fund (2014) 8. With an increasing number of central banks now paying interest on reserves, one important distinction between high-powered money and short-term nominal government bonds has disappeared, removing a principle distinction between monetary and fiscal policy [Cochran ...
... International Monetary Fund (2014) 8. With an increasing number of central banks now paying interest on reserves, one important distinction between high-powered money and short-term nominal government bonds has disappeared, removing a principle distinction between monetary and fiscal policy [Cochran ...
Monetary Policy, Imperfect Information and the Expectations Channel
... The effects and the role of monetary policy have received a great deal of attention in the economics literature. While there is a wide consensus on the long-run neutrality of money and the medium- and short-run real effects of monetary policy, the debate has moved on the policies and strategies the ...
... The effects and the role of monetary policy have received a great deal of attention in the economics literature. While there is a wide consensus on the long-run neutrality of money and the medium- and short-run real effects of monetary policy, the debate has moved on the policies and strategies the ...
The Eurozone Debt Crisis 2010
... If an increase of inflation by 3% increases the nominal market interest rate (=real interest rate + inflation rate) by 3% and the average maturity of government debt is T=10 years, the market value of government debt falls by nearly one quarter: ...
... If an increase of inflation by 3% increases the nominal market interest rate (=real interest rate + inflation rate) by 3% and the average maturity of government debt is T=10 years, the market value of government debt falls by nearly one quarter: ...
A Literature Survey with Special Reference to Theories of Inflation
... aggregate demand grows faster than the level of aggregate supply and “pulls” prices higher. But if firms’ costs increase continuously as in the cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to d ...
... aggregate demand grows faster than the level of aggregate supply and “pulls” prices higher. But if firms’ costs increase continuously as in the cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to d ...
keynesian and new(keynesian models: the impact of military
... and discussing the e¤ects of a particular kind of government spending –the defence spending – on the long-run output since the empirical evidence does not provide a clear picture if defence spending stimulates, through higher demand and innovations, the economy or retards economic performance by cr ...
... and discussing the e¤ects of a particular kind of government spending –the defence spending – on the long-run output since the empirical evidence does not provide a clear picture if defence spending stimulates, through higher demand and innovations, the economy or retards economic performance by cr ...
Keyne`s General Theory: A Different Perspective
... required for maximum output, aggregate demand is deficient—that is, less than the amount required to maintain full (maximum) employment. Nothing in the market economy adjusts. The equilibrium position is stable; everyone expects the equilibrium to persist. The problem is not that people do not know ...
... required for maximum output, aggregate demand is deficient—that is, less than the amount required to maintain full (maximum) employment. Nothing in the market economy adjusts. The equilibrium position is stable; everyone expects the equilibrium to persist. The problem is not that people do not know ...
Optimal Time-Consistent Government Debt Maturity No. 16-4
... in the presence of shocks uses debt to smooth fiscal policy distortions. If fully contingent claims were available, there would be many maturity structures that would support the optimal policy. However, if the government can only issue noncontingent claims, then there is a unique maturity structure ...
... in the presence of shocks uses debt to smooth fiscal policy distortions. If fully contingent claims were available, there would be many maturity structures that would support the optimal policy. However, if the government can only issue noncontingent claims, then there is a unique maturity structure ...
A Probabilistic Approach to Fiscal Space and Prudent Debt Level
... Over the last decade, public debt ratios in Low-Income Developing Countries (LIDCs) have declined substantially, particularly following debt relief received in the context of the International Monetary Fund (IMF) and World Bank Heavily Indebted Poor Countries (HIPC) initiative.2 Public debt is alrea ...
... Over the last decade, public debt ratios in Low-Income Developing Countries (LIDCs) have declined substantially, particularly following debt relief received in the context of the International Monetary Fund (IMF) and World Bank Heavily Indebted Poor Countries (HIPC) initiative.2 Public debt is alrea ...
Fiscal Fatigue, Fiscal Space and Debt Sustainability in
... have all contributed to produce some of the highest ratios to GDP of public debt and primary deficits seen in advanced economies in the past forty years (Figure 1). Moreover, many of these countries are expected to continue facing large financing needs over the coming years, while credit markets are ...
... have all contributed to produce some of the highest ratios to GDP of public debt and primary deficits seen in advanced economies in the past forty years (Figure 1). Moreover, many of these countries are expected to continue facing large financing needs over the coming years, while credit markets are ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: American Economic Policy in the 1980s
... fore, can conveniently be divided into major episodes corresponding to the main thrust of the Federal Reserve’s policy. However, within each major episode, decisions are continually made to adjust (or not to adjust) the degree of tightness or ease of monetary policy. The analysis of monetary policy ...
... fore, can conveniently be divided into major episodes corresponding to the main thrust of the Federal Reserve’s policy. However, within each major episode, decisions are continually made to adjust (or not to adjust) the degree of tightness or ease of monetary policy. The analysis of monetary policy ...
Optimal Time-Consistent Government Debt Maturity
... First, as in Angeletos (2002) and Buera and Nicolini (2004), we assume that state-contingent bonds are unavailable, and that the government can only issue real noncontingent bonds of all maturities. Second, and in contrast to Angeletos (2002) and Buera and Nicolini (2004), we assume that the governm ...
... First, as in Angeletos (2002) and Buera and Nicolini (2004), we assume that state-contingent bonds are unavailable, and that the government can only issue real noncontingent bonds of all maturities. Second, and in contrast to Angeletos (2002) and Buera and Nicolini (2004), we assume that the governm ...
How Independent Should a Central Bank Be?
... Taylor also discusses other potential long-run trade-offs, especially the effect of inflation on potential GDP, which is ruled out in the simple model that he uses. Reviewing work by Fischer (1993) and Motley (1994), he suggests that the link between inflation and productivity growth merits addition ...
... Taylor also discusses other potential long-run trade-offs, especially the effect of inflation on potential GDP, which is ruled out in the simple model that he uses. Reviewing work by Fischer (1993) and Motley (1994), he suggests that the link between inflation and productivity growth merits addition ...
What Explains Inflation in China?
... policy is to maintain the value of the Renminbi (RMB). This policy setup has created a considerable burden for China to manage domestic inflation. In addition, although since 2002, China publishes an inflation target each year, its role is not yet clear on the monetary policy compass (Geiger, 2008). ...
... policy is to maintain the value of the Renminbi (RMB). This policy setup has created a considerable burden for China to manage domestic inflation. In addition, although since 2002, China publishes an inflation target each year, its role is not yet clear on the monetary policy compass (Geiger, 2008). ...
NBER WORKING PAPER SERIES EXCHANGE RATE VOLATILITY AND PRODUCTIVITY
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
Causes of Inflation in Turkey: A Literature Survey with
... aggregate demand grows faster than the level of aggregate supply and “pulls” prices higher. But if firms’ costs increase continuously as in the cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to d ...
... aggregate demand grows faster than the level of aggregate supply and “pulls” prices higher. But if firms’ costs increase continuously as in the cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to d ...
physical savings - Editorial Express
... a situation in which people borrow less than what they are willing to borrow to fulfill their purchasing decisions. In a typical developing country with repressed financial system, it may not be possible for people with low level of income to borrow against future income, as they may be believed to ...
... a situation in which people borrow less than what they are willing to borrow to fulfill their purchasing decisions. In a typical developing country with repressed financial system, it may not be possible for people with low level of income to borrow against future income, as they may be believed to ...
the informal sector and formal competitiveness in
... The purpose of this paper is to investigate the informal sector of the Senegalese economy with focus on the relationship with formal sector competitiveness. The paper is based on three research questions. 1. What are the characteristics of the informal sector in Senegal? 2. What are the linkages, si ...
... The purpose of this paper is to investigate the informal sector of the Senegalese economy with focus on the relationship with formal sector competitiveness. The paper is based on three research questions. 1. What are the characteristics of the informal sector in Senegal? 2. What are the linkages, si ...
The effects of fiscal policy on the conduct and transmission
... program was ill-timed and consequently failed as a result of external shocks. In 1973 a massive rise in oil prices was followed by a slump in copper prices, Zambia‟s main export and tax revenue earner at the time, in 1975. These shocks resulted in falling export earnings leading to deteriorating ba ...
... program was ill-timed and consequently failed as a result of external shocks. In 1973 a massive rise in oil prices was followed by a slump in copper prices, Zambia‟s main export and tax revenue earner at the time, in 1975. These shocks resulted in falling export earnings leading to deteriorating ba ...
Searching for Non-Monotonic Effects of Fiscal Policy:New
... large fiscal contractions the effect on consumption of an increase in net taxes is not statistically different from zero. For government spending, they find that an increase (a cut) in public spending stimulates (lowers) consumption in normal times, but reduces (raises) it during a large fiscal impu ...
... large fiscal contractions the effect on consumption of an increase in net taxes is not statistically different from zero. For government spending, they find that an increase (a cut) in public spending stimulates (lowers) consumption in normal times, but reduces (raises) it during a large fiscal impu ...
The Safety Trap - The Review of Economic Studies
... demand and output, and lower risk premia.2 In contrast, Operation Twist (OT) type policies involving swaps of “negative-beta” long-term government debt for “zero-beta” short-term public debt (such as QE2 and QE3 in the U.S.) are ineffective or even counterproductive. Similarly, policies that seek to ...
... demand and output, and lower risk premia.2 In contrast, Operation Twist (OT) type policies involving swaps of “negative-beta” long-term government debt for “zero-beta” short-term public debt (such as QE2 and QE3 in the U.S.) are ineffective or even counterproductive. Similarly, policies that seek to ...
+ docx - Harvard University
... plus the two-year ahead inflation rate. We then divide the budget balance forecast (in levels) by our estimated nominal GDP forecasts. In the case of countries where the fiscal year differs from the calendar year but only private sector calendar year GDP growth and inflation forecasts are available, ...
... plus the two-year ahead inflation rate. We then divide the budget balance forecast (in levels) by our estimated nominal GDP forecasts. In the case of countries where the fiscal year differs from the calendar year but only private sector calendar year GDP growth and inflation forecasts are available, ...
NBER WORKING PAPER SERIES RATIONAL INFLATIONARY BUBBLES Herschel i. Grossman
... is independent of Bt for all t Ct÷l the event 0t+l = 0 were by chance to coincide with a positive then, according to equation (15), as an realization of existing rational—bubbles component bursts, a new rational bubbles component, which is independent of all existing and past rational—bubbles compon ...
... is independent of Bt for all t Ct÷l the event 0t+l = 0 were by chance to coincide with a positive then, according to equation (15), as an realization of existing rational—bubbles component bursts, a new rational bubbles component, which is independent of all existing and past rational—bubbles compon ...
1 Principles of Macroeconomics, 9e
... 27) Which of the following statements is NOT consistent with the quantity theory of money? A) The velocity of money can be affected by how frequently workers are paid. B) The velocity of money can be affected by the development of new financial instruments, such as interest-bearing checking accounts ...
... 27) Which of the following statements is NOT consistent with the quantity theory of money? A) The velocity of money can be affected by how frequently workers are paid. B) The velocity of money can be affected by the development of new financial instruments, such as interest-bearing checking accounts ...