Optimal Devaluations - Federal Reserve Bank of Minneapolis
... importable commodity (oil).2 It is precisely to hedge against this uncertainty that, in recent years, countries in which the government either owns or taxes the firms that produce a particular commodity, like Norway (oil) and Chile (copper), passed legislation forcing the treasury to save in foreign ...
... importable commodity (oil).2 It is precisely to hedge against this uncertainty that, in recent years, countries in which the government either owns or taxes the firms that produce a particular commodity, like Norway (oil) and Chile (copper), passed legislation forcing the treasury to save in foreign ...
34 The Influence of Monetary and Fiscal Policy on Aggregate Demand
... Keynes (and his followers) argued that the government should actively use monetary and fiscal policies to stabilize aggregate demand and, as a result, output and employment. The Employment Act of 1946 holds the federal government responsible for promoting full employment and production. The act ha ...
... Keynes (and his followers) argued that the government should actively use monetary and fiscal policies to stabilize aggregate demand and, as a result, output and employment. The Employment Act of 1946 holds the federal government responsible for promoting full employment and production. The act ha ...
NBER WOR}(ING PAPERS SERIES MONEY, INTEREST AND PRICES Stanley Fischer
... the last chapter of Part I, Chapter Vifi, "A Critique of Neoclassical Monetary Theory." Much of this chapter will strike today's reader as dealing with outmoded questions. But that is in large part because the critique of the previous literature is definitive: for instance, it was not possible later ...
... the last chapter of Part I, Chapter Vifi, "A Critique of Neoclassical Monetary Theory." Much of this chapter will strike today's reader as dealing with outmoded questions. But that is in large part because the critique of the previous literature is definitive: for instance, it was not possible later ...
NBER WORKING PAPER SERIES THE OPEN ECONOMY: IMPLICATIONS FOR FISCAL Stanley Fischer
... foreign activity, and foreign asset yields in the goods and asset markets appear as important determinants of domestic activity, prices, and interest rates. We show that international interactions exert an important effect on the ...
... foreign activity, and foreign asset yields in the goods and asset markets appear as important determinants of domestic activity, prices, and interest rates. We show that international interactions exert an important effect on the ...
ECON-205: Principles of Macroeconomics (Classroom)
... student’s comprehension and application of economic concepts. While there is some new vocabulary to master, the emphasis of the course is on analytical thinking and conceptual understanding. The exam format will be a combination of multiple choice and fill in the blank. Grades will be based on the f ...
... student’s comprehension and application of economic concepts. While there is some new vocabulary to master, the emphasis of the course is on analytical thinking and conceptual understanding. The exam format will be a combination of multiple choice and fill in the blank. Grades will be based on the f ...
Tunisia - Economic and Social Challenges Beyond the Revolution
... expected to impact Tunisian tourism and exports significantly in the coming years. The political transition has not yet been finalized given that the October 2011 election chose the representatives for the Constituent Assembly responsible for writing the new constitution. This implies that Tunisia w ...
... expected to impact Tunisian tourism and exports significantly in the coming years. The political transition has not yet been finalized given that the October 2011 election chose the representatives for the Constituent Assembly responsible for writing the new constitution. This implies that Tunisia w ...
Alternative fiscal rules for the new eu member states
... both at the time of their EMU accession and to date (Italy’s debt started rising again in 2005, towards 110% of GDP). In any case all present eastern and central European members of the EU satisfy the 60% ceiling on public debt as a percentage of GDP. Table 1, using national statistics, gives Hungar ...
... both at the time of their EMU accession and to date (Italy’s debt started rising again in 2005, towards 110% of GDP). In any case all present eastern and central European members of the EU satisfy the 60% ceiling on public debt as a percentage of GDP. Table 1, using national statistics, gives Hungar ...
The Zero Bound on Nominal Interest Rates
... return by holding bank notes. • The average inflation rate, the size of the shocks hitting an economy, the formation of inflation expectations, and the conduct of monetary policy itself all influence the risk of hitting the zero bound. The balance of evidence suggests a small risk of encountering th ...
... return by holding bank notes. • The average inflation rate, the size of the shocks hitting an economy, the formation of inflation expectations, and the conduct of monetary policy itself all influence the risk of hitting the zero bound. The balance of evidence suggests a small risk of encountering th ...
Estimating A Monetary Policy Reaction Function for the CBN–
... The model links the policy instrument (a short-term interest rate) and the nexus of output, inflation, and the exchange rate in a small-open economy. Key variables are expressed as deviations-from-equilibrium, and do not try to explain the underlying real equilibrium values. However, the model can a ...
... The model links the policy instrument (a short-term interest rate) and the nexus of output, inflation, and the exchange rate in a small-open economy. Key variables are expressed as deviations-from-equilibrium, and do not try to explain the underlying real equilibrium values. However, the model can a ...
" For a closed economy, the national income identity is written as Y
... –The interpretation is that in a closed economy the money that is the sum of private and public savings is used for investment ...
... –The interpretation is that in a closed economy the money that is the sum of private and public savings is used for investment ...
... public goods. This motive for fiscal stabilization emerges because monetary policy, which would normally be used to stabilize the economy in response to country-specific shocks, can instead be used only to address union-wide disturbances. To stabilize a member economy, national fiscal policy should ...
New Product Proposals - Sheffield Hallam University
... • EFQM was created in 1988 with the endorsement of the European Commission • EFQM is membership based, not-for-profit organisation • EFQM is not a European bureaucracy • EFQM Mission Driving Force for Sustainable Excellence in Europe • EFQM Vision A world in which European organisations excel • Turk ...
... • EFQM was created in 1988 with the endorsement of the European Commission • EFQM is membership based, not-for-profit organisation • EFQM is not a European bureaucracy • EFQM Mission Driving Force for Sustainable Excellence in Europe • EFQM Vision A world in which European organisations excel • Turk ...
Liquidity Traps and the Stability of Money Demand: Is Japan Really
... ``quantitative easing’’ in 2001. Yet the economy exhibits no sign of strong recovery and prices are still gradually declining. All these observations seem consistent with the broad definition of liquidity traps. 1 Perhaps more controversial is whether the Japanese economy has already reached the low ...
... ``quantitative easing’’ in 2001. Yet the economy exhibits no sign of strong recovery and prices are still gradually declining. All these observations seem consistent with the broad definition of liquidity traps. 1 Perhaps more controversial is whether the Japanese economy has already reached the low ...
The fiscal impact of financial sector support during the crisis
... The fiscal impact of financial sector support during the crisis During the financial crisis, most euro area governments provided financial assistance to ailing financial institutions with the aim of safeguarding financial stability and preventing a credit crunch. Over the period 2008-14 accumulated ...
... The fiscal impact of financial sector support during the crisis During the financial crisis, most euro area governments provided financial assistance to ailing financial institutions with the aim of safeguarding financial stability and preventing a credit crunch. Over the period 2008-14 accumulated ...
Syllabus
... reduce disposable income. Taxes minus transfer gives net taxes which indirectly affect aggregate expenditure The budget balance is defined as the net tax revenues minus government spending, T – G. If T –G is positive it indicates a surplus in the government budget, and a deficit if T – G is negative ...
... reduce disposable income. Taxes minus transfer gives net taxes which indirectly affect aggregate expenditure The budget balance is defined as the net tax revenues minus government spending, T – G. If T –G is positive it indicates a surplus in the government budget, and a deficit if T – G is negative ...
Document
... increase in value compared to the Japanese yen? a. An increase in the money supply in the U.S. b. An increase in interest rates in the U.S. c. An increase in the U.S. trade deficit with Japan d. The U.S. purchase of gold on the open market e. The sale of $2 billion dollars worth of Japanese televisi ...
... increase in value compared to the Japanese yen? a. An increase in the money supply in the U.S. b. An increase in interest rates in the U.S. c. An increase in the U.S. trade deficit with Japan d. The U.S. purchase of gold on the open market e. The sale of $2 billion dollars worth of Japanese televisi ...
The Budgetary Implications of Higher Federal Reserve Board
... There is a widely held view that the secret to the strong growth of the 1990s was the decision by the Clinton administration to take the “tough steps” needed to balance the budget. The argument goes that Clinton raised taxes and cut spending. Both decisions caused economic and political pain, but th ...
... There is a widely held view that the secret to the strong growth of the 1990s was the decision by the Clinton administration to take the “tough steps” needed to balance the budget. The argument goes that Clinton raised taxes and cut spending. Both decisions caused economic and political pain, but th ...
PDF Download
... Over the past decades, financial liberalization and globalization have increased at a tremendous speed in the developed world. It resulted in enormous growth of cross-border financial flows and the build-up of large gross stocks of foreign assets and liabilities. For some small open economies like t ...
... Over the past decades, financial liberalization and globalization have increased at a tremendous speed in the developed world. It resulted in enormous growth of cross-border financial flows and the build-up of large gross stocks of foreign assets and liabilities. For some small open economies like t ...
The currency of an independent Scotland
... the two economies are noticeably divergent. However, this is perhaps not altogether surprising given the existing constitutional arrangements. If an independent Scotland was to make different currency choices and apply different monetary and/or fiscal policy then there may be divergence between the ...
... the two economies are noticeably divergent. However, this is perhaps not altogether surprising given the existing constitutional arrangements. If an independent Scotland was to make different currency choices and apply different monetary and/or fiscal policy then there may be divergence between the ...
Gumbo
... more to sign a contract with her than with me? Producer’s Trade-Off Use the same Katy Perry example in class and update the PPC after I got a steroid shot and can prepare (probably very moody but nonetheless) one lecture in just an hour rather than in two hours. (Hint: The easiest way is to plot the ...
... more to sign a contract with her than with me? Producer’s Trade-Off Use the same Katy Perry example in class and update the PPC after I got a steroid shot and can prepare (probably very moody but nonetheless) one lecture in just an hour rather than in two hours. (Hint: The easiest way is to plot the ...
Transmission of Policy Shocks in a Monetary Asset-Pricing
... International asset markets have grown in size and importance during the last decades and there has been a expansion in the variety of traded assets. It is of increased interest in assessing the efficiency and examining the behavior of asset prices denominated in alternative currencies. In this pape ...
... International asset markets have grown in size and importance during the last decades and there has been a expansion in the variety of traded assets. It is of increased interest in assessing the efficiency and examining the behavior of asset prices denominated in alternative currencies. In this pape ...
Document
... a. velocity is constant in the short run. b. the growth rate of output is constant in the short run. c. the growth rate of output may vary in the short run. d. the growth rate of output is constant in the long run. ANSWER: c 31. Many economists feel that union activity has little effect on inflation ...
... a. velocity is constant in the short run. b. the growth rate of output is constant in the short run. c. the growth rate of output may vary in the short run. d. the growth rate of output is constant in the long run. ANSWER: c 31. Many economists feel that union activity has little effect on inflation ...
146s10_l20.pdf
... The belief that German influence under the EMS would be moderated under a European System of Central Banks. Eliminate the possibility of “beggar thy neighbor policies” Market participants buying German assets (because of high German interest rates) and selling other EMS assets Germany had higher int ...
... The belief that German influence under the EMS would be moderated under a European System of Central Banks. Eliminate the possibility of “beggar thy neighbor policies” Market participants buying German assets (because of high German interest rates) and selling other EMS assets Germany had higher int ...
Macroeconomics: Events and Ideas
... Keynes himself more or less predicted that his ideas would become part of what “everyone knows.” In another famous passage, this from the end of The General Theory, he wrote: “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some de ...
... Keynes himself more or less predicted that his ideas would become part of what “everyone knows.” In another famous passage, this from the end of The General Theory, he wrote: “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some de ...
mmi14-vanveen 19106661 en
... banking system and the ECB.9 Over the past decade, a substantial amount of empirical literature has emerged addressing potential money demand instabilities in the euro area. Setzer and Wolff (2013) estimate a long-run co-integrating money demand function for the euro area for a time period ending in ...
... banking system and the ECB.9 Over the past decade, a substantial amount of empirical literature has emerged addressing potential money demand instabilities in the euro area. Setzer and Wolff (2013) estimate a long-run co-integrating money demand function for the euro area for a time period ending in ...