TheGroupOf8ExternalDebtCancellation.pdf
... total public external debt stock equaled 140% of GDP. In the same year the net present value of its public external debt stock reached 209% of central government revenue. The debt service is equivalent to 8% of its exports of goods and non-factor services and to 17% of central government revenue. In ...
... total public external debt stock equaled 140% of GDP. In the same year the net present value of its public external debt stock reached 209% of central government revenue. The debt service is equivalent to 8% of its exports of goods and non-factor services and to 17% of central government revenue. In ...
Inflation, exchange rates and the role of monetary
... able to play the role that they do in advanced western economies. Indeed throughout most of the period, there is only a weak correlation, or none at all, between monetary aggregates and either inflation or output. Interestingly however, the correlation between money supply and inflation is much high ...
... able to play the role that they do in advanced western economies. Indeed throughout most of the period, there is only a weak correlation, or none at all, between monetary aggregates and either inflation or output. Interestingly however, the correlation between money supply and inflation is much high ...
capital theory, inflation and deflation: the austrians and monetary
... what Leijonhufvud (1981a, p. 103) calls an "effective demand failure." The process by which this deflation works is that attempts to buy and sell are frustrated by the lack of money. For example, suppose a firm desires to hire some additional labor. It may be true that the value of each worker's mar ...
... what Leijonhufvud (1981a, p. 103) calls an "effective demand failure." The process by which this deflation works is that attempts to buy and sell are frustrated by the lack of money. For example, suppose a firm desires to hire some additional labor. It may be true that the value of each worker's mar ...
NBER WORKING PAPER SERIES EXCHANGE RATE DYNAMICS REDUX Maurice Obstfeld Kenneth Rogoff
... relative price of home and foreign goods (the terms of trade) can vary. Even the steady-state terms of trade change as relative wealth changes because the marginal benefit from production is declining in wealth. In the special case where net foreign assets are zero and per capita government spending ...
... relative price of home and foreign goods (the terms of trade) can vary. Even the steady-state terms of trade change as relative wealth changes because the marginal benefit from production is declining in wealth. In the special case where net foreign assets are zero and per capita government spending ...
the role of government, 1920-1940: monetary and
... twenties and early thirties.20 They suggest that monetary policy from 1922 to 1933 was consistent but inappropriate because it focused on the wrong variables. The Burgess-Riefler doctrine was an attempt to explain how open market operations in conjunction with traditional discounting affected econom ...
... twenties and early thirties.20 They suggest that monetary policy from 1922 to 1933 was consistent but inappropriate because it focused on the wrong variables. The Burgess-Riefler doctrine was an attempt to explain how open market operations in conjunction with traditional discounting affected econom ...
The Collapse of the Cypriot Banking System: A Bird`s Eye View 1
... The degree to which the interest rate ceiling affected credit allocation in Cyprus is an open question that has never (to our knowledge) been rigorously analyzed. If banks were able to differentiate study fees on the basis of the borrower’s risk profile, they would have been able to price risk appro ...
... The degree to which the interest rate ceiling affected credit allocation in Cyprus is an open question that has never (to our knowledge) been rigorously analyzed. If banks were able to differentiate study fees on the basis of the borrower’s risk profile, they would have been able to price risk appro ...
Skaidrė 1
... Public debt - the consolidated amount of assumed but still outstanding liabilities of entities attributable to the general government sector, that have the borrowing right, to creditors to repay funds borrowed by issuing Government securities, signing loan, leasing agreements and other binding de ...
... Public debt - the consolidated amount of assumed but still outstanding liabilities of entities attributable to the general government sector, that have the borrowing right, to creditors to repay funds borrowed by issuing Government securities, signing loan, leasing agreements and other binding de ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... sovereign). In this environment, the adverse impact of fiscal consolidation in the Large South is greatly ameliorated, as are spillover effects to the North. If the financial spread is sufficiently sensitive to the government debt/deficit, the decline in spreads can even be large enough that the ris ...
... sovereign). In this environment, the adverse impact of fiscal consolidation in the Large South is greatly ameliorated, as are spillover effects to the North. If the financial spread is sufficiently sensitive to the government debt/deficit, the decline in spreads can even be large enough that the ris ...
AP MACRO ECONOMICS UNIT 6 : MR. LIPMAN
... The Treasury and the Federal Reserve work together. Treasury issues debt to finance the government’s purchases of goods and services, and the Fed monetizes the debt by creating money and buying the debt back from the public through open - market purchases of Treasury bills. The Fed creates money ou ...
... The Treasury and the Federal Reserve work together. Treasury issues debt to finance the government’s purchases of goods and services, and the Fed monetizes the debt by creating money and buying the debt back from the public through open - market purchases of Treasury bills. The Fed creates money ou ...
Power Point Unit Six - Long Branch Public Schools
... The Treasury and the Federal Reserve work together. Treasury issues debt to finance the government’s purchases of goods and services, and the Fed monetizes the debt by creating money and buying the debt back from the public through open - market purchases of Treasury bills. The Fed creates money ou ...
... The Treasury and the Federal Reserve work together. Treasury issues debt to finance the government’s purchases of goods and services, and the Fed monetizes the debt by creating money and buying the debt back from the public through open - market purchases of Treasury bills. The Fed creates money ou ...
2.2. Sustainability of external positions
... government debt levels are elevated. In addition, the size of the financial sector appears to be very large compared to the domestic economy and with a high exposure to the property sector, which has seen very dynamic price growth in recent years. Malta also faces challenges in ensuring the long-ter ...
... government debt levels are elevated. In addition, the size of the financial sector appears to be very large compared to the domestic economy and with a high exposure to the property sector, which has seen very dynamic price growth in recent years. Malta also faces challenges in ensuring the long-ter ...
public debt, external competitiveness, and fiscal discipline in
... Tax revenues have been low in debtor countries not only because of the lack of political commitment to tax reform but also because they have been depressed by the debt crisis itself. Reductions in consumption, profits, wages, per capita incomes, and imports, mostly unavoidable if overall demand is t ...
... Tax revenues have been low in debtor countries not only because of the lack of political commitment to tax reform but also because they have been depressed by the debt crisis itself. Reductions in consumption, profits, wages, per capita incomes, and imports, mostly unavoidable if overall demand is t ...
Household Debt—the final stage in an artificially
... result, both firms and banks come to regard the previously accepted risk premium as excessive. Investment projects are evaluated by using less conservative estimates of prospective cash flows, so that with these rising expectations go rising investment and asset prices. The general decline in risk a ...
... result, both firms and banks come to regard the previously accepted risk premium as excessive. Investment projects are evaluated by using less conservative estimates of prospective cash flows, so that with these rising expectations go rising investment and asset prices. The general decline in risk a ...
CHAPTER - 7 STAGFLATION
... that the Keynesian model is an adequate guide to the formulation and execution of policies designed to eliminate a gap between potential and ...
... that the Keynesian model is an adequate guide to the formulation and execution of policies designed to eliminate a gap between potential and ...
Gambling for Redemption and Self-Fulfilling Debt Crises
... The thresholds shift to the right and get closer together. Gambling for redemption also for low (but vulnerable) levels of debt. In the limit, d = 0 (consuls) the lower and upper thresholds coincide and huge levels of debt can be sustained (larger than ...
... The thresholds shift to the right and get closer together. Gambling for redemption also for low (but vulnerable) levels of debt. In the limit, d = 0 (consuls) the lower and upper thresholds coincide and huge levels of debt can be sustained (larger than ...
The role of Monetary Policy in Post-Keynesian Stock-Flow
... spend their money on goods, and households make financial investments in equities, the firms are able to pay back part of their debt with the banking sector, allowing it to reduce its debt with the central bank (given by the total amount of cash required in their initial transactions). In the end of ...
... spend their money on goods, and households make financial investments in equities, the firms are able to pay back part of their debt with the banking sector, allowing it to reduce its debt with the central bank (given by the total amount of cash required in their initial transactions). In the end of ...
Lecture9 - UCSB Economics
... quarter. At the moment, the rate of growth of the economy is slowing, but growth is still positive. How would you satisfy yourself whether a recession might be coming or not? How would you assess whether the likelihood of a recession in 1999 is low? or high? a. What conceptual framework would you us ...
... quarter. At the moment, the rate of growth of the economy is slowing, but growth is still positive. How would you satisfy yourself whether a recession might be coming or not? How would you assess whether the likelihood of a recession in 1999 is low? or high? a. What conceptual framework would you us ...
Inflation and Other Risks of Unsound Money
... $100 billion of new bonds to finance the deficit, the Fed buys approximately $10 billion of old Treasury bonds. This purchase increases bank reserves by $10 billion, allowing the banks to pyramid the creation of new bank deposits or money by ten times that amount. In short, the government and the ba ...
... $100 billion of new bonds to finance the deficit, the Fed buys approximately $10 billion of old Treasury bonds. This purchase increases bank reserves by $10 billion, allowing the banks to pyramid the creation of new bank deposits or money by ten times that amount. In short, the government and the ba ...
A Working Solution to the Question of Nominal GDP
... investigated Quantity Theory relationships empirically.5 From this research, strategies to stabilize the price level emerged but even Fisher’s (1920) plan did not incorporate a method for dealing with lags in the process. Thus, Working’s innovation was to recognize the role of lags and to establish ...
... investigated Quantity Theory relationships empirically.5 From this research, strategies to stabilize the price level emerged but even Fisher’s (1920) plan did not incorporate a method for dealing with lags in the process. Thus, Working’s innovation was to recognize the role of lags and to establish ...
Study Questions concerning the Phillips Curve
... c. The misperception theory says that only unexpected inflation will lower unemployment because it fools businesses into thinking there’s an increase in demand for their product. ...
... c. The misperception theory says that only unexpected inflation will lower unemployment because it fools businesses into thinking there’s an increase in demand for their product. ...
View/Open
... two Ideas mtroduced Into the economIcs literature since the mId thirties but does not reVIew the extensIve literature defendmg and attackmg them These Ideas help to explam how the problem anses and they pomt to ameliorative poliCies The first of these Ideas comes from J M Keynes' theory of IOterest ...
... two Ideas mtroduced Into the economIcs literature since the mId thirties but does not reVIew the extensIve literature defendmg and attackmg them These Ideas help to explam how the problem anses and they pomt to ameliorative poliCies The first of these Ideas comes from J M Keynes' theory of IOterest ...
Política monetaria en un entorno de dos monedas
... partially dollarized economy ”... a signi…cant constraint on monetary policy discretion is imposed. Not only is the monetary authority given control of a smaller share of the money supply but also this share can rapidly shrink (via currency switching) if credibility of domestic policies falters.” Bu ...
... partially dollarized economy ”... a signi…cant constraint on monetary policy discretion is imposed. Not only is the monetary authority given control of a smaller share of the money supply but also this share can rapidly shrink (via currency switching) if credibility of domestic policies falters.” Bu ...
Varieties of Keynesianism
... hard about what might be done practically to improve British economic performance after the War. He could see that the attempt to return to the gold standard was doomed both by U.S. monetary policy and the impossible financial overhang created by the pathologies of the Versailles conference and trea ...
... hard about what might be done practically to improve British economic performance after the War. He could see that the attempt to return to the gold standard was doomed both by U.S. monetary policy and the impossible financial overhang created by the pathologies of the Versailles conference and trea ...
CHAPTER TWO - Bentley University
... Influence of Foreign Interest Rates 1. Few remaining segmenting barriers between major money markets 2. Higher (lower) rates in the home market attract (discourage) foreign loanable funds, hence, decreasing (increasing) interest rates in the home market 3. Exposure to currency risk impedes the inter ...
... Influence of Foreign Interest Rates 1. Few remaining segmenting barriers between major money markets 2. Higher (lower) rates in the home market attract (discourage) foreign loanable funds, hence, decreasing (increasing) interest rates in the home market 3. Exposure to currency risk impedes the inter ...
Monetary policy rules in economies with traded and non
... The …rst term in this expression represents convex costs at the …rm level of changing prices relative to the steady state in‡ation rate of the economy, and is standard in the menu cost literature (as in Rotemberg, 1982, and Kim, 2000). The second term speci…es an additional cost of price adjustment ...
... The …rst term in this expression represents convex costs at the …rm level of changing prices relative to the steady state in‡ation rate of the economy, and is standard in the menu cost literature (as in Rotemberg, 1982, and Kim, 2000). The second term speci…es an additional cost of price adjustment ...