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I. International and Domestic Developments Affecting Financial Stability
I. International and Domestic Developments Affecting Financial Stability

... purchases, which it has been conducting in the framework of t purchases, which it has been conducting in the framework of t monetary policy easing program since April 2013. monetary policy easing program since April 2013. ...
No. 278 Distortionary Fiscal Policy and Monetary Policy Goals
No. 278 Distortionary Fiscal Policy and Monetary Policy Goals

... bias caused by discretionary conduct of monetary policy, Rogo¤ (1985) proposed appointing a conservative central banker, who dislikes in‡ation more than society does. Recently in Adam and Billi (2008) we have shown in‡ation conservatism à la Rogo¤ also to be desirable when …scal policy is endogenous ...
Postwar Macroeconomics: The Evolution of Events and Ideas
Postwar Macroeconomics: The Evolution of Events and Ideas

Economics and Political Economy
Economics and Political Economy

... low rates of inflation (Seleteng, 2012). The relationship between inflation and real economic growth however, is controversial in both theory and empirical findings. A study by Sidrauski (1967) suggests that there might no relationship between inflation and economic growth. Many countries have grown ...
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Discounting Pension Liabilities: Funding versus Value
Discounting Pension Liabilities: Funding versus Value

... sponsors. 3 In contrast, most financial economists argue that liabilities should be discounted using a rate that reflects the risk of the liabilities (Novy-Marx and Rauh, 2011a,b; Brown and Wilcox 2009; Lucas and Zeldes 2009; Andonov, Bauer, and Cremers, 2014; Novy-Marx, 2015). In the special case w ...
Chapter 1: Introduction
Chapter 1: Introduction

... the Phillips curve: the relationship between inflation and unemployment according to which a higher rate of unemployment is associated with a lower rate of inflation. The Phillips curve is a way of looking at aggregate supply that happens to be the most convenient way most of the time. Understand th ...
CHAPTER 15: Macroeconomic Issues and Policy
CHAPTER 15: Macroeconomic Issues and Policy

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MNB Alapsablon - Magyar Nemzeti Bank

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NBER WORKING PAPER SERIES OPTIMAL MONETARY POLICY WITH COLLATERALIZED

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... policy has become an increasingly important issue which is the premise to not only help precisely evaluate policy impacts but keep the economy in the line with objectives. As indicated by Blinder (1998), a “tight”, “neutral” or “loose” relative to a country’s objectives could be quantitatively measu ...
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Nominal GDP Targeting and the Taylor Rule on

... follows. If the central bank adjusts the nominal interest rate in response to its own imperfect estimate of the output gap, there will be two types of monetary policy shocks. The first type is the traditional shock that represents a deviation of monetary policy from its rule. The second type is the ...
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Targeting Constant Money Growth at the Zero

... statements promising to keep short-term interest rates low for an extended period of time, even as the economy began to recover, were directed at reducing long-term rates further, working through expectational channels on the yield curve. Thus, from this perspective, the focus of Federal Reserve pol ...
Power Point-Chapter 17
Power Point-Chapter 17

... • According to the theory of demand-pull inflation, prices rise as the result of excessive business and consumer demand.  • If economy-wide, or aggregate, demand increases faster than total supply, the resulting shortage will lead to the bidding up of prices. demand-pull inflation theory that price ...
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ANALYSIS OF THE ZIMBABWEAN HYPERINFLATION CRISIS: A

... changes. In the final, most disruptive stage of hyperinflation, the central banks were forced to print currency and raise prices at an ever-increasing rate in order to stay ahead of expectations. This succeeded for a short time, until the unsustainable inflation rates made currency worthless as soon ...
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Chapter7 - QC Economics
Chapter7 - QC Economics

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This PDF is a selection from an out-of-print volume from... of Economic Research

... Much of the recent historical literature on monetary disturbances has focused on the treatment of the Great Contraction of 1929-33 in A Monerary History. The consensus has supported Friedman and Schwartz’s view of the primacy of monetary conditions as causal forces in the Great Contraction, although ...
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Università degli Studi di Milano Dipartimento di Economia Politica e

... bills (or floating-rate notes), inflation-indexed bonds and fixed-rate long-term bonds. We take the time period as corresponding to one year and assume that short-term bills have a one-year maturity while bonds have a two-year maturity. Focusing on a two-year horizon is obviously a rough approximati ...
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Download paper (PDF)

... monetary policy on the economy has changed in important ways. One possible interpretation is that monetary policy has lost some of its influence on the economy. Indeed, various innovations in firms’ and consumers’ behavior, perhaps induced by technological progress or financial innovations, might ha ...
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Read Paper - Economics

Macroeconomic Management When Policy Space is Constrained
Macroeconomic Management When Policy Space is Constrained

... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
CHAPTER 8 THE ANATOMY OF INFLATION AND
CHAPTER 8 THE ANATOMY OF INFLATION AND

... unemployed themselves (through psychological and financial hardships), but the cost to society as a whole is also quite significant. The measurable social cost of unemployment is the loss of output, which is only minimally offset by the value placed on the increase in leisure. The loss of output due ...
NBER WORKING PAPER SERIES TECHNOLOGY SHOCKS IN THE NEW KEYNESIAN MODEL
NBER WORKING PAPER SERIES TECHNOLOGY SHOCKS IN THE NEW KEYNESIAN MODEL

... an increase in productivity lowers each firm’s marginal costs and thereby feeds into its optimal pricing decisions. The New Keynesian model therefore retains the idea that technology shocks can be quite important in shaping the dynamic behavior of key macroeconomic variables. It merely refines and ...
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Inflation targeting

Inflation targeting is a monetary policy in which a central bank has an explicit target inflation rate for the medium term and announces this inflation target to the public. The assumption is that the best that monetary policy can do to support long-term growth of the economy is to maintain price stability. The central bank uses interest rates, its main short-term monetary instrument.An inflation-targeting central bank will raise or lower interest rates based on above-target or below-target inflation, respectively. The conventional wisdom is that raising interest rates usually cools the economy to reign in inflation; lowering interest rates usually accelerates the economy, thereby boosting inflation.
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