M o n e t a r y ... C o n t e n t s 1 November 1998
... Given the recent economic and financial turbulence internationally, projecting an economic recovery so soon may appear optimistic. On the other hand, with the recent substantial easing in monetary policy, and New Zealand’s previous experience when conditions were at this level, projecting such a mod ...
... Given the recent economic and financial turbulence internationally, projecting an economic recovery so soon may appear optimistic. On the other hand, with the recent substantial easing in monetary policy, and New Zealand’s previous experience when conditions were at this level, projecting such a mod ...
NBER WORKING PAPER SERIES Peter N. Ireland Working Paper 16420
... The particular variant of the New Keynesian model used here takes its basic features from those developed by Ireland (2004, 2007). The modeling strategy thereby follows Canova’s (2009) by using a small-scale model that focuses on three main equations: the New Keynesian IS curve, describing the behav ...
... The particular variant of the New Keynesian model used here takes its basic features from those developed by Ireland (2004, 2007). The modeling strategy thereby follows Canova’s (2009) by using a small-scale model that focuses on three main equations: the New Keynesian IS curve, describing the behav ...
NBER WORKING PAPER SERIES Richard Clarida
... The existence of a short run tradeoff between output and inflation is a central obstacle to the smooth management of monetary policy. In the open economy, of course, there are additional complications: Not only must a central bank take account of the exchange rate in this situation, but potentially a ...
... The existence of a short run tradeoff between output and inflation is a central obstacle to the smooth management of monetary policy. In the open economy, of course, there are additional complications: Not only must a central bank take account of the exchange rate in this situation, but potentially a ...
Axel A Weber: The role of interest rates in theory and practice
... both an input into and an output of monetary policy decisions – they are instrument variables as well as indicator variables. Of course, there is no such thing as ‘the’ interest rate. Rather, there is a wide variety of them. Neglecting other relevant features, we have to distinguish interest rates a ...
... both an input into and an output of monetary policy decisions – they are instrument variables as well as indicator variables. Of course, there is no such thing as ‘the’ interest rate. Rather, there is a wide variety of them. Neglecting other relevant features, we have to distinguish interest rates a ...
mankiw6e-chap04_2007_
... Y/Y depends on growth in the factors of production and on technological progress (all of which we take as given, for now). Hence, the Quantity Theory predicts a one-for-one relation between changes in the money growth rate and changes in the inflation rate. CHAPTER 4 ...
... Y/Y depends on growth in the factors of production and on technological progress (all of which we take as given, for now). Hence, the Quantity Theory predicts a one-for-one relation between changes in the money growth rate and changes in the inflation rate. CHAPTER 4 ...
Wage and price dynamics in a large emerging economy
... Many observers think that globalisation contributed to the lowering of inflation in the advanced economies. Others contest such a link: the panel discussion chaired by Frederic Mishkin, reported in BIS (2009), provides an excellent summary of the pros and cons of this controversial topic. But the ef ...
... Many observers think that globalisation contributed to the lowering of inflation in the advanced economies. Others contest such a link: the panel discussion chaired by Frederic Mishkin, reported in BIS (2009), provides an excellent summary of the pros and cons of this controversial topic. But the ef ...
Does Immigration Affect the Phillips Curve? Some Evidence for Spain
... again to 3-4% since the 2000s. Thus, as depicted in Figure 1, there have been remarkable changes in the position and slope of the Spanish Phillips curve (henceforth, PC), which has shifted inwards and become much flatter. These trends have been shared by many other countries over that period. For in ...
... again to 3-4% since the 2000s. Thus, as depicted in Figure 1, there have been remarkable changes in the position and slope of the Spanish Phillips curve (henceforth, PC), which has shifted inwards and become much flatter. These trends have been shared by many other countries over that period. For in ...
The projection process and accuracy of the RBNZ projections
... Moreover, at present our model-driven projections feature endogenous monetary policy. See the papers “The monetary policy decision-making process” and “Publication of projections” for further discussion on the benefits of projections using endogenous monetary conditions vis-à-vis using exogenous pro ...
... Moreover, at present our model-driven projections feature endogenous monetary policy. See the papers “The monetary policy decision-making process” and “Publication of projections” for further discussion on the benefits of projections using endogenous monetary conditions vis-à-vis using exogenous pro ...
Internationalized Production in a Small Open Economy Aur´ elien Eyquem G¨
... for intermediate goods and 9.22% for consumption goods.2 Moreover, for most inflation targeting small open economies, trade of the intermediate imports represents approximately half of their total trade flows. For example, during the last ten years, the average share of intermediate goods imports in ...
... for intermediate goods and 9.22% for consumption goods.2 Moreover, for most inflation targeting small open economies, trade of the intermediate imports represents approximately half of their total trade flows. For example, during the last ten years, the average share of intermediate goods imports in ...
Bade_Parkin_Macro_Lecture_CH17
... changes slowly or barely at all and is around 6 percent, the actual average unemployment rate since 1960. An increasing number of economists question the view that natural unemployment rate in constant. ...
... changes slowly or barely at all and is around 6 percent, the actual average unemployment rate since 1960. An increasing number of economists question the view that natural unemployment rate in constant. ...
NBER WORKING PAPER SERIES A JOBLESS RECOVERY
... because this ratio has remained at roughly the level it reached at the trough of the recession. The present paper presents a theoretical model that captures the joint occurrence of an economic contraction, a protracted liquidity trap, and a jobless recovery. The main elements of the model are downw ...
... because this ratio has remained at roughly the level it reached at the trough of the recession. The present paper presents a theoretical model that captures the joint occurrence of an economic contraction, a protracted liquidity trap, and a jobless recovery. The main elements of the model are downw ...
J
... policy are fairly evident,study looks for evidence of each of these motives. It low inflation and high levels finds clear evidence of a role for money growth, mixed evidence for interest-rate smoothing, and little of employment and evidence for the other potential objectives. economic growth. Attemp ...
... policy are fairly evident,study looks for evidence of each of these motives. It low inflation and high levels finds clear evidence of a role for money growth, mixed evidence for interest-rate smoothing, and little of employment and evidence for the other potential objectives. economic growth. Attemp ...
Inflation and Economic Growth in India – An Empirical Analysis
... • Real tax collections do not keep up with inflation, because collections are based on nominal incomes of an earlier year (the Tanzi effect) and public utility prices are not raised in line with inflation. For both reasons, the fiscal problem is intensified by inflation, and public savings may be re ...
... • Real tax collections do not keep up with inflation, because collections are based on nominal incomes of an earlier year (the Tanzi effect) and public utility prices are not raised in line with inflation. For both reasons, the fiscal problem is intensified by inflation, and public savings may be re ...
Information Technology and Monetary Policy
... correlations—primarily between the instruments of policy and the outcomes for inflation or employment—that might suggest how the instruments should be set in order to achieve certain goals for the target variables. But good policy research is also theoretical; it uses monetary theory to determine ho ...
... correlations—primarily between the instruments of policy and the outcomes for inflation or employment—that might suggest how the instruments should be set in order to achieve certain goals for the target variables. But good policy research is also theoretical; it uses monetary theory to determine ho ...
NBER WORKING PAPER SERIES INTERNATIONAL BALANCE OF PAYMENTS FINANCING AND Willem H. Buiter
... emerge, or if it will be an intermediate one. This paper suggests, however, that a theory of default combined with an assumption of convertibility niay be incorporated into the model to endogenize this decision.' ...
... emerge, or if it will be an intermediate one. This paper suggests, however, that a theory of default combined with an assumption of convertibility niay be incorporated into the model to endogenize this decision.' ...
economics
... © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...
... © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...
Inflation, Disinflation, and Deflation in China: Identifying the Shocks
... demand factors. Given that the People’s Bank of China (PBC) has a history of announcing monetary targets (generally in terms of an aggregate such as M2), our results are consistent with the view that the conduct of monetary policy is central to understanding the behavior of inflation, disinflation, ...
... demand factors. Given that the People’s Bank of China (PBC) has a history of announcing monetary targets (generally in terms of an aggregate such as M2), our results are consistent with the view that the conduct of monetary policy is central to understanding the behavior of inflation, disinflation, ...