Barcelona Summer School Lecture 2015
... market behavior appear in the laboratory • We construct an experimental asset market with a monotonically decreasing fundamental value. • All traders are videotaped throughout the session • The videotapes are analysed with Noldus Facereader at a later date. • The Facereader reads a facial expression ...
... market behavior appear in the laboratory • We construct an experimental asset market with a monotonically decreasing fundamental value. • All traders are videotaped throughout the session • The videotapes are analysed with Noldus Facereader at a later date. • The Facereader reads a facial expression ...
Monetary Policy in Japan Since the Late 1980s
... tioned in Japan, especially since the late 1980s, and attempts to draw some implications for the current discussions about Japan’s monetary policy.1 In the subsequent section, we first apply a Taylor-rule-type policy reaction function to Japan and document possible delays of monetary policy actions ...
... tioned in Japan, especially since the late 1980s, and attempts to draw some implications for the current discussions about Japan’s monetary policy.1 In the subsequent section, we first apply a Taylor-rule-type policy reaction function to Japan and document possible delays of monetary policy actions ...
1990s - Bank i Kredyt
... Ukraine, like many other emerging and transition economies, has to solve the following dilemma: either to continue to support the current de facto peg to the dollar or to start to proceed to a more flexible exchange rate regime. In the case of the latter option, the monetary policy would need anothe ...
... Ukraine, like many other emerging and transition economies, has to solve the following dilemma: either to continue to support the current de facto peg to the dollar or to start to proceed to a more flexible exchange rate regime. In the case of the latter option, the monetary policy would need anothe ...
8 - Weber State University
... A) the actual short-run level of real GDP and inflation. B) all possible combinations of real GDP and inflation, for a given set of expectations. C) all possible combinations of real GDP and inflation, for fully adjusted expectations. D) the response of real GDP and inflation to supply shocks. 18) T ...
... A) the actual short-run level of real GDP and inflation. B) all possible combinations of real GDP and inflation, for a given set of expectations. C) all possible combinations of real GDP and inflation, for fully adjusted expectations. D) the response of real GDP and inflation to supply shocks. 18) T ...
The Phillips Curve and US Monetary Policy
... September 1979 just one month before the Fed adopted its new operating procedures:10 There is a very strong possibility of recession on the one side. We’ve had that possibility for almost six months now and we still have the unemployment rate at a level that some consider to be the natural rate. I d ...
... September 1979 just one month before the Fed adopted its new operating procedures:10 There is a very strong possibility of recession on the one side. We’ve had that possibility for almost six months now and we still have the unemployment rate at a level that some consider to be the natural rate. I d ...
Monetary Policy Statement September 2015
... will fall further over the next year to about 65 on a Trade Weighted Index (TWI) basis. Two key factors behind the depreciation are lower export prices and heightened uncertainty about the global economic outlook. Both imply weaker prospects for New Zealand’s growth, and inflation, and so lower inte ...
... will fall further over the next year to about 65 on a Trade Weighted Index (TWI) basis. Two key factors behind the depreciation are lower export prices and heightened uncertainty about the global economic outlook. Both imply weaker prospects for New Zealand’s growth, and inflation, and so lower inte ...
Monetarist Controversy - Federal Reserve Bank of San Francisco
... defined as any event that results in a change in the market clearing or equilibrium rate of interest, will produce a corresponding change in the real demand for money or velocity of circulation, and hence in the real stock of money needed at full employment. As long as wages are perfectly flexible, ...
... defined as any event that results in a change in the market clearing or equilibrium rate of interest, will produce a corresponding change in the real demand for money or velocity of circulation, and hence in the real stock of money needed at full employment. As long as wages are perfectly flexible, ...
Working Paper No. 385 Macroeconomic Policies of the Economic
... independence. It is argued that a policy which lacks credibility because of time inconsistency is neither optimal nor feasible (Kydland and Prescott, 1977). The only credible policy is the one that leaves the authority no freedom as to how to react to developments in the future, and that even if agg ...
... independence. It is argued that a policy which lacks credibility because of time inconsistency is neither optimal nor feasible (Kydland and Prescott, 1977). The only credible policy is the one that leaves the authority no freedom as to how to react to developments in the future, and that even if agg ...
Keynes-Wicksell and Neoclassical Models of Money and
... see also Marc Nerlove for critical comments on this and subsequent developments. Note that although adjustment costs are invoked in explaining (15), thev are not explicitly incorporated in the model. ...
... see also Marc Nerlove for critical comments on this and subsequent developments. Note that although adjustment costs are invoked in explaining (15), thev are not explicitly incorporated in the model. ...
Mark scheme - Unit F582 - The national and international
... If consumer confidence is low, people may decide to increase their savings. A high rate of interest will discourage borrowing/encourage saving. Inflation will reduce purchasing power if prices are rising by more than wages/inflation may cause spending to be cut to maintain the real value of savings/ ...
... If consumer confidence is low, people may decide to increase their savings. A high rate of interest will discourage borrowing/encourage saving. Inflation will reduce purchasing power if prices are rising by more than wages/inflation may cause spending to be cut to maintain the real value of savings/ ...
Article: Interest and inflation rates through the lens of the theory of
... short run and in the long run, in Sweden as well as in other countries. In this article, we show that the positive correlation can be understood through Irving Fisher’s theory of the relationship between the nominal interest rate, the inflation rate and the real interest rate. In our analysis, the s ...
... short run and in the long run, in Sweden as well as in other countries. In this article, we show that the positive correlation can be understood through Irving Fisher’s theory of the relationship between the nominal interest rate, the inflation rate and the real interest rate. In our analysis, the s ...
The Two Triangles: what did Wicksell and Keynes know about
... If anyone is to blame for the awkwardness of the title of this paper, it should be Olivier Blanchard. Looking back on the 20th Century, Blanchard (2000) raised the question: “What do we know about macroeconomics that Wicksell and Fisher did not?” His answer was: “… a lot”, stressing that much progre ...
... If anyone is to blame for the awkwardness of the title of this paper, it should be Olivier Blanchard. Looking back on the 20th Century, Blanchard (2000) raised the question: “What do we know about macroeconomics that Wicksell and Fisher did not?” His answer was: “… a lot”, stressing that much progre ...
FINANCIAL STABILITY AND MONETARY POLICY: A R EDUCED
... Studying the link between monetary policy and financial stability is a challenging subject, due to the fact that the specialists’ points of view differ considerably and its complexity cannot be ignored. This work became more difficult in the case of the Euro Area, where a single monetary policy must ...
... Studying the link between monetary policy and financial stability is a challenging subject, due to the fact that the specialists’ points of view differ considerably and its complexity cannot be ignored. This work became more difficult in the case of the Euro Area, where a single monetary policy must ...
The Small Open-Economy New Keynesian Phillips Curve: Empirical
... the SOE NKPC links inflation dynamics to external-sector macro-variables, such as the terms of trade (ToT), in addition to domestic ones. Our analysis is partly related to Leith and Malley (2007) and Rumler (2007), who also estimate open-economy versions of the NKPC although in a less explicit way. ...
... the SOE NKPC links inflation dynamics to external-sector macro-variables, such as the terms of trade (ToT), in addition to domestic ones. Our analysis is partly related to Leith and Malley (2007) and Rumler (2007), who also estimate open-economy versions of the NKPC although in a less explicit way. ...
Instability of capitalism inflation, unemployment, and business cycles*
... provided different explanations for the instability of capitalism. Marx [1967] contends that capitalists aim at maximizing the surplus value and the rate of profit. As they expect a high rate of profit they will invest and produce commodities. Capitalists will hire workers to implement the productio ...
... provided different explanations for the instability of capitalism. Marx [1967] contends that capitalists aim at maximizing the surplus value and the rate of profit. As they expect a high rate of profit they will invest and produce commodities. Capitalists will hire workers to implement the productio ...
Fiscal-monetary interaction and ambiguity in the wake of the crisis Princeton University
... Monetary policy actions with big fiscal effects are likely to make the legislature question the conventions of central bank ...
... Monetary policy actions with big fiscal effects are likely to make the legislature question the conventions of central bank ...
Comparing the monetary transmission mechanism in France
... and output in these countries in the past. It is normally assumed that, in the long run, changes in the stock of money will be fully reflected in changes in the price level, with little or no effect on real output. But wages and prices are not perfectly flexible in the short to medium term. So chang ...
... and output in these countries in the past. It is normally assumed that, in the long run, changes in the stock of money will be fully reflected in changes in the price level, with little or no effect on real output. But wages and prices are not perfectly flexible in the short to medium term. So chang ...
Inflation and Hyperinflation
... and silver increased the money supply and raised prices significantly, but again the annual rates of inflation were quite low by present standards. (from 1551 – 1600, the average inflation rate was probably less than 2% per year.) There are only three known truly high inflation before this century, ...
... and silver increased the money supply and raised prices significantly, but again the annual rates of inflation were quite low by present standards. (from 1551 – 1600, the average inflation rate was probably less than 2% per year.) There are only three known truly high inflation before this century, ...
risk premia on key asset classes: a south african perspective
... basis of any decision by a party to do, or to omit to do, anything. It does not constitute, and should not be construed, as advice or recommendation in any way. The author and his employer accept no responsibility for any direct or indirect consequences arising from anyone relying on or using these ...
... basis of any decision by a party to do, or to omit to do, anything. It does not constitute, and should not be construed, as advice or recommendation in any way. The author and his employer accept no responsibility for any direct or indirect consequences arising from anyone relying on or using these ...