2. I E D nternational
... The Fed’s December decision to cut asset purchases by 10 billion USD was the most important monetary policy development in the final quarter. Besides the strong emphasis by the Fed that the taper implied no tightening in monetary policy, the policies of other central banks also suggested that global ...
... The Fed’s December decision to cut asset purchases by 10 billion USD was the most important monetary policy development in the final quarter. Besides the strong emphasis by the Fed that the taper implied no tightening in monetary policy, the policies of other central banks also suggested that global ...
Working papers - Federal Reserve Bank of Cleveland
... sufficiently negative event that it lasts longer than a single quarter. Constructing such an algorithm and applying it to U.S. data suggests that the United States faced two bouts of stagflation in the postwar era, 1974Q3–1975Q1 and 1980Q2–1980Q3. The stagflation algorithm allows for a more exhausti ...
... sufficiently negative event that it lasts longer than a single quarter. Constructing such an algorithm and applying it to U.S. data suggests that the United States faced two bouts of stagflation in the postwar era, 1974Q3–1975Q1 and 1980Q2–1980Q3. The stagflation algorithm allows for a more exhausti ...
NBER WORKING PAPER SERIES THE ECONOMY OF ISRAEL Stanley Fischer
... the inflation rate in 1976 and 1977. Foreign currency holdings re itheralized at the end of 1977. The inflation rate then increased, but ...
... the inflation rate in 1976 and 1977. Foreign currency holdings re itheralized at the end of 1977. The inflation rate then increased, but ...
This PDF is a selection from a published volume from
... PARTNER, GAVEAINVESTIMENTOS; PONTIFICAL CATHOLIC UNIVERSITY OF RIO DE JANEIRO; AND CENTRAL BANK OF BRAZIL ...
... PARTNER, GAVEAINVESTIMENTOS; PONTIFICAL CATHOLIC UNIVERSITY OF RIO DE JANEIRO; AND CENTRAL BANK OF BRAZIL ...
A New Paradigm for Macroeconomic Policy Philip Arestis, University
... the excess of private savings over private investment, these arguments have no validity (as was shown long ago by Kalecki, 1944; see also Arestis and Sawyer, 2004, Sawyer, 2009). At one level, interest payments on government debt can be treated as a transfer payment, and akin to the other range of ...
... the excess of private savings over private investment, these arguments have no validity (as was shown long ago by Kalecki, 1944; see also Arestis and Sawyer, 2004, Sawyer, 2009). At one level, interest payments on government debt can be treated as a transfer payment, and akin to the other range of ...
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... how to encourage restructuring in the aftermath of a boom, not the boom itself. As noted, the belief is widespread that excessive laxity of Japanese monetary policy in 1986 to 1989 caused the bubble in Japanese equity and real estate prices. Bank of Japan officials for the last 13 years have bemoane ...
... how to encourage restructuring in the aftermath of a boom, not the boom itself. As noted, the belief is widespread that excessive laxity of Japanese monetary policy in 1986 to 1989 caused the bubble in Japanese equity and real estate prices. Bank of Japan officials for the last 13 years have bemoane ...
Policy Biases when the Monetary and Fiscal Authorities
... Coordination (or the lack thereof) is a relevant issue because monetary and fiscal authorities have different policy instruments, different objectives and preferences, and sometimes different perceptions of how the economy functions. In this paper we concentrate on the effects of having monetary and ...
... Coordination (or the lack thereof) is a relevant issue because monetary and fiscal authorities have different policy instruments, different objectives and preferences, and sometimes different perceptions of how the economy functions. In this paper we concentrate on the effects of having monetary and ...
In any meeting of monetary policymakers, uncer-
... How does parameter uncertainty affect how policymakers should conduct policy? An answer to this question was provided first in a paper by Brainard (1967). He argued that, in response to uncertainty about the parameter on a variable, policymakers should attenuate their policy response to movements in ...
... How does parameter uncertainty affect how policymakers should conduct policy? An answer to this question was provided first in a paper by Brainard (1967). He argued that, in response to uncertainty about the parameter on a variable, policymakers should attenuate their policy response to movements in ...
Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal
... in the US and Europe since the 2007-9 financial crisis, as well as in the US during 2001-3 and in Japan since the mid 1990s.1 Recently Bullard (2010) has stressed the risk of extended periods of deflation. These events have led to extensive policy debates on the eectiveness of both fiscal policy an ...
... in the US and Europe since the 2007-9 financial crisis, as well as in the US during 2001-3 and in Japan since the mid 1990s.1 Recently Bullard (2010) has stressed the risk of extended periods of deflation. These events have led to extensive policy debates on the eectiveness of both fiscal policy an ...
Economist Insights Rate of Change
... While the timing of rate hikes may be important for money markets, and the pace of tightening crucial for the short-end of the curve, at the longer-end of the yield curve the only thing that really matters is the long rate (see Economist Insights On the Dot, 15 June 2015). The difference between wha ...
... While the timing of rate hikes may be important for money markets, and the pace of tightening crucial for the short-end of the curve, at the longer-end of the yield curve the only thing that really matters is the long rate (see Economist Insights On the Dot, 15 June 2015). The difference between wha ...
INFLATION, DEFLATION AND REFLATION
... celebrations in February. We at HSBC Bank Malaysia Berhad thank you for continually banking with us in 2009 and we truly look forward to a happy and prosperous new year with you. ...
... celebrations in February. We at HSBC Bank Malaysia Berhad thank you for continually banking with us in 2009 and we truly look forward to a happy and prosperous new year with you. ...
Will the U.S. Economy Face Deflation?
... Prices of consumer goods, as opposed to services, are falling for the first time since 1960. By the Fed's preferred measure, overall inflation was just 1.8% in the year through August. Fed policy makers have cut short-term interest rates to a 41-year low of 1.75%, and investors expect them to cut ra ...
... Prices of consumer goods, as opposed to services, are falling for the first time since 1960. By the Fed's preferred measure, overall inflation was just 1.8% in the year through August. Fed policy makers have cut short-term interest rates to a 41-year low of 1.75%, and investors expect them to cut ra ...
The Tools of Monetary Policy
... rule specifying the annual rate of growth of some monetary aggregate – Example • Increase in the money supply smoothly at a rate consistent with the economy’s long-run average growth rate measured in terms of NI % change ...
... rule specifying the annual rate of growth of some monetary aggregate – Example • Increase in the money supply smoothly at a rate consistent with the economy’s long-run average growth rate measured in terms of NI % change ...
Decreasing Returns, Risk Premium Shocks, and Optimal Monetary
... to deal with these type of shocks rather than a simple Taylor rule that includes the exchange rate. One of the limitations of our study is that it takes as given the deviation of the UIP. Nevertheless, we confirm the relevance of this deviation in the empirical part of the paper. The connection betw ...
... to deal with these type of shocks rather than a simple Taylor rule that includes the exchange rate. One of the limitations of our study is that it takes as given the deviation of the UIP. Nevertheless, we confirm the relevance of this deviation in the empirical part of the paper. The connection betw ...
NBER WORKING PAPER SERIES THE SHORT-RUN RELATION BETWEEN Sebastian Edwards
... seen, in most cases DEFt is positive and significant. One might also note that in all cases, the F statistic indicates that the regression is significant at conventional levels. The Durbin—T4atson statistic, and analysis of the autocor— relation functions of the residuals using the Box—Jenkins (1976 ...
... seen, in most cases DEFt is positive and significant. One might also note that in all cases, the F statistic indicates that the regression is significant at conventional levels. The Durbin—T4atson statistic, and analysis of the autocor— relation functions of the residuals using the Box—Jenkins (1976 ...
Public Policy Brief 71 - Levy Economics Institute of Bard College
... it is helpful and pertinent to make a number of relevant observations. The first is that the channels of monetary transmission are not mutually exclusive, in that the overall response of the economy to changes in monetary policy incorporates the combined effects of all the channels. This concurrent ...
... it is helpful and pertinent to make a number of relevant observations. The first is that the channels of monetary transmission are not mutually exclusive, in that the overall response of the economy to changes in monetary policy incorporates the combined effects of all the channels. This concurrent ...
On The Derivation and Consistent Use of Growth and Discount
... Webegan with the neoclassical theory of the firm and the theory of intertemporal utility maximization. From the neoclassical theory, the discrete time and continuous time growth rates for earnings were derived. From the theory of intertemporal utility maximization the discrete time and continuous ti ...
... Webegan with the neoclassical theory of the firm and the theory of intertemporal utility maximization. From the neoclassical theory, the discrete time and continuous time growth rates for earnings were derived. From the theory of intertemporal utility maximization the discrete time and continuous ti ...
Is There Any Tradeoff Between Inflation And Unemployment?
... can encourage the production of goods and services and also realize the need of labor workers in the economy which can reduce the unemployment rate from the economy, so in this scenario short run Phillips curve also holds and suggests that there is inflation-unemployment tradeoff, as it is mentioned ...
... can encourage the production of goods and services and also realize the need of labor workers in the economy which can reduce the unemployment rate from the economy, so in this scenario short run Phillips curve also holds and suggests that there is inflation-unemployment tradeoff, as it is mentioned ...
Unemployment and Inflation
... The costs of inflation can be broken into two types of costs, anticipated and unanticipated. Let’s explore what costs are associated with anticipated inflation, inflation that is expected, and unanticipated inflation, inflation that is not expected. Anticipated inflation costs include menu costs, sh ...
... The costs of inflation can be broken into two types of costs, anticipated and unanticipated. Let’s explore what costs are associated with anticipated inflation, inflation that is expected, and unanticipated inflation, inflation that is not expected. Anticipated inflation costs include menu costs, sh ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Money in Historical Perspective
... in activity was irrefutable. We now turn to the simulation studies that compare the hypothetical behavior of the U.S.economy under an assumed constant money growth rate rule with actual economic performance. The evidence is mixed. Friedman (1960) found that a rule would have outperformed discretiona ...
... in activity was irrefutable. We now turn to the simulation studies that compare the hypothetical behavior of the U.S.economy under an assumed constant money growth rate rule with actual economic performance. The evidence is mixed. Friedman (1960) found that a rule would have outperformed discretiona ...
The Macroeconomy: Unemployment, Inflation, and Deflation
... 15. When unanticipated deflation occurs, debtors are economically (worse, better) off. 16. The personal consumption expenditure index is a price index based on annual surveys of consumer _____________________. 17. The CPI and the PPI measure the cost of (an unchanging, a changing) basket of goods th ...
... 15. When unanticipated deflation occurs, debtors are economically (worse, better) off. 16. The personal consumption expenditure index is a price index based on annual surveys of consumer _____________________. 17. The CPI and the PPI measure the cost of (an unchanging, a changing) basket of goods th ...