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The Contributions of Milton Friedman to Economics
The Contributions of Milton Friedman to Economics

... from the prevailing intellectual mainstream. First, central banks are responsible for inflation and deflation. Second, markets work efficiently to allocate resources and to maintain macroeconomic equilibrium.2 Because of his success in advancing these ideas in a way that shaped the understanding of ...
960 K - National Bureau of Economic Research
960 K - National Bureau of Economic Research

Attributing inflation forecast bias to other variables’ forecast bias using FPS
Attributing inflation forecast bias to other variables’ forecast bias using FPS

... the central bank learning about shorter horizon errors quickly but making more biased errors as the forecast horizon increases. It is also after around four quarters that the forecast bias becomes significant (exact results depend on the sample period). In figure 2a we plot the range of exchange rat ...
Monetary policy, asset prices and actuarial practice
Monetary policy, asset prices and actuarial practice

... Fisher was that an increase in the quantity of money – which may be caused by a reduction in central bank interest rates - does not decrease its velocity. There is a cost for individuals, industrial firms and financial institutions when they hold money because it bears no interest. If the quantity o ...
Monetary Policy, Imperfect Information and the Expectations Channel
Monetary Policy, Imperfect Information and the Expectations Channel

... not react immediately to money variations and enable real effects of monetary policy. The first type of imperfections is related to price stickiness and the slow adjustment and coordination of prices after variations of money. The real effects of monetary policy stem from private agents’ inability t ...
When are the Effects of Fiscal Policy Uncertainty Large?
When are the Effects of Fiscal Policy Uncertainty Large?

... My second experiment is designed to shed light on the effects of uncertainty about longrun fiscal policy. As in the first experiment, the economy is put into a recession by a preference shock that increases the household discount factor and causes the ZLB to bind. I define long-run fiscal policy to ...
Keynesian and Monetarist Views on the German Unemployment
Keynesian and Monetarist Views on the German Unemployment

... discussed. Regarding the policy dispute, first the monetarist demand for wage moderation is reviewed, which is followed by a discussion of the Keynesian doubts on the effectiveness of this policy. In conclusion, this paper cannot hope to settle the long-running controversy on this issue, but it show ...
Inflation Through the Lens of the Fiscal Theory
Inflation Through the Lens of the Fiscal Theory

... explore a wide range of issues through the lens of the fiscal theory to reach conclusions that contrast sharply with conventional perspective. This chapter also re-examines some practical issues in the light of the fiscal theory. Most of the article focuses on the nature of equilibrium, including pr ...
Preview - American Economic Association
Preview - American Economic Association

... near future (higher probability of stable prices compared to inflationary and deflationary pressure probabilities) and advanced economies model produces higher probability of deflationary pressure. We can combined these two signals, about two different prices regime for two different economies, and ...
chapter 6 - McGraw
chapter 6 - McGraw

... employment, and output. The link between unemployment and inflation is called the Phillips curve. We translate between unemployment and output and also translate between inflation and price changes. Use of these translations makes it much easier to connect theory with the numbers reported on the eve ...
Monetary policy with uncertain estimates of potential output
Monetary policy with uncertain estimates of potential output

... After years of neglect, potential output has drawn renewed attention as an input to monetary policy, appearing in a broad range of recent Federal Reserve system and academic research) At one level, it is the raison d' etre of an activist monetary policy. If potential output measures the economy's ca ...
Zimbabwe - COMESA Monetary Institute (CMI)
Zimbabwe - COMESA Monetary Institute (CMI)

FX Outlook: 2016
FX Outlook: 2016

... easing slows amid a pick-up in inflation off the back of oil prices stabilizing. JPY weakness should continue in the near term as stimulus remains (though no further easing measures from the BOJ are expected) and on the imminent Fed fund rate lift-off. In 2016, the risk environment could reverse and ...
How the Fight Against HIV/AIDS
How the Fight Against HIV/AIDS

... spending to fight HIV/AIDS in Africa, Asia, Latin America, and Eastern Europe. In 2003, funding levels for HIV/AIDS prevention and treatment are estimated to have reached almost $5 billion; meanwhile financing needs will rise to $12 billion in 2005 and $20 billion by 2007. But if these large increas ...
How Independent Should a Central Bank Be?
How Independent Should a Central Bank Be?

Monetary Policy - Central Bank of Nigeria
Monetary Policy - Central Bank of Nigeria

... monetary policy is the realization of stable non-inflationary growth. This gives the citizens confidence in the future value of their money, so that they can make sound economic and financial decisions. Low and stable inflation also helps to prevent inflationary boom and bust cycles that could resul ...
The impact of inflation and deflation on the case for gold
The impact of inflation and deflation on the case for gold

... range of alternative scenarios be covered. We seek to test gold‟s resilience as an asset in the face of possible shocks including high inflation, financial crises and deflationary conditions and also seek to assess its proper place in a long-run investment portfolio under different economic conditio ...
View the Entire Research Piece as a PDF here.
View the Entire Research Piece as a PDF here.

... lower interest rates every time the economy (and thus markets) hit a bump. Traders and investors became increasingly convinced that for as long as Greenspan remained chairmen of the Fed, the Fed would come to the rescue if markets turn sour. They referred to it as the “Greenspan put”. While the Gree ...
Monetary Conditions in the Euro Area
Monetary Conditions in the Euro Area

... impulse to the real sphere has run its course in stimulating aggregate demand. This paper takes a closer look at the leading indicator qualities of monetary conditions. For this purpose the relationship of two widely used monetary conditions indicators to the output gap as a proxy for aggregate dema ...
Measuring Systematic Monetary Policy
Measuring Systematic Monetary Policy

... be the appropriate strategy. Most quantitative analysis of monetary policy is now conducted using VARs. But should it be? If Lucas was right in the first place, how does knowing the response of the economy to shocks help the policymaker when shocks cannot be systematically exploited? We cannot help ...
Monetary and Fiscal Policy with Sovereign Default
Monetary and Fiscal Policy with Sovereign Default

... the government borrows in local currency from foreign investors and can reduce its real debt burden by using inflation. Since domestic entrepreneurs have liabilities denominated in foreign currency but earn revenues in local currency, inflation hurts firm balance sheets by depreciating the local cur ...
ExamView - CH 28 sample test questions.tst
ExamView - CH 28 sample test questions.tst

... a. occurs in the United States during each business cycle. b. occurs only in theory, never in reality. c. has never occurred in the United States. d. happens in all countries at some time during their business cycle. e. is a period of time when inflation exceeds 20 percent per year. ____ 58. In the ...
The Education of Ben Bernanke
The Education of Ben Bernanke

... and they have done so. This free speech has sometimes sounded cacophonous; the president of the Philadelphia Fed has clamored for a more hawkish policy, the Boston Fed for a dovish one. (In Fed parlance, hawks want to tighten rates; doves favor easing them.) Not surprisingly, Wall Street has found t ...
Volume 69 No. 4, December 2006 Contents
Volume 69 No. 4, December 2006 Contents

... on the strength of current and future inflation pressures, but can often be clouded by temporary fluctuations. Core inflation measures attempt to abstract from these temporary fluctuations to better inform us of the underlying trends in inflation. This article outlines a number of criteria that can ...
paper - University of Oxford, Department of Economics
paper - University of Oxford, Department of Economics

... discussion was not whether a low enough level of demand would bring price stability. Almost anyone would have accepted that it would and that in that sense the policymakers' willingness to validate wage increases, or whatever, with expansions of nominal demand could be blamed for inflation.1 But tha ...
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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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