Effectiveness of devaluation in achieving Internal and External
... using annual time series data for the external balance from 1974-2014 and for the internal balance from 2006/7-2015. The main focus of the internal balance analysis will be the recent devaluation especially the 2009/10 and 2010/11 devaluations and for both internal and external balance analysis this ...
... using annual time series data for the external balance from 1974-2014 and for the internal balance from 2006/7-2015. The main focus of the internal balance analysis will be the recent devaluation especially the 2009/10 and 2010/11 devaluations and for both internal and external balance analysis this ...
interest rate and inflation risks in PFI contracts
... x During the bid period, Authorities have generally accepted interest-rate risk, in the form of potential adjustment (up or down) to the Unitary Charge until this risk is hedged, by the preferred bidder, at (or around) Financial Close when the Unitary Charge level is finally set. So far this Applic ...
... x During the bid period, Authorities have generally accepted interest-rate risk, in the form of potential adjustment (up or down) to the Unitary Charge until this risk is hedged, by the preferred bidder, at (or around) Financial Close when the Unitary Charge level is finally set. So far this Applic ...
Unemployment-Inflation Relationship
... is perhaps a more appropriate alternative. Also generated by BLS, the ECI measures the change over time in the cost of labor. The cost of labor includes wages and salaries and employer costs for employee benefits. Interestingly, the Phillips curve is actually supposed to reflect the relationship bet ...
... is perhaps a more appropriate alternative. Also generated by BLS, the ECI measures the change over time in the cost of labor. The cost of labor includes wages and salaries and employer costs for employee benefits. Interestingly, the Phillips curve is actually supposed to reflect the relationship bet ...
A Antonio Martino
... in the future and long-term investment plans; both need a stable money All the more so since the reconstruction will inevitably need the participation of foreign investors, who are certainly not encouraged by countries with dismal records of monetary performance. The lesson for policymakers in ex-co ...
... in the future and long-term investment plans; both need a stable money All the more so since the reconstruction will inevitably need the participation of foreign investors, who are certainly not encouraged by countries with dismal records of monetary performance. The lesson for policymakers in ex-co ...
Macroeconomic Factors and the Correlation of Stock and Bond
... common exposure to macroeconomic factors: expected inflation, the real interest rate, and unexpected inflation. Section 3 constructs the measures for the uncertainty about macroeconomic factors. We construct two measures for the uncertainty about expected inflation: a short-term measure derived usin ...
... common exposure to macroeconomic factors: expected inflation, the real interest rate, and unexpected inflation. Section 3 constructs the measures for the uncertainty about macroeconomic factors. We construct two measures for the uncertainty about expected inflation: a short-term measure derived usin ...
This PDF is a selection from a published volume from
... first-order adjustment costs are nil in the vicinity of the deterministic steady state. The parameter K is positive. Owners of physical capital can control the intensity at which this factor is utilized. Formally, we let ut measure capacity utilization in period t. We assume that using the stock of ...
... first-order adjustment costs are nil in the vicinity of the deterministic steady state. The parameter K is positive. Owners of physical capital can control the intensity at which this factor is utilized. Formally, we let ut measure capacity utilization in period t. We assume that using the stock of ...
Have Increases in Federal Reserve Transparency Improved Private
... The 1990s and early 2000s witnessed an unprecedented increase in central bank transparency, with New Zealand, Canada, the UK, Sweden, Finland, Israel, Australia, Spain, the European Central Bank, Norway, and several developing countries all adopting an inflation targeting framework for monetary poli ...
... The 1990s and early 2000s witnessed an unprecedented increase in central bank transparency, with New Zealand, Canada, the UK, Sweden, Finland, Israel, Australia, Spain, the European Central Bank, Norway, and several developing countries all adopting an inflation targeting framework for monetary poli ...
NBER WORKING PAPER SERIES UNION Matteo Cacciatore
... not negligible: Implementing the optimal policy increases welfare by approximately 05 percent of annual steady-state consumption under the historical rule. Second, the optimal response to product and/or labor market deregulation is more expansionary than historical behavior, with a beneficial effect ...
... not negligible: Implementing the optimal policy increases welfare by approximately 05 percent of annual steady-state consumption under the historical rule. Second, the optimal response to product and/or labor market deregulation is more expansionary than historical behavior, with a beneficial effect ...
Chapter 27 Money and Inflation
... (b) limit the ability of fiscal policymakers to bring pressure to bear on the monetary authority. (c) limit the number of terms that politicians are allowed to serve. (d) reduce the growth rate of the money supply. Answer: D Question Status: Previous Edition ...
... (b) limit the ability of fiscal policymakers to bring pressure to bear on the monetary authority. (c) limit the number of terms that politicians are allowed to serve. (d) reduce the growth rate of the money supply. Answer: D Question Status: Previous Edition ...
Introduntion - Hakan Berument`sHomepage
... possible especially just before elections or when there is a positive output gap. However, increasing spending increases interest rates. ...
... possible especially just before elections or when there is a positive output gap. However, increasing spending increases interest rates. ...
850.12 KB - Asian Development Bank
... independence can potentially lead to stable and sustainable economic growth. However, in a world with price and wage rigidities, policy makers can manipulate output movement (at least in the short-run), which means that policy makers with greater monetary autonomy could lead to increasing output and ...
... independence can potentially lead to stable and sustainable economic growth. However, in a world with price and wage rigidities, policy makers can manipulate output movement (at least in the short-run), which means that policy makers with greater monetary autonomy could lead to increasing output and ...
Has Forward Guidance Been Effective?
... 2008, 56). Then-Chairman Bernanke described the resulting December 2008 forward guidance statement as “a forecast of policy rather than a commitment to policy, but [one that provides] some information about the Committee’s expectations and should affect market rates” (25). Evidently, the Committee u ...
... 2008, 56). Then-Chairman Bernanke described the resulting December 2008 forward guidance statement as “a forecast of policy rather than a commitment to policy, but [one that provides] some information about the Committee’s expectations and should affect market rates” (25). Evidently, the Committee u ...
Optimal Forward Guidance in Monetary Policy: Can Central Banks
... πt = 0, expectations would change, so they have a choice between staying at the current equilibrium, or moving to the standard discretionary one. When Lp0 < Ld0 they would be better off remaining in this alternative equilibrium.7 From above (21), we see that Lp0 < Ld0 requires large β and ρ. This is ...
... πt = 0, expectations would change, so they have a choice between staying at the current equilibrium, or moving to the standard discretionary one. When Lp0 < Ld0 they would be better off remaining in this alternative equilibrium.7 From above (21), we see that Lp0 < Ld0 requires large β and ρ. This is ...
McGraw-Hill/Irwin - McGraw Hill Higher Education
... • Inflation may not make a nation poorer. • It can redistribute income from those who do ...
... • Inflation may not make a nation poorer. • It can redistribute income from those who do ...
McGraw-Hill/Irwin
... • Inflation may not make a nation poorer. • It can redistribute income from those who do ...
... • Inflation may not make a nation poorer. • It can redistribute income from those who do ...
Informe sobre la Inflación
... out, given the persisting risks related to different economic and geopolitical factors. The negative impact of the deterioration in the external environment on the Mexican financial markets not only was perceived on the exchange rate evolution, but also on the performance of government securities’ i ...
... out, given the persisting risks related to different economic and geopolitical factors. The negative impact of the deterioration in the external environment on the Mexican financial markets not only was perceived on the exchange rate evolution, but also on the performance of government securities’ i ...
Chapter 36 MC — Five Debates Over Macroeconomic Policy
... TOP: Policy lags MSC: Definitional 22. Opponents of using policy to stabilize the economy generally believe that a. neither fiscal nor monetary policy have much impact on aggregate demand. b. attempts to stabilize the economy can increase the magnitude of economic fluctuations. c. unemployment and i ...
... TOP: Policy lags MSC: Definitional 22. Opponents of using policy to stabilize the economy generally believe that a. neither fiscal nor monetary policy have much impact on aggregate demand. b. attempts to stabilize the economy can increase the magnitude of economic fluctuations. c. unemployment and i ...
Here - Personal.psu.edu
... Mr. Greenspan's gamble paid off. Investors concluded that the Fed's actions would contain inflation. Long-term interest rates stabilized shortly after the November increase and fell steadily after February's. The stock market rallied. The economy slowed sharply in the first half of 1995 but didn't l ...
... Mr. Greenspan's gamble paid off. Investors concluded that the Fed's actions would contain inflation. Long-term interest rates stabilized shortly after the November increase and fell steadily after February's. The stock market rallied. The economy slowed sharply in the first half of 1995 but didn't l ...
ESSAYS ON MONETARY AND FISCAL POLICY By Andrea Pescatori
... are highly indebted I show that optimal monetary policy reaction (through interest rate) to inflationary pressure should be ‘milder’ than it is usually prescribed. The second chapter is based on the KM framework. This is a stronger type of credit market imperfection where households are not allowed ...
... are highly indebted I show that optimal monetary policy reaction (through interest rate) to inflationary pressure should be ‘milder’ than it is usually prescribed. The second chapter is based on the KM framework. This is a stronger type of credit market imperfection where households are not allowed ...
The Government Spending Multiplier in a Deep Recession
... recent paper by Dupor & Li (2015), in which they show that the ARRA did not cause a rise in expected inflation.3 Theoretically, aside from a few attempts to explain why the multiplier might be higher in a recession than in an expansion,4 most of the papers on this subject have been focused on episod ...
... recent paper by Dupor & Li (2015), in which they show that the ARRA did not cause a rise in expected inflation.3 Theoretically, aside from a few attempts to explain why the multiplier might be higher in a recession than in an expansion,4 most of the papers on this subject have been focused on episod ...
2009-II CENTRAL BANK OF THE REPUBLIC OF TURKEY
... which were perceived as a major concern until the last quarter of 2008, have been overtaken by fears of deflation in developed countries. The contraction in global trade and financial flows have led to severe downturns in many emerging market economies, including Turkey. After having slowed down tow ...
... which were perceived as a major concern until the last quarter of 2008, have been overtaken by fears of deflation in developed countries. The contraction in global trade and financial flows have led to severe downturns in many emerging market economies, including Turkey. After having slowed down tow ...
R e s e r v e B... Vo l u m e 6 4 ... C o n t e n t s
... appointees would be of such a high calibre. Professor Svensson argued that assigning responsibility for monetary policy decisions to a committee would mean that monetary policy would not be so heavily dependent on the qualities of one individual. ...
... appointees would be of such a high calibre. Professor Svensson argued that assigning responsibility for monetary policy decisions to a committee would mean that monetary policy would not be so heavily dependent on the qualities of one individual. ...
The Influence of Macroeconomic Factors on Stock Markets
... between these certain return of two firms and/or industry with assistance of common independent variables exist in any economy. Emin et al. examined the market based ratio(s) of four independent variables namely quarterly earnings per share, quarterly price to earnings ratio and quarterly market to ...
... between these certain return of two firms and/or industry with assistance of common independent variables exist in any economy. Emin et al. examined the market based ratio(s) of four independent variables namely quarterly earnings per share, quarterly price to earnings ratio and quarterly market to ...