The Swiss National Bank 1907 – 2007
... its doors for business on 20 June 1907. In looking back over the SNB’s history, we are picking up the thread of the last three anniversary publications – those of 1932, 1957 and 1982. This time, however, we are not only presenting the view from inside, but have also been able to call upon a number ...
... its doors for business on 20 June 1907. In looking back over the SNB’s history, we are picking up the thread of the last three anniversary publications – those of 1932, 1957 and 1982. This time, however, we are not only presenting the view from inside, but have also been able to call upon a number ...
Enhancing Monetary Analysis - ECB
... With the first question answered, attention has naturally shifted to the second issue: how to conduct monetary analysis. This book seeks to address that challenge, while recognising from the outset that the conclusions reached cannot be definitive, not least because the financial crisis itself and i ...
... With the first question answered, attention has naturally shifted to the second issue: how to conduct monetary analysis. This book seeks to address that challenge, while recognising from the outset that the conclusions reached cannot be definitive, not least because the financial crisis itself and i ...
What Is the Real Business Cycle Theory?
... Problems in Conducting Monetary Policy • The lag problem inherent in adopting fiscal policy changes is less acute for monetary policy, largely because the decisions are not slowed by the same budgetary process. • However, the length and variability of the impact lag before its effects on output and ...
... Problems in Conducting Monetary Policy • The lag problem inherent in adopting fiscal policy changes is less acute for monetary policy, largely because the decisions are not slowed by the same budgetary process. • However, the length and variability of the impact lag before its effects on output and ...
convergence report 1998
... generally reducing the impact of temporary measures on public finances in 1998, a year for which budget outcomes are expected to be better than those recorded in 1997 in nearly all countries, and in a number of Member States more favourable than planned in medium-term Convergence Programmes. Consist ...
... generally reducing the impact of temporary measures on public finances in 1998, a year for which budget outcomes are expected to be better than those recorded in 1997 in nearly all countries, and in a number of Member States more favourable than planned in medium-term Convergence Programmes. Consist ...
Price Stability versus Full Employment: The Phillips Curve Dilemma
... model and related approaches caught my attention at first. However, since I prefer to have a founded knowledge about the things I am writing on, I considered it mandatory to have a look at the original Phillips curve article. What I read in this and in related papers, however, was not what I had exp ...
... model and related approaches caught my attention at first. However, since I prefer to have a founded knowledge about the things I am writing on, I considered it mandatory to have a look at the original Phillips curve article. What I read in this and in related papers, however, was not what I had exp ...
Investment-Specific and Neutral News Shocks and Macroeconomic
... of these four shocks (investment-specific news and non-news, and neutral news and non-news) in macroeconomic fluctuations, thus allowing them to ‘compete on equal grounds’ for the purpose of explaining the business cycle. To the very best of my knowledge, this is the first paper to do so. The motiva ...
... of these four shocks (investment-specific news and non-news, and neutral news and non-news) in macroeconomic fluctuations, thus allowing them to ‘compete on equal grounds’ for the purpose of explaining the business cycle. To the very best of my knowledge, this is the first paper to do so. The motiva ...
AP ECON – Final Exam Review
... ____ 41. A sustained increase in aggregate output over several decades represents a. an expansion d. a depression b. a recovery e. economic growth c. a recession ____ 42. Which of the following is the most likely result of inflation? a. falling employment d. price stability b. a dollar will buy more ...
... ____ 41. A sustained increase in aggregate output over several decades represents a. an expansion d. a depression b. a recovery e. economic growth c. a recession ____ 42. Which of the following is the most likely result of inflation? a. falling employment d. price stability b. a dollar will buy more ...
Financial Instability and Monetary Policy: The Swedish Evidence
... system and hence developments in the real economy. Financial stability in this perspective is viewed as different degrees of financial distress and corresponding repercussions to the real economy. This view on financial stability is applied in our study. In order to avoid confusion with the “crises–non ...
... system and hence developments in the real economy. Financial stability in this perspective is viewed as different degrees of financial distress and corresponding repercussions to the real economy. This view on financial stability is applied in our study. In order to avoid confusion with the “crises–non ...
Publication - European Commission
... Eckhard Hein, 2005, “Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU”, Macroeconomic Policy Institute, IMK Working ...
... Eckhard Hein, 2005, “Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU”, Macroeconomic Policy Institute, IMK Working ...
World Economic Outlook - September 2011
... Table A2. Advanced Economies: Real GDP and Total Domestic Demand Table A3. Advanced Economies: Components of Real GDP Table A4. Emerging and Developing Economies by Country: Real GDP Table A5. Summary of Inflation Table A6. Advanced Economies: Consumer Prices Table A7. Emerging and Developing Econom ...
... Table A2. Advanced Economies: Real GDP and Total Domestic Demand Table A3. Advanced Economies: Components of Real GDP Table A4. Emerging and Developing Economies by Country: Real GDP Table A5. Summary of Inflation Table A6. Advanced Economies: Consumer Prices Table A7. Emerging and Developing Econom ...
D An Evaluation of Recent Macroeconomic Forecast Errors
... of setting appropriate monetary policy. Efforts to discern the causes of recent errors and to improve macroeconomic forecasting models may help improve the conduct of policy. This article evaluates recent forecast errors made by private forecasters in an attempt to understand why forecasts have gone ...
... of setting appropriate monetary policy. Efforts to discern the causes of recent errors and to improve macroeconomic forecasting models may help improve the conduct of policy. This article evaluates recent forecast errors made by private forecasters in an attempt to understand why forecasts have gone ...
monetary policy rules and macroeconomic stability: evidence and
... Many economists agree that monetary policy in the United States has been relatively well managed from the time Paul Volcker took over the helm, through the current regime of Alan Greenspan. It is also generally agreed that monetary policy was not so well managed in the fteen or so years prior to Vo ...
... Many economists agree that monetary policy in the United States has been relatively well managed from the time Paul Volcker took over the helm, through the current regime of Alan Greenspan. It is also generally agreed that monetary policy was not so well managed in the fteen or so years prior to Vo ...
COM SEC(2006)1570 EN
... 8.2.1. Respect of the reference value ....................................................................... 92 8.2.2. Recent inflation developments ....................................................................... 92 8.2.3. Underlying factors and sustainability of inflation.................. ...
... 8.2.1. Respect of the reference value ....................................................................... 92 8.2.2. Recent inflation developments ....................................................................... 92 8.2.3. Underlying factors and sustainability of inflation.................. ...
UK inflation in the 1970s and 1980s: the role of
... behaviour, such as technological change, but also to factors that do not, including monetary policy, it takes time to disentangle the two influences. The issue of output gap mismeasurement has been central to a great deal of recent analysis of monetary policy. Much of this has focused on what moneta ...
... behaviour, such as technological change, but also to factors that do not, including monetary policy, it takes time to disentangle the two influences. The issue of output gap mismeasurement has been central to a great deal of recent analysis of monetary policy. Much of this has focused on what moneta ...
The monetary policy of the ECB (Third edition, May 2011)
... On 1 January 1999 the ECB assumed responsibility for monetary policy in the euro area – the second largest economic area in the world after the United States. This represented a milestone in a long and complex process of integration among European countries. Twelve years on, the ECB enjoys a high de ...
... On 1 January 1999 the ECB assumed responsibility for monetary policy in the euro area – the second largest economic area in the world after the United States. This represented a milestone in a long and complex process of integration among European countries. Twelve years on, the ECB enjoys a high de ...
Monetary Science, Fiscal Alchemy
... U.S. tax cuts be enforced, or will the cuts be extended? Fiscal institutions do not provide the incentives and constraints necessary to induce policymakers to take actions that would reduce this uncertainty. Consequently, the private sector treats future policies probabilistically to hedge against p ...
... U.S. tax cuts be enforced, or will the cuts be extended? Fiscal institutions do not provide the incentives and constraints necessary to induce policymakers to take actions that would reduce this uncertainty. Consequently, the private sector treats future policies probabilistically to hedge against p ...
Fiscal and Monetary Policy under Imperfect Commitment Davide Debortoli Universitat Pompeu Fabra
... how these two factors affect fiscal policy choices and in particular the level of public debt. We also discuss the welfare implications of building credible institutions in the presence of political turnover. Finally, in chapter 3, we study how the possibility of changes in policy objectives affects ...
... how these two factors affect fiscal policy choices and in particular the level of public debt. We also discuss the welfare implications of building credible institutions in the presence of political turnover. Finally, in chapter 3, we study how the possibility of changes in policy objectives affects ...
Three essays about monetary policy in China - ROS Home
... informally targeting inflation although no explicit target has been announced. Chapter 2 focuses on China’s monetary conditions and aggregate demand in terms of the monetary conditions index (MCI). Different transmission channels are considered through which monetary conditions might influence aggre ...
... informally targeting inflation although no explicit target has been announced. Chapter 2 focuses on China’s monetary conditions and aggregate demand in terms of the monetary conditions index (MCI). Different transmission channels are considered through which monetary conditions might influence aggre ...
the paper - Brookings Institution
... availability of credit, and ultimately household wealth. As public demand for goods and services expands, economic growth ensues as businesses increase production and employ more workers. The dilemma arises from politicians’ electoral incentives, which lead them to want to stimulate the economy—par ...
... availability of credit, and ultimately household wealth. As public demand for goods and services expands, economic growth ensues as businesses increase production and employ more workers. The dilemma arises from politicians’ electoral incentives, which lead them to want to stimulate the economy—par ...
Price Level Targeting - The Market Monetarist
... optimal commitment is letting the market do some of the stabilisation. However, because commitment remains an obstacle for the central bank, a number of alternative policies, which implement a history dependent policy without the central bank having to commit, are brie y reviewed. These include a p ...
... optimal commitment is letting the market do some of the stabilisation. However, because commitment remains an obstacle for the central bank, a number of alternative policies, which implement a history dependent policy without the central bank having to commit, are brie y reviewed. These include a p ...
How Do Firms Form Their Expectations?
... survey. There is widespread consistency in price reports over the overlapping periods. We can also verify the quality of some of firms’ expectational answers. For example, we ask firms in the main survey when they next expect to change their prices and by how much. Given that firms provide us with t ...
... survey. There is widespread consistency in price reports over the overlapping periods. We can also verify the quality of some of firms’ expectational answers. For example, we ask firms in the main survey when they next expect to change their prices and by how much. Given that firms provide us with t ...
Government Spending Multipliers under the Zero
... are at the zero lower bound? The recent global financial crisis, which forced the central banks in many developed countries to reduce their short-term nominal interest rates close to the zero bound, brought this question to the center of policy debates. The theoretical literature provides a wide ran ...
... are at the zero lower bound? The recent global financial crisis, which forced the central banks in many developed countries to reduce their short-term nominal interest rates close to the zero bound, brought this question to the center of policy debates. The theoretical literature provides a wide ran ...