
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 ...
The Optimal Level of International Reserves For Emerging Market
... when the focus was mainly on the current account (Heller, 1966). The main insights from that literature were later formalized in variants of the Baumol-Tobin inventory model in which the stock of reserves is being depleted by a stochastic current account de…cit (see, e.g., Frenkel and Jovanovic, 198 ...
... when the focus was mainly on the current account (Heller, 1966). The main insights from that literature were later formalized in variants of the Baumol-Tobin inventory model in which the stock of reserves is being depleted by a stochastic current account de…cit (see, e.g., Frenkel and Jovanovic, 198 ...
Approaches to reforming pensions in CEE countries:
... Same challenges, same lessons? • Russia faces similar pension system challenges as most of the CEE countries • Warning from mixed experience with mandatory/voluntary 2nd pillar • If mandatory 2nd pension pillar then: – the need to thoroughly analyze transitional costs – define the sources for its f ...
... Same challenges, same lessons? • Russia faces similar pension system challenges as most of the CEE countries • Warning from mixed experience with mandatory/voluntary 2nd pillar • If mandatory 2nd pension pillar then: – the need to thoroughly analyze transitional costs – define the sources for its f ...
Inflation and Economic Growth in India – An Empirical Analysis
... capital per capita and output (e.g., Orphanides and Solow, 1990). There are three possible results regarding the impact of inflation on output and growth: i) none; ii) positive; and iii) negative. Sidrauski (1967) established the first result, showing that money is neutral and superneutral1 in an op ...
... capital per capita and output (e.g., Orphanides and Solow, 1990). There are three possible results regarding the impact of inflation on output and growth: i) none; ii) positive; and iii) negative. Sidrauski (1967) established the first result, showing that money is neutral and superneutral1 in an op ...
S2011925_en.pdf
... deficits often referred to as the “twin deficit hypothesis”. The first of these, which has roots in the Mundell–Fleming model (Fleming, 1962; Mundell, 1963) suggest that the budget deficit causes the current account deficit. The transmission mechanism is such that the budget deficit increases consum ...
... deficits often referred to as the “twin deficit hypothesis”. The first of these, which has roots in the Mundell–Fleming model (Fleming, 1962; Mundell, 1963) suggest that the budget deficit causes the current account deficit. The transmission mechanism is such that the budget deficit increases consum ...
What kind of convergence does the euro area need?
... was fast convergence from the introduction of the single market in 1986 until the late 1990s. Since then the trend ...
... was fast convergence from the introduction of the single market in 1986 until the late 1990s. Since then the trend ...
Preferences, Purchasing Power Parity, and
... ambitious in what it claims to achieve. As the volume [World Bank (2013)] that describes the objectives, methodology and the data sets of the ICP 2005 exercise states in its title, it seeks to measure the ‘real size’ of the world economy, even though it is not clear what the term ‘real’ really means ...
... ambitious in what it claims to achieve. As the volume [World Bank (2013)] that describes the objectives, methodology and the data sets of the ICP 2005 exercise states in its title, it seeks to measure the ‘real size’ of the world economy, even though it is not clear what the term ‘real’ really means ...
Asia and Pacific Preparing for Choppy Seas
... (benchmarked against the United States) will be much lower than that reached by advanced economies at a similar peak in their aging cycle. The drag on future growth from aging could be significant especially in relatively old Asian countries. Chapter 3 finds that productivity growth has slowed since ...
... (benchmarked against the United States) will be much lower than that reached by advanced economies at a similar peak in their aging cycle. The drag on future growth from aging could be significant especially in relatively old Asian countries. Chapter 3 finds that productivity growth has slowed since ...
Inflation targeting, economic performance, and income distribution: a
... of countries. Indeed, since the adoption of inflation targeting in New Zealand in 1990, a host of countries have adopted an inflation targeting regime. This regime and the relevant monetary policy strategy gravitate around an acceptable inflation rate (a point target, as in the cases of Finland, Spa ...
... of countries. Indeed, since the adoption of inflation targeting in New Zealand in 1990, a host of countries have adopted an inflation targeting regime. This regime and the relevant monetary policy strategy gravitate around an acceptable inflation rate (a point target, as in the cases of Finland, Spa ...
Asia Pacific Regional Economic Outlook, May 9, 2017
... (benchmarked against the United States) will be much lower than that reached by advanced economies at a similar peak in their aging cycle. The drag on future growth from aging could be significant especially in relatively old Asian countries. Chapter 3 finds that productivity growth has slowed since ...
... (benchmarked against the United States) will be much lower than that reached by advanced economies at a similar peak in their aging cycle. The drag on future growth from aging could be significant especially in relatively old Asian countries. Chapter 3 finds that productivity growth has slowed since ...
Optimal Reserves in Financially Closed Economies
... is the appropriate level of international reserves for a small open economy (IMF, 2011, 2013, 2015). In this paper we study this question in the context of a model where reserves play a very simple and basic role of precautionary savings against current account shocks. We study the pure case of an e ...
... is the appropriate level of international reserves for a small open economy (IMF, 2011, 2013, 2015). In this paper we study this question in the context of a model where reserves play a very simple and basic role of precautionary savings against current account shocks. We study the pure case of an e ...
Fiscal consolidation and its cross
... computing optimized feedback policy rules for various …scal policy instruments used at the same time, we do not have to make any arbitrary assumptions about which instrument to use to react to economic conditions (like public debt, output, or in‡ation) and/or how strong this reaction is. But, for co ...
... computing optimized feedback policy rules for various …scal policy instruments used at the same time, we do not have to make any arbitrary assumptions about which instrument to use to react to economic conditions (like public debt, output, or in‡ation) and/or how strong this reaction is. But, for co ...
The costs of inflation – what have we learned?
... economy – including uncertainty about the size and timing ...
... economy – including uncertainty about the size and timing ...
NBER WORKING PAPER SERIES PERCEPTIONS AND MISPERCEPTIONS OF FISCAL INFLATION
... a misperception to believe that fiscal policy can affect inflation only if monetary policy monetizes deficits in the manner that Sargent and Wallace envision. The tight connection between seigniorage financing and inflation in Sargent and Wallace’s model stems from the assumption that bonds are real, or p ...
... a misperception to believe that fiscal policy can affect inflation only if monetary policy monetizes deficits in the manner that Sargent and Wallace envision. The tight connection between seigniorage financing and inflation in Sargent and Wallace’s model stems from the assumption that bonds are real, or p ...
Monetary policy and supply shocks - Hans-Böckler
... sector (Aoki 2001 and Lenza 2007). This assumption is reasonable because food and energy resources are at the most transformed into standardized goods, which are traded in nearcompetitive markets with frequent price adjustments. Commodity prices change in response to supply or demand shifts. Althoug ...
... sector (Aoki 2001 and Lenza 2007). This assumption is reasonable because food and energy resources are at the most transformed into standardized goods, which are traded in nearcompetitive markets with frequent price adjustments. Commodity prices change in response to supply or demand shifts. Althoug ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... other supply shocks. By the end of the twentieth century, a consensus view had developed that the Great Inflation represented the most costly deviation from a period of stable prices and output growth in the period between the Great Depression and the recent financial crisis in the United States, as ...
... other supply shocks. By the end of the twentieth century, a consensus view had developed that the Great Inflation represented the most costly deviation from a period of stable prices and output growth in the period between the Great Depression and the recent financial crisis in the United States, as ...
2009-II CENTRAL BANK OF THE REPUBLIC OF TURKEY
... administered prices in order to stabilize the budget could result some inflation volatility over the short term. Moreover, the increasing financing requirement of the government might weaken the favorable impact of monetary policy decisions on economic activity. Therefore, in order to reap the gains ...
... administered prices in order to stabilize the budget could result some inflation volatility over the short term. Moreover, the increasing financing requirement of the government might weaken the favorable impact of monetary policy decisions on economic activity. Therefore, in order to reap the gains ...
PDF
... rate of technological progress are su¤ciently large to account for the £uctuations in economic growth rates which are typically observed over the course of a business cycle. A speci¢c argument against the use of ¢scal policy to meet stabilisation objectives is that it may lead to overall increases i ...
... rate of technological progress are su¤ciently large to account for the £uctuations in economic growth rates which are typically observed over the course of a business cycle. A speci¢c argument against the use of ¢scal policy to meet stabilisation objectives is that it may lead to overall increases i ...
Mankiw 5/e Chapter 4: Money and Inflation
... Suppose a firm issues new catalog each January. As the general price level rises throughout the year, the firm’s relative price will fall. ...
... Suppose a firm issues new catalog each January. As the general price level rises throughout the year, the firm’s relative price will fall. ...
Government expenditure composition and fiscal policy spillovers in
... Second, we argue that this gives rise to a potential trade-o for governments. We illustrate this by considering an ex-ante budget neutral reorientation of government expenditure to investment from consumption. Such a measure may provide a stimulus without a reduction in external competitiveness bot ...
... Second, we argue that this gives rise to a potential trade-o for governments. We illustrate this by considering an ex-ante budget neutral reorientation of government expenditure to investment from consumption. Such a measure may provide a stimulus without a reduction in external competitiveness bot ...
2015-16 - University of Glasgow
... income targets being strongly preferred as debt levels rise and maturity shortens. Delegating price level targeting to the monetary policymaker can bring a substantial reduction in social loss — the loss can be very close to the one under benevolent commitment — but only for low levels of debt and l ...
... income targets being strongly preferred as debt levels rise and maturity shortens. Delegating price level targeting to the monetary policymaker can bring a substantial reduction in social loss — the loss can be very close to the one under benevolent commitment — but only for low levels of debt and l ...
Unemployment in an Interdependent World
... actions are no longer independent from each other. Rather, the economic, political, and social performance of one country also depends on the policies taken by other countries. Essentially, the study of these interdependencies is the epitome of international economics, whether countries are linked v ...
... actions are no longer independent from each other. Rather, the economic, political, and social performance of one country also depends on the policies taken by other countries. Essentially, the study of these interdependencies is the epitome of international economics, whether countries are linked v ...