NBER WORKING PAPER SERIES Aart Kraay Jaume Ventura
... reality. The question of why this is so is one of the most intriguing puzzles in international finance. See Lewis [1999] for a survey of the literature on this topic. ...
... reality. The question of why this is so is one of the most intriguing puzzles in international finance. See Lewis [1999] for a survey of the literature on this topic. ...
and Uncertain Fiscal Financing - Federal Reserve Bank of Kansas City
... accounting embeds the assumption that current policies will remain in effect over the projection period. Because current policies have no provision for financing the projected transfers, the accounting exercise converts those transfers into government borrowing, with no resulting adjustments in pric ...
... accounting embeds the assumption that current policies will remain in effect over the projection period. Because current policies have no provision for financing the projected transfers, the accounting exercise converts those transfers into government borrowing, with no resulting adjustments in pric ...
Woodford and Wicksell: a Cashless Economy or a Moneyless
... put into question. The IT revolution -in line with the 1980’s institutional changes in the financial markets- legitimates such anti-monetarism position. The widespread development of electronic money and stored value cards are prime requiste to wonder whether money matters or wheter it still has a p ...
... put into question. The IT revolution -in line with the 1980’s institutional changes in the financial markets- legitimates such anti-monetarism position. The widespread development of electronic money and stored value cards are prime requiste to wonder whether money matters or wheter it still has a p ...
QE: the story so far
... of QE is greater the weaker the economy and the more disturbed the state of financial markets. This state-dependency in the impact of QE is potentially important to our understanding of how QE has worked in the past and the circumstances in which it is likely to be effective in the future. Third, QE ...
... of QE is greater the weaker the economy and the more disturbed the state of financial markets. This state-dependency in the impact of QE is potentially important to our understanding of how QE has worked in the past and the circumstances in which it is likely to be effective in the future. Third, QE ...
What drives the short-run costs of fiscal consolidation?
... faced by several economies in the current post-crisis environment. But, at a minimum, our evidence should raise doubts about studies claiming that based on historical evidence post-crisis multipliers are necessarily, or everywhere, large post crisis. Our analysis also sheds some light on the transmi ...
... faced by several economies in the current post-crisis environment. But, at a minimum, our evidence should raise doubts about studies claiming that based on historical evidence post-crisis multipliers are necessarily, or everywhere, large post crisis. Our analysis also sheds some light on the transmi ...
NBER WORKING PAPER SERIES FORTUNE OR VIRTUE:
... The natural next step is, thus, to estimate a DSGE model that can measure how much of the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging ...
... The natural next step is, thus, to estimate a DSGE model that can measure how much of the volatility change observed in the U.S. aggregate data can be attributed to either fortune, through heteroscedastic shocks, or virtue, in our case through changes in monetary policy. The project is challenging ...
1 M.A.PART - I ECONOMIC PAPER
... multiplier – instruments of monetary control – Money stock and interest rate targeting. 3. Dynamic macroeconomics The dynamic aggregate supply curve – The long-run supply curve – short and long run Phillips curves – Strategies to reduce inflation, money, deficit and inflation – The Fisher equation – ...
... multiplier – instruments of monetary control – Money stock and interest rate targeting. 3. Dynamic macroeconomics The dynamic aggregate supply curve – The long-run supply curve – short and long run Phillips curves – Strategies to reduce inflation, money, deficit and inflation – The Fisher equation – ...
Deflation: Determinants, Risks and Policy Options -- Findings
... biases. In almost all countries, consumer price indices are “Laspeyres” base-weighted, and hence do not allow for substitution possibilities. A second source of bias can arise when shifts to lower price discount outlets are inadequately reflected. A third element relates to new or improved products, ...
... biases. In almost all countries, consumer price indices are “Laspeyres” base-weighted, and hence do not allow for substitution possibilities. A second source of bias can arise when shifts to lower price discount outlets are inadequately reflected. A third element relates to new or improved products, ...
International Trade Compliance Terms 01
... Corrected for price changes to yield an equivalent in terms of goods and services. The adjustment divides nominal amounts for different years by price indices for those years -- e.g. the CPI or the implicit price deflator -- and multiplies by 100. This converts to real values, i.e. valued at the pri ...
... Corrected for price changes to yield an equivalent in terms of goods and services. The adjustment divides nominal amounts for different years by price indices for those years -- e.g. the CPI or the implicit price deflator -- and multiplies by 100. This converts to real values, i.e. valued at the pri ...
Textbook of Economics
... limited to the area of the Earth and can be enlarged only by building above or under the surface. Accumulation of Capital On the other hand, capital can be accumulated to infinity. Capital goods include tools, machines, and buildings. They are not produced for immediate consumption they are used to ...
... limited to the area of the Earth and can be enlarged only by building above or under the surface. Accumulation of Capital On the other hand, capital can be accumulated to infinity. Capital goods include tools, machines, and buildings. They are not produced for immediate consumption they are used to ...
A Dynamic Model of Aggregate Demand and Aggregate Supply
... If you wanted to set interest rates to achieve low, stable inflation while avoiding large fluctuations in output and employment, how would you do it? This is exactly the question that the governors of the Federal Reserve must ask themselves every day. The short-term policy instrument that the Fed no ...
... If you wanted to set interest rates to achieve low, stable inflation while avoiding large fluctuations in output and employment, how would you do it? This is exactly the question that the governors of the Federal Reserve must ask themselves every day. The short-term policy instrument that the Fed no ...
NATIONAL BANK OF POLAND WORKING PAPER No. 135
... by cash-in-advance models (CIA, Clower 1967) in which the importance of money results from the technology of concluding transactions, i.e. from the fact that some transactions, concerning cash goods, cannot be concluded without money (as opposed to transactions involving credit goods). However, atte ...
... by cash-in-advance models (CIA, Clower 1967) in which the importance of money results from the technology of concluding transactions, i.e. from the fact that some transactions, concerning cash goods, cannot be concluded without money (as opposed to transactions involving credit goods). However, atte ...
GROWTH AND INFLATION IN SOUTH AFRICA: IS THERE
... the Keynesian view is that inflationary finance can mobilise resources for capital accumulation. The redistribution of wealth from money into physical assets may proceed through two main channels, one of which originates from the Keynesian approach and the other from the Quantity Theory approach. If ...
... the Keynesian view is that inflationary finance can mobilise resources for capital accumulation. The redistribution of wealth from money into physical assets may proceed through two main channels, one of which originates from the Keynesian approach and the other from the Quantity Theory approach. If ...
Inflation in Developing Asia: Demand-Pull or Cost-Push?
... gives a great deal of credibility to the cost-push diagnosis. If higher food and oil prices are indeed what underlie Asia’s inflation, the scope for anti-inflationary monetary tightening, which works by dampening aggregate demand, would come at a steep cost in terms of foregone growth impacts. There ...
... gives a great deal of credibility to the cost-push diagnosis. If higher food and oil prices are indeed what underlie Asia’s inflation, the scope for anti-inflationary monetary tightening, which works by dampening aggregate demand, would come at a steep cost in terms of foregone growth impacts. There ...
Policy Mix Coherence: What Does it Mean for Monetary
... These rules are also ranked in two groups. The four criteria in the top group are as follows: not more than 4% of fiscal deficit; inflation rate under 5%; net reserves to cover at least three months’ exports, and central bank loans to revenue of not more than 10% of the previous year’s fiscal revenu ...
... These rules are also ranked in two groups. The four criteria in the top group are as follows: not more than 4% of fiscal deficit; inflation rate under 5%; net reserves to cover at least three months’ exports, and central bank loans to revenue of not more than 10% of the previous year’s fiscal revenu ...
Macro Stress Testing of Credit Risk Focused on the Tails
... extreme shocks (e.g. in default correlations). That motivates us to also consider an alternative model for the macro-credit risk link that incorporates stochastic macro sensitivity of the credit risk indicator. In estimating and applying these models on a system level, this paper situates itself ami ...
... extreme shocks (e.g. in default correlations). That motivates us to also consider an alternative model for the macro-credit risk link that incorporates stochastic macro sensitivity of the credit risk indicator. In estimating and applying these models on a system level, this paper situates itself ami ...
Working papers - Federal Reserve Bank of Cleveland
... 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 exhaustive analysis of the factors that can generate stagflation than visual analysis alone. Thus, we ...
... 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 exhaustive analysis of the factors that can generate stagflation than visual analysis alone. Thus, we ...
MONETARY POLICY UNDER A NEW KEYNESIAN PERSPECTIVE
... This thesis studies monetary policy in a dynamic general equilibrium framework with nominal price rigidities. It analyses monetary policy in a non-linear environ ment and explores issues concerning optimal monetary policy. The introductory chapter sets out the motivation of the thesis and puts it i ...
... This thesis studies monetary policy in a dynamic general equilibrium framework with nominal price rigidities. It analyses monetary policy in a non-linear environ ment and explores issues concerning optimal monetary policy. The introductory chapter sets out the motivation of the thesis and puts it i ...
DRAFT Do Worker Remittances Reduce Output Volatility in Developing Countries?
... C. The Institutional Environment While budgetary institutions and financial sector development are two aspects of the domestic institutional environment that may affect macroeconomic volatility, several authors have emphasized that deeper aspects of the domestic institutional environment may be even ...
... C. The Institutional Environment While budgetary institutions and financial sector development are two aspects of the domestic institutional environment that may affect macroeconomic volatility, several authors have emphasized that deeper aspects of the domestic institutional environment may be even ...
Has Monetary Policy Become Less Powerful?
... might suggest that monetary policy has become less powerful. However, this can only be determined once we understand the causes of these changes. In fact, the e¤ect of monetary policy depends both on the way it is conducted, and on the response of households and …rms — the private sector for short — ...
... might suggest that monetary policy has become less powerful. However, this can only be determined once we understand the causes of these changes. In fact, the e¤ect of monetary policy depends both on the way it is conducted, and on the response of households and …rms — the private sector for short — ...
Introduction - Geist Science
... that there was long run relationship between GDP, imports, money supply, Government revenue, Government expenditure and inflation in Pakistan. Aurangzeb (2012) investigated the determinants of inflation in Pakistan. Time series data set was used for the period from 1981 to 2010. By applying multiple ...
... that there was long run relationship between GDP, imports, money supply, Government revenue, Government expenditure and inflation in Pakistan. Aurangzeb (2012) investigated the determinants of inflation in Pakistan. Time series data set was used for the period from 1981 to 2010. By applying multiple ...
Economics of Money, Banking, and Financial Markets, 8e
... 7) An expansionary monetary policy increases net exports by A) lowering nominal interest rates and decreasing the value of the dollar. B) lowering real interest rates and decreasing the value of the dollar. C) raising nominal interest rates and increasing the value of the dollar. D) raising real int ...
... 7) An expansionary monetary policy increases net exports by A) lowering nominal interest rates and decreasing the value of the dollar. B) lowering real interest rates and decreasing the value of the dollar. C) raising nominal interest rates and increasing the value of the dollar. D) raising real int ...
A Primer on Inflation
... businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social and economic costs of inflation have made authorities more concerned wit ...
... businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social and economic costs of inflation have made authorities more concerned wit ...
Optimal Tariffs, Retaliation and the Welfare Loss from Tariff Wars in
... model with heterogeneous firms. Demidova and Rodriguez-Clare (2009) have provided analytical results for the small economy case; Cole and Davis (2011) derive optimal tariffs in a model with quasi-linear preferences. While these papers have considerably enhanced our understanding of policy in new tra ...
... model with heterogeneous firms. Demidova and Rodriguez-Clare (2009) have provided analytical results for the small economy case; Cole and Davis (2011) derive optimal tariffs in a model with quasi-linear preferences. While these papers have considerably enhanced our understanding of policy in new tra ...
Is the Twin Deficits Hypothesis Relevant to Fiji?
... exchange, are a transfer of real resources to the receiving countries. As such, they not only kept domestic inflation low but also served as a cushion against pressures of current account deficits in the balance of payments on exchange rates (Jayaraman, 2006). Following the end of the Cold War in th ...
... exchange, are a transfer of real resources to the receiving countries. As such, they not only kept domestic inflation low but also served as a cushion against pressures of current account deficits in the balance of payments on exchange rates (Jayaraman, 2006). Following the end of the Cold War in th ...