PDF Full Text
... GBP/USD), stock index (S&P/ASX200, FSTE 100), GDP growth rate, unemployment rate, inflation rate, consumer price index (CPI), Official Cash Rate (OCR), national current account, imports, exports, government debt, business confidence, consumer confidence, and 10-year government bonds for both countri ...
... GBP/USD), stock index (S&P/ASX200, FSTE 100), GDP growth rate, unemployment rate, inflation rate, consumer price index (CPI), Official Cash Rate (OCR), national current account, imports, exports, government debt, business confidence, consumer confidence, and 10-year government bonds for both countri ...
Drifting Inflation Targets and Stagflation
... Without a formal definition for guidance, stagflation appears to be a phenomenon that is known when it is seen. Figure 1 displays data for U.S. GDP growth and inflation from 1970 ...
... Without a formal definition for guidance, stagflation appears to be a phenomenon that is known when it is seen. Figure 1 displays data for U.S. GDP growth and inflation from 1970 ...
foreign reserves and international adjustments under the bretton
... practices: central banks started to accumulate some foreign currencies and influential economists - prominently Cassel and Keynes - made the case for using foreign currencies as reserves rather than specie (de Beaufort Wijnholds 1977, Cesarano 2007, p.119 et al.). In addition, following Keynes’ Trea ...
... practices: central banks started to accumulate some foreign currencies and influential economists - prominently Cassel and Keynes - made the case for using foreign currencies as reserves rather than specie (de Beaufort Wijnholds 1977, Cesarano 2007, p.119 et al.). In addition, following Keynes’ Trea ...
Chapter 1
... Simple exchange rates do not take into account the Incorrect fact that the price of goods only consumed domestically tend to be cheaper than those traded in international markets. The law of one price is not accounted for when simple exchange rates are used. ...
... Simple exchange rates do not take into account the Incorrect fact that the price of goods only consumed domestically tend to be cheaper than those traded in international markets. The law of one price is not accounted for when simple exchange rates are used. ...
textos para discussão uff/economia
... Despite significant changes in the institutional environment of the Brazilian economy in the 1990s, caused mainly by economic and financial deregulation, price stabilization and privatizations, growth rates were modest along the decade (Hermann, 2002). Contrasting with this result, industrial produc ...
... Despite significant changes in the institutional environment of the Brazilian economy in the 1990s, caused mainly by economic and financial deregulation, price stabilization and privatizations, growth rates were modest along the decade (Hermann, 2002). Contrasting with this result, industrial produc ...
True, False, or Uncertain? Explain with words and graphs Study
... 7. The aggregate demand curve is a relation between the inflation rate and output demanded: higher inflation encourages people to spend more today, before goods become even more expensive, so that the AD curve is upward sloping. 8. The aggregate demand curve is a relation between the inflation ra ...
... 7. The aggregate demand curve is a relation between the inflation rate and output demanded: higher inflation encourages people to spend more today, before goods become even more expensive, so that the AD curve is upward sloping. 8. The aggregate demand curve is a relation between the inflation ra ...
Federal Reserve Bank of Boston © o
... are added to the simple nominal GNP targeting rule. The inclusion of the money variable makes sense if some District presidents believe it is a good predictor of future inflation, or if some presidents use monetarist models. The unemployment rate should be included if it, rather than real GNP growth ...
... are added to the simple nominal GNP targeting rule. The inclusion of the money variable makes sense if some District presidents believe it is a good predictor of future inflation, or if some presidents use monetarist models. The unemployment rate should be included if it, rather than real GNP growth ...
Aghion Notes 2013
... Verbally, what has been the approach to testing convergence in the empirical literature? The empirical literature has tested a somewhat stronger version of conditional convergence Suggested by proponents of the neoclassical model who believe that as a working hypothesis we should assume that all ...
... Verbally, what has been the approach to testing convergence in the empirical literature? The empirical literature has tested a somewhat stronger version of conditional convergence Suggested by proponents of the neoclassical model who believe that as a working hypothesis we should assume that all ...
The Unemployment Rate The Other Factors - U
... Take, for example, unemployment insurance—the payment of unemployment benefits to workers who lose their jobs. There are very good reasons why society should provide some insurance to workers who lose their job and have a hard time finding another. But there is little question that, by making the pr ...
... Take, for example, unemployment insurance—the payment of unemployment benefits to workers who lose their jobs. There are very good reasons why society should provide some insurance to workers who lose their job and have a hard time finding another. But there is little question that, by making the pr ...
Crisis and Consumption Smoothing
... Eichengreen et. al. (1996) de ne a currency crisis to include both the large depreciations that we consider here, and also speculative attacks that are successfully warded off by the authorities. Unfortunately, unsuccessful speculative attack are dif cult to identify even ex-post and they use sharp ...
... Eichengreen et. al. (1996) de ne a currency crisis to include both the large depreciations that we consider here, and also speculative attacks that are successfully warded off by the authorities. Unfortunately, unsuccessful speculative attack are dif cult to identify even ex-post and they use sharp ...
Core` and Periphery` in the World Economy: An
... The actual mechanics for exploitation comes in several different forms. The monopolistic powers of the center countries allow them to raise the prices of their exports relative to the prices of periphery exports. In addition, the center also possesses monopsony power with respect to purchases of exp ...
... The actual mechanics for exploitation comes in several different forms. The monopolistic powers of the center countries allow them to raise the prices of their exports relative to the prices of periphery exports. In addition, the center also possesses monopsony power with respect to purchases of exp ...
ESTIMATES OF OPTIMAL INFLATION FOR WAMZ COUNTRIES
... making prices and wages more flexible (Lucas, 1973). On the other hand, high price level may create uncertainty and hamper economic performance. Inflation may also reduce a country’s international competitiveness, by making its exports relatively more expensive, thus negatively impacting on the bala ...
... making prices and wages more flexible (Lucas, 1973). On the other hand, high price level may create uncertainty and hamper economic performance. Inflation may also reduce a country’s international competitiveness, by making its exports relatively more expensive, thus negatively impacting on the bala ...
ESSAYS ON MONETARY AND FISCAL POLICY By Andrea Pescatori
... The thesis is focused on the policy implications of financial markets imperfections for the business cycle. The view that the financial structure and the performance of credit markets may be important to understand macroeconomic facts dates back at least to Gurley and Shaw (1955). However, many resu ...
... The thesis is focused on the policy implications of financial markets imperfections for the business cycle. The view that the financial structure and the performance of credit markets may be important to understand macroeconomic facts dates back at least to Gurley and Shaw (1955). However, many resu ...
Inflation, Disinflation, and Deflation
... The Classical Model of Money and Prices In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, ...
... The Classical Model of Money and Prices In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, ...
The 3-Equation New Keynesian Model — a Graphical
... inflation in the Phillips curve could be the outcome of the imperfect availability of information or of institutional arrangements in a world where agents have rational expectations. For this reason, we prefer the more general term of inertial or backwards-looking Phillips curves since the key assu ...
... inflation in the Phillips curve could be the outcome of the imperfect availability of information or of institutional arrangements in a world where agents have rational expectations. For this reason, we prefer the more general term of inertial or backwards-looking Phillips curves since the key assu ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... Section 3 analyzes the sources of these policy changes. It examines the stated motivations of policymakers to see if the changes in interest rates and in the high-employment surplus during recessions and around troughs were taken largely to end the recessions or for other reasons. We find that nearl ...
... Section 3 analyzes the sources of these policy changes. It examines the stated motivations of policymakers to see if the changes in interest rates and in the high-employment surplus during recessions and around troughs were taken largely to end the recessions or for other reasons. We find that nearl ...
A Sluggish Trend of National Savings and its Causes: The Case of
... significant positive relationship between Participation of spouse, rate of total dependency, overall income of the household and range of landholdings with household saving. Whereas other way around significant negative relationship was observed with family size, education family unit head, responsi ...
... significant positive relationship between Participation of spouse, rate of total dependency, overall income of the household and range of landholdings with household saving. Whereas other way around significant negative relationship was observed with family size, education family unit head, responsi ...
Current Account Reversals: Always a Problem?
... While these results provide a summary measure of ex post capital mobility in a constant sample of countries, it is not clear that they adequately summarize capital mobility in the world as a whole, since the number of independent countries – and the number of middle- as well as high-income countrie ...
... While these results provide a summary measure of ex post capital mobility in a constant sample of countries, it is not clear that they adequately summarize capital mobility in the world as a whole, since the number of independent countries – and the number of middle- as well as high-income countrie ...
ciclos de negocios en países emergentes: el rol de los bienes
... Our sample comprises thirty-one countries for which we are able to find data on durable goods’ spending and, whenever possible, up to the beginning of the recent financial crisis (last quarter of 2008). We split the sample into developed and emerging economies depending on their Morgan Stanley Capit ...
... Our sample comprises thirty-one countries for which we are able to find data on durable goods’ spending and, whenever possible, up to the beginning of the recent financial crisis (last quarter of 2008). We split the sample into developed and emerging economies depending on their Morgan Stanley Capit ...
W Globalization and U.S. Inflation
... for j 5 Canada, France, Germany, Italy, Japan, U.K. was allowed to vary slightly for the six different countries, although imposing the same specification across countries had no effect on the results. In all cases the g coefficients on the lagged domestic inflation realizations were constrained to ...
... for j 5 Canada, France, Germany, Italy, Japan, U.K. was allowed to vary slightly for the six different countries, although imposing the same specification across countries had no effect on the results. In all cases the g coefficients on the lagged domestic inflation realizations were constrained to ...
Unemployment benefits extensions at the zero lower bound on
... Christiano et al. (2011) and Carrillo & Poilly (2013) documented that the government spending multiplier is larger (than one) when the ZLB on nominal interest rate binds. Eggertsson (2011) shows that an increase in labor supply when the ZLB binds raises the real interest rate which lowers output. Th ...
... Christiano et al. (2011) and Carrillo & Poilly (2013) documented that the government spending multiplier is larger (than one) when the ZLB on nominal interest rate binds. Eggertsson (2011) shows that an increase in labor supply when the ZLB binds raises the real interest rate which lowers output. Th ...
Mankiw 6e PowerPoints
... def: the stock of assets used for transactions functions: medium of exchange, store of value, unit of account types: commodity money (has intrinsic value), fiat money (no intrinsic value) money supply controlled by central bank Quantity theory of money assumes velocity is stable, concludes t ...
... def: the stock of assets used for transactions functions: medium of exchange, store of value, unit of account types: commodity money (has intrinsic value), fiat money (no intrinsic value) money supply controlled by central bank Quantity theory of money assumes velocity is stable, concludes t ...
Is the Phillips curve still dead?
... The relationship between monetary conditions such as the interest rate or money supply and real economic variables such as output and employment has long been a source of contention among academics and policymakers alike. Changes in monetary conditions are often believed to transmit to the real econ ...
... The relationship between monetary conditions such as the interest rate or money supply and real economic variables such as output and employment has long been a source of contention among academics and policymakers alike. Changes in monetary conditions are often believed to transmit to the real econ ...
apers g P orkin al Bank W
... volatility of the other. Needless to say, if these criteria are not satisfied simultaneously, any attempts by central banks to offset asset-price movements may simply raise macroeconomic volatility, potentially increasing the risk of financial instability developing. Third, the size of interest rate ...
... volatility of the other. Needless to say, if these criteria are not satisfied simultaneously, any attempts by central banks to offset asset-price movements may simply raise macroeconomic volatility, potentially increasing the risk of financial instability developing. Third, the size of interest rate ...
Macro-economics of balance-sheet problems and the
... loans require collateral, and higher prices may decrease turnover, etc. The main advantage of micro-founded macro-models is that they are internally consistent and able to handle expectations. This makes them resilient – if they describe economic behaviour correctly – to the Lucas critique (Lucas, 1 ...
... loans require collateral, and higher prices may decrease turnover, etc. The main advantage of micro-founded macro-models is that they are internally consistent and able to handle expectations. This makes them resilient – if they describe economic behaviour correctly – to the Lucas critique (Lucas, 1 ...