Monetary
... Limits to low discount rate • The biological value of a low discount rate is limited by its requiring the organism to detect which one of all the events occurring over a preceding period of hours or days led to a particular reinforcer. As the discounting rate falls, the informational load increases ...
... Limits to low discount rate • The biological value of a low discount rate is limited by its requiring the organism to detect which one of all the events occurring over a preceding period of hours or days led to a particular reinforcer. As the discounting rate falls, the informational load increases ...
The Exchange Rate, Productivity, and the Standard of Living
... the real exchange rate can be linked on the supply side of the economy. A country experiencing strong productivity growth (a positive supply shock) may need to sell some of the additional output abroad. To increase foreign sales, part of the productivity gains would be passed on to foreign consumers ...
... the real exchange rate can be linked on the supply side of the economy. A country experiencing strong productivity growth (a positive supply shock) may need to sell some of the additional output abroad. To increase foreign sales, part of the productivity gains would be passed on to foreign consumers ...
Capital Controls and Optimal Chinese Monetary Policy
... persistent declines in foreign interest rates as the Federal Reserve and central banks in other advanced economies reduced short-term interest rates close to the zero lower bound and adopted quantitative easing and other unconventional monetary policies. In addition, sharp spikes of uncertainty in f ...
... persistent declines in foreign interest rates as the Federal Reserve and central banks in other advanced economies reduced short-term interest rates close to the zero lower bound and adopted quantitative easing and other unconventional monetary policies. In addition, sharp spikes of uncertainty in f ...
Fiscal Policy and the Stability and Growth Pact
... – These fines will not be applied if the countries in question experience exceptional circumstances, e.g. a natural disaster or a decline of their GDP of more than 2% during one year – In cases where the drop in GDP is between 0.75 and 2% the application of the fine will be subject to the approval o ...
... – These fines will not be applied if the countries in question experience exceptional circumstances, e.g. a natural disaster or a decline of their GDP of more than 2% during one year – In cases where the drop in GDP is between 0.75 and 2% the application of the fine will be subject to the approval o ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... Another important feature of the exchange rate policy followed by many countries was the adoption of multiple exchange rates. Immediately following the crisis in many (but not all) of the major debtors the devaluation policies were supplemented by the imposition of trade restrictions. In some countr ...
... Another important feature of the exchange rate policy followed by many countries was the adoption of multiple exchange rates. Immediately following the crisis in many (but not all) of the major debtors the devaluation policies were supplemented by the imposition of trade restrictions. In some countr ...
Is Currency Depreciation Expansionary? The Case of South Korea
... higher domestic inflation and capital outflows outweigh the positive impacts such as more exports and that more government debt as a percent of GDP would not hurt real GDP. Several other variables are considered. An increase in the real crude oil price is expected to shift the short-run aggregate su ...
... higher domestic inflation and capital outflows outweigh the positive impacts such as more exports and that more government debt as a percent of GDP would not hurt real GDP. Several other variables are considered. An increase in the real crude oil price is expected to shift the short-run aggregate su ...
Financial Market Imperfections and the impact of
... we list these factors as magnification elements. The literature on the links between finance and the real sector, has recently focused on the role of the local financial development on growth or trade, especially for industries that are more financial dependent, i.e. industries that need an extended ...
... we list these factors as magnification elements. The literature on the links between finance and the real sector, has recently focused on the role of the local financial development on growth or trade, especially for industries that are more financial dependent, i.e. industries that need an extended ...
Hyder, Zulfiqar and Adil Mahboob, 2006, “Equilibrium Real Effective
... has to make a strategic choice between a fixed exchange rate regime, a flexible exchange rate regime, or one of various in-between options. Each policy has its own advantages and disadvantages, and each country’s circumstances are different. Although many countries have pegged their exchange rates w ...
... has to make a strategic choice between a fixed exchange rate regime, a flexible exchange rate regime, or one of various in-between options. Each policy has its own advantages and disadvantages, and each country’s circumstances are different. Although many countries have pegged their exchange rates w ...
English
... Sources: National authorities; and International Financial Statistics, IMF. Note: depreciation is measured from pre-crisis to most recent 2009 data. ...
... Sources: National authorities; and International Financial Statistics, IMF. Note: depreciation is measured from pre-crisis to most recent 2009 data. ...
1 1) Consider I = b +b Y-b
... Initial Equilibrium: AS0, AD0, IS0, LM0, P0, Pe0, Y0, Yn0, i0 Short-Run Equilibrium: AS1, AD1, IS1, LM1, P1, Pe1, Y1, Yn1, i1 Medium-Run Equilibrium: AS2, AD2, IS2, LM2, P2, Pe2, Y2, Yn2, i2 ...
... Initial Equilibrium: AS0, AD0, IS0, LM0, P0, Pe0, Y0, Yn0, i0 Short-Run Equilibrium: AS1, AD1, IS1, LM1, P1, Pe1, Y1, Yn1, i1 Medium-Run Equilibrium: AS2, AD2, IS2, LM2, P2, Pe2, Y2, Yn2, i2 ...
Comments on: "The Roles of Comovement and Inventory Investment
... Food-energy effect (difference headline vs. core inf) Changes in relative price of imports Changes in the productivity growth trend Nixon-era price controls, “on-off ” dummies adding to zero ...
... Food-energy effect (difference headline vs. core inf) Changes in relative price of imports Changes in the productivity growth trend Nixon-era price controls, “on-off ” dummies adding to zero ...
A Global Economic and Financial Outlook (Q2 2015)
... possibility of Fed’s rate hike in the first half of this year, leaving buffer time for the economic recovery of emerging markets. The second risk is the debt problem of Greece. Greece’s radical government has engaged in a fight with the EU partners on its debt restructuring. If the bailout deal cann ...
... possibility of Fed’s rate hike in the first half of this year, leaving buffer time for the economic recovery of emerging markets. The second risk is the debt problem of Greece. Greece’s radical government has engaged in a fight with the EU partners on its debt restructuring. If the bailout deal cann ...
quantitytheory
... nominal GDP 6-9 months later. At this point the change is primarily in real GDP. About 12-18 months later, the change is moving to prices and away from real GDP. By about 2 years later, the change is entirely in prices, with no change in real GDP. (This is not a fixed relationship, and it could take ...
... nominal GDP 6-9 months later. At this point the change is primarily in real GDP. About 12-18 months later, the change is moving to prices and away from real GDP. By about 2 years later, the change is entirely in prices, with no change in real GDP. (This is not a fixed relationship, and it could take ...
IMPACTS OF EXCHANGE RATE CHANGES AND GOVERNMENT
... spending/GDP ratio will increase real output. Iscan (1997) found that in a dynamic model for Mexican peso depreciation there is no effect on real output if three binary variables for devaluations are included, and that the impacts vanish after one year. However, in the static model, peso depreciatio ...
... spending/GDP ratio will increase real output. Iscan (1997) found that in a dynamic model for Mexican peso depreciation there is no effect on real output if three binary variables for devaluations are included, and that the impacts vanish after one year. However, in the static model, peso depreciatio ...
British economic performance
... hope that firms would do the same and a higher growth rate would result. This was not a new idea, for the Conservatives had attempted to introduce some elements of planning a few years earlier, but it was on a much larger scale. Planning came to nothing because the government found itself having to ...
... hope that firms would do the same and a higher growth rate would result. This was not a new idea, for the Conservatives had attempted to introduce some elements of planning a few years earlier, but it was on a much larger scale. Planning came to nothing because the government found itself having to ...
Vulnerability in Small Island Economies. The case of the
... T&T. The two sources of growth crisis are foreign shocks: WTI price ...
... T&T. The two sources of growth crisis are foreign shocks: WTI price ...
ECONOMIC UPDATE Commentary Now that we have a short
... Now that we have a short-term reprieve from the fiscal battles, the focus has turned back to the Fed. This week, Janet Yellen testified before the Senate Banking Committee as part of the confirmation process to become the next Fed chairman (she is fully expected to be confirmed). As expected, she wa ...
... Now that we have a short-term reprieve from the fiscal battles, the focus has turned back to the Fed. This week, Janet Yellen testified before the Senate Banking Committee as part of the confirmation process to become the next Fed chairman (she is fully expected to be confirmed). As expected, she wa ...
Macro1 Exercise #4
... Make sure that you have read the “Macro1 Manual” and SimEcon® Operation Instructions”. These materials may be found at the Class Web site prior to beginning the exercise. For many of the exercise’s questions, it will be necessary to refer to those instructions. For many of the exercise’s questions, ...
... Make sure that you have read the “Macro1 Manual” and SimEcon® Operation Instructions”. These materials may be found at the Class Web site prior to beginning the exercise. For many of the exercise’s questions, it will be necessary to refer to those instructions. For many of the exercise’s questions, ...
MEXICO ECONOMIC OUTLOOK (2016-2018)
... policies that generated deficits. These deficits have led to a strong rise of public debt, negating the trend that this indicator had followed since the structural reforms of the 1990’s. While the exchange rate volatility of the past two years has not affected consumer prices, it has had an impact o ...
... policies that generated deficits. These deficits have led to a strong rise of public debt, negating the trend that this indicator had followed since the structural reforms of the 1990’s. While the exchange rate volatility of the past two years has not affected consumer prices, it has had an impact o ...
Comparative analysis of the BRICS Trade
... BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was originally known as “BRIC” before the inclusion of South Africa in 2011. The BRICS members are all developing or newly industrialized countries, but they ar ...
... BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was originally known as “BRIC” before the inclusion of South Africa in 2011. The BRICS members are all developing or newly industrialized countries, but they ar ...
1994-5
... equations and parameters has to be ascertained. The identification of eq(18) presents no problem since all the right-hand-side variables are exogenous. For eq(19) to be identified, note that every variable that appears on the right-hand-side of eq(18) also appears among the regressors in eq(19). The ...
... equations and parameters has to be ascertained. The identification of eq(18) presents no problem since all the right-hand-side variables are exogenous. For eq(19) to be identified, note that every variable that appears on the right-hand-side of eq(18) also appears among the regressors in eq(19). The ...
FRBSF E L CONOMIC ETTER
... In the short run, lower real interest rates in the U.S. also tend to reduce the foreign exchange value of the dollar, which lowers the prices of the U.S.produced goods we sell abroad and raises the prices we pay for foreign-produced goods.This leads to higher aggregate spending on goods and services ...
... In the short run, lower real interest rates in the U.S. also tend to reduce the foreign exchange value of the dollar, which lowers the prices of the U.S.produced goods we sell abroad and raises the prices we pay for foreign-produced goods.This leads to higher aggregate spending on goods and services ...
CHAPTER FIFTEEN
... 2. List the principal assets and liabilities of the Federal Reserve Banks. 3. Explain how each of the three tools of monetary policy may be used by the Fed to expand and to contract the money supply. 4. Describe three monetary policies the Fed could use to reduce unemployment. 5. Describe three mone ...
... 2. List the principal assets and liabilities of the Federal Reserve Banks. 3. Explain how each of the three tools of monetary policy may be used by the Fed to expand and to contract the money supply. 4. Describe three monetary policies the Fed could use to reduce unemployment. 5. Describe three mone ...
the short-run policy trade-off
... apparently gives policy makers an exploitable trade-off between inflation and unemployment. Moreover, the champions of the Phillips curve believed that the policy trade-off was “stable”—that is, the terms of the trade-off would hold up over time ...
... apparently gives policy makers an exploitable trade-off between inflation and unemployment. Moreover, the champions of the Phillips curve believed that the policy trade-off was “stable”—that is, the terms of the trade-off would hold up over time ...