Monetary Policy - Central Bank of Nigeria
... monetary policy is the realization of stable non-inflationary growth. This gives the citizens confidence in the future value of their money, so that they can make sound economic and financial decisions. Low and stable inflation also helps to prevent inflationary boom and bust cycles that could resul ...
... monetary policy is the realization of stable non-inflationary growth. This gives the citizens confidence in the future value of their money, so that they can make sound economic and financial decisions. Low and stable inflation also helps to prevent inflationary boom and bust cycles that could resul ...
The Transmission of Monetary Policy Operations through
... ‡exible and there are no labour market frictions. (In extensions of the model, we study the impact of labour frictions due to search and matching and wage rigidities.) The inclusion of durable goods is motivated by the empirical …nding that the response of economic activity is primarily driven by th ...
... ‡exible and there are no labour market frictions. (In extensions of the model, we study the impact of labour frictions due to search and matching and wage rigidities.) The inclusion of durable goods is motivated by the empirical …nding that the response of economic activity is primarily driven by th ...
Fiscal policy convergence and business cycle
... exchange rate is presented as a “device whereby depreciation can take the place of unemployment when the external balance is in deficit, and appreciation can replace inflation when it is in surplus” (Mundell, 1961, p. 657). A single currency area implies a single central bank, which will challenge p ...
... exchange rate is presented as a “device whereby depreciation can take the place of unemployment when the external balance is in deficit, and appreciation can replace inflation when it is in surplus” (Mundell, 1961, p. 657). A single currency area implies a single central bank, which will challenge p ...
World Economic Outlook, October 2016
... In 2015, consumer price inflation in advanced economies was, at 0.3 percent, the lowest it had been since the global financial crisis. It edged up to about 0.5 percent in the first half of 2016 as the drag from oil prices diminished (Figure 1.2). Core consumer price inflation is higher than headline ...
... In 2015, consumer price inflation in advanced economies was, at 0.3 percent, the lowest it had been since the global financial crisis. It edged up to about 0.5 percent in the first half of 2016 as the drag from oil prices diminished (Figure 1.2). Core consumer price inflation is higher than headline ...
Three essays about monetary policy in China - ROS Home
... cent. Frightened by inflation and other social unrest, the authorities immediately announced a stabilisation programme in September 1988. As the monetary policy was at the core of the programme, the People’s Bank of China (PBC) raised both the lending rates and the deposit rates. Meanwhile, to curb ...
... cent. Frightened by inflation and other social unrest, the authorities immediately announced a stabilisation programme in September 1988. As the monetary policy was at the core of the programme, the People’s Bank of China (PBC) raised both the lending rates and the deposit rates. Meanwhile, to curb ...
12INFLATION*
... PHILLIPS CURVE : The Phillips curve and the AS/AD model are closely linked. Consider an unexpected increase in aggregate demand. In the short run, a movement occurs along the SAS curve. The price level rises, and real GDP increases above potential GDP. The rise in the price level means that inflatio ...
... PHILLIPS CURVE : The Phillips curve and the AS/AD model are closely linked. Consider an unexpected increase in aggregate demand. In the short run, a movement occurs along the SAS curve. The price level rises, and real GDP increases above potential GDP. The rise in the price level means that inflatio ...
Chapter 1: Introduction
... much. People fear a deep recession much more than they appear to value an extra four years' worth of economic growth. For example, the memory of the 1982 recession has substantially altered Americans’ perceptions of how the economy works, how much they dare risk in the search for higher wages, and h ...
... much. People fear a deep recession much more than they appear to value an extra four years' worth of economic growth. For example, the memory of the 1982 recession has substantially altered Americans’ perceptions of how the economy works, how much they dare risk in the search for higher wages, and h ...
targeting financial stability: macroprudential or monetary policy?
... macroprudential policies. Following Ajello et al (2015), we use a 2 period version of the model in order to focus on the key trade-offs underlying the optimal policy decision.1 We might typically expect a higher CCyB to reduce demand and have limited effects on supply. In this case, monetary policy ...
... macroprudential policies. Following Ajello et al (2015), we use a 2 period version of the model in order to focus on the key trade-offs underlying the optimal policy decision.1 We might typically expect a higher CCyB to reduce demand and have limited effects on supply. In this case, monetary policy ...
DOES HIGH INFLATION AFFECT GROWTH IN THE LONG
... 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 superneutral 1 in an optimal control fram ...
... 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 superneutral 1 in an optimal control fram ...
Choosing the Federal Reserve Chair: Lessons from History
... than in others. Under chairmen William McChesney Martin Jr. in the 1950s and early 1960s and Alan Greenspan in the late 1980s and beyond, the Federal Reserve presided over decades of low inflation and mild real fluctuations. Under Paul Volcker in the 1980s, the Federal Reserve oversaw a significant ...
... than in others. Under chairmen William McChesney Martin Jr. in the 1950s and early 1960s and Alan Greenspan in the late 1980s and beyond, the Federal Reserve presided over decades of low inflation and mild real fluctuations. Under Paul Volcker in the 1980s, the Federal Reserve oversaw a significant ...
MacroPractice
... a. exchange rates between any two currencies will adjust to reflect changes in the relative price level of the two countries. b. exchange rates between any two currencies will adjust to reflect change in the relative income growth rates of the two countries. c. the larger the economic growth rate in ...
... a. exchange rates between any two currencies will adjust to reflect changes in the relative price level of the two countries. b. exchange rates between any two currencies will adjust to reflect change in the relative income growth rates of the two countries. c. the larger the economic growth rate in ...
The Costs of Inflation
... percent to 7 percent over two years, what will happen to the prices of the great majority of goods: will they go up, stay the same, go down, or do you not have enough information to say? Why do we use real prices to compare the price of goods across time? Slide 14 of 49 ...
... percent to 7 percent over two years, what will happen to the prices of the great majority of goods: will they go up, stay the same, go down, or do you not have enough information to say? Why do we use real prices to compare the price of goods across time? Slide 14 of 49 ...
(Ir)relevance of the NRU for Policy Making
... after experiencing serious unemployment problems, an unemployment rate close to fullemployment levels that is half the European average. The Danish labour market is among the most flexible and dynamic ones accross Europe, resembling more the AngloSaxon model than the continental European labour marke ...
... after experiencing serious unemployment problems, an unemployment rate close to fullemployment levels that is half the European average. The Danish labour market is among the most flexible and dynamic ones accross Europe, resembling more the AngloSaxon model than the continental European labour marke ...
Structural Change, the Real Exchange Rate, and the Balance of
... and found that it was significantly reduced after liberalization but not after NAFTA. In addition, they found that Mexican trade barely satisfied the Marshall-Lerner condition, a result confirmed by Pacheco-López (2005). The latter also estimated import demand functions for various subperiods rangin ...
... and found that it was significantly reduced after liberalization but not after NAFTA. In addition, they found that Mexican trade barely satisfied the Marshall-Lerner condition, a result confirmed by Pacheco-López (2005). The latter also estimated import demand functions for various subperiods rangin ...
Chapter27 - Web.UVic.ca
... Today, the Bank of Canada targets the inflation rate and keeps it low. But during the 1970s, the price level in Canada doubled. Why does inflation occur and do our expectations of inflation influence the economy? In targeting inflation, does the Bank of Canada face a tradeoff between inflation and u ...
... Today, the Bank of Canada targets the inflation rate and keeps it low. But during the 1970s, the price level in Canada doubled. Why does inflation occur and do our expectations of inflation influence the economy? In targeting inflation, does the Bank of Canada face a tradeoff between inflation and u ...
Unemployment Fichier
... In this chapter we will deal with the most serious macroeconomic instability unemployment. In times of economic recession it is more than an actual problem. The text will clarify the issue of measuring the rate of unemployment causes of unemployment and its forms (types), consequences (its impact on ...
... In this chapter we will deal with the most serious macroeconomic instability unemployment. In times of economic recession it is more than an actual problem. The text will clarify the issue of measuring the rate of unemployment causes of unemployment and its forms (types), consequences (its impact on ...
Estimates of Fundamental Equilibrium Exchange Rates, May 2016
... percent from the floor of 0 to 0.25 percent, where it had stood for the past seven years (Federal Reserve 2016b). Instead of rising, however, the dollar has fallen from an average of 1.073 per euro in November 2015 to 1.134 in April 2016, and from 122.6 yen per dollar to 109.6 over the same period.3 ...
... percent from the floor of 0 to 0.25 percent, where it had stood for the past seven years (Federal Reserve 2016b). Instead of rising, however, the dollar has fallen from an average of 1.073 per euro in November 2015 to 1.134 in April 2016, and from 122.6 yen per dollar to 109.6 over the same period.3 ...
NBER WORKING PAPER SERIES CHOOSING THE FEDERAL RESERVE CHAIR: LESSONS FROM HISTORY
... severe deflation. And under Arthur Burns and G. William Miller in the 1970s, the U.S. economy experienced high and rising inflation and painfully variable real growth. An obvious question is why monetary policy has been so much more successful under some Federal Reserve chairmen than others. This qu ...
... severe deflation. And under Arthur Burns and G. William Miller in the 1970s, the U.S. economy experienced high and rising inflation and painfully variable real growth. An obvious question is why monetary policy has been so much more successful under some Federal Reserve chairmen than others. This qu ...
What Caused The Great Moderation?
... policymaking has been largely responsible for the drop in output volatility. The idea has considerable intuitive appeal, at least for the United States. According to this view, lower output volatility is a result of central bankers’ greater emphasis on, and success at, controlling inflation.5 The ex ...
... policymaking has been largely responsible for the drop in output volatility. The idea has considerable intuitive appeal, at least for the United States. According to this view, lower output volatility is a result of central bankers’ greater emphasis on, and success at, controlling inflation.5 The ex ...
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... financial institutions. The first is the impact the inflows have on domestic credit growth and aggregate demand. This is likely to result in pressures on prices of goods and assets. The inflows may also lead to an appreciation of the real exchange rate, undermining export competitiveness. A second c ...
... financial institutions. The first is the impact the inflows have on domestic credit growth and aggregate demand. This is likely to result in pressures on prices of goods and assets. The inflows may also lead to an appreciation of the real exchange rate, undermining export competitiveness. A second c ...
The UK`s productive capacity - Institute for Fiscal Studies
... ‘Potential GDP’ is defined here to mean the level of output that the economy can produce if there is full utilisation of both capital and labour. In other words, it is that level of output that could be produced if all fixed capital – such as plant and machinery – is used effectively, and if unemplo ...
... ‘Potential GDP’ is defined here to mean the level of output that the economy can produce if there is full utilisation of both capital and labour. In other words, it is that level of output that could be produced if all fixed capital – such as plant and machinery – is used effectively, and if unemplo ...
AP 宏觀經濟學講義
... money demand, the course should proceed to investigate how equilibrium in the money market determines the equilibrium interest rate, how the investment demand curve provides the link between changes in the interest rate and changes in aggregate demand, and how changes in aggregate demand affect real ...
... money demand, the course should proceed to investigate how equilibrium in the money market determines the equilibrium interest rate, how the investment demand curve provides the link between changes in the interest rate and changes in aggregate demand, and how changes in aggregate demand affect real ...
Can We Predict the Next Capital Account Crisis?
... This unwieldy set of potential indicators makes it difficult to compare their information content using standard regression techniques. To remedy this problem and isolate a parsimonious set of robust leading indicators of crises within a group of over 100 vulnerability indicators, we use a nonparame ...
... This unwieldy set of potential indicators makes it difficult to compare their information content using standard regression techniques. To remedy this problem and isolate a parsimonious set of robust leading indicators of crises within a group of over 100 vulnerability indicators, we use a nonparame ...
Macroeconomic Management When Policy Space is Constrained
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
Text Appendices C,D,E and F - Groningen Growth and Development
... The annual GDP levels shown in Tables 3a to 3f of this appendix were derived by merging the GDP indices from appendix B with the 1990 benchmark values of GDP levels. The latter are corrected for differences in the purchasing power parities (PPPs) of currencies. When international comparisons of perf ...
... The annual GDP levels shown in Tables 3a to 3f of this appendix were derived by merging the GDP indices from appendix B with the 1990 benchmark values of GDP levels. The latter are corrected for differences in the purchasing power parities (PPPs) of currencies. When international comparisons of perf ...