THE LAGS IN EFFECT OF MONETARY POLICY: A CASE STUDY
... New evidence has also emerged from the Friedman’s view. Greun et al. (1997) uses a simple model of Australian output to estimate the lags associated with the monetary transmission mechanism using Ordinary Least Squares estimation and Instrumental Variable techniques. The study suggests that there is ...
... New evidence has also emerged from the Friedman’s view. Greun et al. (1997) uses a simple model of Australian output to estimate the lags associated with the monetary transmission mechanism using Ordinary Least Squares estimation and Instrumental Variable techniques. The study suggests that there is ...
Determinants of Non-oil Export and Economic Growth in Nigeria: An
... Ordinary Least Square technique (OLS). The result showed that exchange rate, government capital expenditure and government recurrent expenditure have impacted and contributed greatly to non-oil export. While the agricultural sector, manufacturing sub-sector and interest rate did not greatly impact a ...
... Ordinary Least Square technique (OLS). The result showed that exchange rate, government capital expenditure and government recurrent expenditure have impacted and contributed greatly to non-oil export. While the agricultural sector, manufacturing sub-sector and interest rate did not greatly impact a ...
Chapter 15 Inflation A Monetary Phenomenon
... elect to cover the appendix (Money Creation and Monetary Policy), another session or two will be required. In defining inflation, it is important that students understand that inflation is a continuing, or long-run, phenomenon. Once-and-for-all increases in the price level are excluded because no po ...
... elect to cover the appendix (Money Creation and Monetary Policy), another session or two will be required. In defining inflation, it is important that students understand that inflation is a continuing, or long-run, phenomenon. Once-and-for-all increases in the price level are excluded because no po ...
PDF
... the equilibrium rate of unemployment, the model of which does not, however, usually allow any explicit role for aggregate demand in the goods market, and the growth rate of output, to have an impact on unemployment. The standard tool in macroeconomics to link growth and unemployment is the classical ...
... the equilibrium rate of unemployment, the model of which does not, however, usually allow any explicit role for aggregate demand in the goods market, and the growth rate of output, to have an impact on unemployment. The standard tool in macroeconomics to link growth and unemployment is the classical ...
HW6-sol
... High actual inflation will cause firms and households to raise their inflation expectations. When inflation expectations increase workers will demand higher wage increases, which makes costs rise faster, and therefore firms raise prices more quickly. So inflation becomes persistent, that is, the hi ...
... High actual inflation will cause firms and households to raise their inflation expectations. When inflation expectations increase workers will demand higher wage increases, which makes costs rise faster, and therefore firms raise prices more quickly. So inflation becomes persistent, that is, the hi ...
Lecture Outline
... The size of the shift in the aggregate-demand curve will also depend on the sizes of the multiplier and crowding-out effects. When the government lowers taxes and consumption increases, earnings and profits rise, which further stimulate consumer spending. This is the multiplier effect. Higher ...
... The size of the shift in the aggregate-demand curve will also depend on the sizes of the multiplier and crowding-out effects. When the government lowers taxes and consumption increases, earnings and profits rise, which further stimulate consumer spending. This is the multiplier effect. Higher ...
Latin America and the Rising South: Changing World, Changing
... structures, resource endowments, degree of financial globalization, and saving patterns, among other factors. The third section assesses broad policy areas that, given the rising South phenomenon, should find their way to the top of the region’s growth-oriented reform agenda. Among these areas are t ...
... structures, resource endowments, degree of financial globalization, and saving patterns, among other factors. The third section assesses broad policy areas that, given the rising South phenomenon, should find their way to the top of the region’s growth-oriented reform agenda. Among these areas are t ...
CHAP1.WP (Word5)
... of the 1960s and the 1980s. They do not, however, explain the great volatility of the unemployment and inflation rates that destabilized the U.S. economy during most of the 1970s or the low inflation during the latter half of the 1990s. Figure 9-8 relates nominal and real oil prices and nominal GDP ...
... of the 1960s and the 1980s. They do not, however, explain the great volatility of the unemployment and inflation rates that destabilized the U.S. economy during most of the 1970s or the low inflation during the latter half of the 1990s. Figure 9-8 relates nominal and real oil prices and nominal GDP ...
Modern Macroeconomics and Monetary Policy (15th ed.)
... prices, decision makers eventually anticipate the higher inflation rate and build it into their choices. • As this happens, money interest rates, wages, and incomes will reflect the expectation of inflation, and so real interest rates, wages, and real output will return to long-run normal levels. • ...
... prices, decision makers eventually anticipate the higher inflation rate and build it into their choices. • As this happens, money interest rates, wages, and incomes will reflect the expectation of inflation, and so real interest rates, wages, and real output will return to long-run normal levels. • ...
spd04 Missale2 225568 en
... instruments, of the conditional variance of debt returns and of their covariances with output growth, inflation and the short-term interest rate. We show that the debt-to-GDP ratio can be stabilized by issuing debt instruments that provide a hedge against variations in the debt ratio due to lower-tha ...
... instruments, of the conditional variance of debt returns and of their covariances with output growth, inflation and the short-term interest rate. We show that the debt-to-GDP ratio can be stabilized by issuing debt instruments that provide a hedge against variations in the debt ratio due to lower-tha ...
MDG Strategy Analysis: Methods and an Agenda for
... • Educational outcomes as functions of a set of determinants: for each cycle, rates of entry, pass, repeat, and drop out; between cycles, share that continues • MDG 2 (net primary completion rate) computed as product of 1st grade entry rate and primary cycle pass rates for the relevant series of yea ...
... • Educational outcomes as functions of a set of determinants: for each cycle, rates of entry, pass, repeat, and drop out; between cycles, share that continues • MDG 2 (net primary completion rate) computed as product of 1st grade entry rate and primary cycle pass rates for the relevant series of yea ...
ch07lecture
... If the inflation rate reported is 3.1 percent, the true inflation rate is probably 2.0 percent. To reduce the bias, the BLS has decided to increase the frequency of its Consumer Expenditure Survey and to revise the CPI basket every two years. ...
... If the inflation rate reported is 3.1 percent, the true inflation rate is probably 2.0 percent. To reduce the bias, the BLS has decided to increase the frequency of its Consumer Expenditure Survey and to revise the CPI basket every two years. ...
33.1 fiscal versus monetary policy
... • Potential GDP is not known. • Policy lags are longer than the forecast horizon. • Feedback-rule policies are less predictable than fixed-rule policies. ...
... • Potential GDP is not known. • Policy lags are longer than the forecast horizon. • Feedback-rule policies are less predictable than fixed-rule policies. ...
18.1 fiscal versus monetary policy
... • Potential GDP is not known. • Policy lags are longer than the forecast horizon. • Feedback-rule policies are less predictable than fixed-rule policies. ...
... • Potential GDP is not known. • Policy lags are longer than the forecast horizon. • Feedback-rule policies are less predictable than fixed-rule policies. ...
The Implications of Macroprudential Policies for International Policy
... sector can pay dividends. This modified new Keynesian framework is the context in which this paper will examine policy assignments and explore the impact of coordination. b. Macroeconomic policy assignments and financial stability Our framework for discussing instrument assignments is based on the t ...
... sector can pay dividends. This modified new Keynesian framework is the context in which this paper will examine policy assignments and explore the impact of coordination. b. Macroeconomic policy assignments and financial stability Our framework for discussing instrument assignments is based on the t ...
The Changing Dynamics of the Global Business Cycle
... three years. That said, one feature of the current expansion is clearly unique, even compared with the 1960s—strong growth is being shared by most countries, as evidenced by the unusually low dispersion of growth (relative to trend) across countries (Figure 5.1). In other words, virtually all count ...
... three years. That said, one feature of the current expansion is clearly unique, even compared with the 1960s—strong growth is being shared by most countries, as evidenced by the unusually low dispersion of growth (relative to trend) across countries (Figure 5.1). In other words, virtually all count ...
A Policymaker`s Guide to Dutch Disease
... a country’s long term economic performance. Despite these concerns, it is very unlikely that a long term, sustained and predictable increase in aid would, through the impact on the real exchange rate, do more harm than good. There are three reasons for this. First, there is not necessarily a sig ...
... a country’s long term economic performance. Despite these concerns, it is very unlikely that a long term, sustained and predictable increase in aid would, through the impact on the real exchange rate, do more harm than good. There are three reasons for this. First, there is not necessarily a sig ...
Global Savings, Investments, and World Real
... Indeed, the correlation between real interest rates suggests that there is a common global component to G–7 real interest rates that could be referred to as a world real interest rate.1 As Chart B1 also illustrates, however, real interest rates on sovereign debt are generally not equalized across co ...
... Indeed, the correlation between real interest rates suggests that there is a common global component to G–7 real interest rates that could be referred to as a world real interest rate.1 As Chart B1 also illustrates, however, real interest rates on sovereign debt are generally not equalized across co ...
inflation modeling for the sudan 1970-2002
... pressure still remain to be discovered. It has been an actual challenge to many economists and the decision makers. The explore such issues an empirical and analytical methodological approach is adopted. The inflationary process in Sudan has started since the beginning of the seventies. In the last ...
... pressure still remain to be discovered. It has been an actual challenge to many economists and the decision makers. The explore such issues an empirical and analytical methodological approach is adopted. The inflationary process in Sudan has started since the beginning of the seventies. In the last ...
2000 - ECB
... long-term interest rates was 5.4%, i.e. below the respective reference value. Sweden does not participate in ERM II. Sweden is a Member State with a derogation and does not have a clause allowing it to opt out of Stage Three of EMU. Sweden is thus committed by the Treaty to adopting the euro, which ...
... long-term interest rates was 5.4%, i.e. below the respective reference value. Sweden does not participate in ERM II. Sweden is a Member State with a derogation and does not have a clause allowing it to opt out of Stage Three of EMU. Sweden is thus committed by the Treaty to adopting the euro, which ...
Inflation targeting vs. nominal GDP targeting
... a true firm’s profit becomes cumbersome. If the inflation is unexpected, it causes arbitrary redistribution of the wealth between creditors and debtors. Debtors profit from unexpected inflation, while creditors profit from unexpected deflation (or lower-than-expected inflation). Should we target 0% inflation ...
... a true firm’s profit becomes cumbersome. If the inflation is unexpected, it causes arbitrary redistribution of the wealth between creditors and debtors. Debtors profit from unexpected inflation, while creditors profit from unexpected deflation (or lower-than-expected inflation). Should we target 0% inflation ...
- Munich Personal RePEc Archive
... Because our focus is on NGAP, our determination of quarter 0 for some recessions differs from the official beginning of some recessions. Table 1 summarizes our analysis that led to the determination of what quarter to treat as quarter 0. For the Recession of 1949 and the 1973-1975 Recession, the sig ...
... Because our focus is on NGAP, our determination of quarter 0 for some recessions differs from the official beginning of some recessions. Table 1 summarizes our analysis that led to the determination of what quarter to treat as quarter 0. For the Recession of 1949 and the 1973-1975 Recession, the sig ...
A world without inflation
... have likely durably reduced the long-term inflation rate. But this is also due to enduring weak aggregate demand and wages. Moreover, there is a real danger that current low inflation will actually become self-perpetuating. ...
... have likely durably reduced the long-term inflation rate. But this is also due to enduring weak aggregate demand and wages. Moreover, there is a real danger that current low inflation will actually become self-perpetuating. ...
Fiscal Volatility Shocks and Economic Activity
... was little consensus among policymakers about the fiscal mix and timing going forward.2 In this paper, we investigate whether this increased uncertainty about fiscal policy has a detrimental impact on economic activity (following the literature, we use the term “uncertainty” as shorthand for what wo ...
... was little consensus among policymakers about the fiscal mix and timing going forward.2 In this paper, we investigate whether this increased uncertainty about fiscal policy has a detrimental impact on economic activity (following the literature, we use the term “uncertainty” as shorthand for what wo ...