Sovereign debt issuance and selective default
... know pure domestic default happened in Russia 1998, which was one of the largest local currency debt default (US $39 billion). Besides, this number does not include de facto default through inflation, the nationalization of pensions and other forms. See Reinhart and Rogoff (2011)[12] for detailed em ...
... know pure domestic default happened in Russia 1998, which was one of the largest local currency debt default (US $39 billion). Besides, this number does not include de facto default through inflation, the nationalization of pensions and other forms. See Reinhart and Rogoff (2011)[12] for detailed em ...
Economic Growth, Business Cycles, Unemployment, and Inflation
... Recessions and expansions are caused primarily by demand-side shocks. A debate exists about whether these fluctuations can and should be reduced. ...
... Recessions and expansions are caused primarily by demand-side shocks. A debate exists about whether these fluctuations can and should be reduced. ...
2012 IOptimal Policy and the Sectoral Composition of Output
... through differing price rigidities, welfare can be improved through sector specific tax policy. If the government can levy sector specific taxes on firms, taxes rise in sectors hit by a positive productivity shock to limit price dispersion within a sector and so ensure efficient allocation of resour ...
... through differing price rigidities, welfare can be improved through sector specific tax policy. If the government can levy sector specific taxes on firms, taxes rise in sectors hit by a positive productivity shock to limit price dispersion within a sector and so ensure efficient allocation of resour ...
NBE WO~G PAPER SERIES THE TIME-VARYING NAIRU AND ITS
... This research is supported by the National Science Foundation. I am grateful to Tomonori Ishikawa for research assistance and to Mark Watson for helpful discussions. This paper is part of NBER’s research program in Economic Fluctuations and Growth. Any opinions expressed are those of the author and ...
... This research is supported by the National Science Foundation. I am grateful to Tomonori Ishikawa for research assistance and to Mark Watson for helpful discussions. This paper is part of NBER’s research program in Economic Fluctuations and Growth. Any opinions expressed are those of the author and ...
Eurosystem Monetary Targeting: Lessons from U.S. Data ¤ Glenn D. Rudebusch
... general characterization, central bankers typically hold the view that movements in the monetary aggregates play essentially no role in the direct quarter-by-quarter determination of either output or prices; however, a sizable fraction also concedes that money may have some value as an indicator of ...
... general characterization, central bankers typically hold the view that movements in the monetary aggregates play essentially no role in the direct quarter-by-quarter determination of either output or prices; however, a sizable fraction also concedes that money may have some value as an indicator of ...
12INFLATION*
... 42) When the AD and SAS curves intersect at a level of real GDP which exceeds potential GDP, which of the following will occur? A) The AD curve shifts rightward because the Fed decreases the money supply. B) The AS curve shifts leftward because the money wage rate rises. C) The AS curve shifts leftw ...
... 42) When the AD and SAS curves intersect at a level of real GDP which exceeds potential GDP, which of the following will occur? A) The AD curve shifts rightward because the Fed decreases the money supply. B) The AS curve shifts leftward because the money wage rate rises. C) The AS curve shifts leftw ...
PERUVIAN ECONOMIC ASSOCIATION Spillovers, capital flows and prudential regulation in
... and non-tradable sectors of the economy. Entrepreneurs face borrowing constraints to finance both production and the acquisition of capital. Workers and entrepreneurs consume a basket of tradable and non-tradable goods. We introduce two types of durable goods, houses and capital and both serve as co ...
... and non-tradable sectors of the economy. Entrepreneurs face borrowing constraints to finance both production and the acquisition of capital. Workers and entrepreneurs consume a basket of tradable and non-tradable goods. We introduce two types of durable goods, houses and capital and both serve as co ...
Does Monetary Cooperation or Confrontation Lead to Successful
... between monetary and fiscal policy where the central bank can choose the degree to which it accommodates fiscal consolidations, we restrict the sample to periods and countries where the central bank is independent. We make use of the classification of Kuttner and Posen (2001b) and restrict our sampl ...
... between monetary and fiscal policy where the central bank can choose the degree to which it accommodates fiscal consolidations, we restrict the sample to periods and countries where the central bank is independent. We make use of the classification of Kuttner and Posen (2001b) and restrict our sampl ...
Empirical Evidence for Germany
... aggregate inflation as measured by changes in the average price level is influenced by the skewness of the distribution of relative prices. This debate has been initiated by Ball and Mankiw (1995). They have derived the theoretical link between the skewness of the distribution of relative prices and ...
... aggregate inflation as measured by changes in the average price level is influenced by the skewness of the distribution of relative prices. This debate has been initiated by Ball and Mankiw (1995). They have derived the theoretical link between the skewness of the distribution of relative prices and ...
Working Paper 198 - Spillovers from Euro Area and U.S. Credit and
... the real consequences of monetary policy shocks, Ciccarelli et al. (2010) found evidence that during the recent crisis, a reduction of credit supply to firms contributed to the decline in output growth. Bassett et al. (2014) construct a unique credit supply indicator from the U.S loan officer opinio ...
... the real consequences of monetary policy shocks, Ciccarelli et al. (2010) found evidence that during the recent crisis, a reduction of credit supply to firms contributed to the decline in output growth. Bassett et al. (2014) construct a unique credit supply indicator from the U.S loan officer opinio ...
annual report - Splitska banka
... All of the mentioned facts are projected to lead to significant average increase of Gross Operating Income by 24% in the future budgeted period. ...
... All of the mentioned facts are projected to lead to significant average increase of Gross Operating Income by 24% in the future budgeted period. ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... covered the period 1980 to 2012. FDI has been treated as the explained variable and GDP growth, Exchange rate, Inflation rate and Trade openness are the explanatory variables. The paper applied unit root test for nonstationarity in the data-series, cointegration test and estimation of VAR model for ...
... covered the period 1980 to 2012. FDI has been treated as the explained variable and GDP growth, Exchange rate, Inflation rate and Trade openness are the explanatory variables. The paper applied unit root test for nonstationarity in the data-series, cointegration test and estimation of VAR model for ...
PDF
... investment behaviour has been incorporated into the GTAP model. In this dynamic version of GTAP, time is included as a variable. This allows investment undertaken during each time period to add to the level of capital stocks available in subsequent time periods; thus in the dynamic model capital acc ...
... investment behaviour has been incorporated into the GTAP model. In this dynamic version of GTAP, time is included as a variable. This allows investment undertaken during each time period to add to the level of capital stocks available in subsequent time periods; thus in the dynamic model capital acc ...
How the Economic Machine Works – Leveragings and Deleveragings
... As mentioned, the previously outlined economic players buy and sell both 1) goods and services and 2) financial assets, and they can pay for them with either 1) money or 2) credit. In a market-based system, this exchange takes place through free choice – i.e., there are “free markets” in which buyer ...
... As mentioned, the previously outlined economic players buy and sell both 1) goods and services and 2) financial assets, and they can pay for them with either 1) money or 2) credit. In a market-based system, this exchange takes place through free choice – i.e., there are “free markets” in which buyer ...
Optimal Interest Rate Rules and Inflation Stabilization versus Price
... in‡ation or the price level? This remains an open question that has regained attention recently among central banks, such as the Bank of Canada which just renewed its “in‡ationcontrol target” or even in the US Federal Reserve System (e.g., Evans, 2010). This paper argues that when monetary policy is ...
... in‡ation or the price level? This remains an open question that has regained attention recently among central banks, such as the Bank of Canada which just renewed its “in‡ationcontrol target” or even in the US Federal Reserve System (e.g., Evans, 2010). This paper argues that when monetary policy is ...
Presented, May 2009 - Harvard Kennedy School
... The specific hypothesis to be tested in this paper is that emigrants’ remittances are counter-cyclical: that they increase when the country of origin (the recipient of the remittances) is in relative recession and decrease relatively when the origin country has above-trend relative income. Under thi ...
... The specific hypothesis to be tested in this paper is that emigrants’ remittances are counter-cyclical: that they increase when the country of origin (the recipient of the remittances) is in relative recession and decrease relatively when the origin country has above-trend relative income. Under thi ...
Inflation Dynamics in Sri Lanka: An Empirical Analysis
... makers in Sri Lanka. Table 1 provides a comparison of inflation rates in Sri Lanka with other economies and illustrates that except for Sri Lanka and emerging market and developing economies, all other regions maintain their inflation at low levels. ...
... makers in Sri Lanka. Table 1 provides a comparison of inflation rates in Sri Lanka with other economies and illustrates that except for Sri Lanka and emerging market and developing economies, all other regions maintain their inflation at low levels. ...
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin
... Answer: A stock represents a share of ownership of a corporation, or a claim on a firm's earnings/assets. Stocks are part of wealth, and changes in their value affect people's willingness to spend. Changes in stock prices affect a firm's ability to raise funds, and thus their investment. Ques Status ...
... Answer: A stock represents a share of ownership of a corporation, or a claim on a firm's earnings/assets. Stocks are part of wealth, and changes in their value affect people's willingness to spend. Changes in stock prices affect a firm's ability to raise funds, and thus their investment. Ques Status ...
Currency Wars or Efficient Spillovers?
... minister Guido Mantega has used the term “currency wars” to describe the effects of US monetary easing on the country’s exchange rate (see Wheatley and Garnham, 2010). Other recent national policies that have led to international controversy include the large reserve accumulation by China and other ...
... minister Guido Mantega has used the term “currency wars” to describe the effects of US monetary easing on the country’s exchange rate (see Wheatley and Garnham, 2010). Other recent national policies that have led to international controversy include the large reserve accumulation by China and other ...
new challenges to growth and stability
... 2000s. Real output grew at a rapid pace, inflation was low and relatively stable, public debt declined significantly, and international reserves increased. The economic prosperity was broadly shared: income inequality declined in many countries and there was a sharp reduction in poverty rates. Altho ...
... 2000s. Real output grew at a rapid pace, inflation was low and relatively stable, public debt declined significantly, and international reserves increased. The economic prosperity was broadly shared: income inequality declined in many countries and there was a sharp reduction in poverty rates. Altho ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: American Economic Policy in the 1980s
... fore, can conveniently be divided into major episodes corresponding to the main thrust of the Federal Reserve’s policy. However, within each major episode, decisions are continually made to adjust (or not to adjust) the degree of tightness or ease of monetary policy. The analysis of monetary policy ...
... fore, can conveniently be divided into major episodes corresponding to the main thrust of the Federal Reserve’s policy. However, within each major episode, decisions are continually made to adjust (or not to adjust) the degree of tightness or ease of monetary policy. The analysis of monetary policy ...
SEBI BULLETIN February 2016 VOL. 14
... three issues. The cumulative amount mobilised through QIP allotments route during 2015-16, so far, stood at `14,438 crore. (Details in Table 10) 2. Preferential Allotments Listed at BSE and NSE Preferential allotment also serves as an alternative mechanism of resource mobilization wherein a listed ...
... three issues. The cumulative amount mobilised through QIP allotments route during 2015-16, so far, stood at `14,438 crore. (Details in Table 10) 2. Preferential Allotments Listed at BSE and NSE Preferential allotment also serves as an alternative mechanism of resource mobilization wherein a listed ...
INFLATION DYNAMICS IN VIETNAM Hien Thi Thu Le
... nonconvertible currency. However, GDP growth declined sharply. The average annual rate of real economic growth for two years before the crisis was 9.4%, but it fell markedly in 1998 and 1999, from 5.8 to 4.7%. To prevent an economic downturn, the government returned to expansionary fiscal policy and ...
... nonconvertible currency. However, GDP growth declined sharply. The average annual rate of real economic growth for two years before the crisis was 9.4%, but it fell markedly in 1998 and 1999, from 5.8 to 4.7%. To prevent an economic downturn, the government returned to expansionary fiscal policy and ...
Macroeconomics
... Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He complet ...
... Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He complet ...
macroeconomics
... Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He complet ...
... Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He complet ...