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Forecasting fiscal variables
... authorities, stabilization depends to a great extent on the response of fiscal policy to interest rate payments on public debt. Similar conclusions are reached by Giannitsarou and Scott (2006) for a group of OECD economies. Examining the fiscal balance of governments using an inter-temporal budget c ...
... authorities, stabilization depends to a great extent on the response of fiscal policy to interest rate payments on public debt. Similar conclusions are reached by Giannitsarou and Scott (2006) for a group of OECD economies. Examining the fiscal balance of governments using an inter-temporal budget c ...
Estimating the Size of the Hidden Economy in Peru: A Currency
... The data used for the analysis is quarterly and covers the period 1979:2 through 2005:2, with the aim of having a sufficiently broad sample period which is usual under this approach.11 As shown in Figure A.1 in Appendix 1, the currency held by the public in Peru (hereinafter currency) has behaved so ...
... The data used for the analysis is quarterly and covers the period 1979:2 through 2005:2, with the aim of having a sufficiently broad sample period which is usual under this approach.11 As shown in Figure A.1 in Appendix 1, the currency held by the public in Peru (hereinafter currency) has behaved so ...
Working Paper, No. 121 - Wirtschaftswissenschaftliche Fakultät der
... discretionary stimulus function, without violating consumer inflation based monetary policy rules. During a period which was dubbed great moderation (Bernanke 2004) central banks could keep interest rates low for long during booms, as the impact of monetary expansion on consumer price inflation was ...
... discretionary stimulus function, without violating consumer inflation based monetary policy rules. During a period which was dubbed great moderation (Bernanke 2004) central banks could keep interest rates low for long during booms, as the impact of monetary expansion on consumer price inflation was ...
Limits to Inflation Targeting
... bank and the treasury are consolidated, so that the public debt has vanished when only debt held by the central bank remains. But in the recent policy discussions it was assumed that the Fed might need to turn to holding private securities as backing for monetary reserves. That is, it was assumed th ...
... bank and the treasury are consolidated, so that the public debt has vanished when only debt held by the central bank remains. But in the recent policy discussions it was assumed that the Fed might need to turn to holding private securities as backing for monetary reserves. That is, it was assumed th ...
DP2003/04 Monetary policy transmission mechanisms and currency unions:
... prospective member countries. Monetary policy affects macroeconomic variables, such as GDP and inflation, through monetary transmission channels. An examination of transmission mechanisms allows us to consider the responsiveness of economic variables to policy shocks (the size of the effect) and how ...
... prospective member countries. Monetary policy affects macroeconomic variables, such as GDP and inflation, through monetary transmission channels. An examination of transmission mechanisms allows us to consider the responsiveness of economic variables to policy shocks (the size of the effect) and how ...
Is it a Recessionary Gap or a fall in Potential Output?
... If, however, the inflation shock happens to come along with a decline in potential output, things would be very different. This is the case that is shown in Figure B (which combines Figures 22.12 and 22.13). The inflation shock, coupled with a decline in potential output shifts the economy from “1” ...
... If, however, the inflation shock happens to come along with a decline in potential output, things would be very different. This is the case that is shown in Figure B (which combines Figures 22.12 and 22.13). The inflation shock, coupled with a decline in potential output shifts the economy from “1” ...
AN EMPIRICAL STUDY ON PUBLIC DEBT`S DETERMINANTS
... the government to implement austerity measures and to borrow from the International Monetary Fund (IMF). The objective of this paper is to provide a better understanding of public debt dynamics in Romania in the period from the first quarter of 2000 to the second quarter of 2011, which covers both p ...
... the government to implement austerity measures and to borrow from the International Monetary Fund (IMF). The objective of this paper is to provide a better understanding of public debt dynamics in Romania in the period from the first quarter of 2000 to the second quarter of 2011, which covers both p ...
Youth Unemployment Rate Remain High
... in 2016. Youth labour force refers to those below the age of 25 and this group constitutes about 17.8% of Malaysia’s total labour force in 2016. Among the age groups, youth unemployment rate remains the highest, registering double-digit rate since 2012. Youth employment rose by 46,700 last year, red ...
... in 2016. Youth labour force refers to those below the age of 25 and this group constitutes about 17.8% of Malaysia’s total labour force in 2016. Among the age groups, youth unemployment rate remains the highest, registering double-digit rate since 2012. Youth employment rose by 46,700 last year, red ...
The Two Triangles: what did Wicksell and Keynes know about
... that explores the properties and welfare implications of monetary policy in the confines of the standard IS-AS-MP framework, where aggregate demand (IS) is derived from the representative household’s intertemporal utility maximization, and aggregate supply (AS) is expressed in terms of a New Keynesi ...
... that explores the properties and welfare implications of monetary policy in the confines of the standard IS-AS-MP framework, where aggregate demand (IS) is derived from the representative household’s intertemporal utility maximization, and aggregate supply (AS) is expressed in terms of a New Keynesi ...
The monetary theory of unemployment and inflation or why there
... This contribution is to be read as the core of two chapters of a forthcoming book I am writing with Jean-Gabriel Bliek and Olivier Giovannoni, the provisional title being “Money creation, employment and economic stability”. It is the outcome of a converging set of events which dismissed my previous ...
... This contribution is to be read as the core of two chapters of a forthcoming book I am writing with Jean-Gabriel Bliek and Olivier Giovannoni, the provisional title being “Money creation, employment and economic stability”. It is the outcome of a converging set of events which dismissed my previous ...
ECN 111 Chapter 7 Lecture Notes
... urban consumers for a fixed market basket of consumer goods and services. 1. The CPI is defined to equal 100 for the reference base period. B. Constructing the CPI Constructing the CPI involves three stages: selecting the CPI basket; conducting the monthly price survey; calculating the CPI. C. The C ...
... urban consumers for a fixed market basket of consumer goods and services. 1. The CPI is defined to equal 100 for the reference base period. B. Constructing the CPI Constructing the CPI involves three stages: selecting the CPI basket; conducting the monthly price survey; calculating the CPI. C. The C ...
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... Smith (1998)). Temporariness was manifested also in the tightness of the controls being varied in synch with cyclical developments—when inflows slowed the restrictions were eased or lifted. 3 4 Also noteworthy about recent experiences with capital inflow controls is that the controls were implemente ...
... Smith (1998)). Temporariness was manifested also in the tightness of the controls being varied in synch with cyclical developments—when inflows slowed the restrictions were eased or lifted. 3 4 Also noteworthy about recent experiences with capital inflow controls is that the controls were implemente ...
Chapter 26 - Inflation and Monetary Policy
... caused by unemployment against harm caused by inflation • In recent years, some officials at Fed have argued that having two objectives—stable prices and full employment—is unrealistic when there are supply shocks – Regardless of any future change in Fed’s mandate, debate between hawks and doves is ...
... caused by unemployment against harm caused by inflation • In recent years, some officials at Fed have argued that having two objectives—stable prices and full employment—is unrealistic when there are supply shocks – Regardless of any future change in Fed’s mandate, debate between hawks and doves is ...
C04-Fundamentals of business economics
... A. The difference between the government’s receipts and its expenditure over the period of a year. B. The difference between the exports of goods and services and imports of goods and services over the period of a year. C. The surplus or deficit on a country’s international trade over a given period ...
... A. The difference between the government’s receipts and its expenditure over the period of a year. B. The difference between the exports of goods and services and imports of goods and services over the period of a year. C. The surplus or deficit on a country’s international trade over a given period ...
Inflation-Linked Pricing in the Presence of a Central Bank Reaction
... it assumes the existence of both a nominal and a real interest rates system, each with a term structure. The price index plays the role of the exchange rate between the two systems: therefore all the FX pricing theory with stochastic rates can be easily “recycled”. See Hughston (1998). Jarrow-Yildir ...
... it assumes the existence of both a nominal and a real interest rates system, each with a term structure. The price index plays the role of the exchange rate between the two systems: therefore all the FX pricing theory with stochastic rates can be easily “recycled”. See Hughston (1998). Jarrow-Yildir ...
Problem Set 1
... b. Assuming a growing economy, how does the growth rate of k evolve over time (i.e. does it increase or decrease)? Is this similar to the AK or Solow model? Since gk = s(A + B/k1-α) – (n+d) , one can see that gk decreases over time if k is growing, since [B/k1-α]/ k<0. Thus growth (in capital stoc ...
... b. Assuming a growing economy, how does the growth rate of k evolve over time (i.e. does it increase or decrease)? Is this similar to the AK or Solow model? Since gk = s(A + B/k1-α) – (n+d) , one can see that gk decreases over time if k is growing, since [B/k1-α]/ k<0. Thus growth (in capital stoc ...
... monetary policy to stabilize economic disturbances that affect only a subset of the countries in the union. Nonetheless, member countries are still at liberty to formulate independent fiscal policies, and Galí and Monacelli tackle the question of how to design jointly optimal national fiscal policie ...
The Monetary Transmission Mechanism for a Small Open Economy
... the interest rate in the monetary union. The arguments in this block of equations associated with the small open economy are scaled down in accordance with the dimension of the small country in the union. These …ve variables interact with the other variables in the model, and are determined togethe ...
... the interest rate in the monetary union. The arguments in this block of equations associated with the small open economy are scaled down in accordance with the dimension of the small country in the union. These …ve variables interact with the other variables in the model, and are determined togethe ...
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... to the rest of the world. However, world trade and international financial flows will continue to be sluggish by the standards of the 1990s, with exports growing by less than 4 per cent in 2003. Moreover, the stimulus provided by the United States will be reduced for many countries if the recent dep ...
... to the rest of the world. However, world trade and international financial flows will continue to be sluggish by the standards of the 1990s, with exports growing by less than 4 per cent in 2003. Moreover, the stimulus provided by the United States will be reduced for many countries if the recent dep ...
Parkin-Bade Chapter 28
... aggregate demand grows at a fluctuating rate, real GDP fluctuates around potential GDP. ...
... aggregate demand grows at a fluctuating rate, real GDP fluctuates around potential GDP. ...
Ageing and fiscal sustainability in a small euro area economy
... rule hinges on an increase in the social security premium on current generations to pay for accrued rights of retirees; the second one hinges on a cut in retirees’ accrued rights, by reducing the replacement rate of old-age pensions. Results suggest that policy options bear sizeable differences. The ...
... rule hinges on an increase in the social security premium on current generations to pay for accrued rights of retirees; the second one hinges on a cut in retirees’ accrued rights, by reducing the replacement rate of old-age pensions. Results suggest that policy options bear sizeable differences. The ...
32.1 the short-run phillips curve
... 32.2 SHORT-RUN AND LONG-RUN ... But if aggregate demand increases to AD2 and aggregate supply changes to AS2, the price level rises by 7 percent to 107. In both cases, real GDP remains at $10 trillion, and because the economy is at full employment, unemployment remains at the natural unemployment r ...
... 32.2 SHORT-RUN AND LONG-RUN ... But if aggregate demand increases to AD2 and aggregate supply changes to AS2, the price level rises by 7 percent to 107. In both cases, real GDP remains at $10 trillion, and because the economy is at full employment, unemployment remains at the natural unemployment r ...
Interactive Tool
... Federal Reserve System to hold reserves in the form of currency in their vaults or deposits with Federal Reserve System. The Discount Rate The discount rate is the interest rate the Federal Reserve charges banks if banks borrow reserves from the Federal Reserve itself. Banks may need to borrow reser ...
... Federal Reserve System to hold reserves in the form of currency in their vaults or deposits with Federal Reserve System. The Discount Rate The discount rate is the interest rate the Federal Reserve charges banks if banks borrow reserves from the Federal Reserve itself. Banks may need to borrow reser ...
output changes and inflationary bias in transition - cerge-ei
... attention in the extensive literature dealing with transition countries.1 The EBRD Transition Report (1999) is typical of most analyses: it spends at most a paragraph pointing out that official output figures are usually an underestimate of the true level before spending several pages asking, why w ...
... attention in the extensive literature dealing with transition countries.1 The EBRD Transition Report (1999) is typical of most analyses: it spends at most a paragraph pointing out that official output figures are usually an underestimate of the true level before spending several pages asking, why w ...
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... If real interest rates are calculated on the basis of the increase in the GDP deflator, the decline in real short-term interest rates was (again) 3/4 percentage points in the euro area but only about 1/2 percentage point in the United States as the GDP deflator decelerated more. 4 The Taylor rule in ...
... If real interest rates are calculated on the basis of the increase in the GDP deflator, the decline in real short-term interest rates was (again) 3/4 percentage points in the euro area but only about 1/2 percentage point in the United States as the GDP deflator decelerated more. 4 The Taylor rule in ...