"Monetary Policy According to HANK"
... small changes in interest rates (consistent with evidence in Vissing-Jorgensen, 2002, that non-asset holders do not respond to interest rate cuts). Third, these same survey data reveal vast inequality in wealth holdings and composition across households (Diaz-Gimenez et al., 2011). Some households m ...
... small changes in interest rates (consistent with evidence in Vissing-Jorgensen, 2002, that non-asset holders do not respond to interest rate cuts). Third, these same survey data reveal vast inequality in wealth holdings and composition across households (Diaz-Gimenez et al., 2011). Some households m ...
Free Full Text ( Final Version , 817kb )
... dynamics. I divided post-reform inflation into 2 periods, 8 cycles. 1997 can be considered as the watershed of the two periods. Each period includes 4 cycles respectively: the pre-1997 period includes 1978-1981, 1982-1986, 1987-1990, and 1991-1996 while the after-1997 period contains 1997-2002, 2003 ...
... dynamics. I divided post-reform inflation into 2 periods, 8 cycles. 1997 can be considered as the watershed of the two periods. Each period includes 4 cycles respectively: the pre-1997 period includes 1978-1981, 1982-1986, 1987-1990, and 1991-1996 while the after-1997 period contains 1997-2002, 2003 ...
Document
... capital, and land to produce Y = 800 bushels of corn. V is constant. In 2008, MS = $2000, P = $5/bushel. For 2009, the Fed increases MS by 5%, to $2100. a. Compute the 2009 values of nominal GDP and P. Compute the inflation rate for 2008–2009. ...
... capital, and land to produce Y = 800 bushels of corn. V is constant. In 2008, MS = $2000, P = $5/bushel. For 2009, the Fed increases MS by 5%, to $2100. a. Compute the 2009 values of nominal GDP and P. Compute the inflation rate for 2008–2009. ...
Impacts of External Shocks on Nations` Policy Responses and
... The methodology employed in this study uses Bacha’s approach to analyze the impact of the 1973-2005 external shocks on LDC and the range of their policy responses. Current account deficits, external shocks and policy responses are the three major components in Bacha’s model1. The basic form of model ...
... The methodology employed in this study uses Bacha’s approach to analyze the impact of the 1973-2005 external shocks on LDC and the range of their policy responses. Current account deficits, external shocks and policy responses are the three major components in Bacha’s model1. The basic form of model ...
MNB Alapsablon - Magyar Nemzeti Bank
... In the Council’s judgement, maintaining loose monetary conditions for an extended period is warranted by the mediumterm achievement of the Bank’s inflation target and a corresponding degree of support to the real economy. In addition to the primary goal of meeting the inflation target, the Council a ...
... In the Council’s judgement, maintaining loose monetary conditions for an extended period is warranted by the mediumterm achievement of the Bank’s inflation target and a corresponding degree of support to the real economy. In addition to the primary goal of meeting the inflation target, the Council a ...
Causes of Inflation in Turkey: A Literature Survey with
... cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to describe this phenomenon. In practice, however, it is not always easy to decompose the observed inflation into its demand-pull and cost-push comp ...
... cases of rising wages, interest rates, taxes, imported input prices, or exchange rates, then some economists prefer to use the term cost-push inflation to describe this phenomenon. In practice, however, it is not always easy to decompose the observed inflation into its demand-pull and cost-push comp ...
Sectoral Analysis
... major difference between money and other assets is that money does not bring in any positive pecuniary (monetary) returns - actually it is subject to the erosion of real values from inflation-, and other assets do have pecuniary returns. However money, or money balances in a precise term, renders a ...
... major difference between money and other assets is that money does not bring in any positive pecuniary (monetary) returns - actually it is subject to the erosion of real values from inflation-, and other assets do have pecuniary returns. However money, or money balances in a precise term, renders a ...
Fiscal Policy in the EMU and Outside
... fulfihng the budgetary norms. The Commission surveys the situation and prepares a report in case a country violates the norms. If the Council decides by qualified majority that the budgetary norms were violated, it must make recommendations on how to bring the situation to an end. Here, if the count ...
... fulfihng the budgetary norms. The Commission surveys the situation and prepares a report in case a country violates the norms. If the Council decides by qualified majority that the budgetary norms were violated, it must make recommendations on how to bring the situation to an end. Here, if the count ...
Inflation Targeting
... instrument, typically leads to corresponding movements in market interest rates, thus affecting the demand by households and firms for goods and services. This, together with the aggregate supply of goods and services, determines the level of prices. Nevertheless, movements in inflation can be drive ...
... instrument, typically leads to corresponding movements in market interest rates, thus affecting the demand by households and firms for goods and services. This, together with the aggregate supply of goods and services, determines the level of prices. Nevertheless, movements in inflation can be drive ...
Technological Diversification Miklos Koren and Silvana Tenreyro
... We also investigated volatility patterns for a relatively long panel of …rm-level data for Hungary, uncovering a strong positive comovement between the volatility of …rms’ sales and aggregate GDP. The dataset is described in Halpern, Koren, and Szeidl (2010). The positive comovement is illustrated i ...
... We also investigated volatility patterns for a relatively long panel of …rm-level data for Hungary, uncovering a strong positive comovement between the volatility of …rms’ sales and aggregate GDP. The dataset is described in Halpern, Koren, and Szeidl (2010). The positive comovement is illustrated i ...
Technological Diversification
... output), namely that developing countries should reduce their reliance on cash crops or natural resources in order to hedge against fluctuations in these commodities’ prices. First, our model concerns the diversification of inputs, not the diversification of outputs or products. Second, and most imp ...
... output), namely that developing countries should reduce their reliance on cash crops or natural resources in order to hedge against fluctuations in these commodities’ prices. First, our model concerns the diversification of inputs, not the diversification of outputs or products. Second, and most imp ...
Inflation And Its Relationship To Unemployment And Growth
... The two theories of inflation are the quantity theory and the institutional theory. The quantity theory emphasizes the connection between money and inflation. The institutional theory emphasizes market structure and price-setting institutions and inflation. ...
... The two theories of inflation are the quantity theory and the institutional theory. The quantity theory emphasizes the connection between money and inflation. The institutional theory emphasizes market structure and price-setting institutions and inflation. ...
Monetary Policy Transparency - Faculty of Economics
... regularly published forward-looking analysis in 1998, but often only qualitative assessments. The Dincer and Eichengreen (2013) dataset reveals a remarkable improvement in economic transparency involving quantitative information. The publication of numerical macroeconomic forecasts greatly expanded ...
... regularly published forward-looking analysis in 1998, but often only qualitative assessments. The Dincer and Eichengreen (2013) dataset reveals a remarkable improvement in economic transparency involving quantitative information. The publication of numerical macroeconomic forecasts greatly expanded ...
LECTURE 10
... 3. balance of payments effects - a country’s balance-ofpayments account is a record of a country’s payments to and receipts from other countries. •The current account is a record of a country’s export and import of goods and services •Governments typically prefer to see a current account surplus tha ...
... 3. balance of payments effects - a country’s balance-ofpayments account is a record of a country’s payments to and receipts from other countries. •The current account is a record of a country’s export and import of goods and services •Governments typically prefer to see a current account surplus tha ...
Inflation First Pages
... An important distinction in the analysis of inflation is whether the price increases are anticipated or unanticipated. Suppose that all prices are rising at 3 percent each year and everyone expects this trend to continue. Would there be any reason to get excited about inflation? Would it make any di ...
... An important distinction in the analysis of inflation is whether the price increases are anticipated or unanticipated. Suppose that all prices are rising at 3 percent each year and everyone expects this trend to continue. Would there be any reason to get excited about inflation? Would it make any di ...
... pressures. While monetary policy can have some impact on real activity, this effect is only transitory and not permanent. However, monetary policy has a lasting impact on price developments and, as a result, inflation. This chapter reviews in some detail the factors driving the inflationary process ove ...
Accepted Manuscript
... In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new inde ...
... In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new inde ...
Inflation First Pages
... An important distinction in the analysis of inflation is whether the price increases are anticipated or unanticipated. Suppose that all prices are rising at 3 percent each year and everyone expects this trend to continue. Would there be any reason to get excited about inflation? Would it make any di ...
... An important distinction in the analysis of inflation is whether the price increases are anticipated or unanticipated. Suppose that all prices are rising at 3 percent each year and everyone expects this trend to continue. Would there be any reason to get excited about inflation? Would it make any di ...
LINK Global Economic Outlook 2015-2016 Unedited United Nations
... to a more neutral position. It is assumed that the federal funds interest rate will remain within the range of 0 to ¼ percent until mid-2015. The Fed will then start to raise interest rates gradually in the third quarter of 2015 with the federal funds interest rate reaching 2.75 per cent by the end ...
... to a more neutral position. It is assumed that the federal funds interest rate will remain within the range of 0 to ¼ percent until mid-2015. The Fed will then start to raise interest rates gradually in the third quarter of 2015 with the federal funds interest rate reaching 2.75 per cent by the end ...
World Economic Outlook: Housing and the Business Cycle
... Commodity Prices and Patterns of Integration Globalization and Commodity Price Cycles Explaining the Patterns ...
... Commodity Prices and Patterns of Integration Globalization and Commodity Price Cycles Explaining the Patterns ...
Inflation and the business cycle
... 2. Increase in cash increases prices directly; 3. Value of money declines leading to a switch towards other types of assets. Will lower money’s value and increase inflation further; 4. Lags in tax collection implies government revenue falls in real terms (at 100% inflation per month, a one month lag ...
... 2. Increase in cash increases prices directly; 3. Value of money declines leading to a switch towards other types of assets. Will lower money’s value and increase inflation further; 4. Lags in tax collection implies government revenue falls in real terms (at 100% inflation per month, a one month lag ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies
... tions about capital mobility, I go on to consider empirically the extent of international capital mobility. Drawing on both the theoretical and empirical analysis, I attempt to assess the likely impact of alternative tax reforms on international competitiveness. The common assumption that capital fl ...
... tions about capital mobility, I go on to consider empirically the extent of international capital mobility. Drawing on both the theoretical and empirical analysis, I attempt to assess the likely impact of alternative tax reforms on international competitiveness. The common assumption that capital fl ...
Fiscal Governance in the Eurozone: How Effectively Does
... problem that, according to De Grauwe (2008, 7), “will exist as long as the nation-states maintain their sovereignty over spending and taxation, and as long as those who decide about spending are made accountable before a national electorate.” Today the euro countries experience an increasing variati ...
... problem that, according to De Grauwe (2008, 7), “will exist as long as the nation-states maintain their sovereignty over spending and taxation, and as long as those who decide about spending are made accountable before a national electorate.” Today the euro countries experience an increasing variati ...
Official PDF , 37 pages
... and use of fiscal space in emerging and developing economies. These economies built fiscal space in the run-up to the Great Recession of 2008–09, which was then used for stimulus. This reflects a more general trend over the past three decades, where availability of fiscal space has been associated w ...
... and use of fiscal space in emerging and developing economies. These economies built fiscal space in the run-up to the Great Recession of 2008–09, which was then used for stimulus. This reflects a more general trend over the past three decades, where availability of fiscal space has been associated w ...