International Monetary Fund (IMF) - Money Matters: The Importance
... Executive Board. These 24 representatives discuss everything openly, convince each other until they reach a consensus. 3. access to technical assistance in banking, fiscal affairs, (government spending, taxes and finance) and exchange rate policies. A. why important? The IMF offers training and guid ...
... Executive Board. These 24 representatives discuss everything openly, convince each other until they reach a consensus. 3. access to technical assistance in banking, fiscal affairs, (government spending, taxes and finance) and exchange rate policies. A. why important? The IMF offers training and guid ...
NBER WORKING PAPER SERIES AREAS Pierre-Richard Agenor
... country-specific shocks is precluded. They evaluate the costs and benefits of two monetary arrangements: a system of independent national currencies and a single currency area. They find that the presence of country-specific shocks may either reduce or enhance the benefits of a single currency area, ...
... country-specific shocks is precluded. They evaluate the costs and benefits of two monetary arrangements: a system of independent national currencies and a single currency area. They find that the presence of country-specific shocks may either reduce or enhance the benefits of a single currency area, ...
Should Gold-Exporters Peg Their Currencies to
... The decline in prices was particularly strong when expressed in terms of dollars, for the same reason we have just seen: the dollar appreciated between 1995 and 1997. But, while the strong dollar was wreaking havoc on Argentina, Thailand, and other countries linked to the dollar, Chile was in a much ...
... The decline in prices was particularly strong when expressed in terms of dollars, for the same reason we have just seen: the dollar appreciated between 1995 and 1997. But, while the strong dollar was wreaking havoc on Argentina, Thailand, and other countries linked to the dollar, Chile was in a much ...
A survey of literature on the equilibrium real exchange rate an
... number of papers can be found in the literature that survey the results (for instance, Froot and Rogoff (1995) and MacDonald (1995)). Since the 1990s, these tests have chiefly covered less demanding interpretations of the PPP, which assume two alternative types. The first one considers that the real ...
... number of papers can be found in the literature that survey the results (for instance, Froot and Rogoff (1995) and MacDonald (1995)). Since the 1990s, these tests have chiefly covered less demanding interpretations of the PPP, which assume two alternative types. The first one considers that the real ...
Official PDF , 23 pages
... Se+1 responds to changes in R. Indeed, one of the main functions of traditional exchange rate models is to supply the structure required to make Se+1 an endogenous variable in arbitrage relationships such as condition (1). In the popular Dornbusch “overshooting” model, for example, the expected futu ...
... Se+1 responds to changes in R. Indeed, one of the main functions of traditional exchange rate models is to supply the structure required to make Se+1 an endogenous variable in arbitrage relationships such as condition (1). In the popular Dornbusch “overshooting” model, for example, the expected futu ...
NBER WORKING PAPER SERIES MODIGLIANIESQUE MACRO MODELS Stanley Fischer Working Paper No. 1797
... In an alternative formulation of the model, g would enter explicitly, both in determining the value of the capital stock, and in affecting the investment decision. The model would then be essentially that of Tobin (1969). With q normally inversely related to r, an open market purchase that reduces t ...
... In an alternative formulation of the model, g would enter explicitly, both in determining the value of the capital stock, and in affecting the investment decision. The model would then be essentially that of Tobin (1969). With q normally inversely related to r, an open market purchase that reduces t ...
Report to the Executive Board of the Norges Bank On the Decision
... Our reading of Inflation Reports and Strategy Documents is that the Norges Bank's view is that there are a number of important channels through which monetary policy changes currently affect inflation. First, interest rate changes and their induced effects on exchange rates both affect output, which ...
... Our reading of Inflation Reports and Strategy Documents is that the Norges Bank's view is that there are a number of important channels through which monetary policy changes currently affect inflation. First, interest rate changes and their induced effects on exchange rates both affect output, which ...
Indian Currency, Exchange Rate Regime and Policy (PDF
... were used for monetary transactions. The Greek legends were extensively used in the coins. The Indian Republic has been following the Saka era as its official calendar. The Kushan gold coins had portraits of Siva, Buddha and Kartikeya. The coins of Satavahana, who ruled India during 270 BC to 30 BC ...
... were used for monetary transactions. The Greek legends were extensively used in the coins. The Indian Republic has been following the Saka era as its official calendar. The Kushan gold coins had portraits of Siva, Buddha and Kartikeya. The coins of Satavahana, who ruled India during 270 BC to 30 BC ...
Tight Money in a Post-Crisis Defense of the Exchange Rate: What
... Se+1 responds to changes in R. Indeed, one of the main functions of traditional exchange rate models is to supply the structure required to make Se+1 an endogenous variable in arbitrage relationships such as condition (1). In the popular Dornbusch “overshooting” model, for example, the expected futu ...
... Se+1 responds to changes in R. Indeed, one of the main functions of traditional exchange rate models is to supply the structure required to make Se+1 an endogenous variable in arbitrage relationships such as condition (1). In the popular Dornbusch “overshooting” model, for example, the expected futu ...
The Impact of Real Exchange Rate Movements on
... Services have long been considered by economists and other observers of international commerce to be the proverbial non-traded good. Indeed, by conventional measures of openness services remain the most closed sector of the world economy. However, in part due to the technological changes that have m ...
... Services have long been considered by economists and other observers of international commerce to be the proverbial non-traded good. Indeed, by conventional measures of openness services remain the most closed sector of the world economy. However, in part due to the technological changes that have m ...
NBER WORKING PAPER SERIES THE REAL EFFECTS OF FOREIGN OF CURRENCY SUBSTITUTION
... Particular attention is paid to the impact of foreign money balances. foreign inflation on the real exchange rate and other real variables. At first, an environment in which foreign money is the only traded asset is explored. This is compared to a more general setting in which many assets can be tra ...
... Particular attention is paid to the impact of foreign money balances. foreign inflation on the real exchange rate and other real variables. At first, an environment in which foreign money is the only traded asset is explored. This is compared to a more general setting in which many assets can be tra ...
經濟學講義(97
... Both are representative price of the economy and usually move together(p.537 figure 2), But there are differences： (1)GDP Deflator reflects the prices of all goods and services produced domestically. CPI reflects the prices of all goods and services bought by consumers. ex1. If the price of airplane ...
... Both are representative price of the economy and usually move together(p.537 figure 2), But there are differences： (1)GDP Deflator reflects the prices of all goods and services produced domestically. CPI reflects the prices of all goods and services bought by consumers. ex1. If the price of airplane ...
NBER WORKING PAPER SERIES INTERNATIONAL LIQUIDITY AND MONETARY CONTROL Jacob A. Frenkel
... and Helen Roberts for helpful comments and assistance and to the NSF Grant No. SES 78—111480—AO1 for financial support. The research reported here is part of the NBER's research program in International Studies and in Economic Fluctuations. Any opinions expressed are those of the author and not thos ...
... and Helen Roberts for helpful comments and assistance and to the NSF Grant No. SES 78—111480—AO1 for financial support. The research reported here is part of the NBER's research program in International Studies and in Economic Fluctuations. Any opinions expressed are those of the author and not thos ...
Review Chapter 20 : The IS Curve
... Assume Fed’s goal is for stable inflation π. The monetary policy authorities will increase i more than any increase in π e ⇒ increase in r . 3. Shifts in the MP Curve (a) autonomous tightening of monetary policy (b) autonomous easing of monetary policy ...
... Assume Fed’s goal is for stable inflation π. The monetary policy authorities will increase i more than any increase in π e ⇒ increase in r . 3. Shifts in the MP Curve (a) autonomous tightening of monetary policy (b) autonomous easing of monetary policy ...
Macroeconomics - Rémi Bazillier
... 5. What does happen if firms change their investment behavior? The new investment function is: I = 500 − 2500i. 6. What does happen if the function of demand for money changes? It is now equal to Md = 0.4Y + 700 − 11000i. 7. We suppose that √ the employment level (N ) is defined by the following fu ...
... 5. What does happen if firms change their investment behavior? The new investment function is: I = 500 − 2500i. 6. What does happen if the function of demand for money changes? It is now equal to Md = 0.4Y + 700 − 11000i. 7. We suppose that √ the employment level (N ) is defined by the following fu ...
Slide 1
... measure of inflation is used; GDP price deflator in the case of the original formulation of the rule; HICP (Harmonized Index of Consumer Prices) in the case of the ECB and BoE; all in terms of the headline definition; PCE (Personal Consumption Expenditures) in the case of the Fed, with a prefere ...
... measure of inflation is used; GDP price deflator in the case of the original formulation of the rule; HICP (Harmonized Index of Consumer Prices) in the case of the ECB and BoE; all in terms of the headline definition; PCE (Personal Consumption Expenditures) in the case of the Fed, with a prefere ...
Does Population Transition Influence Real Exchange Rate? Empirical Evidence from Australia:
... population, lacks capital for investment, imports foreign capital and cause the real exchange rate to appreciate. In addition to saving, demography can also work through investment channel. Young dependents place investment demand, mainly through consumption of nontraded goods (such as education, he ...
... population, lacks capital for investment, imports foreign capital and cause the real exchange rate to appreciate. In addition to saving, demography can also work through investment channel. Young dependents place investment demand, mainly through consumption of nontraded goods (such as education, he ...
an evaluation of the contractionary devaluation
... Part of the research on macroeconomic adjustment has focused on the role of exchange rates. As a key relative price in the economy, the real exchange rate may not only alter the country’s external balance but also other more socially sensitive variables such as income distribution, poverty, and empl ...
... Part of the research on macroeconomic adjustment has focused on the role of exchange rates. As a key relative price in the economy, the real exchange rate may not only alter the country’s external balance but also other more socially sensitive variables such as income distribution, poverty, and empl ...
Please click here to see Table 3 - Association for the Study of the
... In August 1961 the Cuban government instituted a currency reform, issuing new bank notes which replaced all the previously-circulating paper money. Since the currency reform stipulated that no individual was allowed to exchange more than 200 pesos, it achieved a major reduction in circulation. In fa ...
... In August 1961 the Cuban government instituted a currency reform, issuing new bank notes which replaced all the previously-circulating paper money. Since the currency reform stipulated that no individual was allowed to exchange more than 200 pesos, it achieved a major reduction in circulation. In fa ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... have been made which imply significantly nonzero elasticities of substitution and price responses in both capacity utilization and capacity creation decisions for a number of developing economies." Even the strongest advocates of supplyoriented capital-and-foreignexchangeconstrajne analysis of the d ...
... have been made which imply significantly nonzero elasticities of substitution and price responses in both capacity utilization and capacity creation decisions for a number of developing economies." Even the strongest advocates of supplyoriented capital-and-foreignexchangeconstrajne analysis of the d ...
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... momentum and finally turned into a bubble that burst in 2007, when the American financial crisis swept over to Europe. 1 In Greece and Portugal the government sectors used the credit to raise public-sector wages and hire more public employees, while in Spain and Ireland investors borrowed to buy re ...
... momentum and finally turned into a bubble that burst in 2007, when the American financial crisis swept over to Europe. 1 In Greece and Portugal the government sectors used the credit to raise public-sector wages and hire more public employees, while in Spain and Ireland investors borrowed to buy re ...
Exchange rate
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In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, ¥) to the United States dollar (US$) means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in terms of yen is ¥119, or equivalently that the price of a yen in terms of dollars is $1/119.Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.In the retail currency exchange market, a different buying rate and selling rate will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell the currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash (usually notes only), a documentary form (such as traveler's cheques) or electronically (such as a credit card purchase). The higher rate on documentary transactions has been justified to compensate for the additional time and cost of clearing the document, while the cash is available for resale immediately. Some dealers on the other hand prefer documentary transactions because of the security concerns with cash.