NBER WORKING PAPER SERIES ASSESSING INTERNATIONAL EFFICIENCY Jonathan Heathcote Fabrizio Perri
... Is the observed allocation of resources across residents in different countries Pareto efficient? Or is it possible for a single government or an international organization to devise a mechanism (for example, a tax/subsidy system or the introduction of a new asset) so as to achieve a different alloc ...
... Is the observed allocation of resources across residents in different countries Pareto efficient? Or is it possible for a single government or an international organization to devise a mechanism (for example, a tax/subsidy system or the introduction of a new asset) so as to achieve a different alloc ...
The Libyan Asset Freeze and Its Application to Foreign Government
... 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside the United States). 8. See Exec. Order No. 12,170, 3 C.F.R. ...
... 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside the United States). 8. See Exec. Order No. 12,170, 3 C.F.R. ...
NBER WORKING PAPER SERIES BENEFITS AND SPILLOVERS OF GREATER COMPETITION IN EUROPE:
... shocks affecting marginal costs, even though such flexibility entails large adjustment costs. Instead, if price setters have strong monopoly power (θ is close to one, its minimum value), they can charge a high average markup over marginal costs. In this case, when marginal costs increase due to cycl ...
... shocks affecting marginal costs, even though such flexibility entails large adjustment costs. Instead, if price setters have strong monopoly power (θ is close to one, its minimum value), they can charge a high average markup over marginal costs. In this case, when marginal costs increase due to cycl ...
The Phillips Curve
... • In ch17, we began our model in 1949 because our theory may not apply when the government directly controls prices, as it did during WWII. • We use new-Keynesian theory to show that a model in which expectations are fixed cannot account for the experiences of the 1970s and 1980s. ...
... • In ch17, we began our model in 1949 because our theory may not apply when the government directly controls prices, as it did during WWII. • We use new-Keynesian theory to show that a model in which expectations are fixed cannot account for the experiences of the 1970s and 1980s. ...
Country Data Sheet: Portfolio Project Part I
... Here are great web sites to examine time-space convergence: http://www.timeanddate.com/time/travel.html?p1=848&p2=690 Determine the distance from Lexington to the capitol of your country. How many hours would it take to fly there in clock hours? _________________ How many actual hours? _____________ ...
... Here are great web sites to examine time-space convergence: http://www.timeanddate.com/time/travel.html?p1=848&p2=690 Determine the distance from Lexington to the capitol of your country. How many hours would it take to fly there in clock hours? _________________ How many actual hours? _____________ ...
Financial Markets
... Because yields vary, borrowers may want to time when they issue debt. Are yields predictable from week to week? Here is one way to study the possibility that yields are predictable. The column labeled AC shows that the Bill yield in one week is almost equal to its yield in the previous week. You ma ...
... Because yields vary, borrowers may want to time when they issue debt. Are yields predictable from week to week? Here is one way to study the possibility that yields are predictable. The column labeled AC shows that the Bill yield in one week is almost equal to its yield in the previous week. You ma ...
the terms of the debate
... benefits each country, at least as an aggregate, and is thus worth preserving and expanding. However, in the real world a country's exports and imports to the rest of the world frequently will not balance, either in the short-term or over a longer period such as a year, the latter situation constit ...
... benefits each country, at least as an aggregate, and is thus worth preserving and expanding. However, in the real world a country's exports and imports to the rest of the world frequently will not balance, either in the short-term or over a longer period such as a year, the latter situation constit ...
How big (small?) are fiscal multipliers?
... not statistically different from zero. In contrast, the positive output effect in industrial countries is highly persistent and statistically significant from zero in the long run. Fiscal policy differs in developing countries not only in its effect but also in its execution, as increases in governme ...
... not statistically different from zero. In contrast, the positive output effect in industrial countries is highly persistent and statistically significant from zero in the long run. Fiscal policy differs in developing countries not only in its effect but also in its execution, as increases in governme ...
Lecture 4 - The Digital Economist
... Consumption expenditure decisions are strongly influenced by household disposable (after-tax) income, household wealth, savings needs and plans, confidence in the future direction of the economy, and interest rates (in the case of durable-goods purchases). ...
... Consumption expenditure decisions are strongly influenced by household disposable (after-tax) income, household wealth, savings needs and plans, confidence in the future direction of the economy, and interest rates (in the case of durable-goods purchases). ...
17.1 HOW THE FED CONDUCTS MONETARY POLICY
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
... An example is Friedman’s k-percent rule. The k-percent rule is a monetary policy rule that makes the quantity of money grow at k percent per year, where k equals the growth rate of potential GDP. Money targeting works when the demand for money is stable and predictable. But technological change in t ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Our results on the relationship between preconditions and outcomes can be summed up as follows. We find that larger deficits take longer to resolve and are associated with relatively slower income growth during recovery. There is no significant correlation between the size of the deficit and the ext ...
... Our results on the relationship between preconditions and outcomes can be summed up as follows. We find that larger deficits take longer to resolve and are associated with relatively slower income growth during recovery. There is no significant correlation between the size of the deficit and the ext ...
Monetary Policy C H A P T E R C H E C K L I S T
... A targeting rule is a decision rule for monetary policy that sets the policy instrument at a level that makes the central bank’s forecast of the ultimate policy goals equal to their targets. If the ultimate policy goal is a 2 percent inflation rate and the instrument is the federal funds rate, then ...
... A targeting rule is a decision rule for monetary policy that sets the policy instrument at a level that makes the central bank’s forecast of the ultimate policy goals equal to their targets. If the ultimate policy goal is a 2 percent inflation rate and the instrument is the federal funds rate, then ...
Preview
... III. Conclusion: Towards a Domestic Politics Approach of Euro Adoption in the Ten New Member States In this paper we sought to explain the different outcomes of euro adoption policies in the ten member states, that joined the EU in 2004. The paper shows that the underlying domestic political reasons ...
... III. Conclusion: Towards a Domestic Politics Approach of Euro Adoption in the Ten New Member States In this paper we sought to explain the different outcomes of euro adoption policies in the ten member states, that joined the EU in 2004. The paper shows that the underlying domestic political reasons ...
Intra-day Seasonality in Activities of the Foreign Exchange Markets:
... 2.1. EBS electronic broking system By early 2000s, almost all major currency spot trading have become matched by one of the two electronic broking systems, EBS and Reuters D-3000. 5 The share of electronic trading is dramatically increasing and it should make researchers to reconsider how the theory ...
... 2.1. EBS electronic broking system By early 2000s, almost all major currency spot trading have become matched by one of the two electronic broking systems, EBS and Reuters D-3000. 5 The share of electronic trading is dramatically increasing and it should make researchers to reconsider how the theory ...
What Determines Government Spending Multipliers?
... interactions. In this case, our two-step procedure yields a series of results for the unconditional (or average) behavior and impact of fiscal policy that accord well with earlier findings from the literature. First, the estimated spending rules suggest that government spending exhibits no clear cyc ...
... interactions. In this case, our two-step procedure yields a series of results for the unconditional (or average) behavior and impact of fiscal policy that accord well with earlier findings from the literature. First, the estimated spending rules suggest that government spending exhibits no clear cyc ...
Ch 11
... and partially offsets the effect on output of the fall in consumption. If the Federal Reserve wants to keep output constant, then they must increase the money supply in order to reduce the interest rate and increase output back to its original level. The increase in the money supply will shift the L ...
... and partially offsets the effect on output of the fall in consumption. If the Federal Reserve wants to keep output constant, then they must increase the money supply in order to reduce the interest rate and increase output back to its original level. The increase in the money supply will shift the L ...
The Effect of Macroeconomic Variables on Market Risk
... and the prospects of gains based on the companies’ future performance. The growth of stock market in the recent decades has made it particularly attractive for investors. Giving the opportunity of higher profit compared to other forms of investment, such as bank deposits or government bonds, stock m ...
... and the prospects of gains based on the companies’ future performance. The growth of stock market in the recent decades has made it particularly attractive for investors. Giving the opportunity of higher profit compared to other forms of investment, such as bank deposits or government bonds, stock m ...
A Neo-Keynedan Vie~ of Monetary Policy
... expenditures to some degree. But the sector in which they are most dearly of major importance is homebuilding. Even in the absence of the rather unique institutional arrangements for its financing, housing demand might be significantly affected by monetary policy as changes in mortgage interest rate ...
... expenditures to some degree. But the sector in which they are most dearly of major importance is homebuilding. Even in the absence of the rather unique institutional arrangements for its financing, housing demand might be significantly affected by monetary policy as changes in mortgage interest rate ...
2011:2 What is the natural interest rate?
... economy’s total resources will arise. For this reason, we let potential GDP be equal to the level of output that would arise if price and wage levels were flexible. This level of output is also occasionally called the ‘natural output level’.4 However, if an economy reaches its potential output level ...
... economy’s total resources will arise. For this reason, we let potential GDP be equal to the level of output that would arise if price and wage levels were flexible. This level of output is also occasionally called the ‘natural output level’.4 However, if an economy reaches its potential output level ...
NBER WORKING PAPER SERIES CAN ENDOGENOUS CHANGES IN PRICE FLEXIBILITY
... Wincoop (2000)). This new literature is largely based on models where the degree of price flexibility is exogenously determined and does not change in response to changes in the monetary regime. The welfare comparisons presented in this literature are therefore potentially subject to a form of the L ...
... Wincoop (2000)). This new literature is largely based on models where the degree of price flexibility is exogenously determined and does not change in response to changes in the monetary regime. The welfare comparisons presented in this literature are therefore potentially subject to a form of the L ...
Inflation and Unemployment
... Real Business Cycle Theory Real business cycle theory regards random fluctuations in productivity as the main source of economic fluctuations. These productivity fluctuations are assumed to result mainly from fluctuations in the pace of technological ...
... Real Business Cycle Theory Real business cycle theory regards random fluctuations in productivity as the main source of economic fluctuations. These productivity fluctuations are assumed to result mainly from fluctuations in the pace of technological ...
Chapter 5 - Consumer Choice
... Cost push inflation: It is a situation where a rise in the general price level is initiated and sustained by rising cost due to which prices go up. For example: when the cost of raw material goes up the price of goods also go up which leads to inflation. That’s call cost push inflation. Simply we ca ...
... Cost push inflation: It is a situation where a rise in the general price level is initiated and sustained by rising cost due to which prices go up. For example: when the cost of raw material goes up the price of goods also go up which leads to inflation. That’s call cost push inflation. Simply we ca ...
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.