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NBER WORKING PAPER SERIES THE NEED FOR INTERNATIONAL POLICY COORDINATION:
NBER WORKING PAPER SERIES THE NEED FOR INTERNATIONAL POLICY COORDINATION:

... Fifty years ago, during the Bretton Woods era, the Chicago School asserted that a flexible exchange rate would insulate domestic employment from foreign economic disturbances, including foreign monetary policy.1 There is no need, they argued, for central banks to intervene in foreign exchange market ...
Chapter 12: Inflation
Chapter 12: Inflation

... real wage rate and employers gain at the expense of workers. Lower than anticipated inflation raises the real wage rate and workers gain at the expense of employers. 3. Departure from full employment: Higher than anticipated inflation lowers the real wage rate, increases the quantity of labor demand ...
Saving, Investment, and the Financial System
Saving, Investment, and the Financial System

... •Taxes on interest income substantially reduce the future payoff from current saving and, as a result, reduce the incentive to save. The result will be higher interest rates and smaller investment •If a change in tax law encourages greater saving, the result will be lower interest rates and greater ...
The Austrian School
The Austrian School

... The pattern of resource allocation associated with intertemporal equilibrium exhibits a certain uniformity in terms of the value differentials that separate the stages of production. The difference in the value of the output of one stage and the value of output of the next stage reflects, among othe ...
A Look at the Implications of Regulatory Reforms for OTC
A Look at the Implications of Regulatory Reforms for OTC

... counterparty risk management arrangements more generally, created an environment in which confidence could be lost very quickly. Arguably of most concern at, and since, the time of the financial crisis has been the interlinkages between the major counterparties participating in the OTC derivatives ...
Chapter 1: Introduction
Chapter 1: Introduction

... Notice two things about this equation. First, it is real money demand--demand for real money balances, for the nominal money stock divided by the price level, for an amount of purchasing power held in readily-spendable form rather than an amount of pictures of George Washington—that is proportional ...
ABB LTD (Form: 6-K, Received: 09/11/2015 10:44:22)
ABB LTD (Form: 6-K, Received: 09/11/2015 10:44:22)

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... guarantee of convertibility of WAEMU’s currency (the CFA franc) to the euro at a fixed parity would continue for a monetary union of the expected size. Second, with politically dependent central banks, there is an incentive for monetary policy to be used to extract seigniorage which creates distorti ...
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Oil Price, Exchange Rate Shock, and the Japanese Economy

... For many years, the most important exogenous shocks to the Japanese economy have been exchange rate ‡uctuations and energy price increases, particularly crude oil price increases. The impact of oil prices on macroeconomic activity has been an important research theme and policy concern in many devel ...
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Chapter 14: Monetary Policy - the School of Economics and Finance

... There are many di¤erent interest rates in the economy. For purposes of monetary policy, the Fed has targeted the interest rate known as the federal funds rate. ...
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... obstacle to the smooth management of monetary policy. In the open economy, of course, there are additional complications: Not only must a central bank take account of the exchange rate in this situation, but potentially also the feedback responses of foreign central banks to its policy actions. In t ...
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Determination of Forward and Futures Prices

... Suppose first that the forward price is relatively high at $910. An arbitrageur can borrow $900 to buy the bond and short a forward contract. The coupon payment has a present value of 40e-0.03x4/12=$39.60. Of the $900, $39.60 is therefore borrowed at 3% per annum for 4 months so that it can be repai ...
NBER WORKING PAPER SERIES THE NIXON SHOCK AFTER FORTY YEARS:
NBER WORKING PAPER SERIES THE NIXON SHOCK AFTER FORTY YEARS:

... with regard to their exchange rate. In October 1969, they revalued the mark against the dollar. In May 1971, to accommodate the growing demand for the mark on foreign exchange markets, Germany allowed the mark to float against the dollar (James 1996, 214-216). As it began to appreciate, other curren ...
Chapter 11: Aggregate Demand II, Applying the IS
Chapter 11: Aggregate Demand II, Applying the IS

...  reduced stock prices, discouraged investment ...
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Exchange rate



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.
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