Mundell`s International Economics: Adaptations and Debates
... still worth reading today by students. (Fleming [1978, xix]) Fleming is somewhat more inclined to see his own work as being a useful construct: The essay in Chapter 9, written in 1962, was inspired by a feeling that the Canadian experiment with a floating exchange rate had been vitiated by a failure ...
... still worth reading today by students. (Fleming [1978, xix]) Fleming is somewhat more inclined to see his own work as being a useful construct: The essay in Chapter 9, written in 1962, was inspired by a feeling that the Canadian experiment with a floating exchange rate had been vitiated by a failure ...
CZECH UNIVERSITY OF LIFE SCIENCES PRAGUE FACULTY OF
... Having analyzed the dynamics of REER, which is one of the cornerstones of Dutch disease investigation, in addition two other important Dutch disease symptoms were analyzed: the rate of increase in Russian industrial manufacturing comparing to that in corresponding Russian imports and the dynamics of ...
... Having analyzed the dynamics of REER, which is one of the cornerstones of Dutch disease investigation, in addition two other important Dutch disease symptoms were analyzed: the rate of increase in Russian industrial manufacturing comparing to that in corresponding Russian imports and the dynamics of ...
LCCARL082_en.pdf
... with a longer time frame for interest rate payments (over 25 years with a moratorium of two years on all repayments). If the price of barrel reaches US$100, Caribbean countries are allowed to finance up to 50 per cent of their oil purchases under the same conditions. In addition to the hardening of ...
... with a longer time frame for interest rate payments (over 25 years with a moratorium of two years on all repayments). If the price of barrel reaches US$100, Caribbean countries are allowed to finance up to 50 per cent of their oil purchases under the same conditions. In addition to the hardening of ...
convergence report 1998
... be better than those recorded in 1997 in nearly all countries, and in a number of Member States more favourable than planned in medium-term Convergence Programmes. Consistent with the aim of fostering sustainable economic growth, fiscal consolidation in recent years does appear to have been increasi ...
... be better than those recorded in 1997 in nearly all countries, and in a number of Member States more favourable than planned in medium-term Convergence Programmes. Consistent with the aim of fostering sustainable economic growth, fiscal consolidation in recent years does appear to have been increasi ...
NBER WORKING PAPER SERIES THIRTY YEARS OF CURRENT ACCOUNT IMBALANCES,
... (1) Industrialized countries; (2) Latin America and the Caribbean; (3) Asia; (4) Africa; (5) Middle East and Northern Africa; and (6) Eastern Europe. The data set covers 157 countries during the 1970-2001 period. There are over 3,600 observations, and it is the largest data set that can be used in e ...
... (1) Industrialized countries; (2) Latin America and the Caribbean; (3) Asia; (4) Africa; (5) Middle East and Northern Africa; and (6) Eastern Europe. The data set covers 157 countries during the 1970-2001 period. There are over 3,600 observations, and it is the largest data set that can be used in e ...
Make and Take Fees in the US Equity Market
... marketable orders (Foucault, Kadan, and Kandel, 2013). The increased number of executed transactions generates revenue for the platform and increases its market share with respect to its competitors. Alternatively, if an exchange were to observe many nonmarketable orders but few transactions, it can ...
... marketable orders (Foucault, Kadan, and Kandel, 2013). The increased number of executed transactions generates revenue for the platform and increases its market share with respect to its competitors. Alternatively, if an exchange were to observe many nonmarketable orders but few transactions, it can ...
2014-III
... remained favorable while the sluggish course of capital flows to emerging economies reversed (Chart 1.1). More recently, the Fed’s decision to continue with an accommodative policy for an extended period of time and to lower its long-term interest rate projections, as well as the ECB‘s policy rate c ...
... remained favorable while the sluggish course of capital flows to emerging economies reversed (Chart 1.1). More recently, the Fed’s decision to continue with an accommodative policy for an extended period of time and to lower its long-term interest rate projections, as well as the ECB‘s policy rate c ...
Price level targeting, the zero bound on the nominal interest rate and
... shock pushes the price level below target. Under PLT, private agents will expect higher than average inflation in the near future since, under a credible PLT regime, they understand that the central bank will need to engineer a period of higher than average inflation to bring the price level back to ...
... shock pushes the price level below target. Under PLT, private agents will expect higher than average inflation in the near future since, under a credible PLT regime, they understand that the central bank will need to engineer a period of higher than average inflation to bring the price level back to ...
NBER WORKING PAPER SERIES INFLATION STABILIZATION WITH INCOMES POLICY SUPPORT:
... inflation to move, and often to move sharply. The cyclical factor is quite obvious in that it is simply demand inflation or cooling down of inflation due to slack in activity and employment. But it is worthwhile to recognize an asymmetry. There is no upper limit for firms' price increases in respons ...
... inflation to move, and often to move sharply. The cyclical factor is quite obvious in that it is simply demand inflation or cooling down of inflation due to slack in activity and employment. But it is worthwhile to recognize an asymmetry. There is no upper limit for firms' price increases in respons ...
The Current Account and the Interest Rate Differential in Canada
... study this version of the interest differential because it is widely used in the literature (see, for example, Letendre (2004), Nason and Rogers (2003), and Schmitt-Grohé and Uribe 2003). In this version, the interest differential worsens with a deterioration in the net foreign asset position. A ris ...
... study this version of the interest differential because it is widely used in the literature (see, for example, Letendre (2004), Nason and Rogers (2003), and Schmitt-Grohé and Uribe 2003). In this version, the interest differential worsens with a deterioration in the net foreign asset position. A ris ...
S33898F437_en.pdf
... average and per capita GDP stagn ated.1 The growth perform ance of South Africa is also dism al, though the causes are more com plex than in Latin America. The six m ain East Asian countries perform ed som e what better over that period, with a 3.3% average GDP increase, where the Republic of Korea ...
... average and per capita GDP stagn ated.1 The growth perform ance of South Africa is also dism al, though the causes are more com plex than in Latin America. The six m ain East Asian countries perform ed som e what better over that period, with a 3.3% average GDP increase, where the Republic of Korea ...
- Strathprints - University of Strathclyde
... present paper aims to make the case that, contrary to Pasinetti’s verdict, there is good reason to think that ideas introduced by Sraffa (1932) in the course of the celebrated Keynes-Hayek-Sraffa exchange made a significant contribution to the development of the macroeconomic model advanced in the ...
... present paper aims to make the case that, contrary to Pasinetti’s verdict, there is good reason to think that ideas introduced by Sraffa (1932) in the course of the celebrated Keynes-Hayek-Sraffa exchange made a significant contribution to the development of the macroeconomic model advanced in the ...
Spillover Implications of Differences in Monetary Conditions in
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN EMERGING MARKET ECONOMIES Arminio Fraga
... The performance of inflation targeting regimes around the world has been positive. Average inflation in both emerging markets and developed economies is substantially lower after the adoption of the inflation targeting regime than immediately before its adoption (Figure 1).1 However, emerging market ...
... The performance of inflation targeting regimes around the world has been positive. Average inflation in both emerging markets and developed economies is substantially lower after the adoption of the inflation targeting regime than immediately before its adoption (Figure 1).1 However, emerging market ...
Empirical Evidence for Germany
... inflation rate within the context of a menu cost model. The core economic assumption of this model is that firms incur costs when adjusting prices. These socalled menu costs give rise to a band of inaction because firms only adjust prices when large shocks to relative prices occur. Small shocks, in ...
... inflation rate within the context of a menu cost model. The core economic assumption of this model is that firms incur costs when adjusting prices. These socalled menu costs give rise to a band of inaction because firms only adjust prices when large shocks to relative prices occur. Small shocks, in ...
Chapter 18: Extrapolating PPPs and Comparing ICP Benchmark
... The International Comparison Program (ICP) provides estimates of the gross domestic product (GDP) and its main expenditure components for most countries in the world expressed in a common currency and at consistent price levels for a specific reference year (2005 for the estimates in this book). In ...
... The International Comparison Program (ICP) provides estimates of the gross domestic product (GDP) and its main expenditure components for most countries in the world expressed in a common currency and at consistent price levels for a specific reference year (2005 for the estimates in this book). In ...
Working Paper 23 – Will Asymmetric Shocks Pose a Serious
... costs, and the lack of transparency, which all originate from the existence of multiple currencies in Europe, contribute to this segmentation. After the introduction of the euro, households and enterprises will be in a better position to make genuine crossborder comparisons of prices and hence foste ...
... costs, and the lack of transparency, which all originate from the existence of multiple currencies in Europe, contribute to this segmentation. After the introduction of the euro, households and enterprises will be in a better position to make genuine crossborder comparisons of prices and hence foste ...
The profit maximizing level of output is found by equating its
... ► Because it is difficult to measure the prices of intermediate goods produced. ► Because these are the only goods and services that are purchased in an economy. ► Because counting all goods and services would lead to double-counting of many activities. ► Because one cannot calculate the quantities ...
... ► Because it is difficult to measure the prices of intermediate goods produced. ► Because these are the only goods and services that are purchased in an economy. ► Because counting all goods and services would lead to double-counting of many activities. ► Because one cannot calculate the quantities ...
DP2005/03 A happy “halfway-house”? Medium term inflation targeting in New Zealand
... Price level targeting can produce better macroeconomic outcomes than inflation targeting. (Svensson 1999b) shows that if the government delegates a price level target, this results in lower short-run inflation volatility compared to inflation targeting.1 Of course, the choice of regime is not binary ...
... Price level targeting can produce better macroeconomic outcomes than inflation targeting. (Svensson 1999b) shows that if the government delegates a price level target, this results in lower short-run inflation volatility compared to inflation targeting.1 Of course, the choice of regime is not binary ...
A Primer on Inflation
... economy, rendering decision-making and forward planning by consumers, businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social an ...
... economy, rendering decision-making and forward planning by consumers, businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social an ...
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.