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The estimation of money demand in the Slovak Republic
The estimation of money demand in the Slovak Republic

... also confirmed – the fact that their elasticity is negative confirms the hypothesis of substitution between them and household deposits. Our model also used a dummy variable representing seasonality, according to which the amount of the M2 money supply increased by 0.03% in the fourth quarter. This ...
Sectoral Default Rates under Stress: The Importance of Non
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... deterioration in local economic conditions was required before the present discounted value of the gains from migration offset the front-end costs. Hence, migration was probably less important as a response to fluctuations at standard business cycle frequencies than as a response to long swings. Eve ...
THE EFFECT OF INTEREST RATE, INFLATION RATE, GDP, ON
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... an increase in federal government debt equivalent to one percent of GDP, all else equal, would be expected to increase the long-term real rate of interest by about three basis points. Giovanni and Shambaugh (2007): This paper explored the connection between interest rates in major industrial countri ...
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... v) Potential Rate of Growth (PGR) = Labour force growth + productivity growth = 1.44 % + 0.80 % = 2.24 % in 2006 vi) The target for growth in the economy is 3.0%. In 2006 the economy’s capacity to produce grew by only 2.24%, which is substantially below the target. If this rate does not rebound, the ...
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Slide 1

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... result economic policy of this country is dependent on oil earning, fluctuations in supply and demand and the price of crude oil cause to have some problems and obstacles in many goals and programs of macro economy. Therefore, the development of non-oil exports and liberation from single-product eco ...
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... from abroad and with employmentfixed. In this paper, we analyze the effects of an increase in the tariff rate within an infinite horizon utility maximizing framework. The key feature of the model is that it incorporates capital accumulationby means of a q—theoretic investment function as in Abel and ...
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... 2010a). This implied maintaining an expenditure level consistent with sustainable medium-term fiscal revenue as calculated using estimates of future GDP and copper price trends. This instrument allowed the authorities to avoid public expenditure curtailments in depressed periods and avoid increases ...
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... allocated to banks and gold and foreign exchange assets held at the CBRT under the reserve option mechanism (ROM) reached a level that is considerably above the external debt payments of banks which are due within one year (Chart 8). Moreover, in the “Monetary and Exchange Rate Policy for 2016”, we ...
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This PDF is a selection from an out-of-print volume from... Bureau of Economic Research

... change rate. The net devaluation amounted to about 37 per cent in imports, and a mere 13 per cent in exports, compared with the gross (formal) devaluation of 67 per cent. To the extent that a net devaluation did take place, it was apparently motivated not so much, if at all, by any current pressure ...
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... engages in interest rate targeting. Thus, rather than having the loanable funds market set the interest rate, the central bank takes over the interest rate setting function. It does so via a four step procedure. First, it announces an inflation target (that must be credible). Second, it estimates th ...
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... increases tend to occur after a recession has begun. 2. Average prime rate charged by banks: Although the prime rate is considered the benchmark that banks use to establish their interest rates for different types of loans, changes tend to lag behind the movements of general economic activities. 3. ...
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... c = Defined overvaluation with respect to the bilateral exchange rate with the United States. d = Defined uncompetitiveness as a trade deficit or a growing current-account deficit that in fact did not exist at the time he commented. e = Stated or implied that the peso was overvalued, but favored add ...
Advanced Placement Macroeconomics Study Notes
Advanced Placement Macroeconomics Study Notes

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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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