NBER WORKING PAPER SERIES LONG-RUN DETERMINANTS OF INFLATION Filippo Altissimo
... Some distinct aspects of this model relative to the literature are described in the following. One important feature is that capital is not mobile and that labour mobility within sectors of the same country can be imperfect for the introduction of imperfect substitutability between different varietie ...
... Some distinct aspects of this model relative to the literature are described in the following. One important feature is that capital is not mobile and that labour mobility within sectors of the same country can be imperfect for the introduction of imperfect substitutability between different varietie ...
NBER WORKING PAPER SERIES A LONG RUN VIEW Michael D. Bordo
... institutionally weak nations, and even countries with strong property rights issue much, or all, of their debt on international markets in foreign currency (Flandreau and Sussman 2005 and Bordo and Meissner 2007a). As it turns out, domestically issued liabilities have historically carried indexation ...
... institutionally weak nations, and even countries with strong property rights issue much, or all, of their debt on international markets in foreign currency (Flandreau and Sussman 2005 and Bordo and Meissner 2007a). As it turns out, domestically issued liabilities have historically carried indexation ...
chapter one 1. introduction
... INR 1000 million and staff strength of less than 500 people. The contribution of Indian software exports to GDP has increased over the past years but SME’s share in the entire information technology export in India is only thirty percent. The looming problems of SMEs are Indian rupee appreciating, l ...
... INR 1000 million and staff strength of less than 500 people. The contribution of Indian software exports to GDP has increased over the past years but SME’s share in the entire information technology export in India is only thirty percent. The looming problems of SMEs are Indian rupee appreciating, l ...
Short-Term Capital Flows, The Real Economy and Income
... None the less, debate has focussed on the appropriate combination of institutional reform and macroeconomic policy required to reduce this instability, rather than on the economic consequences of the instability itself. This seems unwise, not just because such fluctuations might notionally have no n ...
... None the less, debate has focussed on the appropriate combination of institutional reform and macroeconomic policy required to reduce this instability, rather than on the economic consequences of the instability itself. This seems unwise, not just because such fluctuations might notionally have no n ...
Model for Analysis and Simulations (MAS)
... compensations. Each household has a monopoly power over the type of labor service it provides. They are the owners of firms producing intermediate goods, capital and of import retailing firms. Therefore, they receive income corresponding to the monopoly rents generated in those sectors, and capital ...
... compensations. Each household has a monopoly power over the type of labor service it provides. They are the owners of firms producing intermediate goods, capital and of import retailing firms. Therefore, they receive income corresponding to the monopoly rents generated in those sectors, and capital ...
Twenty-Five Years Later: Macroeconomic Aspects of Transition
... too fast for anyone to organize the new order. Yet, it could be successful despite widespread hardship, or it could fail and lead to new forms of authoritarian regimes. Both happened. This paper takes a broad-brush look at the macroeconomic outcomes and tries to draw some general lessons. When it st ...
... too fast for anyone to organize the new order. Yet, it could be successful despite widespread hardship, or it could fail and lead to new forms of authoritarian regimes. Both happened. This paper takes a broad-brush look at the macroeconomic outcomes and tries to draw some general lessons. When it st ...
the dollar and the policy-performance-confidence mix
... ingness offoreign investors to lend funds relative to the size and duration of the current-account deficit. Inadequate understanding of these linkages has caused unnecessary confusion in the deficits-dollar debate. Experience suggests that excessively large budget deficits often lead to a monetary ...
... ingness offoreign investors to lend funds relative to the size and duration of the current-account deficit. Inadequate understanding of these linkages has caused unnecessary confusion in the deficits-dollar debate. Experience suggests that excessively large budget deficits often lead to a monetary ...
Assessing the Equilibrium Exchange Rate of the Cyprus Pound at
... broadly remaining within ±2,25% until the last day of the pound’s existence. There are a number of reasons why the fixed exchange rate policy framework described above was deemed appropriate. Cyprus is a serviceoriented small and open economy with a high degree of import dependence. Potential gains ...
... broadly remaining within ±2,25% until the last day of the pound’s existence. There are a number of reasons why the fixed exchange rate policy framework described above was deemed appropriate. Cyprus is a serviceoriented small and open economy with a high degree of import dependence. Potential gains ...
Aggregate demand and the slowdown of Brazilian economic growth
... (whose effects lasted until 2012), including a very large reduction in public investment, to open space for the presumed private investment and export boom that was expected to come with lower interest rates and an exchange rate devaluation. As investment and exports did not respond to these interes ...
... (whose effects lasted until 2012), including a very large reduction in public investment, to open space for the presumed private investment and export boom that was expected to come with lower interest rates and an exchange rate devaluation. As investment and exports did not respond to these interes ...
mmi03-plasmans-new 223306 en
... “Acquis Communautaires” for these countries, which accelerates their ongoing transformation process from a planned to a market economy. This fact has an important relevance for their structural policy and reforms. In particular, their EU-application has a strong impact in terms of commitments in the ...
... “Acquis Communautaires” for these countries, which accelerates their ongoing transformation process from a planned to a market economy. This fact has an important relevance for their structural policy and reforms. In particular, their EU-application has a strong impact in terms of commitments in the ...
Forthcoming in Journal of Monetary Economics
... reason for the stabilisation of the nominal exchange rate in response to other shocks than those that affect foreign prices. The reason is that such movements in the nominal exchange rate create relative price distortions in the imported goods sector. Another important implication is that the combin ...
... reason for the stabilisation of the nominal exchange rate in response to other shocks than those that affect foreign prices. The reason is that such movements in the nominal exchange rate create relative price distortions in the imported goods sector. Another important implication is that the combin ...
Crisis Response Policies in Russia, Ukraine, Kazakhstan and Belarus
... buttressed by subsidized energy deliveries from Russia (as mentioned above), even if the latter subsidies have been steadily rolled back since early 2007, which rendered Belarus’ financial situation more difficult.3 The Belarusian economy to some degree constitutes an exception in that the authoriti ...
... buttressed by subsidized energy deliveries from Russia (as mentioned above), even if the latter subsidies have been steadily rolled back since early 2007, which rendered Belarus’ financial situation more difficult.3 The Belarusian economy to some degree constitutes an exception in that the authoriti ...
Stabilizing Aggregate Demand
... interest rates and bond prices If the nominal interest rates were too low The public’s quantity demanded for money is greater than the quantity supplied The public wants to hold more money So, they sell some of the interest-bearing assets Which depresses the price of bonds Which increases inte ...
... interest rates and bond prices If the nominal interest rates were too low The public’s quantity demanded for money is greater than the quantity supplied The public wants to hold more money So, they sell some of the interest-bearing assets Which depresses the price of bonds Which increases inte ...
34 - Cengage
... • According to the theory of liquidity preference, one of the most important factors is the interest rate. • People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. • The opportunity cost of holding money is the inter ...
... • According to the theory of liquidity preference, one of the most important factors is the interest rate. • People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. • The opportunity cost of holding money is the inter ...
Can a Depreciation of Dollar Close US Trade Deficit? Ritsumeikan
... between the US and that of China. The boost in demand for US goods largely depends on the extent that the dollar has devalued against each individual nation’s currency especially with Chinese Yuan. In recent years the United States dollar was depreciated mostly against a basket of strong currencies ...
... between the US and that of China. The boost in demand for US goods largely depends on the extent that the dollar has devalued against each individual nation’s currency especially with Chinese Yuan. In recent years the United States dollar was depreciated mostly against a basket of strong currencies ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... Immediately following the eruption of the debt crisis, it seemed that increased protectionism was indeed the path that Latin American countries had chosen as a possible way out of their problems. Even Chile, the strongest supporter of free trade, tripled its import tariffs.* As a result of this, in ...
... Immediately following the eruption of the debt crisis, it seemed that increased protectionism was indeed the path that Latin American countries had chosen as a possible way out of their problems. Even Chile, the strongest supporter of free trade, tripled its import tariffs.* As a result of this, in ...
Chapter 1: Introduction
... There is one other feature worth noting. The same assets that serve as the most common form of readily-spendable purchasing power also serve us as units of account. Dollars or euros or yen are not only what we use to settle transactions, but also what we use to quote prices to one another. At some t ...
... There is one other feature worth noting. The same assets that serve as the most common form of readily-spendable purchasing power also serve us as units of account. Dollars or euros or yen are not only what we use to settle transactions, but also what we use to quote prices to one another. At some t ...
NBER WORKING PAPER SERIES
... external shocks? Was the apparent stability due to the absence of shocks? These questions are addressed in the historical narrative section of the paper and as well as by simulation results derived from the estimated DSGE model. The unique Canadian experiment with a flexible exchange rate sparked e ...
... external shocks? Was the apparent stability due to the absence of shocks? These questions are addressed in the historical narrative section of the paper and as well as by simulation results derived from the estimated DSGE model. The unique Canadian experiment with a flexible exchange rate sparked e ...
Chapter 34
... The Theory of Liquidity Preference: Money Demand • Money demand is determined by three main factors. • interest rate↑⇒ money demand ↓ • People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. • The opportunity cost o ...
... The Theory of Liquidity Preference: Money Demand • Money demand is determined by three main factors. • interest rate↑⇒ money demand ↓ • People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. • The opportunity cost o ...
23 January 2002 - European Parliament
... Monetary Affairs within the annual research programme This study is published in the following languages: ...
... Monetary Affairs within the annual research programme This study is published in the following languages: ...
A Study Before and After German Unification
... hypothesis that German unification, which has had a destabilizing effect en the German domestic economy through increased deficit spending and declining growth rates, resulted in inflation rate divergence. from Germany by the EC member nations, because ,the EC member nations can no longer be assured ...
... hypothesis that German unification, which has had a destabilizing effect en the German domestic economy through increased deficit spending and declining growth rates, resulted in inflation rate divergence. from Germany by the EC member nations, because ,the EC member nations can no longer be assured ...
research paper series Research Paper 2011/27 T
... affected the performance of firms that were exporters compared to those that were non-exporters. In order to analyze all these possibilities we develop a two-sector extension of the combined fixed and variable investment versions of the Holmström and Tirole (1997) closed-economy model. Our first con ...
... affected the performance of firms that were exporters compared to those that were non-exporters. In order to analyze all these possibilities we develop a two-sector extension of the combined fixed and variable investment versions of the Holmström and Tirole (1997) closed-economy model. Our first con ...
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.