NBER WORKING PAPER SERIES ESTIMATED MACROECONOMIC EFFECTS OF DEFICIT TARGETING
... Consider some event that lowers the sales of the firm sector. This lowers production, which in turn lowers investment and employment. Lower employment implies a decrease in labor market tightness, which implies an increase in the labor constraint variable, which in turn leads to lower consumption. L ...
... Consider some event that lowers the sales of the firm sector. This lowers production, which in turn lowers investment and employment. Lower employment implies a decrease in labor market tightness, which implies an increase in the labor constraint variable, which in turn leads to lower consumption. L ...
Lecture 2
... The point estimate of consumption growth under business as usual in Stern (2006) is g(C(t)) = 1.3% a year. Use this in equation (4) to obtain: D(t) = 2.05% a year for Cline D(t) = 4.30% a year for Nordhaus D(t) = 1.40% a year for Stern That is why Cline and Stern arrive at similar conclusions and w ...
... The point estimate of consumption growth under business as usual in Stern (2006) is g(C(t)) = 1.3% a year. Use this in equation (4) to obtain: D(t) = 2.05% a year for Cline D(t) = 4.30% a year for Nordhaus D(t) = 1.40% a year for Stern That is why Cline and Stern arrive at similar conclusions and w ...
The Capital Asset Pricing Model
... that the majority of industries and firms show little sensitivity to yield changes. The big exception, they find, is the utility industry; others have also reported that financial firms show sensitivity. Utilities in the U.S. use exceptionally high debt ratios. When the yield on government bond rise ...
... that the majority of industries and firms show little sensitivity to yield changes. The big exception, they find, is the utility industry; others have also reported that financial firms show sensitivity. Utilities in the U.S. use exceptionally high debt ratios. When the yield on government bond rise ...
mmi03-westermann 223302 en
... with changes in the real exchange rate, and with investment growth. However, credit growth is not significantly correlated with either aggregate GDP growth or consumption. These comovements and the boom-bust cycle are not observed in counties with developed financial markets like the US. How can we ...
... with changes in the real exchange rate, and with investment growth. However, credit growth is not significantly correlated with either aggregate GDP growth or consumption. These comovements and the boom-bust cycle are not observed in counties with developed financial markets like the US. How can we ...
secondary school improvement programme (ssip) 2015 - Sci
... Receipts for exports and payments for imports. Exchange rate is determined by demand and supply. STOCKS AND FLOWS Flows These are movements of economic variables such as production, income, spending, etc. Economist measure flows over a period of time. Stocks A stock tells us about the fixed amou ...
... Receipts for exports and payments for imports. Exchange rate is determined by demand and supply. STOCKS AND FLOWS Flows These are movements of economic variables such as production, income, spending, etc. Economist measure flows over a period of time. Stocks A stock tells us about the fixed amou ...
Chapter 7
... for Consumer price index, historical summary. Trends in demand: Under Find Statistics, select Summary Tables, then search for Gross domestic product, expenditure-based. Page 201, Question #1: REPLACE: On Statistics Canada’s website (www.statcan.ca) go to the Canadian Statistics section (Click on, ...
... for Consumer price index, historical summary. Trends in demand: Under Find Statistics, select Summary Tables, then search for Gross domestic product, expenditure-based. Page 201, Question #1: REPLACE: On Statistics Canada’s website (www.statcan.ca) go to the Canadian Statistics section (Click on, ...
How high is the natural rate of unemployment in Hong Kong? (A
... better explain the price trend in Hong Kong. For details, see the “Growth accounting framework applied to Hong Kong – A technical note”. (6) The inclusion of measures of intensity of usage in the production function is based on the proposition that any unexpected variations in output in the short ru ...
... better explain the price trend in Hong Kong. For details, see the “Growth accounting framework applied to Hong Kong – A technical note”. (6) The inclusion of measures of intensity of usage in the production function is based on the proposition that any unexpected variations in output in the short ru ...
Chapter 5 MONEY AND INFLATION
... curve shifts leftward to SAS1 to point B. At point B, price level increases to P1 and RGDP decreases to Y1 and therefore unemployment increases above its natural rate (below FE) If government fiscal and monetary policies remain unchanged, the economy would move back to point A However, as a re ...
... curve shifts leftward to SAS1 to point B. At point B, price level increases to P1 and RGDP decreases to Y1 and therefore unemployment increases above its natural rate (below FE) If government fiscal and monetary policies remain unchanged, the economy would move back to point A However, as a re ...
ПЛАН
... ‘Natural’ unemployment rate was estimated as 6% of the labour force. Speed of adjustment towards the optimal employment (t) is taken at 10% for the years 2001-2003. Then it increases up to 20% in 2014 (with development of labour force mobility), and remains at this level for the rest of the period ...
... ‘Natural’ unemployment rate was estimated as 6% of the labour force. Speed of adjustment towards the optimal employment (t) is taken at 10% for the years 2001-2003. Then it increases up to 20% in 2014 (with development of labour force mobility), and remains at this level for the rest of the period ...
The Effect of Authoritarian Regime Type on Exchange
... different types of authoritarian regimes face different constraints and incentives, and they adopt divergent economic policies as a result. We apply this argument to one important area of foreign economic policy: exchange rate policy. Exchange rate policy is an ideal issue-area for examining the ef ...
... different types of authoritarian regimes face different constraints and incentives, and they adopt divergent economic policies as a result. We apply this argument to one important area of foreign economic policy: exchange rate policy. Exchange rate policy is an ideal issue-area for examining the ef ...
del11 Carlin 16783019 en
... current account balance (Table 1, Col. 2 and 7 ). Ireland's current account balance deteriorated more or less continuously from a small surplus in 1999 to a deficit of 5.3% of GDP in 2007. This reflects over-heating of the domestic economy. Table 1 also reports an indicator of export market performa ...
... current account balance (Table 1, Col. 2 and 7 ). Ireland's current account balance deteriorated more or less continuously from a small surplus in 1999 to a deficit of 5.3% of GDP in 2007. This reflects over-heating of the domestic economy. Table 1 also reports an indicator of export market performa ...
Chapter 27
... 6. The conclusion of adaptive expectations theory is that expansionary monetary and fiscal policies intended to reduce the unemployment rate are a. effective in the long-run. b. effective in the short-run. c. unnecessary and cause inflation in the long-run. d. necessary and reduce inflation in the ...
... 6. The conclusion of adaptive expectations theory is that expansionary monetary and fiscal policies intended to reduce the unemployment rate are a. effective in the long-run. b. effective in the short-run. c. unnecessary and cause inflation in the long-run. d. necessary and reduce inflation in the ...
Saving
... more inventory in stock now. Thus increasing ID (Shifting ID to the right) Expectations Expected rate of return depends on firm’s expectations about its sales, future operation costs, future profitability, thus optimistic outlook about the future performance of the firm leads to higher I (Shifting I ...
... more inventory in stock now. Thus increasing ID (Shifting ID to the right) Expectations Expected rate of return depends on firm’s expectations about its sales, future operation costs, future profitability, thus optimistic outlook about the future performance of the firm leads to higher I (Shifting I ...
Asset Prices, Financial Conditions, and the
... there are also real determinants of the real exchange rates, which could give rise to long-run deterministic trends in real exchange rates. For example, the Balassa-Samuelson effect implies that if a country has higher long-run productivity growth in its tradable goods sector than its trading partn ...
... there are also real determinants of the real exchange rates, which could give rise to long-run deterministic trends in real exchange rates. For example, the Balassa-Samuelson effect implies that if a country has higher long-run productivity growth in its tradable goods sector than its trading partn ...
NBER WORKING PAPER SERIES ANTICIPATED PROTECTIONIST POLICIES, REAL EXCHANGE RATES
... I have benefited from comments by Guido Tabellini, Ken Froot, Arye Hillman, Ed Leamer, Pat Conway, Stan Black, and the participants of seminars at the University of Pennsylvania, the University of North Carolina, and UCLA. Discussions with Max Cordon and Richard Cantor have been very helpful. This r ...
... I have benefited from comments by Guido Tabellini, Ken Froot, Arye Hillman, Ed Leamer, Pat Conway, Stan Black, and the participants of seminars at the University of Pennsylvania, the University of North Carolina, and UCLA. Discussions with Max Cordon and Richard Cantor have been very helpful. This r ...
An Overview of Brazil`s Balance of Payment
... The reader should note that a current account deficit in the balance of payments manifests itself in an excess of absorption (consumption plus investment) in the gross national product at market prices or, equivalently, an excess in total investments by the economy in internal savings. This being st ...
... The reader should note that a current account deficit in the balance of payments manifests itself in an excess of absorption (consumption plus investment) in the gross national product at market prices or, equivalently, an excess in total investments by the economy in internal savings. This being st ...
Real Exchange Rate, the Wage Gender Gap and Domestic Violence
... power and control over another intimate partner. Domestic violence can thus be physical, sexual, emotional, economic, or psychological actions or threats of actions that influence the partner at home. The real exchange rate adopts alternative definitions in the literature (Hinkle and Montiel 1999). ...
... power and control over another intimate partner. Domestic violence can thus be physical, sexual, emotional, economic, or psychological actions or threats of actions that influence the partner at home. The real exchange rate adopts alternative definitions in the literature (Hinkle and Montiel 1999). ...
Twin-Targeting Analytics of a Financial CGE Model ∗
... macroeconomic policy agenda in Turkey and relies mainly on fiscal austerity with specific primary budget targets and a contractionary monetary policy implemented within an inflation targeting central bank regime. The post-1998 Turkish macroeconomic adjustments reveal speculative-led growth patterns ...
... macroeconomic policy agenda in Turkey and relies mainly on fiscal austerity with specific primary budget targets and a contractionary monetary policy implemented within an inflation targeting central bank regime. The post-1998 Turkish macroeconomic adjustments reveal speculative-led growth patterns ...
Finding the Equilibrium Real Interest Rate in a Fog
... the nominal funds rate to be set a bit below 3 percent currently, given that core PCE inflation is now running close to 1-1/4 percent and the unemployment rate is 5.5 percent. But if RR* is instead assumed to equal 0 percent currently (as some statistical models suggest) and U* is assumed to equal 5 ...
... the nominal funds rate to be set a bit below 3 percent currently, given that core PCE inflation is now running close to 1-1/4 percent and the unemployment rate is 5.5 percent. But if RR* is instead assumed to equal 0 percent currently (as some statistical models suggest) and U* is assumed to equal 5 ...
What Makes Money . . . Money?
... Gold, silver, and salt have all served as money at some time in history. So have shells, cattle, beads, furs, and tobacco. Economists categorize all of these items of exchange as commodity money [commodity money: any good used as a medium of exchange; examples include gold, silver, and salt] . A com ...
... Gold, silver, and salt have all served as money at some time in history. So have shells, cattle, beads, furs, and tobacco. Economists categorize all of these items of exchange as commodity money [commodity money: any good used as a medium of exchange; examples include gold, silver, and salt] . A com ...
Chapter 17: Macroeconomic Goals
... goods). The traditional term applied to the accumulation of capital goods (including construction), this also includes the accumulation of inventories; which, as unconsumed goods or services, are generally viewed as accumulations of capital. We use the letter (I) to designate such expenditures or ac ...
... goods). The traditional term applied to the accumulation of capital goods (including construction), this also includes the accumulation of inventories; which, as unconsumed goods or services, are generally viewed as accumulations of capital. We use the letter (I) to designate such expenditures or ac ...
Mr. Samson Ampofo
... (2) By contrast, when the 2001 depreciation episode began, the Reserve Bank initially eased monetary policy, then moderately restricted policy leading to gradual increases in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in i ...
... (2) By contrast, when the 2001 depreciation episode began, the Reserve Bank initially eased monetary policy, then moderately restricted policy leading to gradual increases in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in i ...
Macroeconomic Shocks, Housing Market and Banks` Performance
... There are already a couple of empirical works for the Venezuelan case that are directly related to this paper. For the housing market, Carvallo, Chirinos and Pagliacci (2012) claim that, due to changes in external conditions, a larger supply of loans to households has implied a greater banks’ expos ...
... There are already a couple of empirical works for the Venezuelan case that are directly related to this paper. For the housing market, Carvallo, Chirinos and Pagliacci (2012) claim that, due to changes in external conditions, a larger supply of loans to households has implied a greater banks’ expos ...
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.