Macro Conference IV
... Assume: capital stock in each sector consists of traded and nontraded goods combined in fixed proportions. A unit of capital in the traded goods sector consists of TN units of nontraded goods and TT units of traded goods. In the nontraded goods sector capital consists of NN nontraded goods and T ...
... Assume: capital stock in each sector consists of traded and nontraded goods combined in fixed proportions. A unit of capital in the traded goods sector consists of TN units of nontraded goods and TT units of traded goods. In the nontraded goods sector capital consists of NN nontraded goods and T ...
Learning From the “Worst Behaved”: Iceland`s Financial Crisis and
... With equity appreciating further and with assets booked at market value, continued borrowing was justified, eventually creating asset bubbles. Most of the Western world experienced a similar environment of low-interest-rate policies for some years, with the negative effects of such policies only sur ...
... With equity appreciating further and with assets booked at market value, continued borrowing was justified, eventually creating asset bubbles. Most of the Western world experienced a similar environment of low-interest-rate policies for some years, with the negative effects of such policies only sur ...
The Impact of Hedging on Firm Value
... of derivatives published by the Bank of International Settlements shows that the notional amount outstanding of over-the-counter derivatives increased from US$257.9 billion in December 2004 to US$415.8 billion in the same month in 2006 (BIS, 2007). Part of this increase is attributed to a greater us ...
... of derivatives published by the Bank of International Settlements shows that the notional amount outstanding of over-the-counter derivatives increased from US$257.9 billion in December 2004 to US$415.8 billion in the same month in 2006 (BIS, 2007). Part of this increase is attributed to a greater us ...
''Re-regulating Global Finance in the Light of the Global Crisis''
... powered” money is directly injected into the banks and other financial institutions, then it is simply held by these institutions without causing any increase in the money supply to the public. Recovery from the crisis will require resolution of this liquidity trap. One resolution could be monetari ...
... powered” money is directly injected into the banks and other financial institutions, then it is simply held by these institutions without causing any increase in the money supply to the public. Recovery from the crisis will require resolution of this liquidity trap. One resolution could be monetari ...
Measuring the Impacts of Trade Policies: Effective Rates of
... percent of or 60 percent higher than world value added. This increase in domestic value added permitted by the protection structure is known as the effective rate of protection provided to local garment production directed at the domestic market. Case 2: Exports to World Markets Consider now a garm ...
... percent of or 60 percent higher than world value added. This increase in domestic value added permitted by the protection structure is known as the effective rate of protection provided to local garment production directed at the domestic market. Case 2: Exports to World Markets Consider now a garm ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... over the deficits have been more related to the effects of unacceptable large deficits rather than with the causes of the deficits. For example, higher interest rates, real exchange rate depreciation increased public spending is frequently mentioned. Others point the direct relationship between fisc ...
... over the deficits have been more related to the effects of unacceptable large deficits rather than with the causes of the deficits. For example, higher interest rates, real exchange rate depreciation increased public spending is frequently mentioned. Others point the direct relationship between fisc ...
Title The effect of a common currency on trade
... trade creation will be among its benefits, even though it was acknowledged at the time of writing the Cecchini Report that there was little empirical evidence of such gains (European Union, 1990). While there have been many studies of the effects of exchange rate volatility on trade (see, for exampl ...
... trade creation will be among its benefits, even though it was acknowledged at the time of writing the Cecchini Report that there was little empirical evidence of such gains (European Union, 1990). While there have been many studies of the effects of exchange rate volatility on trade (see, for exampl ...
Fiscal Devaluations No. 12-10 Emmanuel Farhi, Gita Gopinath, and Oleg Itskhoki
... and wage rigidities. Milton Friedman famously argued for flexible exchange rates on these grounds. Yet countries that wish to or need to maintain a fixed exchange rate (for instance, because they belong to a currency union) cannot resort to exchange rate devaluations. Then the question becomes: how ...
... and wage rigidities. Milton Friedman famously argued for flexible exchange rates on these grounds. Yet countries that wish to or need to maintain a fixed exchange rate (for instance, because they belong to a currency union) cannot resort to exchange rate devaluations. Then the question becomes: how ...
Working Paper 27 – Trends in European Productivity
... whether the spread between ln(Q) and ln(x/h) exhibits mean reversion. The above relationship between relative prices of home goods and relative sectoral productivities should hold, for the class of production functions satisfying (3), as long as firms are competitive and labor is mobile across secto ...
... whether the spread between ln(Q) and ln(x/h) exhibits mean reversion. The above relationship between relative prices of home goods and relative sectoral productivities should hold, for the class of production functions satisfying (3), as long as firms are competitive and labor is mobile across secto ...
Mark Frost and KA Parton
... commodities. Thus since the float in 1983 the Australian dollar may have become more of a commodity currency rather than less of a commodity currency because of the commodity basis of exports and the floating exchange rate combined. Sjaastad (1990) further suggests that as most commodities are trade ...
... commodities. Thus since the float in 1983 the Australian dollar may have become more of a commodity currency rather than less of a commodity currency because of the commodity basis of exports and the floating exchange rate combined. Sjaastad (1990) further suggests that as most commodities are trade ...
NBER WORKING PAPER SERIES ANTICIPATED PROTECTIONIST POLICIES, REAL EXCHANGE RATES
... behavior of the real value of the dollar. In particular a number of observers have argued that protectionist policies are required to ...
... behavior of the real value of the dollar. In particular a number of observers have argued that protectionist policies are required to ...
NBER WORKING PAPER SERIES Working Paper No. 3138 1050 Masaachusetts Avenue
... the adjustment of goods and capital markets. His discussion was partially based on the Southern Cone reforms of the early 1970s. Frenkel made the important point that goods and asset msrkets clear at different speeds. While asset markets clear almost instantaneously, the attainment of equilib- ...
... the adjustment of goods and capital markets. His discussion was partially based on the Southern Cone reforms of the early 1970s. Frenkel made the important point that goods and asset msrkets clear at different speeds. While asset markets clear almost instantaneously, the attainment of equilib- ...
70 Working Paper The benefits and costs of monetary union in Southern Africa:
... Selected macroeconomic indicators of the SADC economies are presented in Table 2, and trade indicators are presented in Tables 3 and 4. These indicators merit several comments. First, SADC economies differ markedly in size and structure (Table 2). South Africa, by far the largest economy (accountin ...
... Selected macroeconomic indicators of the SADC economies are presented in Table 2, and trade indicators are presented in Tables 3 and 4. These indicators merit several comments. First, SADC economies differ markedly in size and structure (Table 2). South Africa, by far the largest economy (accountin ...
S0412976_en.pdf
... growth are those that allow the exchange rate to stay flexible and take on relatively depreciated values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on gr ...
... growth are those that allow the exchange rate to stay flexible and take on relatively depreciated values. In these terms, all other things being equal, policy-makers who emphasize stability objectives will prefer “harder” regimes and exchange-rate appreciation, while policy-makers more focused on gr ...
Causes of and Remedies for the People`s Republic of China`s
... the problem. What are the fundamental factors contributing to the PRC’s growing current account surpluses? Explanations for the huge current account surpluses in the PRC can be grouped into six broad categories: measurement error, savings and investment gap, demographic transition, industry relocati ...
... the problem. What are the fundamental factors contributing to the PRC’s growing current account surpluses? Explanations for the huge current account surpluses in the PRC can be grouped into six broad categories: measurement error, savings and investment gap, demographic transition, industry relocati ...
BBB4 presentation Guillaume TRESCA - CA
... EUR30bn of privatisations; EUR50bn of PSI; Marshall Plan: BEI and structural funds. ...
... EUR30bn of privatisations; EUR50bn of PSI; Marshall Plan: BEI and structural funds. ...
Macroeconomics, foreign trade and the European Union. Basics.
... we can thus conclude: The balance of factor incomes depends on trade and services balances of the past. (as well as the given yield on our investments.) Knowing that and searching for reasons of imbalances in the current account when can then exclude the balance of factor income as an dynamic factor ...
... we can thus conclude: The balance of factor incomes depends on trade and services balances of the past. (as well as the given yield on our investments.) Knowing that and searching for reasons of imbalances in the current account when can then exclude the balance of factor income as an dynamic factor ...
Using Monetary Policy to Stabilize Economic Activity
... Because movements in output gaps and cost shocks reflect transitory fluctuations, the unconditional expectation of the output gap is zero. Equation (2) then implies that E(pt–pT) = bE(pt +1-pT), where E denotes the unconditional expectations operator. Ruling out explosive paths for inflation, this c ...
... Because movements in output gaps and cost shocks reflect transitory fluctuations, the unconditional expectation of the output gap is zero. Equation (2) then implies that E(pt–pT) = bE(pt +1-pT), where E denotes the unconditional expectations operator. Ruling out explosive paths for inflation, this c ...
Forthcoming in International Studies Quarterly
... crises (Leblang 2002; Leblang and Bernhard 2000; Leblang and Satyanath 2006); and the political correlates of FDI flows (e.g., Jensen 2003, 2006; Li 2006; Li and Resnick 2003). The few extant analyses of stock markets and politics tend to focus on one or two developed countries, or on sectoral varia ...
... crises (Leblang 2002; Leblang and Bernhard 2000; Leblang and Satyanath 2006); and the political correlates of FDI flows (e.g., Jensen 2003, 2006; Li 2006; Li and Resnick 2003). The few extant analyses of stock markets and politics tend to focus on one or two developed countries, or on sectoral varia ...
International Investment Position Methodology and Practice of Turkey Statistics Department
... Data on residents’ foreign direct investment abroad are based on an annual survey conducted by Undersecretariat of Treasury’s (UT). The survey was updated in 2010 and data of 2008 and following years is based on those surveys. Sectoral and geographical breakdown are also disseminated. The annual sur ...
... Data on residents’ foreign direct investment abroad are based on an annual survey conducted by Undersecretariat of Treasury’s (UT). The survey was updated in 2010 and data of 2008 and following years is based on those surveys. Sectoral and geographical breakdown are also disseminated. The annual sur ...
Some Observations on Turkish Inflation: A “Random
... becomes more open and exposure to balance of payments volatile flows increase, the link between monetary and exchange rate policies gets tighter. As a result, the economy begins to experience the implications of “real exchange rate rule” on inflation dynamics much stronger. Inertia has become centra ...
... becomes more open and exposure to balance of payments volatile flows increase, the link between monetary and exchange rate policies gets tighter. As a result, the economy begins to experience the implications of “real exchange rate rule” on inflation dynamics much stronger. Inertia has become centra ...
OTC derivatives: A primer on market infrastructure and regulatory
... instruments. For example, in figure 2 interest rate swaps have the largest notional amounts, but this does not mean they carry the most risk. In reality, the risk exposure from a particular type of OTC derivatives contract depends on various factors, such as the concentration of positions and the v ...
... instruments. For example, in figure 2 interest rate swaps have the largest notional amounts, but this does not mean they carry the most risk. In reality, the risk exposure from a particular type of OTC derivatives contract depends on various factors, such as the concentration of positions and the v ...
research paper series A Tale of Two Cycles: Co-fluctuations
... more complex. Specifically, it has been argued that OCAs may be endogenous. Two main channels have been identified: sectoral specialisation and nominal shocks. The link with sectoral specialisation is as follows. If sector-specific demand and supply shocks are a significant component of macroeconomi ...
... more complex. Specifically, it has been argued that OCAs may be endogenous. Two main channels have been identified: sectoral specialisation and nominal shocks. The link with sectoral specialisation is as follows. If sector-specific demand and supply shocks are a significant component of macroeconomi ...
as a PDF
... account the inherent uncertainty in assigning value judgment about macroeconomic policies (which will be explained more clearly below). In the empirical part of this paper, we undertake a systematic examination of the relationship between international capital flows and domestic macroeconomic polici ...
... account the inherent uncertainty in assigning value judgment about macroeconomic policies (which will be explained more clearly below). In the empirical part of this paper, we undertake a systematic examination of the relationship between international capital flows and domestic macroeconomic polici ...