mmi14-Mueller 19106649 en
... reversibility risk. We do so by considering the economy’s adjustment under the initial regime to a deficit shock as a result of a lump-sum tax cut. In the presence of reversibility risk, the shock is recessionary. Intuitively, as domestic effective interest rates rise, private consumption and output ...
... reversibility risk. We do so by considering the economy’s adjustment under the initial regime to a deficit shock as a result of a lump-sum tax cut. In the presence of reversibility risk, the shock is recessionary. Intuitively, as domestic effective interest rates rise, private consumption and output ...
TESTING FOR PURCHASING POWER PARITY FOR
... countries have undergone several phases of economic changes. Economy was depended on heavy industry and monopolistic firms and international trade was formed by state agreements under the socialist model. In the process of transformation there were differences between countries (Fisher and Gelb, 199 ...
... countries have undergone several phases of economic changes. Economy was depended on heavy industry and monopolistic firms and international trade was formed by state agreements under the socialist model. In the process of transformation there were differences between countries (Fisher and Gelb, 199 ...
Real Exchange Rates and Current Account
... The households own all factors of production, capital, skilled labor, and unskilled labor, and rent the factors to firm in a competitive market. To simplify the analysis, we consider a fixed labor supply, = ̄ for unskilled labor and = ̄ for skilled labor, in the text. The households have acces ...
... The households own all factors of production, capital, skilled labor, and unskilled labor, and rent the factors to firm in a competitive market. To simplify the analysis, we consider a fixed labor supply, = ̄ for unskilled labor and = ̄ for skilled labor, in the text. The households have acces ...
Chapter 2
... Members borrow against IMF quotas in the event of financial crisis IMF conditionality – requirement for the borrowing member to carry out economic reforms in exchange for a loan (very controversial issue in developing countries). ...
... Members borrow against IMF quotas in the event of financial crisis IMF conditionality – requirement for the borrowing member to carry out economic reforms in exchange for a loan (very controversial issue in developing countries). ...
Document
... representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on a recommendation, forecast or other information supplied from any employee of FxPro, third party, or otherwise. This material has not been prepa ...
... representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on a recommendation, forecast or other information supplied from any employee of FxPro, third party, or otherwise. This material has not been prepa ...
EO4IC xrbrie, W 02138
... monetary accommodation characteristics already appeared in Latin America in the 1950s (see Pazos, 1972). However, as long as inflation stayed below a monthly rate of, say, 5—6 percent (which corresponds, roughly, to no more than a two-digit annual ...
... monetary accommodation characteristics already appeared in Latin America in the 1950s (see Pazos, 1972). However, as long as inflation stayed below a monthly rate of, say, 5—6 percent (which corresponds, roughly, to no more than a two-digit annual ...
Professor Venkatesh Panchapagesan
... outside India. Given that markets fail periodically, students will also study why they do so by examining some modern systemic and endemic market crises. A key feature of this course is the discussion of current news events at the start of each class, with students sometimes leading them, that is in ...
... outside India. Given that markets fail periodically, students will also study why they do so by examining some modern systemic and endemic market crises. A key feature of this course is the discussion of current news events at the start of each class, with students sometimes leading them, that is in ...
Stanley INDEXATION: REAL VARIABLES IN DISINFLATION
... sacrifice ratio is broadly consistent with the predictions of a model with price stickiness induced by the existence of long—term labor contracts.1 It is somewhat below earlier predictions of the output costs of disinflation by Arthur Okun (1978) but in line with predictions, such as that of Robert ...
... sacrifice ratio is broadly consistent with the predictions of a model with price stickiness induced by the existence of long—term labor contracts.1 It is somewhat below earlier predictions of the output costs of disinflation by Arthur Okun (1978) but in line with predictions, such as that of Robert ...
IDEAs Conference on ‘Reforming the Financial System: Proposals, Constraints
... transformation in the ownership of financial assets around the world, the government and the tax payers should be able to use these financial institutions for public purposes. Commenting on the argument made by Abhijit Sen, Rizal Ramli (Komite Bangkit Indonesia) said that it is difficult to know fro ...
... transformation in the ownership of financial assets around the world, the government and the tax payers should be able to use these financial institutions for public purposes. Commenting on the argument made by Abhijit Sen, Rizal Ramli (Komite Bangkit Indonesia) said that it is difficult to know fro ...
A Comparison of Optimal Policy Rules Eras: Empirical Evidence from
... In this paper, we derive policy rules of Bank of Canada for different preferences over the goal variables in their loss functions. The optimal rules are derived for the pre and post inflation-targeting eras. According to the results, the monetary policy rule of the Bank of Canada for the pre inflati ...
... In this paper, we derive policy rules of Bank of Canada for different preferences over the goal variables in their loss functions. The optimal rules are derived for the pre and post inflation-targeting eras. According to the results, the monetary policy rule of the Bank of Canada for the pre inflati ...
NBER WORKING PAPER SERIES SLOW RECOVERIES Raphael Bergoeing Norman Loayza
... restructuring in a period of one quarter. However, in the presence of a similar shock, an economy that starts off with a 5% (10%) subsidy to incumbents loses 14.2% (14.3%) of initial output with a restructuring period of 9 (10) quarters. In our second exercise, the distortion is a policy response to ...
... restructuring in a period of one quarter. However, in the presence of a similar shock, an economy that starts off with a 5% (10%) subsidy to incumbents loses 14.2% (14.3%) of initial output with a restructuring period of 9 (10) quarters. In our second exercise, the distortion is a policy response to ...
universiti malaysia sabah
... in both the real and financial sectors. International economic development thus has a significant impact on Malaysian economy. Unexpected change originating abroad from time to time can transmit and affect on the macroeconomic performance, which can be measure by Malaysian macroeconomic variables. O ...
... in both the real and financial sectors. International economic development thus has a significant impact on Malaysian economy. Unexpected change originating abroad from time to time can transmit and affect on the macroeconomic performance, which can be measure by Malaysian macroeconomic variables. O ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... The trade liberalization programs implemented during the last decade have two basic policy objectives. First, these reforms have sought to reduce the antiexport bias of commercial policies. It is expected that, once negative effective rates of protection and overvalued exchange rates are eliminated, ...
... The trade liberalization programs implemented during the last decade have two basic policy objectives. First, these reforms have sought to reduce the antiexport bias of commercial policies. It is expected that, once negative effective rates of protection and overvalued exchange rates are eliminated, ...
Monetary Policy and Exchange Rate Interactions in a Small Open
... in the monetary policy literature; see Obstfeld (1985) and Clarida and Galı́ (1994). Such a restriction has recently been found to be highly successful in alleviating the exchange rate puzzle in several other open economies; see Bjørnland (2006). After having allowed for a contemporaneous relationsh ...
... in the monetary policy literature; see Obstfeld (1985) and Clarida and Galı́ (1994). Such a restriction has recently been found to be highly successful in alleviating the exchange rate puzzle in several other open economies; see Bjørnland (2006). After having allowed for a contemporaneous relationsh ...
A Sentiment-based Explanation of the Forward Premium Puzzle*
... the literature. This evidence also implies that there are predictable returns from investing in currency markets. The forward premium puzzle has inspired a vast theoretical work that arises to shed light on this puzzle. This paper offers a sentiment-based explanation of the forward premium puzzle. I ...
... the literature. This evidence also implies that there are predictable returns from investing in currency markets. The forward premium puzzle has inspired a vast theoretical work that arises to shed light on this puzzle. This paper offers a sentiment-based explanation of the forward premium puzzle. I ...
Current Research Journal of Economic Theory 4(4): 120-131, 2012 ISSN: 2042-485X
... Keywords: Common currency, ECOWAS, OCA, structural VAR Undoubtedly, the feasibility of a wider monetary unification in ECOWAS poses several economic and institutional problems as discussed by Tsangarides and Qureshi (2008) and Masson and Pattillo (2005). First, with the political dependence of most ...
... Keywords: Common currency, ECOWAS, OCA, structural VAR Undoubtedly, the feasibility of a wider monetary unification in ECOWAS poses several economic and institutional problems as discussed by Tsangarides and Qureshi (2008) and Masson and Pattillo (2005). First, with the political dependence of most ...
WARWICK ECONOMIC RESEARCH PAPERS Trade Costs and the Open Macroeconomy No 778
... Trade costs have long been known as a major obstacle to international economic integration. In a recent survey, James Anderson and Eric van Wincoop (2004) show that empirical trade costs are large even when formal barriers to trade do not exist. They argue that the tari¤ equivalent of representative ...
... Trade costs have long been known as a major obstacle to international economic integration. In a recent survey, James Anderson and Eric van Wincoop (2004) show that empirical trade costs are large even when formal barriers to trade do not exist. They argue that the tari¤ equivalent of representative ...
Notes 11B to 13
... invest monies that are surplus to operational requirements. As a general principle, surplus money may only be placed on deposit with a bank or invested directly in securities issued or guaranteed by the Australian Government, a state or a territory, unless an exemption is approved by the Finance Min ...
... invest monies that are surplus to operational requirements. As a general principle, surplus money may only be placed on deposit with a bank or invested directly in securities issued or guaranteed by the Australian Government, a state or a territory, unless an exemption is approved by the Finance Min ...
Contemporary Logistics the Forming of Real-life Exchange Rate Misalignment
... early years when policies of Reform and opening to the outside world were implemented, the market mechanism began to play a role in the forming process of RMB exchange rate system and its effect became more and more important. 3.1.1 RMB exchange rate going out of balance under the control of dual ex ...
... early years when policies of Reform and opening to the outside world were implemented, the market mechanism began to play a role in the forming process of RMB exchange rate system and its effect became more and more important. 3.1.1 RMB exchange rate going out of balance under the control of dual ex ...
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... will not change in reaction to favourable or unfavourable changes in the profitability of its exports deriving from exchange rate shifts. Uncertainty about future exchange rates directly translates into uncertainty about future receipts in domestic currency. Thus, the firm in question must determine ...
... will not change in reaction to favourable or unfavourable changes in the profitability of its exports deriving from exchange rate shifts. Uncertainty about future exchange rates directly translates into uncertainty about future receipts in domestic currency. Thus, the firm in question must determine ...
Mr. Samson Ampofo
... in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in inflation. Nevertheless, exports grew at unprecedented rates and the overall economic growth rate reached a seven-year high. The financial system adjusted for the benefit of ...
... in interest rates. As a result, the depreciation episode was more protracted and contributed to a more significant increase in inflation. Nevertheless, exports grew at unprecedented rates and the overall economic growth rate reached a seven-year high. The financial system adjusted for the benefit of ...
