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Author : Nikola A. Tarashev
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Are Speculative Attacks Triggered by Sunspots? written by Nikola A. Tarashev and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert P. Flood
Publisher : MIT Press
ISBN 13 : 9780262061698
Total Pages : 528 pages
Book Rating : 4.0/5 (616 download)
Download or read book Speculative Bubbles, Speculative Attacks, and Policy Switching written by Robert P. Flood and published by MIT Press. This book was released on 1994 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers in this book are grouped into three sections: the first on price bubbles is primarily financial; the second on speculative attacks (on exchange rate regimes) is international in scope; and the third, on policy switching, is concerned with monetary policy.
Author : J. Barkley Rosser
Publisher : Springer Science & Business Media
ISBN 13 : 1461337968
Total Pages : 400 pages
Book Rating : 4.4/5 (613 download)
Download or read book From Catastrophe to Chaos: A General Theory of Economic Discontinuities written by J. Barkley Rosser and published by Springer Science & Business Media. This book was released on 2013-12-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Now, however, weface an Age of Discontinuity in world economy and tech nology. We might succeed in making it an age of great economic growth as weil. But the one thing that is certain so far is that it will be a period of change-in technology and in economic policy, in industry structures and in economic theo ry, in the knowledge needed to govern and manage, and in economic issues. While we have been busy finishing the great nineteenth-century economic ed ijice, the foundations have shifted beneath our feet." Peter F. Drucker, 1968 The A~e Qf DiscQntinuity, p. 10 This project has had a lQng gestatiQn period, probably ultimately dating to a YQuthful QbsessiQn with watershed divides and bQundaries. My awareness Qf the problem Qf discQntinuity in eCQnQmics dates tQ my first enCQunter with the capi tal theQry paradQxes in the late 1960s, the fruits Qf which can be seen in Chapter 8 Qf this book. This awareness led tQ a frostratiQn Qver the apparent lack Qf a mathematics Qf discQntinuity, a lack that was in the process of rapidly being QverCQme at that time.
Author : Ben S. Bernanke
Publisher : MIT Press
ISBN 13 : 9780262522229
Total Pages : 420 pages
Book Rating : 4.5/5 (222 download)
Download or read book NBER Macroeconomics Annual 1996 written by Ben S. Bernanke and published by MIT Press. This book was released on 1997-02 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the eleventh volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend, and apply frontier work in macroeconomics, and to encourage and stimulate work by macroeconomists on current policy issues. These contributions offer a good sample of the current issues and exciting research directions in macroeconomics. Contents Credit, Business Investment, and Output Fluctuations in Japan, Nobuhiro Kiyotaki and Kenneth D. West * Causes and Consequences of Imperfections in the Consumer Price Index, Matthew D. Shapiro and David Wilcox * A Scorecard for Indexed Government Debt, John Y. Campbell and Robert J. Shiller * Technology Improvements and Productivity Slowdowns: Another Crazy Explanation, Andreas Hornstein and Per Krusell * Are Currency Crises Self-Fulfilling?, Paul Krugman * Inequity and Growth, Roland Benabou
Author : Jeffery D. Amato
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.3/5 ( download)
Download or read book The Role of the Natural Rate of Interest in Monetary Policy written by Jeffery D. Amato and published by . This book was released on 2005 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the natural rate of interest in the conduct of monetary policy. The natural rate figures prominently in many theories of the business cycle and of inflation fluctuations, and therefore has the potential to play a key role in monetary policy given the current mandates of many central banks. However, the presence of financial imperfections and measurement uncertainty draw into question whether estimates of the natural rate can be reliable indicators of excess demand pressures. Natural rate-based theories may, nonetheless, provide useful guidance in the formulation of desirable monetary policies.
Author : Olivier Jeanne
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Was the French Franc Crisis a Sunspot Equilibrium? written by Olivier Jeanne and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George S. Tavlas
Publisher : Springer Science & Business Media
ISBN 13 : 1461562899
Total Pages : 247 pages
Book Rating : 4.4/5 (615 download)
Download or read book The Collapse of Exchange Rate Regimes written by George S. Tavlas and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Author : Anja Zenker
Publisher : Springer Science & Business Media
ISBN 13 : 3658048298
Total Pages : 142 pages
Book Rating : 4.6/5 (58 download)
Download or read book Currency Speculation in Fixed Exchange Rate Regimes written by Anja Zenker and published by Springer Science & Business Media. This book was released on 2014-01-08 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Speculative currency crises seem to have become a common and inevitable phenomenon in the international monetary system. Against this background, various approaches have been developed by economists to cover the broad range of situations in which balance-of-payments crises occurred. Anja Zenker provides a comprehensive insight into the body of theoretical and empirical literature about currency speculation in fixed exchange rate regimes. The author discusses different generations of theoretical models and their empirical relevance in recent currency crises. Moreover, she considers diverse policy options which attempt to avoid speculative attacks on exchange rate pegs.
Author : Giovanni Piersanti
Publisher : Oxford University Press
ISBN 13 : 0199653127
Total Pages : 407 pages
Book Rating : 4.1/5 (996 download)
Download or read book The Macroeconomic Theory of Exchange Rate Crises written by Giovanni Piersanti and published by Oxford University Press. This book was released on 2012-04-26 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the causes and consequences of speculative attacks on domestic currency and international financial turmoil. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs.
Author : Mr.Thomas Krueger
Publisher : International Monetary Fund
ISBN 13 : 9781557756640
Total Pages : 580 pages
Book Rating : 4.7/5 (566 download)
Download or read book EMU and the International Monetary System written by Mr.Thomas Krueger and published by International Monetary Fund. This book was released on 1997-09-10 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, edited by Paul R. Masson, Thomas Krueger, and Bart G. Turtelboom, contains the proceedings of the seminar held in Washington, D.C. on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency; EMU and international policy coordination; EMU and the relationship between the IMF and its EMU members; lessons of European monetary integration for the international monetary system; and the transitioin to EMU.
Author : Yibin Zhang
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)
Download or read book Explaining Credit Default Swap Spreads with Equity Volatility and Jump Risks of Individual Firms written by Yibin Zhang and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Piti Disyatat
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Inflation Targeting, Asset Prices and Financial Imbalances written by Piti Disyatat and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John A. Eddy
Publisher : Government Printing Office
ISBN 13 : 9780160838088
Total Pages : 316 pages
Book Rating : 4.8/5 (38 download)
Download or read book The Sun, the Earth, and Near-earth Space written by John A. Eddy and published by Government Printing Office. This book was released on 2009 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: " ... Concise explanations and descriptions - easily read and readily understood - of what we know of the chain of events and processes that connect the Sun to the Earth, with special emphasis on space weather and Sun-Climate."--Dear Reader.
Author : Edda Zoli
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book How Does Fiscal Policy Affect Monetary Policy in Emerging Market Countries? written by Edda Zoli and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses how fiscal policy affects monetary policy in emerging economies. First, it conducts a test for fiscal dominance, and finds that the evidence points clearly to a regime of fiscal dominance in the case of Argentina and Brazil during the 1990s and early 2000s, while for the other countries in the sample the results are mixed. Next, the paper evaluates whether monetary policy accommodates fiscal policy, by assessing whether fiscal variables enter significantly in the central bank's reaction function. The findings indicate that in the emerging markets under consideration the conduct of monetary policy is not directly affected by changes in real primary balances. Then, the paper explores another mechanism through which fiscal policy could affect monetary policy in an emerging economy, by looking at the impact of fiscal policy on country premium and exchange rates. The empirical analysis is conducted through an event study, assessing the impact of news concerning fiscal variables and fiscal policy, on sovereign spread and exchange rate daily movements in Brazil, during the period surrounding the 2002 macroeconomic crisis. The results show that fiscal events have significantly influenced sovereign spreads and exchange rates in that period. Furthermore, fiscal policy actions appear to have contributed to movements in the exchange rates more than unanticipated monetary policy manoeuvres. The findings also suggest that, at that time, fiscal policy might have pushed the economy into an equilibrium in which increases in the policy intervention rate were likely to be associated with a depreciation, rather than an appreciation of the exchange rate.
Author : Narayana Rao Kocherlakota
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.3/5 ( download)
Download or read book Forbearance and Prompt Corrective Action written by Narayana Rao Kocherlakota and published by . This book was released on 2005 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether a bank regulator should terminate problem banks promptly or exercise forbearance. We construct a dynamic model economy in which entrepreneurs pledge collateral, borrow from banks, and invest in long-term projects. We assume that collateral value has aggregate risk over time, that in any period entrepreneurs can abscond with the projects but losing the collateral, and that depositors can withdraw deposits. We show that optimal regulation exhibits forbearance if the ex-ante probability of collapse in collateral value is sufficiently low, but exhibits prompt termination of problem banks if this probability is sufficiently high.
Author : Rudiger Dornbusch
Publisher : Cambridge University Press
ISBN 13 : 9780521392662
Total Pages : 384 pages
Book Rating : 4.3/5 (926 download)
Download or read book Public Debt Management written by Rudiger Dornbusch and published by Cambridge University Press. This book was released on 1990-11-30 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability.
Author : Dale Gray
Publisher : John Wiley & Sons
ISBN 13 : 9780470756324
Total Pages : 362 pages
Book Rating : 4.7/5 (563 download)
Download or read book Macrofinancial Risk Analysis written by Dale Gray and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macrofinancial risk analysis Dale Gray and Samuel Malone Macrofinancial Risk Analysis provides a new and powerful framework with which policymakers and investors can analyze risk and vulnerability in economies, both emerging market and industrial. Using modern risk management and financial engineering techniques applied to the macroeconomy, an economic value can be placed on the risks posed by inter-linkages between sectors, the risk of default of different sectors on their outstanding debt obligations quantified, and the value ex-ante of guarantees to private sector entities by the government calculated. This book guides the reader through the basic macroeconomic and financial models necessary to understand the framework, the core analytical tools, and more advanced contributions that will be of interest to researchers. This unique synthesis of ideas from finance and macroeconomics offers several original contributions to the theory of financial crises, as well as a range of new policy options for governments interested in achieving a better tradeoff between economic growth and macro risk.
