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Download or read book Comparing the Global Performance of Alternative Exchange Arrangements written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Warwick J. McKibbin
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (1 download)
Download or read book Comparing the Global Performance of Alternative Exchange Arrangements written by Warwick J. McKibbin and published by . This book was released on 1986 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Warwick J. Mackibbin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book COMPARING THE GLOBAL PERFORMANCE OF ALTERNATIVE EXCHANGE ARRANGEMENTS WARWICK J. MCKIBBIN, JEFFREY D. SACHS. written by Warwick J. Mackibbin and published by . This book was released on 1986 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Warwick J. McKibbin
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (92 download)
Download or read book Comparative the Global Performance of Alternative Exchange Arrangements written by Warwick J. McKibbin and published by . This book was released on 1986 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Warwick J. McKibbin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)
Download or read book Comparing the Performance of Alternative Exchange Arrangements written by Warwick J. McKibbin and published by . This book was released on 1986 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the game in macroeconomic policy making. The proposed systems cover a wide spectrum of measures including maintaining the current flexible exchange rate system but with increased consultations between the major economies; a "target zone " system as advocated by John Williamson; or a full return to a system of fixed exchange rates as advocated by Ronald McKinnon This paper presents and applies a methodology useful for studying the operating characteristics of a number of alternative monetary arrangements using a large-scale simulation model of the world economy. We consider the performance of the regimes when policymakers do or do not observe the shocks, and when policymakers infer the shocks using an optimal filtering rule. Although the results are model specific and at best illustrative of the issues involved, the approach does have the advantage of providing a richer framework of analysis than is possible in simple models of international interdependence.
Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451875843
Total Pages : 85 pages
Book Rating : 4.4/5 (518 download)
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author : Hong Kong Economic Association
Publisher : Springer Science & Business Media
ISBN 13 : 9781402072871
Total Pages : 276 pages
Book Rating : 4.0/5 (728 download)
Download or read book Exchange Rate Regimes and Macroeconomic Stability written by Hong Kong Economic Association and published by Springer Science & Business Media. This book was released on 2003 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451922876
Total Pages : 48 pages
Book Rating : 4.4/5 (519 download)
Download or read book Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy Rules written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance. The following conclusions emerge: rules which performed best for some shocks performed poorly for others; monetary policy was ineffective in limiting movements in real exchange rates; unconstrained use of fiscal policy was quite powerful in influencing real variables; and dynamic instability was a potentially serious problem. Robustness to different specifications and to constraints on instruments remains to be examined.
Author : Peter B. Kenen
Publisher : Manchester University Press
ISBN 13 : 9780719030390
Total Pages : 136 pages
Book Rating : 4.0/5 (33 download)
Download or read book Exchange Rates and Policy Coordination written by Peter B. Kenen and published by Manchester University Press. This book was released on 1989 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 145194702X
Total Pages : 196 pages
Book Rating : 4.4/5 (519 download)
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been argued that “buy-backs” and “debt-equity swaps” allow developing countries to benefit from market discounts on their external debt. It is argued here, however, that if such programs are expected to be successful in increasing the market value of remaining debt, they also lead to a roughly equivalent increase in prices at which a buy-back or debt-equity swap could be carried out.
Author : Andrew J. Hughes Hallett
Publisher : Springer Science & Business Media
ISBN 13 : 1461552192
Total Pages : 295 pages
Book Rating : 4.4/5 (615 download)
Download or read book Analyses in Macroeconomic Modelling written by Andrew J. Hughes Hallett and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Modelling has undergone radical changes in the last few years. There has been considerable innovation in developing robust solution techniques for the new breed of increasingly complex models. Similarly there has been a growing consensus on their long run and dynamic properties, as well as much development on existing themes such as modelling expectations and policy rules. This edited volume focuses on those areas which have undergone the most significant and imaginative developments and brings together the very best of modelling practice. We include specific sections on (I) Solving Large Macroeconomic Models, (II) Rational Expectations and Learning Approaches, (III) Macro Dynamics, and (IV) Long Run and Closures. All of the contributions offer new research whilst putting their developments firmly in context and as such will influence much future research in the area. It will be an invaluable text for those in policy institutions as well as academics and advanced students in the fields of economics, mathematics, business and government. Our contributors include those working in central banks, the IMF, European Commission and established academics.
Author : Omar F. Hamouda
Publisher : Routledge
ISBN 13 : 131549163X
Total Pages : 228 pages
Book Rating : 4.3/5 (154 download)
Download or read book The Future of the International Monetary System written by Omar F. Hamouda and published by Routledge. This book was released on 2016-07-22 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1989. This a collection of sixteen essays that takes at look at the international monetary system and discusses if there is a need for change, improved coordination or concern due to instability. Topics explored include international debt, monetary reform, exchange stability, purchasing power, external impacts, the paper-exchange system, LDC debt, gold and commodity and looking to the future.
Author : Ric D. Herbert
Publisher : Springer Science & Business Media
ISBN 13 : 1461555833
Total Pages : 329 pages
Book Rating : 4.4/5 (615 download)
Download or read book Observers and Macroeconomic Systems written by Ric D. Herbert and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Observers and Macroeconomic Systems is concerned with the computational aspects of using a control-theoretic approach to the analysis of dynamic macroeconomic systems. The focus is on using a separate model for the development of the control policies. In particular, it uses the observer-based approach whereby the separate model learns to behave in a similar manner to the economic system through output-injections. The book shows how this approach can be used to learn the forward-looking behaviour of economic actors which is a distinguishing feature of dynamic macroeconomic models. It also shows how it can be used in conjunction with low-order models to undertake policy analysis with a large practical econometric model. This overcomes some of the computational problems arising from using just the large econometric models to compute optimal policy trajectories. The work also develops visual simulation software tools that can be used for policy analysis with dynamic macroeconomic systems.
Author : William H. Branson
Publisher : University of Chicago Press
ISBN 13 : 0226071383
Total Pages : 396 pages
Book Rating : 4.2/5 (26 download)
Download or read book International Policy Coordination and Exchange Rate Fluctuations written by William H. Branson and published by University of Chicago Press. This book was released on 2007-12-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Author : Ralph Bryant
Publisher : Brookings Institution Press
ISBN 13 : 9780815714910
Total Pages : 1028 pages
Book Rating : 4.7/5 (149 download)
Download or read book Evaluating Policy Regimes written by Ralph Bryant and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 1028 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have long debated the theoretical merits—for an individual nation and for a multi-nation world economy—of alternative approaches to the conduct of economic policy. Yet theory alone cannot resolve the important issues at stake. Only after the robustness of policy regimes has been carefully examined with empirical evidence will policymakers and economists be able to reach more of a consensus. This pathbreaking volume takes major steps forward in meeting the need for a combination of theoretical and empirical evaluations of alternative policy regimes. Bringing together individuals and groups doing pioneering research on macroeconomic interaction, it explores what approach to monetary policy would lead to superior performance by individual national economies and the world economy as a whole. Many parts of the book use the analytical techniques of stochastic simulation, an evaluation procedure increasingly employed at the frontier of empirical economic analysis. The book provides a summary of the hey issues involved in evaluating policy regimes and clarifies the relationships among those issues. The authors examine the stabilization properties of alternative monetary-policy regimes and analyze how well various regime types perform in the face of unexpected shocks to national economies. Among their conclusions, they find that some simplified regimes for monetary policy are markedly less promising than others for achieving the stabilization objectives commonly sought by policymakers. Evaluating Policy Regimes is another major installment in a continuing world wide research project, sponsored by the Brookings Institution, to improve empirical knowledge about the interdependence of national economies.
Author : Mr.Bennett T. McCallum
Publisher : International Monetary Fund
ISBN 13 : 1451846010
Total Pages : 24 pages
Book Rating : 4.4/5 (518 download)
Download or read book Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies written by Mr.Bennett T. McCallum and published by International Monetary Fund. This book was released on 1992-06-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies, it has become standard practice to consider alternative policy rules of a particular form that calls for departures of a policy instrument, from some “baseline” reference path, that are proportional to deviations of a specified target variable from its own baseline path. The present paper argues, however, that this standard rule form is seriously defective for evaluating such issues because the implied rules (1) often fail to be operational and (2) have associated performance measures that can be misleading in important cases. An example is presented that concerns the international “assignment problem” of optimally pairing instruments with policy objectives.
Author : Sven-Morten Mentzel
Publisher : Springer Science & Business Media
ISBN 13 : 3642590179
Total Pages : 114 pages
Book Rating : 4.6/5 (425 download)
Download or read book Real Exchange Rate Movements written by Sven-Morten Mentzel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: One aim of this book is to examine the causes of fluctuations in the mark/dollar, pound/dollar, and yen/dollar real exchange rates for the period 1972-1994 with quarterly data to determine appropriate policy recommendations to reduce these movements. A second aim is to investigate whether the three real exchange rates are covariance-stationary or not and to which extent they are covariance-stationary, respectively. These aims are reached by using a two-country overshooting model for real exchange rates with real government expenditure and by applying Johansen's maximum likelihood cointegration procedure and a factor model of Gonzalo and Granger to this model.
