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Author : Juan Ayuso Huertas
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Devaluations and Depreciation Expectations in the E.M.S. written by Juan Ayuso Huertas and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Lars E. O. Svensson
Publisher : International Monetary Fund
ISBN 13 : 1451949960
Total Pages : 35 pages
Book Rating : 4.4/5 (519 download)
Download or read book Assessing Target Zone Credibility written by Mr.Lars E. O. Svensson and published by International Monetary Fund. This book was released on 1991-10-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents estimates of devaluation expectations for six EMS currencies relative to the Deutsche mark, for the period March 1979-May 1990. The estimation method is simple and operational, and consistently generates sensible results. The estimates are constructed by the adjusting interest rate differentials by subtracting estimated expected rates of depreciation within the exchange rate band. The adjustment is nontrivial because exchange rates within the ERM bands display mean reversion rather than random walk (unit root) behavior. The adjustment is essential since the expected rates of depreciation are usually of about the same magnitude as the interest rate differentials.
Author : Una-Louise Bell
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Adjustment Costs, Uncertainty and Employment Inertia written by Una-Louise Bell and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Los altos costes de despido en Europa han sido acusados insistentemente de la debil situacion del empleo. Sin embargo, las conclusiones que se extraen de la literatura relevante son algo ambiguas. Este trabajo analiza de nuevo el impacto de los costes de ajuste bajo incertidumbre. Se demuestra que la interaccion entre el nivel de los costes de ajuste y el tipo de incertidumbre puede tener importantes ramificaciones para la dinamica del empleo. En concreto, encontramos que el permitir la posibilidad de condiciones economicas transitorias aumenta considerablemente la persistencia del empleo. Concluimos el analisis con una serie de ejercicios de simulacion para ilustrar que el permitir cambios en el entorno economico en el que las empresas han venido operando en las ultimas dos decadas puede aumentar considerablemente nuestro entendimiento de la evolucion del empleo en Europa (ub) (mac).
Author : Hans Lindberg
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (318 download)
Download or read book Devaluation Expectations written by Hans Lindberg and published by . This book was released on 1991 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Devaluation expectations for the Swedish krona are estimated for the period 1982-1991 with several methods. First the "simplest test" is applied under either only the minimal assumption of "no positive minimum profit" or the additional assumption of uncovered interest parity. Then a more precise method suggested by Bertola and Svensson is used, in which expected rates of depreciation within the exchange rate band, estimated in several ways, are subtracted from interest rate differentials. In addition the probability density of the time of devaluations is estimated. Finally, estimated devaluation expectations are to some extent explained by a few macrovariables and parliament elections
Author : Sinimaaria Ranki
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.F/5 ( download)
Download or read book Realignment Expectations in the ERM written by Sinimaaria Ranki and published by . This book was released on 1996 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to analyze realignment expectations in the exchange rate mechanism of the European Monetary System, in particular with reference to the five year period (1987-1992) during which no realignments were done.
Author : Regina Kaiser
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.3/5 ( download)
Download or read book Notes on Time Series Analysis, ARIMA Models and Signal Extraction written by Regina Kaiser and published by . This book was released on 2000 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: El objetivo de este trabajo es proporcionar una introduccion informal a las herramientas del analisis de series temporales y a los conceptos necesarios para comprender la metodologia basica en la que se fundamenta la aplicacion de filtros. El trabajo esta dirigido a analistas en general que realicen trabajos aplicados en este campo, pero que no hayan cursado un modulo avanzado de analisis aplicado de series temporales. Se ha puesto especial enfasis en el metodo basado en modelos, aunque gran parte del material tambien puede aplicarse al uso de filtros 'ad-hoc'. La estructura basica consiste en modelizar la serie como un proceso estocastico lineal y estimar los componentes mediante la 'extraccion de una señal', es decir, mediante la estimacion optima de componentes generados por modelos estadisticos bien definidos.(am) (ad).
Author : Soyoung Kim
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Monetary Policy Rules and Business Cycles written by Soyoung Kim and published by . This book was released on 1998 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Enrique Alberola Ila
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries written by Enrique Alberola Ila and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finds that there is a strong correlation between persistent unemployment and central bank independence.
Author : Paul de Grauwe
Publisher : Oxford University Press
ISBN 13 : 9780198289869
Total Pages : 372 pages
Book Rating : 4.2/5 (898 download)
Download or read book Inflation and Wage Behaviour in Europe written by Paul de Grauwe and published by Oxford University Press. This book was released on 1996 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand function, the monetary policy of Germany - the pivotal country in the EMS - and its influence on the stability of the system after the fall of the Berlin Wall. As well as explaining how theEMS worked, the book also offers reasons for its breakdown in 1992-3 under the blow of exogenous shocks and growing policy conflict between member countries.The study identifies several causes of inflation and persistent inflation differentials in the EMS. Among the 'real' causes, particular attention is devoted to sectoral productivity shocks. In some countries, import price shocks, exogenous wage pushes, taxes, and government expenditure are bound tobe important factors. Since theses kinds of shock hit the various economies of the region differently, inflation differntials can persist for several years. The different policies of governments and central banks, and the fact the monetary policies have not always been consistent with the long-runmaintenance of fixed exchange rates, have also played a considerable role in explaining the persistance of inflation differentials.
Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 1451929099
Total Pages : 36 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Mexican Peso Crisis written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1996-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Author : Agustín Maravall
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Missing Observations and Additive Outliers in Time Series Models written by Agustín Maravall and published by . This book was released on 1996 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 524 pages
Book Rating : 4.:/5 (31 download)
Download or read book IMF Working Paper written by and published by . This book was released on 1991 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Víctor Gómez
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Guide for Using the Programs TRAMO and SEATS written by Víctor Gómez and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eva Ortega
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Comparing Evaluation Methodologies for Stochastic Dynamic General Equilibrium Models written by Eva Ortega and published by . This book was released on 1998 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aproximación a distintos propuestas para evaluar modelos de equilibrio general de dinámica estocástica utilizando técnicas de Monte Carlo.
Author : José M. González Mínguez
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Balance-sheet Transmission Channel of Monetary Policy written by José M. González Mínguez and published by . This book was released on 1997 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trabajo que investiga el papel de la posición financiera de los agentes privados en la transmisión de la política monetaria en España y Alemania. Hasta qué punto los tipos de interés oficiales pueden afectar al mercado de valores y ciertos instrumentos financieros influir en el gasto, precios, demanda actual y futura o demanda nacional y extranjera.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
ISBN 13 : 364257257X
Total Pages : 508 pages
Book Rating : 4.6/5 (425 download)
Download or read book Restructuring, Stabilizing and Modernizing the New Russia written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.
Author : Ángel Estrada
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Measuring the NAIRU in the Spanish Economy written by Ángel Estrada and published by . This book was released on 2000 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
