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Disinflation External Vulnerability And Fiscal Intransigence
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Book Synopsis Disinflation, External Vulnerability, and Fiscal Intransigence by : Mr.Evan C Tanner
Download or read book Disinflation, External Vulnerability, and Fiscal Intransigence written by Mr.Evan C Tanner and published by International Monetary Fund. This book was released on 2017-05-22 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell’s (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate—a case of fiscal intransigence—central banks that pursue a disinflation on a ‘go it alone’ basis will cause the country’s external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace’s (1981) ‘unpleasant monetarist arithmetic,’ in these circumstances, a ‘go it alone’ policy may successfully stabilize prices and output, but only on a short-term basis.
Book Synopsis Disinflation, External Vulnerability, and Fiscal Intrasigence by : Evan C. Tanner
Download or read book Disinflation, External Vulnerability, and Fiscal Intrasigence written by Evan C. Tanner and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell’s (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate—a case of fiscal intransigence—central banks that pursue a disinflation on a ‘go it alone’ basis will cause the country’s external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace’s (1981) ‘unpleasant monetarist arithmetic,’ in these circumstances, a ‘go it alone’ policy may successfully stabilize prices and output, but only on a short-term basis.
Book Synopsis A Guide to the New Language of Accounting and Finance by : Roger Hussey
Download or read book A Guide to the New Language of Accounting and Finance written by Roger Hussey and published by Business Expert Press. This book was released on 2021-10-15 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The disciplines of accounting and finance have been rapidly changing in recent years. The methods and techniques being used have created a new language for managers, students, practitioners, academics. The Guide focuses specifically on the terms used in accounting and finance. Important terms and phrases are identified but with a much longer, in-depth explanation than you would normally find in a dictionary. Not only does each entry gives a thorough explanation of each term, it provides two or more references to academic articles that go into much greater depth. Hence, the entries give the reader immediate access to the literature. At the end of the book, the full reference to all the articles that have been cited in the text is given including a list of the many acronyms used in the new world of accounting and finance.
Book Synopsis The Algebraic Galaxy of Simple Macroeconomic Models by : Mr.Evan C Tanner
Download or read book The Algebraic Galaxy of Simple Macroeconomic Models written by Mr.Evan C Tanner and published by International Monetary Fund. This book was released on 2017-05-24 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope’ estimates of macroeconomic outcomes. Herein, a bare-bones New Keynesian extension of the IS/LM model yields solutions for core macro variables (output gap, inflation, interest rate, real exchange rate misvaluation)—expressed in percent. We then extend that standard model to also generate a corresponding set of demand-side elements—expressed in currency units. A key aim of the paper is to reconcile these two metrics in ways that also aid communication and intuition—including through IS/LM-style graphs.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1484315294 Total Pages :19 pages Book Rating :4.4/5 (843 download)
Book Synopsis IMF Research Bulletin, Summer 2017 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, Summer 2017 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2017-08-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1475552645 Total Pages :145 pages Book Rating :4.4/5 (755 download)
Book Synopsis Argentina by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Argentina written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2016-11-10 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Argentina’s investment rate which was well below the average of Latin American countries and that of a peer group of advanced and emerging market countries, with a larger gap in private investment. Raising investment prospects would be essential to boost economic activity. The administration that took office in December 2015 has emphasized the importance of generating an investor friendly environment that allows Argentina to recover some of the growth opportunities lost over the last few decades. Although quantifying the capital accumulation gap is a clearly a difficult task, one way of doing so is to look at the difference between Argentina’s capital-labor ratio and that of the selected peer group of countries. Argentina’s investment rates and capital-output ratios are also compared with estimates of their steady state values derived from standard neoclassical growth models. Argentina’s investment rate would need to increase significantly to eliminate the capital accumulation gap built during the last two decades, and this could significantly accelerate GDP growth.
Book Synopsis The Globalization Paradox by : Dani Rodrik
Download or read book The Globalization Paradox written by Dani Rodrik and published by OUP Oxford. This book was released on 2012-05-17 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Book Synopsis The Algebraic Galaxy of Simple Macroeconomic Models by : Mr.Evan C Tanner
Download or read book The Algebraic Galaxy of Simple Macroeconomic Models written by Mr.Evan C Tanner and published by International Monetary Fund. This book was released on 2017-05-24 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope’ estimates of macroeconomic outcomes. Herein, a bare-bones New Keynesian extension of the IS/LM model yields solutions for core macro variables (output gap, inflation, interest rate, real exchange rate misvaluation)—expressed in percent. We then extend that standard model to also generate a corresponding set of demand-side elements—expressed in currency units. A key aim of the paper is to reconcile these two metrics in ways that also aid communication and intuition—including through IS/LM-style graphs.
Book Synopsis The Group of Seven by : Andrew Baker
Download or read book The Group of Seven written by Andrew Baker and published by Routledge. This book was released on 2006-05-09 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are now in the era of the G8, although the G7 still exists as a grouping for Finance Ministers. Why do G7 finance ministries and central banks co-operate? What are the implications of this co-operation for US power and the abilities of the other six states to exercise leadership? What role do the G7 play in global financial governance? How much authority do they possess and how is that authority exercised? This is the first major monograph on the political economy of G7 finance ministry and central bank co-operation. It argues that to understand the contribution of the G7 to global financial governance it is necessary to locate the process in the context of a wider world financial order comprised of decentralized globalization. It also provides original case study material on the G7’s contribution to macroeconomic governance and to debates on the global financial architecture over the last decade. It assesses the G7’s role in producing a system of global financial governance based on market supremacy and technocratic transgovernmental consensus and articulates normative criticisms of the G7’s exclusivity. For researchers in the fields of IR/IPE generally, postgraduate students in the field of international organization and global governance, policy makers and financial journalists this is the most extensive analysis of the G7 and the political economy of global financial governance to date.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1484335740 Total Pages :83 pages Book Rating :4.4/5 (843 download)
Book Synopsis Argentina by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Argentina written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-12-29 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Argentina’s government has made important progress in restoring integrity and transparency in public sector operations. These policy changes have put the economy on a stronger footing and corrected many of the most urgent macroeconomic imbalances. Private consumption strengthened in 2017, supported by greater real wages and buoyant credit growth. With stronger domestic demand, the trade surplus turned into a deficit and the current account deficit increased. Annual inflation has declined from its peak in 2016, but remained relatively resilient and inflation expectations moved up, prompting the central bank to raise interest rates. Going forward, GDP growth is expected to consolidate, inflation inertia will slowly subside, and the fiscal deficit will gradually fall.
Book Synopsis The Economics of Global Turbulence by : Robert Brenner
Download or read book The Economics of Global Turbulence written by Robert Brenner and published by Verso. This book was released on 2006-08-17 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: A commanding survey of the world economy from 1950 to the present, from the author of the acclaimed The Boom and the Bubble.
Download or read book The State written by Anthony De Jasay and published by Collected Papers of Anthony de. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The State is a brilliant analysis of some of the fundamental issues of modern political thought from the perspective, not of individuals or subjects, but of the state itself. The author poses the query, "What would you do if you were the state?" The state usually is understood as an instrument, not a personality, and it is presumed to exist so that people can achieve their common ends. However, Jasay asks, what if we suppose the state to have a will and ends of its own? To answer these questions, the author traces the logical and historical progression of the state from a modest-sized protector of life and property through its development into an "agile seducer of democratic majorities, to the welfare-dispensing drudge that it is in many countries today ... Is the rational next step a totalitarian enhancement of its power?" The State presents what has been termed "a disturbingly logical 'agenda' for the state in pursuit of its 'self-fulfillment.'"--Inside jacket flap.
Book Synopsis Questioning Globalization by : Kavaljit Singh
Download or read book Questioning Globalization written by Kavaljit Singh and published by Zed Books. This book was released on 2005-10 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers a clear presentation of the big questions about globalization.
Book Synopsis The Great Deformation by : David Stockman
Download or read book The Great Deformation written by David Stockman and published by PublicAffairs. This book was released on 2014-09-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times bestseller The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few. Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair. Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
Book Synopsis A triumph of failed ideas: European models of capitalism in the crisis by : Steffen Lehndorff
Download or read book A triumph of failed ideas: European models of capitalism in the crisis written by Steffen Lehndorff and published by ETUI. This book was released on 2012 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current crisis in Europe is being labelled, in mainstream media and politics, as a ‘public debt crisis’. The present book draws a markedly different picture. What is happening now is rooted, in a variety of different ways, in the destabilisation of national models of capitalism due to the predominance of neoliberalism since the demise of the post-war ‘golden age’. Ten country analyses provide insights into national ways of coping – or failing to cope – with the ongoing crisis. They reveal the extent to which the respective socio-economic development models are unsustainable, either for the country in question, or for other countries. The bottom-line of the book is twofold. First, there will be no European reform agenda at all unless each country does its own homework. Second, and equally urgent, is a new European reform agenda without which alternative approaches in individual countries will inevitably be suffocated. This message, delivered by the country chapters, is underscored by more general chapters on the prospects of trade union policy in Europe and on current austerity policies and how they interact with the new approaches to economic governance at the EU level. These insights are aimed at providing a better understanding across borders at a time when European rhetoric is being used as a smokescreen for national egoism.
Book Synopsis The French Road to the European Monetary Union by : D. Howarth
Download or read book The French Road to the European Monetary Union written by D. Howarth and published by Springer. This book was released on 2000-11-17 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: The logic behind European monetary cooperation and integration can only be understood through an examination of French efforts to maximise their monetary power in relation to Germany and America. This book provides a detailed and historically-informed study of the motives and economic and political attitudes that shaped French policy on European developments over a thirty year period, from the collapse of the International Monetary System in the late 1960s and early 1970s through to the start of EMU on 1 January 1999.
Book Synopsis A Theory of Imperialism by : Utsa Patnaik
Download or read book A Theory of Imperialism written by Utsa Patnaik and published by Columbia University Press. This book was released on 2016-11-01 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: In A Theory of Imperialism, economists Utsa Patnaik and Prabhat Patnaik present a new theory of the origins and mechanics of capitalism that sounds an alarm about its ongoing viability. Their theory centers on trade between the core economies of the global North and the tropical and subtropical countries of the global South and considers how the Northern demand for commodities (such as agricultural products and oil) from the South has perpetuated and solidified an imperialist relationship. The Patnaiks explore the dynamics of this process and discuss innovations that could allow the economies of the South to achieve greater prosperity without damaging the economies of the North. The result is an original theory of imperialism that brings to light the crippling limitations of neoliberal capitalism. A Theory of Imperialism also includes a response by David Harvey, who interprets the agrarian system differently and sees other factors affecting trade between the North and the South. Their debate is one of the most provocative exchanges yet over the future of the global economy as resources grow thin, populations explode, and universal prosperity becomes ever more elusive.
