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Exchange Rate Determination With Systematic And Unsystematic Policy Regime Changes
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Book Synopsis Exchange Rate Determination with Systematic and Unsystematic Policy Regime Changes by : John H. Makin
Download or read book Exchange Rate Determination with Systematic and Unsystematic Policy Regime Changes written by John H. Makin and published by . This book was released on 1984 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents results of estimating an exchange rate equation in light of theoretical considerations regarding changes in sterilization and intervention policy and tax policy which imply that the coefficients in the equation will not behave as fixed parameters in a given sample period,as standard econometric practice assumes. We compare the results of ordinary least squares and a random coefficients model of the Japanese Yen-- U.S. dollar exchange rate during the floating period of July 1973 through June 1982.When systematic end of year policy changes affecting Japanese reserves are explicitly modeled, both OLS and the random coefficients model show increased explanatory power. The random coefficients model appears to be superior to OLS however; by allowing the coefficients to vary over time as required by the economic theory discussed above, estimates of the mean response coefficients for the floating period all have the hypothesized sign, and explanatory power is sharply increased.
Book Synopsis Monetary Policy Under Dual Exchange Rates by : Robert Cumby
Download or read book Monetary Policy Under Dual Exchange Rates written by Robert Cumby and published by . This book was released on 1984 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds that the introduction of dual exchange rates gives the monetary authority greater independence from external constraints than it would otherwise enjoy. The monetary authority is able to influence the level of aggregate demand in the short run and to sterilize the effects of temporary foreign distrubances. In addition, the paper finds that dual rates insulate the domestic economy fully from foreign interest rate changes but do not provide insulation from speculative disturbances.
Book Synopsis The Adjustment Process and the Timing of Trade Liberalization by : Michael Mussa
Download or read book The Adjustment Process and the Timing of Trade Liberalization written by Michael Mussa and published by . This book was released on 1984 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the appropriate time path of the tariff rate for a small open economy that has decided to move from protection of import competing industries to free trade. Adjustment costs for moving resources to alternative uses do not provide a rationale for gradual adjustment of the tariff rate because in the absence of distortions, rational optimizing agents will make socially appropriate investment decisions with respect to adjustment when they are qiven correct price signals. Some distortions of the adjustment process imply the desirability of gradual adjustment of the tariff rate to slow adjustment, but other distortions imply the desirability of subsidizing imports in the short run in order to speed movement of resources out of previously protected industries. Concern with the income redistribution effects of reductions in the tariff rate(which usually injure owners of factors in previously protected industries) does provide a general rationale for a gradual move to free trade. The influence of the unemployment consequences of tariff reduction on the appropriate path of commercial policy depends on the nature and shape of the respone of the rate of resource reallocation to the level of unemployment in previously protected industries.
Book Synopsis Adjusting the Gross Changes Data by : James M. Poterba
Download or read book Adjusting the Gross Changes Data written by James M. Poterba and published by . This book was released on 1984 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a procedure for adjusting the Current Population Survey gross changes data for the effects of reporting errors. The corrected data suggest that the labor market is much less dynamic than has frequently been suggested. Conventional measures sy understate the duration of unemployment by as much as eighty percent and overstate the extent of movement into and out ofthe labor force by several hundred percent. The adjusted data also throw demographic differences in patterns of labor market dynamics into sharp relief.
Book Synopsis The International Linkage of Real Interest Rates by : Robert E. Cumby
Download or read book The International Linkage of Real Interest Rates written by Robert E. Cumby and published by . This book was released on 1984 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Casual observation indicates that in recent years real interest rates in the United States appear to have risen sharply and have remained high relative to historical standards. Many observers have claimed that these high real rates have been transmitted abroad and have lead to high real rates in the rest of the industrialized countries. Concern over the level of real rates has been widespread in the analyses by economic policymakers both in Europe and in the United States. In this paper we present evidence on several questions regarding the movement in short term real interest rates in eight countries that have been raised by the recent policy debates in Europe and the United States: Have ex ante real rates in the United States and Europe been high during recent years? Has there been a link between U.S. real rates and those in other countries? Can this link be quantified?The basic finding in this paper is that real rates have climbed dramatically from the 1970s to the 1980s in both the European countries and the United States. Indeed, real interest rates in the United States are currently at high levels unprecedented in the post war period, which rival the levels that occurred during the Great Depression. Complaints that real interest rates in the United States are exceedingly high seem to be well justified. There is also strong evidence that there is a positive association between movements in U.S. real rates and those in Europe. However,European real rates typically do not move one-for-one with U.S. real rates,still leaving open the possibility that European monetary policy can influence domestic economic activity.
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1984 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank of Japan Monetary and Economic Studies by :
Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 1986 with total page 928 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Long-run Relationship Between Interest Rates and Inflation by : Lawrence H. Summers
Download or read book Estimating the Long-run Relationship Between Interest Rates and Inflation written by Lawrence H. Summers and published by . This book was released on 1984 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note demonstrates that Bennett McCallum's recent critique of low frequency estimates of macro-economic relationships is of little empirical significance. It also demonstrates that readily available and frequently used techniques can be used to diagnose the problem McCallum raises. Finally, it shows that the standard critique of expectational distributed lags is not warranted once the role of learning by economic agents is recognized.
Book Synopsis Publications by : National Bureau of Economic Research
Download or read book Publications written by National Bureau of Economic Research and published by . This book was released on 1921 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Theory of Optimal Taxation in a Growing Economy by : Martin S. Feldstein
Download or read book On the Theory of Optimal Taxation in a Growing Economy written by Martin S. Feldstein and published by . This book was released on 1984 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the following question: Would a "golden rule" capital accumulation policy of equating the marginal product of capital to the rate of growth of population be appropriate in a mixed economy in which the government does not have direct control over resource allocation but can use distortionary taxes to obtain resources for augmenting the private capital stock? The key result derived hereis that the golden rule level of capital intensity remains optimal if the tax structure that prevails at the equilibrium does not alter the individual labor supply. This is true even if the constancy of labor supply represents a balancing of income effects and substitution effects of a distortionary tax. In contrast, if the form of the tax and the nature of the utility function imply that labor supply is distorted, the optimal capital intensity will in general not correspond to the golden rule level.
Book Synopsis Relative Factor Price Changes and Equity Prices by : Peter J. Elmer
Download or read book Relative Factor Price Changes and Equity Prices written by Peter J. Elmer and published by . This book was released on 1984 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper suggests that the decline in equity prices, and thus in Tobin's average q, during the 1970s may be attributable to changes in expected relative factor prices. More specifically, q is shown to be a negative function of the extent to which current relative factor price expectations differ from those when capital was put in place. Because relative factor prices became more volatile after 1967, the observed decline in average q, and thus in stock prices, can be explained by the "relative price" hypothesis.
Book Synopsis International Policy Coordination in Dynamic Macroeconomic Models by : Gilles Oudiz
Download or read book International Policy Coordination in Dynamic Macroeconomic Models written by Gilles Oudiz and published by . This book was released on 1984 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent analyses of the gains to policy coordination have focussed on the strategic aspects of macroeconomic policy making in a static setting. A major theme is that noncooperative policy making is likely to be Pareto inefficient because of the presence of beggar-thy-neighbor policies. This paper extends the analysis to a dynamic setting, thereby introducing three important points of realism to the static game. First, the payoffs to beggar-thy-neighbor policies look very different in one-period and multiperiod games, and thus so do the gains to coordination. Second, we show that policy coordination may reduce economic welfare if governments are nyopic in their policy making, as is sometimes claimed. Third, governments act under a fundamental constraint that they cannot bind the actions of later governments, and we investigate how this constraint alters the gains to policy coordination.
Book Synopsis The Causes of Inflation by : Frederic S. Mishkin
Download or read book The Causes of Inflation written by Frederic S. Mishkin and published by . This book was released on 1984 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to provide a perspective on the causes of inflation by exploring why sustained inflations occur and the role of monetary policy in the inflation process. The conclusion reached in this paper is that in the last ten years there has been a convergence of views in the economics profession on the causes of inflation. As long as inflation is appropriately defined to be a sustained inflation, macro-economic analysis, whether of the monetarist or Keynesian persuasion, leads to agreement with Milton Friedman's famous dictum, "Inflation is always and everywhere a monetary phenomenon." However, the conclusion that inflation is a monetary phenomenon does not settle the issue of what causes inflation because we also need to understand why inflationary monetary policy occurs. This paper also examines this issue and it finds that the underlying cause of inflationin the United States has been accommodating monetary policy geared to achieving a high employment target. The role of expectations has been important in the inflationary process so that to prevent the resurgence of inflation at a minimum cost in terms of unemployment and output loss, monetary policy must be both non-accommodating and credible
Book Synopsis Modeling the Term Structure of Interest Rates Under Nonseparable Utility and Durability of Goods by : Kenneth B. Dunn
Download or read book Modeling the Term Structure of Interest Rates Under Nonseparable Utility and Durability of Goods written by Kenneth B. Dunn and published by . This book was released on 1984 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissaving After Retirement by : B. Douglas Bernheim
Download or read book Dissaving After Retirement written by B. Douglas Bernheim and published by . This book was released on 1984 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine several aspects of saving and dissaving after retirement. First, we argue that existing evidence on bequeathable age-wealth profiles is suspect, and provide new evidence based on longitudinal data indicating that significant dissaving may occur, particularly among single individuals and early retirees. Second, we argue that, in the presence of annuities, estimates of dissaving should be adjusted by including the simple discounted value of benefits in total wealth. Such adjustments reveal relatively little dissaving among any group of retirees. Finally, we test the pure life cycle hypothesis by observing the behavioral response of rates of accumulation to involuntary annuitization, and find empirical refutation of life cycle implications.
Book Synopsis Retail Pricing, the Time Distribution of Transactions, and Clearance Sales by : Edward P. Lazear
Download or read book Retail Pricing, the Time Distribution of Transactions, and Clearance Sales written by Edward P. Lazear and published by . This book was released on 1984 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt and Taxes in the Theory of Public Finance by : Martin S. Feldstein
Download or read book Debt and Taxes in the Theory of Public Finance written by Martin S. Feldstein and published by . This book was released on 1984 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax rates to finance interest payments involves a smaller excess burden than the single large tax rate increase that would be required to avoid an initial increase in the national debt. This argument ignores the excess burden of debt finance that results if the initial capital stock is smaller than optimal (e.g., because of taxes or capital income).The first section of the present paper shows how the debt-finance advantage of a small increase in tax rates can be explicitly balanced against the disadvantage of the excess burden that arises from additional debt. The analysis shows that, with plausible parameter values, the excess burden of debt finance is likely to outweigh the advantage of avoiding a large single tax change and therefore that financing a temporary increase in government spending by an immediate tax increase is likely to be preferable to debt financing.The second section examines the appropriate response to a permanent increase in government spending and shows that such spending cannot be financed by a permanent increase in government debt. Moreover, whenever the golden rule level of capital intensity is an optimality condition independent of the level of government spending, any increase in government spending should be matched by an equal increase in tax revenue.
