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Ramsey Monetary Policy And International Relative Prices
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Book Synopsis Ramsey Monetary Policy and International Relative Prices by : Ester Faia
Download or read book Ramsey Monetary Policy and International Relative Prices written by Ester Faia and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the design of optimal monetary policy (in terms of unconstrained Ramseyallocation) in a framework with sticky prices and matching frictions. Furthermore I consider therole of real wage rigidities. Optimal policy features significant deviations from price stabilityin response to various shocks. This is so since search externalities generate an unemployment/inflation trade-off. In response to productivity shocks optimal policy is pro-cyclical whenthe worker's bargaining power is higher than the share of unemployed people in the matchingtechnology and viceversa. This is so since when the workers share of surplus is high there aremany searching workers and few vacancies hence the monetary authority has an incentive to increasevacancy profitability by reducing the interest rate and increasing inflation. The oppositeis true when the workers' share of surplus is high. This implies that optimal inflation volatilityis U-shaped with respect to workers' bargaining power.
Book Synopsis World Food Prices and Monetary Policy by : Roberto Chang
Download or read book World Food Prices and Monetary Policy written by Roberto Chang and published by International Monetary Fund. This book was released on 2010-07-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in real world data.
Book Synopsis Asset Prices and Monetary Policy by : John Y. Campbell
Download or read book Asset Prices and Monetary Policy written by John Y. Campbell and published by University of Chicago Press. This book was released on 2008-11-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Book Synopsis International Capital Flows by : Martin Feldstein
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Book Synopsis Designing a Simple Loss Function for Central Banks by : Davide Debortoli
Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Book Synopsis Medicine Price Surveys, Analyses and Comparisons by : Sabine Vogler
Download or read book Medicine Price Surveys, Analyses and Comparisons written by Sabine Vogler and published by Academic Press. This book was released on 2018-10-23 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Medicine Price Surveys, Analyses and Comparisons establishes guidelines for the study and implementation of pharmaceutical price surveys, analyses, and comparisons. Its contributors evaluate price survey literature, discuss the accessibility and reliability of data sources, and provide a checklist and training kit on conducting price surveys, analyses, and comparisons. Their investigations survey price studies while accounting for the effects of methodologies and explaining regional differences in medicine prices. They also consider policy objectives such as affordable access to medicines and cost-containment as well as options for improving the effectiveness of policies. - Provides guidance for planning and implementing pharmaceutical pricing policies and systems - Reviews external price referencing systems - Explains common baselines for interpreting price surveys - Defines pharmaceutical price terminology and nomenclature
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis Pricing the Planet's Future by : Christian Gollier
Download or read book Pricing the Planet's Future written by Christian Gollier and published by Princeton University Press. This book was released on 2013 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development.
Book Synopsis NBER Macroeconomics Annual 2005 by : Kenneth S. Rogoff
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Book Synopsis The Interaction of Competition Law and Sector Regulation by : Pier L. Parcu
Download or read book The Interaction of Competition Law and Sector Regulation written by Pier L. Parcu and published by Edward Elgar Publishing. This book was released on 2022-11-04 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book discusses the interaction of sector-specific regulation and competition policy. In particular, it identifies emerging trends and reflects on the nature of network regulation in the energy and telecom industries.
Book Synopsis Exchange Rate Dynamics by : Jean-Olivier Hairault
Download or read book Exchange Rate Dynamics written by Jean-Olivier Hairault and published by Routledge. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.
Book Synopsis Consequences of the European Monetary Integration on Financial Systems by : Stanislav Polouček
Download or read book Consequences of the European Monetary Integration on Financial Systems written by Stanislav Polouček and published by Cambridge Scholars Publishing. This book was released on 2009-01-23 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume consists of twelve chapters that represent updated and revised versions of papers presented at the 11th International Conference on Finance and Banking which took place at Silesian University - School of Business Administration in Karviná, Czech Republic on 17 – 18 October 2007. The chapters are arranged in three thematic parts focusing on exchange rates, financial markets and monetary policy. The purpose of the book is to identify effects of the European monetary integration in financial systems of original, new and potential euro area member countries. The book also aims to evaluate how different are the effects in countries at different stage of the integration process and how important are the implications for national economic policies. Although each chapter is originally an independent study all of them were selected by the editors in order to create consistent book offering a rich blend of well grounded theory, innovative empirical approaches, fresh ideas, and striking conclusions. Contributors include scholars, researchers, central bankers and financial practitioners from respected universities and financial institutions. “I highly recommend this book to everyone, economist or not, who want to better understand the enormous challenges that financial systems nowadays have to face, particularly in the context of the European monetary integration. One of the main advantages of this book is that it does not reflect the opinion of only one author, but instead, it presents the views of 23 authors, all academics and qualified researchers, working in well known universities and research institutions from different EU and non EU countries.” — Candida Ferreira, Associate Professor, School of Economics and Management, Technical University of Lisbon (ISEG-UTL) and Research Unit on Complexity and Economics (UECE) “Analyzing the consequences of the European monetary integration on financial systems is certainly a challenging task, but this book tackles it very successfully by presenting a rich collection of highly original studies on the most relevant issues: exchange rate convergence of euro-candidates, inflation targeting, portfolio choice, volatility, yield curve disturbances and many others, currently debated in finance, macroeconomics and political economy. The International Conference on Finance and Banking at Silesian University in Karviná is a well established scientific event where the hottest issues in the financial scenario are analyzed from an international perspective.” — Marco Mazzoli, Associate Professor of Monetary and International Economics, Director of CESPEM, Università Cattolica del S. Cuore, Italy
Book Synopsis Exchange Rate Dynamics by : Jean-OIiver Hairault
Download or read book Exchange Rate Dynamics written by Jean-OIiver Hairault and published by Routledge. This book was released on 2003-12-18 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and aims at providing a coherent and modern framework for thinking about exchange rate dynamics. With a wide range of contributions, this book is likely to be welcomed by the macroeconomics and financial community.
Book Synopsis The Fiscal Theory of the Price Level by : John H. Cochrane
Download or read book The Fiscal Theory of the Price Level written by John H. Cochrane and published by Princeton University Press. This book was released on 2023-01-17 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.
Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Book Synopsis Annual Conference of the Euro-Latin Study Network on Integration and Trade - ELSNIT, 2 (Integration Network Series = Serie Redes de Integración - ELSNIT ; n. 2) by :
Download or read book Annual Conference of the Euro-Latin Study Network on Integration and Trade - ELSNIT, 2 (Integration Network Series = Serie Redes de Integración - ELSNIT ; n. 2) written by and published by BID-INTAL. This book was released on 2005 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
