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Author : John Rutledge
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (73 download)
Download or read book Effects of Money on Output and Prices written by John Rutledge and published by . This book was released on 1980* with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael B. Devereux
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.X/5 (6 download)
Download or read book Predetermined Prices and the Persistent Effects of Money on Output written by Michael B. Devereux and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a money shock, the aggregate dynamics are very similar to those under a specification of fixed prices, the assumption underlying most recent dynamic sticky-price models.
Author : Robert E. Hall
Publisher : University of Chicago Press
ISBN 13 : 0226313255
Total Pages : 302 pages
Book Rating : 4.2/5 (263 download)
Download or read book Inflation written by Robert E. Hall and published by University of Chicago Press. This book was released on 2009-05-15 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the latest thoughts of a brilliant group of young economists on one of the most persistent economic problems facing the United States and the world, inflation. Rather than attempting an encyclopedic effort or offering specific policy recommendations, the contributors have emphasized the diagnosis of problems and the description of events that economists most thoroughly understand. Reflecting a dozen diverse views—many of which challenge established orthodoxy—they illuminate the economic and political processes involved in this important issue.
Author : Olivier J. Blanchard
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (255 download)
Download or read book Why Does Money Affect Output? written by Olivier J. Blanchard and published by . This book was released on 1987 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought from Keynes' emphasis on wages to the "wage price mechanism" of the early 1970's. as well as the facts on the relation between money. prices and output. Prom this review. it concludes that the intellectual crisis of the 1970's came not from the inability of the prevailing theory to explain the facts -which it had mostly right-. but from the weakness of its theoretical foundations. The paper then examines the reconstruction effort. Two alternative strategies have been followed. The first has been to break with previous research and explore how far models based on perfect competition and imperfect information could go in explaining the effects of money on activity. This strategy has largely fizzled and its proponents moved away from the money-output issue. The second has been instead to explore whether the many insights of previous research could be made more rigorous and has focused on the potential role of imperfect competition in labor and goods markets ; substantial progress has been made. but no grand synthesis has emerged. nor is likely to in the foreseeable future
Author : Ida Aghdas Mirzaie
Publisher : International Monetary Fund
ISBN 13 : 1451860188
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Effects of Exchange Rate Fluctuationson Output and Prices written by Ida Aghdas Mirzaie and published by International Monetary Fund. This book was released on 2003-10-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the demand for domestic currency, and aggregate supply through the cost of imported intermediate goods. Anticipated exchange rate depreciation, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear more significant, with varying effects on output growth and price inflation across developing countries.
Author : Pik-ki Lai
Publisher :
ISBN 13 :
Total Pages : 372 pages
Book Rating : 4.:/5 (3 download)
Download or read book Asymmetric Effects of Money-supply Shocks on Real Output and Prices written by Pik-ki Lai and published by . This book was released on 1993 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.F/5 ( download)
Download or read book Money, Output, and Prices written by Julio Rotemberg and published by . This book was released on 1991 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new utility-based monetary aggregate which we label the currency equivalent aggregate. This aggregate equals the stock of currency that would be required for households to obtain the same liquidity services that they get from their entire collection of monetary assets. We compare the ability of the new aggregate and conventional aggregates, such as Ml and M2, and other indicators of monetary policy to forecast real activity. The CE aggregate has more predictive power for output and prices than standard aggregates, and the time path of the estimated output response is more consistent with broad classes of theoretical models.
Author : Georgios Karras
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Why are the Effects of Money-Supply Shocks Asymmetric? Evidence from Prices, Consumption, and Investment written by Georgios Karras and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates why the effects of money on output are asymmetric. We show that Cover's (1992) methodology is a special case of a more general model which enables us to distinguish between two sets of theories consistent with the output asymmetries: a convex aggregate supply, and a pushing-on-a-string view. We find that the effects of money on prices are symmetric, which is consistent with both sets of theories being operative at once. We also show that consumption responds symmetrically to money, whereas the response of fixed investment is characterized by asymmetries very similar to those that affect output. Finally, we find that the asymmetries in the effects of money supply shocks are intensified by increases in the rate of inflation.
Author : Bank of Canada
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (19 download)
Download or read book Predetermined Prices and the Persistent Effects of Money on Output written by Bank of Canada and published by . This book was released on 2001 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frank Hahn
Publisher : MIT Press
ISBN 13 : 9780262081290
Total Pages : 132 pages
Book Rating : 4.0/5 (812 download)
Download or read book Money and Inflation written by Frank Hahn and published by MIT Press. This book was released on 1983 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: On the basis of theoretical considerations and on the evidence of real-world economies, Frank Hahn demonstrates in unequivocal terms that Monetarism offers an implausible solution to the most pervasive economic problems. He confronts the central issue of current economic theory by making the case that the growth of the money supply is not a necessary cause of inflation, as the Monetarists have assumed. And he contends that inflation is in any case not the overwhelming satanic force disrupting society and the economy that the strict Monetarists think it to be on theoretical grounds and so many others feel it to be in terms of practical economic realities. It is the tax systems, he points out, that are the real influence at work against the economies of the industrialized nations. Frank Hahn, one of Britain's most eminent economists, is Professor of Economics at Cambridge University and author of Equilibrium and Macroeconomics (MIT Press 1985).
Author : Mario I. Bléjer
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.A/5 ( download)
Download or read book The Effects of Unanticipated Money Growth on Prices, Output, and Its Composition in a Fixed-exchange-rate Open Economy written by Mario I. Bléjer and published by . This book was released on 1979 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paolo Giordani
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Reconsidering the Role of Money for Output, Prices and Interest Rates written by Paolo Giordani and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks to monetary aggregates using an identified VAR. Shocks to monetary aggregates are isolated by means of identifying restrictions suggested by this class of models. Contrary to the theoretical predictions, shocks to broad monetary aggregates have substantial and persistent effects on output and prices.
Author : George A. Selgin
Publisher : IEA Hobart Paper
ISBN 13 :
Total Pages : 90 pages
Book Rating : 4.:/5 (321 download)
Download or read book Less Than Zero written by George A. Selgin and published by IEA Hobart Paper. This book was released on 1997 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sets out to explain the complexity of why increased production does not that always bring with it lower prices. According to the book, those who look upon monetary expansion as a way to eradicate almost all unemployment fail to appreciate that persistent unemployment is a non-monetary or 'natural' economic condition, which no mount of monetary medicine can cure. Selgin explores the differences between these monetary and natural conditions, and proposes solutions of his own.
Author : Mario Blejer
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (96 download)
Download or read book The Effects of an Unanticipated Money Growth on Prices, Output and Its Composition in a Fixed-exchange-rate written by Mario Blejer and published by . This book was released on 1979 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Woodford
Publisher : Princeton University Press
ISBN 13 : 1400830168
Total Pages : 805 pages
Book Rating : 4.4/5 (8 download)
Download or read book Interest and Prices written by Michael Woodford and published by Princeton University Press. This book was released on 2011-12-12 with total page 805 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
Author : Milton Friedman
Publisher : Wiley-Blackwell
ISBN 13 : 9780631171119
Total Pages : 188 pages
Book Rating : 4.1/5 (711 download)
Download or read book Monetarist Economics written by Milton Friedman and published by Wiley-Blackwell. This book was released on 1991-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (14 download)
Download or read book Relationship Between Money, Output and Prices written by and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
