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Download or read book Endogenous Exchange Rate Regime Switches V/ Gabriel de Kock, Vittorio Grilli written by and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gabriel de Kock
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book Endogenous exchange rate regime switchestipo written by Gabriel de Kock and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gabriel De Kock
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Endogenous Exchange Rate Regime Switches written by Gabriel De Kock and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we demonstrate that exchange rate regime switching is compatible with optimal government policies. Nominal exchange-rate regimes are formalized as equilibrium commitments on future seigniorage policies, and the collapse of an exchange-rate peg as an excusable default which allows the government to lump-sum tax private sector money holdings. We demonstrate that a regime in which the exchange-rate peg is allowed to collapse when government spending is unusually high is a trigger-strategy equilibrium. Such a regime can be superior to both fixed and flexible exchange rate because it combines some of the flexibility of the floating exchange rates with some of the benefits of precommitment afforded by fixed rates.
Author : Gabriel De Kock
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.X/5 (2 download)
Download or read book Fiscal Policies and the Choice of Exchange Rate Regime written by Gabriel De Kock and published by . This book was released on 1992 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
ISBN 13 : 1451851243
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Stability of the Gold Standard and the Evolution of the International Monetary System written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1995-09-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.
Author : Warwick J. McKibbin
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book The McKibbin-Sachs Global Model written by Warwick J. McKibbin and published by . This book was released on 1989 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.
Author : Alan J. Marcus
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book An Equilibrium Theory of Excess Volatility and Mean Reversion in Stock Market Prices written by Alan J. Marcus and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apparent mean reversion and excess volatility in stock market prices can be reconciled with the Efficient Market Hypothesis by specifying investor preferences that give rise to the demand for portfolio insurance. Therefore, several supposed macro anomalies can be shown to be consistent with a rational market in a simple and parsimonious model of the economy. Unlike other models that have derived equilibrium mean reversion in prices, the model in this paper does not require that the production side of the economy exhibit mean reversion. It also predicts that mean reversion and excess volatility will differ substantially across subperiods.
Author : Alan S. Blinder
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book A Shred of Evidence on Theories of Wage Stickiness written by Alan S. Blinder and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A small interview survey was undertaken to see how actual wage-setters would react to the central. ideas of several economic theories of wage stickiness. Wage cuts were surprisingly prevalent in recent years, despite the booming economy. The strongest finding was that managers believe that perceptions of fairness play a major motivational role in labor markets; and that a "fair" wage policy is a good deal more complicated than simply not cutting wages. We also found substantial evidence for money illusion and against the adverse-selection version of the efficiency wage model.
Author : Vittorio Grilli
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Integration, Liquidity and Exchange Rates written by Vittorio Grilli and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a two-country extension of Lucas' (1988) work on the effects of cash-in-advance constraints in asset markets on the pricing of financial assets. The model is one where there exists some degree of separation between the goods markets and the asset markets and money is used for transactions in both markets. The main results of the paper are the following. First, the equilibrium level of the exchange rate depends on the share of money used for asset transactions: a greater share will correspond to a more appreciated exchange rate. Second, under uncertainty, liquidity effects deriving from stochastic shocks to bond creation lead to an "excess" volatility of nominal and real exchange rates even when the "fundamental" value of the exchange rate is constant. Third, capital controls in the form of taxes on foreign asset acquisitions tend to appreciate the exchange rate. Fourth, the maturity structure of the public debt affects the equilibrium exchange rate. In particular, a move towards a longer maturity structure will tend to depreciate the exchange rate
Author : Joshua Aizenman
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book World Integration, Competitive and Bargaining Regimes Switch written by Joshua Aizenman and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to study the role of an endogenous switch from a competitive to a bargaining international equilibrium. We consider two trading blocks, which can engage in a free-market determined trade, or a bargaining dictated trade. Bargaining can be called for by either pany, and it may involve a fixed real cost. We propose a framework in order to deal with these issues. We apply such a framework to a symmetric global environment, where the bargaining equilibrium is shown to offer an international diversification of the countryspecific shocks, whereas the competitive equilibrium retains the country specific nature of the shocks. The degree of trade dependency is shown to determine the risk diversification achieved via the bargaining process, the frequency of bargaining, and the volume of trade. An increase in the relative importance of the trade dependent activities is associated with greater international diversification of country-specific shocks, and with a greater frequency of bargaining. We derive the optimal investment -- less costly bargaining will move us towards a comer solution, where trade dependency and local shock diversification are maximized. With positive bargaining costs, we will observe an internal solution with smaller diversification of local shocks. In such an environment the choice of optimal trade dependency balances at the margin the expected diversification against the costs of bargaining.
Author : Gene M. Grossman
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.3/5 ( download)
Download or read book Quality Ladders in the Theory of Growth written by Gene M. Grossman and published by . This book was released on 1989 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a model of repeated product improvements in a continuum of sectors. Each product follows a stochastic progression up a quality ladder. Progress is not uniform across sectors, so an equilibrium distribution of qualities evolves over time. But the rate of aggregate growth is constant. The growth rate responds to profit incentives in the R & D sector. We explore the welfare properties of our model. Then we relate our approach to an alternative one that views product innovation as a process of generating an ever expanding range of horizontally differentiated products. Finally, we apply the model to issues of resource accumulation and international trade.
Author :
Publisher :
ISBN 13 :
Total Pages : 944 pages
Book Rating : 4.:/5 (31 download)
Download or read book Bibliography of Agriculture written by and published by . This book was released on 1990 with total page 944 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William G. Gale
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Collateral, Rationing, and Government Intervention in Credit Markets written by William G. Gale and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of government intervention in credit markets when lenders use collateral, interest, and the probability of granting a loan as potential screening devices. Equilibria with and without rationing are examined. The principal theme is that credit policies operate through their effect on the incentive compatibility constraint, which inhibits high-risk borrowers from mimicking the behavior of low-risk borrowers. Any policy that loosens (tightens) the constraint raises (reduces) efficiency. Most government credit programs explicitly attempt to fund investors that cannot obtain private financing. In the model presented here, these subsidies increase the extent of rationing and reduce efficiency. In contrast, policies that subsidize the nonrationed borrowers, or all borrowers, are efficiency enhancing, and reduce the extent of rationing.
Author :
Publisher :
ISBN 13 :
Total Pages : 446 pages
Book Rating : 4.F/5 ( download)
Download or read book Working Paper Series written by and published by . This book was released on 1995 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 570 pages
Book Rating : 4.:/5 (31 download)
Download or read book IMF Working Paper written by and published by . This book was released on 1995 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Raquel Fernández
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Striking for a Bargain Between Two Completely Informed Agents written by Raquel Fernández and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper models the wage-contract negotiation procedure between a union and a firm as a sequential bargaining process in which the union.
Author : Ray C. Fair
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Inflationary Expectations and Price Setting Behavior written by Ray C. Fair and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests for the existence of expectational effects in very disaggregate price equations. Price equations are estimated using monthly data for each of 40 products. The dynamic specification of the equations is also tested, including whether the equations should be specified in level form or in change form. Two expectational hypotheses are used, one in which expectations of the aggregate price level are a function of the past values of the price level and one in which expectations are rational. Under the first hypothesis the lag length is estimated along with the other parameters, and under the second hypothesis the lead length is estimated along with the other parameters. The results strongly support the hypothesis that aggregate price expectations affect individual pricing decisions. The results do not discriminate very well between the level and change forms of the price equation, although there is a slight edge for the level form. The lag and lead lengths are not estimated precisely, but in most cases the lag length is less than 30 months and the lead length is less than 5 months.
