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Optimal Exchange Rate Flexibility In An Economy With Intersectoral Rigidities And Nontraded Goods
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Book Synopsis Optimal Exchange Rate Flexibility in an Economy with Intersectoral Rigidities and Nontraded Goods by : Fernando Restoy
Download or read book Optimal Exchange Rate Flexibility in an Economy with Intersectoral Rigidities and Nontraded Goods written by Fernando Restoy and published by . This book was released on 1995 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: En este trabajo se propone un modelo estocastico de dos sectores, que puede ser utilizado para comparar las propiedades estabilizadoras de los distintos regimenes cambiarios. Del analisis se obtienen las siguientes conclusiones: Si la autoridad monetaria tiene mas informacion que los agentes privados, un regimen de tipo de cambio flexible estabiliza el producto, tanto en el sector de bienes comerciados como en el de no comerciados. Por el contrario, si la autoridad monetaria no posee informacion superior, el regimen optimo depende de magnitudes relativas de las perturbaciones nacionales y extranjeras, y de la importancia de los shocks sectoriales. Un regimen de tipo de cambio fijo minimiza la desviacion del output de equilibrio sobre el de informacion completa en el sector de comerciados, pero desestabiliza el sector protegido. En general, se encuentra que el regimen optimo se corresponde con una regla cambiaria intermedia entre el tipo de cambio fijo puro y el tipo de cambio completamente flexible. (frl) (ars) (mac).
Book Synopsis Aspects of the Optimal Management of Exchange Rates by : Jacob A. Frenkel
Download or read book Aspects of the Optimal Management of Exchange Rates written by Jacob A. Frenkel and published by . This book was released on 1981 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes aspects of the economics of the optimal management of exchange rates. It shows that the choice of the optimal exchange rate regime depends on the nature and the origin of the stochastic shocks that affect the economy. Generally, the higher is the variance of real shocks which affect the supply of goods, the larger becomes the desirability of fixity of exchange rates. The rationale for that implication is that the balance of payments serves as a shock absorber which mitigates the effect of real shocks on consumption. The importance of this factor diminishes the larger is the economy's access to world capital markets. On the other hand, the desirability of exchange rate flexibility increases the larger are the variances of the shocks to the demand for money, to the supply of money, to foreign prices and to purchasing power parities. All of these shocks exert a similar effect and their sum is referred to as the "effective monetary shock." It is also shown that the desirability of exchange rate flexibility increases the larger is the propensity to save out of transitory income. When the analysis is extended to an economy which produces traded and non-traded goods it is shown that the desirability of exchange rate flexibility diminishes the higher is the share of non-traded goods relative to traded goods and the lower are the elasticities of demand and supply of the two goods
Book Synopsis No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect by : Mr.Yan Carriere-Swallow
Download or read book No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2018-09-28 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Book Synopsis Exchange Rate Regime Choice by : Mr.Robert P. Flood
Download or read book Exchange Rate Regime Choice written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1991-09-01 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects of price or information rigidities. In this paradigm the optimal degree of exchange rate flexibility is found to depend of the source and nature of shocks hitting an economy. More recent literature views the exchange rate as a widely and frequently seen manifestation of government policy with careful exchange-rate management emerging as a tool that can enhance shaky policy credibility.
Book Synopsis Moving to a Flexible Exchange Rate by : Mrs.Gilda Fernandez
Download or read book Moving to a Flexible Exchange Rate written by Mrs.Gilda Fernandez and published by International Monetary Fund. This book was released on 2006-01-09 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Book Synopsis The Labor Market and Economic Adjustment by : Pierre-Richard Agénor
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.
Book Synopsis Development Macroeconomics by : Pierre-Richard Agénor
Download or read book Development Macroeconomics written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2015-06-23 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. The most authoritative book on the subject—now fully revised and expanded Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
Book Synopsis An Empirical Examination of a Multilateral Target Zone Model by : Paul Schulstad
Download or read book An Empirical Examination of a Multilateral Target Zone Model written by Paul Schulstad and published by . This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Devaluations and Depreciation Expectations in the E.M.S. by : Juan Ayuso Huertas
Download or read book Devaluations and Depreciation Expectations in the E.M.S. written by Juan Ayuso Huertas and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Computing Value Correspondences for Repeated Games with State Variables by : James Conklin
Download or read book Computing Value Correspondences for Repeated Games with State Variables written by James Conklin and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: La naturaleza de la interaccion repetida ha sido estudiada extensamente en la literatura de juegos repetidos. Abreu (1988), Abreu, Pearce y Stacchetti (1986, 1990) y Cronshaw y Luenberger (1994) desarrollan un enfoque recursivo para caracterizar juegos repetidos centrandose en los valores presentes de estrategias perfectas de subjuegos para cada jugador. Judd y Conklin (1995), Cronshaw y Rutheford (1994) y Cronshaw (1996) han implementado computacionalmente estas tecnicas. Sin embargo, algunos de los ejemplos mas interesantes de interaccion estrategica ocurren en entornos con variables de estado, en los cuales las tecnicas recursivas citadas anteriormente no pueden ser utilizadas. En dichos entornos, el conjunto de valores de equilibrio perfecto de subjuegos se vuelve funcion de la variable de estado. Este trabajo presenta un metodo general para evaluar correspondencias de equilibrio bajo vigilancia perfecta y descuento. (jc) (mac).
Book Synopsis Do Exchange Rates Move to Address International Macroeconomic Imbalances? by : Matthew B. Canzoneri
Download or read book Do Exchange Rates Move to Address International Macroeconomic Imbalances? written by Matthew B. Canzoneri and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Long-run Effect of Permanent Disinflations by : Javier Andrés
Download or read book The Long-run Effect of Permanent Disinflations written by Javier Andrés and published by . This book was released on 1998 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Se estudian los efectos de las políticas monetarias que aspiran a reducir la inflacion en nueve paises de la OCDE, relacionandolas con el desempleo.
Book Synopsis Global Economic Prospects 2007 by : World Bank
Download or read book Global Economic Prospects 2007 written by World Bank and published by World Bank Publications. This book was released on 2006 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the next 25 years developing countries will move to center stage in the global economy. Global Economic Prospects 2007 analyzes the opportunities - and stresses - this will create. While rich and poor countries alike stand to benefit, the integration process will make more acute stresses already apparent today - in income inequality, in labor markets, and in the environment. Over the next 25 years, rapid technological progress, burgeoning trade in goods and services, and integration of financial markets create the opportunity for faster long-term growth. However, some regions, notably Africa, are at risk of being left behind. The coming globalization will also see intensified stresses on the "global commons." Addressing global warming, preserving marine fisheries, and containing infectious diseases will require effective multilateral collaboration to ensure that economic growth and poverty reduction proceed without causing irreparable harm to future generations."
Book Synopsis Bibliographie Mensuelle. Partie I, Livres, Documents Officiels, Publications en Série by : United Nations Library (Geneva, Switzerland)
Download or read book Bibliographie Mensuelle. Partie I, Livres, Documents Officiels, Publications en Série written by United Nations Library (Geneva, Switzerland) and published by . This book was released on 1995 with total page 1366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Missing Observations and Additive Outliers in Time Series Models by : Agustín Maravall
Download or read book Missing Observations and Additive Outliers in Time Series Models written by Agustín Maravall and published by . This book was released on 1996 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of International Economics by : R.W. Jones
Download or read book Handbook of International Economics written by R.W. Jones and published by North Holland. This book was released on 1984 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook, research papers on international economic theory, economic policy and practice - includes a literature survey of theoretical studies in trade relations; covers evolution of economic models explaining the determinants of trade structure, capital flow, labour mobility, trade in natural resources, etc.; examines macroeconomics aspects of balance of payments, exchange rate, international monetary system, economic relations and dependence, etc. Bibliography, graphs, statistical tables.
Book Synopsis What Affects the Employment Rate Intensity of Growth? by : Ana Revenga
Download or read book What Affects the Employment Rate Intensity of Growth? written by Ana Revenga and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: En este trabajo se analiza la relacion entre el crecimiento economico y la tasa de empleo (es decir, la proporcion empleada de la poblacion en edad de trabajar). Se halla, en una muestra de once paises de la OCDE durante los ultimos 30 años, que dicha relacion difiere de forma significativa entre paises. Las elasticidades mas altas de la tasa de empleo con respecto al crecimiento se encuentran en Estados Unidos, Canada y el Reino Unido, y las mas bajas, en Japon y Austria. Tambien se obtiene que esta elasticidad viene afectada por factores estructurales e institucionales, como la participacion de la agricultura en el producto total, el nivel de los costes de despido, los grados de coordinacion intersindical e interempresarial, y el porcentaje de asalariados en empresas grandes. Contiene graficos, cuadros estadisticos y bibliografia. (ars) (sbc) (igg).
