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could attract even more hot money inflows, the People’s Bank of China should focus on tightly stabilizing the yuan/ dollar …China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial … repression in domestic interest rates—to avoid an avalanche of foreign capital inflows that would threaten inflation and asset …
Persistent link: https://www.econbiz.de/10010877868
import prices only to a small extent, it may have a substantial impact on inflation, as it exerts a sizeable impact on the …
Persistent link: https://www.econbiz.de/10010535633
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under … on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under …
Persistent link: https://www.econbiz.de/10005405718
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar ….S. dollar, the resulting monetary explosion in China contributes to the worldwide increase in primary commodity prices …—with excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s. …
Persistent link: https://www.econbiz.de/10005405730
The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate countries. While monetary union lowers reforms in the candidate countries, members of the...
Persistent link: https://www.econbiz.de/10005405838
stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers‘ stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …
Persistent link: https://www.econbiz.de/10005405852
affect inflation. Likewise, the interaction between central bank independence and coordination does not affect unemployment. …
Persistent link: https://www.econbiz.de/10005406015
economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …
Persistent link: https://www.econbiz.de/10005406116
We present new empirical evidence for the US economy that inflation reduces the inequality of the earnings distribution … higher inflation on income distribution is shown to be rather small. However, we find that a longer duration between two …
Persistent link: https://www.econbiz.de/10005406149
This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time …-varying GARCH model is estimated to distinguish between short-run and steady-state inflation uncertainty. The effects of the …-state inflation has generally remained stable, steady-state inflation uncertainty and inflation persistence have both increased, and …
Persistent link: https://www.econbiz.de/10005406171