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Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil
Albuquerque, Pedro H.; Gouvea, Solange - EconWPA - 2005
During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during those episodes. The consistency between the money...
Persistent link: https://www.econbiz.de/10005124863
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TESTING THE CAUSAL RELATIONSHIP BETWEEN DOMESTIC CREDIT AND RESERVE COMPONENTS OF A COUNTRY'S MONETARY BASE
Feige, Edgar L.; Johannes, James M. - EconWPA - 2004
An important factor that helps distinquish between alternative balance of payments theories is the assumed causal relationship between the domestic credit and reserve components of a country's monetary base. This paper reports test results of this causal relationship in Austrailia, Belgium,...
Persistent link: https://www.econbiz.de/10005119426
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EXPECTATIONS AND ADJUSTMENTS IN THE MONETARY SECTOR
Feige, Edgar L. - EconWPA - 2005
This paper examines the problem of appropriately specifying and estimating the money demand function in the presence of adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag reduced form representations of the monetary...
Persistent link: https://www.econbiz.de/10005076678
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OVERSEAS HOLDINGS OF U.S.CURRENCY AND THE UNDERGROUND ECONOMY
Feige, Edgar L. - EconWPA - 2005
Many public policy decisions require analytical and empirical knowledge concerning the size, growth, causes and consequences of the ‘underground economy”. This paper seeks to clarify the meaning of underground activity, updates various discrepancy and fiscal estimates of its size and growth,...
Persistent link: https://www.econbiz.de/10005561083
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THE UNDERGROUND ECONOMY AND THE CURRENCY ENIGMA
Feige, Edgar L. - EconWPA - 2005
The size, growth and causes of the US “underground economy” are examined in light of new estimates of foreign holdings of US currency. World dollarization partially resolves the “currency enigma” which refers to the anomaly that roughly 80% of the US currency supply is “missing” and...
Persistent link: https://www.econbiz.de/10005076736
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Capital Flows and Domestic Financial Sector in India
Kohli, Renu - EconWPA - 2004
This paper examines the impact of capital flows on the domestic financial sector in India. Inflow of foreign capital, it is found, has a significant impact on domestic money supply and stock market growth, liquidity and volatility. The banking sector, however, remains relatively insulated due to...
Persistent link: https://www.econbiz.de/10005119480
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The Ultimate Source of Inflation: A Microfoundation of the Fiscal Theory of the Price Level
Harashima, Taiji - EconWPA - 2004
The paper explores a fundamental mechanism of inflation by explicitly including a governmentfs optimization problem … into a general equilibrium model assuming a Leviathan government. The result is clear- cut and beautiful: inflation is … that explains various types of inflation, e.g. hyperinflation, chronic inflation, disinflation and deflation, by this …
Persistent link: https://www.econbiz.de/10005126462
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The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003
Salas, John Michael Ian S. - EconWPA - 2004
stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior … inflation by and large through its key policy rate, though it appears to be accommodative with respect to the output gap. In …
Persistent link: https://www.econbiz.de/10005561255
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The function of the central bank
Stanners, Walter - EconWPA - 2002
The general view of the media, bankers, business and politicians, not noticeably contradicted by academics, is that one of the main functions, or the main function, of the central bank is to analyse the progress of the economy, and then to steer it with skilful judgement towards health and...
Persistent link: https://www.econbiz.de/10005561324
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Nominal versus Real Convergence with Respect to EMU Accession - EMU Entry Scenarios for the New Member States
Schnabl, Gunther; Grauwe, Paul De - EconWPA - 2004
European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability … of higher inflation in the new member states. It compares the policy options which might make the compliance possible, i …
Persistent link: https://www.econbiz.de/10005408181