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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects

Duarte, António Portugal; Andrade, João Sousa - EconWPA - 2005

This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the...

Persistent link: https://www.econbiz.de/10005412543

Doing Without Money: A critical assessment of Woodford's analysis.

Rogers, Colin - EconWPA - 2004

Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash as a means of payment can be made to vanish at the limit but...

Persistent link: https://www.econbiz.de/10005412546

Global Implications of Self-Oriented National Monetary Rules

Obstfeld, Maurice; Rogoff, Kenneth - EconWPA - 2003

It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But what if goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their...

Persistent link: https://www.econbiz.de/10005412606

Micro Takes Over Macro

Gani, M - EconWPA - 2004

An analytical innovation enhances microeconomics, enabling it to answer all questions of macroeconomics. It combines the production and consumption decisions of the individual in one model. For each individual, it identifies the customers of what he sells, and the suppliers of what he buys. It...

Persistent link: https://www.econbiz.de/10005412698

Exchange Rate Risk and Convergence to the Euro

Orlowski, Lucjan T - EconWPA - 2005

proposed policy is based on relative inflation forecast targeting and incorporates an ancillary target of declining exchange … volatility to differentials over the euro zone in both inflation (target variable) and interest rate (instrument variable) is … that use direct inflation targeting to guide their monetary policies. The empirical methodology is based on the TARCH …

Persistent link: https://www.econbiz.de/10005412757

ECONOMIC / ENVIRONMENTAL SYSTEM INTERACTION

Vildosola, Luis - EconWPA - 2003

This work is focused on identifying the relationship an economic system and its policies have with the environment. The biosphere is chosen in particular as object of analysis but this can be extended by means of an ecosystem recursive properties. The common factor involved in the relationship...

Persistent link: https://www.econbiz.de/10005062749

The Institutional Character of Electronic Money Schemes: Redeemability and the Unit of Account

Schmitz, Stefan W. - EconWPA - 2002

A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...

Persistent link: https://www.econbiz.de/10005076672

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

Monetary Transmission Mechanism in Estonia - Some Theoretical Considerations and Stylized Aspects

Lättemäe, Raoul - EconWPA - 2002

The monetary system in Estonia is based on the currency board arrangement with German Mark. The strong commitments and rule-based features of currency board imply that there is no active monetary policy in Estonia – all necessarily monetary djustments are left to the market forces. Under fixed...

Persistent link: https://www.econbiz.de/10005076744

The Fed’s Consistent Monetary Policy: A Long Term Perspective

Los, Cornelis A. - EconWPA - 2004

the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It …

Persistent link: https://www.econbiz.de/10005076785