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A better way to account for fiat money at the Central Bank
Colignatus, Thomas - EconWPA - 2005
Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet. (3) The Central Bank should not record more...
Persistent link: https://www.econbiz.de/10005408128
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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 … are appropriate for the Gold Standard in Portugal. …
Persistent link: https://www.econbiz.de/10005412543
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“THE THIN FILM OF GOLD”: THE LIMITS OF MONETARY COMMITMENTS
Schularick, Moritz; Ferguson, Niall - EconWPA - 2005
we review the hypothesis that adherence to the gold standard facilitated the access of peripheral countries to European … capital markets in the first era of financial globalization. To test whether the gold standard worked as a credible commitment … foreign borrowing in the London market. Our results suggest that the gold effect identified in previous studies was a …
Persistent link: https://www.econbiz.de/10005412741
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International Money and Common Currencies in Historical Perspective
Gerald P. Dwyer Jr.; Lothian, James R. - EconWPA - 2003
We review the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: high unitary value; relatively low inflation rates for long periods; issuance by major economic and trading powers; and spontaneous, as opposed...
Persistent link: https://www.econbiz.de/10005119498
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The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth.
Viviani, Carlo; Savona, Paolo - EconWPA - 2005
The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently...
Persistent link: https://www.econbiz.de/10005124951
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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CLAVES DE LA INFLACION DE 2005
Marongiu, Federico - EconWPA - 2005
El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
Persistent link: https://www.econbiz.de/10005076625
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National Appointments to Multinational Monetary Policy Making: A Role Conflict?
Ripoll, Jose - EconWPA - 2003
Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...
Persistent link: https://www.econbiz.de/10005076671
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CAN MONETARY POLICY AFFECT THE REAL ECONOMY?
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2002
Current monetary policy involves the manipulation of the Central Bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally the inflation rate, although in a number of instances this may include the level of economic...
Persistent link: https://www.econbiz.de/10005076687
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A calibrated structural model of the Czech economy
Hlédik, Tibor - EconWPA - 2004
The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...
Persistent link: https://www.econbiz.de/10005076689