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Aizenman, Joshua - 1986

This paper develops an analytical framework for the analysis of targeting rules for monetary policy. We derive the optimal money supply rule and analyze the implications of other monetary rules including rules that target nominal GNP, the price level, the monetary growth rate and the...

Persistent link: https://www.econbiz.de/10012477194

Supply Shocks, Wage Indexation and Monetary Accommodation

Aizenman, Joshua - 1985

This paper develops a unified framework for the analysis of wage indexation and monetary policy in the presence of supply shocks. We first present simple formulae for the optimal wage indexation rule and for the optimal money supply rule. In order to set the stage for an evaluation of departures...

Persistent link: https://www.econbiz.de/10012477473

Optimal Wage Indexation, Foreign-Exchange Intervention and Monetary Policy

Aizenman, Joshua - 1984

This paper deals with the design of optimal monetary policy and with the interaction between the optimal degrees of wage indexation and foreign exchange intervention. The model is governed by the characteristics of the stochastic shocks which affect the economy and by the information set that...

Persistent link: https://www.econbiz.de/10012477765

Asset Markets, Exchange Rates and the Balance of Payments

Frenkel, Jacob A. - 1984

This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of … of exchange rate theory, starting with the monetary approach to exchange rate determination. Issues discussed in this … framework that views the question of exchange rate determination as part of the general theory of the determination of asset …

Persistent link: https://www.econbiz.de/10012477808

International Liquidity and Monetary Control

Frenkel, Jacob A. - 1983

This paper deals with the relations among international liquidity,the exchange-rate regime and the effectiveness of monetary policy. The first part of the paper contains an empirical study of the demand for international reserves. It is shown that (i) reserve holdings are a stable function of a...

Persistent link: https://www.econbiz.de/10012477984

Monetary Policy : Domestic Targets and International Constraints

Frenkel, Jacob A. - 1983

This paper argues that macroeconomic policies for open economies differ, in fundamentally important ways, from the corresponding policies for closed economies.The openness of the economy imposes constraints on the effectiveness and proper conduct of macroeconomic policies and it also provides...

Persistent link: https://www.econbiz.de/10012478036

Monetary and Fiscal Policies in an Open Economy

Frenkel, Jacob A. - 1980

developments in the theory of macroeconomic policy have established conditions for the effectiveness of policies in influencing …

Persistent link: https://www.econbiz.de/10012478558

Obstacles to Transforming Centrally-Planned Economies : The Role of Capital Markets

Calvo, Guillermo A. - 1991

This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The analysis is motivated by the recent experience with economic transformation and restructuring in Eastern Europe and the U.S.S.R. The economic system in...

Persistent link: https://www.econbiz.de/10012475224