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This paper seeks to advance the discussion of monetary policy strategies in several ways. One involves a comparison of targets for nominal GNP and the price level, with emphasis on specificational robustness and implications for output variability. A second pertains to various “indicator”...
Persistent link: https://www.econbiz.de/10014396173
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This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that neglecting heterogeneity and dynamics can lead to misleading...
Persistent link: https://www.econbiz.de/10014400163
Observers have often characterized asset markets as being subject to periods of tranquility and periods of turbulence. Until recently, however, researchers were unable to produce closed-form asset pricing formulas in a model environment of time-varying risk. Some work by Abel provided us with...
Persistent link: https://www.econbiz.de/10014396175
This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium,...
Persistent link: https://www.econbiz.de/10014396304
currency denominated liquidity rather than speculation …
Persistent link: https://www.econbiz.de/10014395846
contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror image theory of …
Persistent link: https://www.econbiz.de/10014396300
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This paper discusses the 59th issue of the By-Laws and Rules and Regulations of the IMF. The By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the IMF. The Rules and Regulations supplement the Articles of Agreement and the By-Laws...
Persistent link: https://www.econbiz.de/10014405226
This paper was originally prepared for a seminar of the Executive Board of the Fund. In the seminar, Executive Directors expressed a broad range of views with regard to both the adequacy of the Fund's approach to financial programming and the validity of the analysis presented in this paper
Persistent link: https://www.econbiz.de/10014405907