Showing 1 - 10 of 162
We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...
Persistent link: https://www.econbiz.de/10005497753
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a … invoked if inflation misbehaved. Thus we answer the criticisms levelled at the Taylor Rule that it has no credible mechanism …
Persistent link: https://www.econbiz.de/10008466336
Ukraine. Whether this divide was caused by purely ethnic differences or by ethnically segregated reform preferences is unknown …
Persistent link: https://www.econbiz.de/10005662374
employees. In the case of Ukraine, we find that public sector employees receive 24-32% less wages than their private sector … and find that the lower bound estimate of the extent of bribery in Ukraine is between 460m and 580m U.S. dollars (0 ….9-1.2% of Ukraine’s GDP in 2003). …
Persistent link: https://www.econbiz.de/10005791634
Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … reforming Russia than in ‘gradualist’ Ukraine, as did the estimated effects of privatization and competitive pressures from …
Persistent link: https://www.econbiz.de/10005123720
Differences in regional unemployment in post-communist economies are large and persistent. We show that inherited variation in human-capital endowment across the regions of four such economies explains the bulk of regional unemployment variation there and we explore potential explanations for...
Persistent link: https://www.econbiz.de/10005136518
This Paper documents and analyses gross job flows and their determinants in Ukraine using a unique dataset of more than … connection with other evidence we infer from this that Ukraine is only at the beginning of the restructuring process. The most …
Persistent link: https://www.econbiz.de/10005136570
be held constant in the face of a domestic inflation. In this circumstance, import duties and export subsidies would have … in line with domestic inflation. Unless such a passive policy is accompanied by the elimination of trade barriers …
Persistent link: https://www.econbiz.de/10005504441
much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …
Persistent link: https://www.econbiz.de/10005504448