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held responsible for devastating inflation and was abandoned during the Ming Dynasty. Going forward in time, uprisings and … discontent have emphasized the importance of controlling inflation. The central bank is pivotal in issuing monetary policy to … control inflation and to maintain financial stability as the government transforms itself from a planned economy to a mixed …
Persistent link: https://www.econbiz.de/10009323474
Countries in which inflation targeting has been adopted require high quality inflation forecasts. The Polish National … Bank adopted a variant of implicit inflation targeting and therefore the ability to forecast inflation is critically … important to policy makers. Since the domestic price formation process is still evolving, medium term inflation forecasting is …
Persistent link: https://www.econbiz.de/10004961523
Hamilton identifies 1973 to 1996 as “the age of OPEC” and 1997 to the present as “a new industrial age.” During 1974-1996 growth in non-OPEC oil production Granger causes growth in OPEC oil production. OPEC oil production decreases significantly with positive shocks to non-OPEC oil...
Persistent link: https://www.econbiz.de/10011108572
significant effect on U.S. CPI inflation that builds up over about six months or so and then persists; 3) a statistically …
Persistent link: https://www.econbiz.de/10011113197
Movement in China’s money supply is shown to drive the movement in world money supply over the last twenty years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China’s real M2 are both large over 1996:1-2011:12. The cumulative impact of real G3 M2 shocks on real oil...
Persistent link: https://www.econbiz.de/10011257719
-off between the U.S inflation rate and a Unit Labor Cost-based measure of the real activity through a Markov Switching Intercept … the rationality in the agents' expectations process. It underlies a finite number of expected inflation rate regimes … structural stability of the NKPC over the inflation rate regimes as its deep parameters seem to be unaffected by the regimes …
Persistent link: https://www.econbiz.de/10009402062
This paper addresses the possibility of a correlation between inflation and investment for countries with inflation … below 20%. The existing literature typically finds no correlation below this level of inflation. By instrumenting with an … extensive set of political stability and regime variables I have shown that within a lower range of inflation rates, between 5 …
Persistent link: https://www.econbiz.de/10009647388
studying debt and banking crises, inflation, currency crashes and debasements. The data covers sixty-six countries in across … all regions. The range of variables encompasses external and domestic debt, trade, GNP, inflation, exchange rates …
Persistent link: https://www.econbiz.de/10005790299
The steps in this paper are: (1) to recall the S = I relation and its position in macro-economics, (2) to observe how this equation is very relevant again with the renewed relunctance of banks to finance investments, (3) to point out that consumer durables are investments too, (4) to highlight...
Persistent link: https://www.econbiz.de/10005836404
A win-win measure that will contribute to getting us out of the crisis is the abolition of the tax void in OECD countries. The tax void is explained with graphics and it is shown how it can be eliminated for free. Adjustment costs will lie in understanding and adaptation of administrative...
Persistent link: https://www.econbiz.de/10005070466