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Uncertainty, Indeterminacy and Shannon's Derivation of Entropy: Implications for Policy Administration - A Systems Theoretical Approach
Author: A.G. Perison - EconWPA - 2001
Most prices and interest rates display fluctuating levels that embody extractable energy and equivalent amounts of money. Such fluctuations are also associated with varying degrees of uncertainty. Shannon's derivations of spectral entropy and information content offer computational techniques...
Persistent link: https://www.econbiz.de/10005561278
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks (Currencies, Competition, and Clans)
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evzen - EconWPA - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005561175
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Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.
Wray, L. Randall; Sardoni, C. - EconWPA - 2005
In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...
Persistent link: https://www.econbiz.de/10005076846
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Bad for Euroland, Worse for Germany-The ECB's Record
Bibow, Jorg - EconWPA - 2005
This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...
Persistent link: https://www.econbiz.de/10005412611
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Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
Bibow, Joreg - EconWPA - 2005
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...
Persistent link: https://www.econbiz.de/10005412615
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Multiple Critiques of Woodford’s Model of a Cashless Economy
Eagle, David - EconWPA - 2005
Woodford’s (2003) model of a cashless economy is the basis for his book Interest and Prices. Since Woodford assumes complete markets, this paper explicitly includes state-contingent securities with either temporary money or a cash-in-advance constraint to analyze Woodford’s logic. This...
Persistent link: https://www.econbiz.de/10005561359
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ACTIVE AND PASSIVE SEIGNIORAGE REVENUES: THE CASE FOR TURKEY 1970-1997
Halicioglu, Ferda - EconWPA - 2005
This study is concerned with the components of the total seigniorage revenues that have been collected by the Turkish … expenditures partially. This form of monetary finance is related to active seigniorage revenues. On the other hand, as real …
Persistent link: https://www.econbiz.de/10005076728
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Central Bank Seigniorage: Czech Republic 1993-1997
Cukrowski, Jacek; Stavrev, Emil - EconWPA - 2001
In this paper the concept of total gross seigniorage is used to analyze sources and uses of central bank seigniorage … revenues in the Czech Republic during the period 1993-1997. A comprehensive framework for measuring total gross seigniorage and … its main components is presented and estimates of seigniorage revenues (sources and uses) are computed and analyzed. The …
Persistent link: https://www.econbiz.de/10005561208
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A Cost-Benefit Analysis of a Monetary Union for MERCOSUR with Particular Emphasis on the Optimum Currency Area Theory?
Kronberger, Ralf - EconWPA - 2004
Potential costs and benefits of a monetary union for the four MERCOSUR countries Argentina, Brazil, Paraguay and Uruguay are compared. Particular emphasis was put on the traditional and new approaches to optimum currency area theory which were reviewed and analyzed with respect to their validity...
Persistent link: https://www.econbiz.de/10005561073
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Australia's Cash Economy: Are the estimates credible?
Breusch, Trevor - EconWPA - 2005
The method of "excess sensitivity" of Bajada (1999, 2001, 2002) indicates a large underground economy in Australia, with estimates of unrecorded income around 15 per cent of official GDP. These estimates concern policymakers, especially those agencies responsible for national accounts, tax...
Persistent link: https://www.econbiz.de/10005561252