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An Enlarged Economic and Monetary Union: Effects and Policy Implications

Altomonte, Carlo; Pace, Pierangelo De - EconWPA - 2004

We calculate an "enlarged" Phillips curve for a theoretical EMU with 12+8 Member States. Both the empirical evidence and the econometric analysis show the worsening of the trade-off between inflation and unemployment, and hence the need to revise, at least temporarily, the stance of the ECB...

Persistent link: https://www.econbiz.de/10005076741

Fractional Reserve Banking as Economic Parasitism: A Scientific, Mathematical & Historical Expose, Critique, and Manifesto

Nuri, Vladimir Z. - EconWPA - 2002

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

Persistent link: https://www.econbiz.de/10005126382

EXCHANGE RATE AND INFLATION TARGETING IN MOROCCO AND TUNISIA

Nathalie, Grand; Vincent, Dropsy - EconWPA - 2005

Morocco and Tunisia have started to open their markets to international trade and capital flows in order to bolster … their exchange rate regimes and monetary policies. This objective of this paper is to examine why Morocco and Tunisia should … probabilities is estimated for Morocco and Tunisia to provide important information concerning the mechanisms underlying inflation …

Persistent link: https://www.econbiz.de/10005561228

EXPECTATIONS AND ADJUSTMENTS IN THE MONETARY SECTOR

Feige, Edgar L. - EconWPA - 2005

This paper examines the problem of appropriately specifying and estimating the money demand function in the presence of adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag reduced form representations of the monetary...

Persistent link: https://www.econbiz.de/10005076678

How the Basic RBC Model Fails to Explain US Time Series

Chow, Gregory C. - EconWPA - 2003

Persistent link: https://www.econbiz.de/10005126153

The U.S. Intertemporal Budget Constraint: Restoring Equilibrium Through Increased Revenues or Decreased Spending?

Crowder, William J. - EconWPA - 1997

This paper tests the stability of the U.S. federal intertemporal budget constraint over the postwar period. The implied equilibrium budget path is estimated and used to determine which component of the budget has greater responsibility for the recent intertemporal violations.

Persistent link: https://www.econbiz.de/10005412703

Governance Matters III: Governance Indicators for 1996-2002

Kaufmann, Daniel; Kraay, Aart; Mastruzzi, Massimo - EconWPA - 2003

This paper presents estimates of six dimensions of governance covering 199 countries and territories for four time periods: 1996, 1998, 2000, and 2002. These indicators are based on several hundred individual variables measuring perceptions of governance, drawn from 25 separate data sources...

Persistent link: https://www.econbiz.de/10005561191

SELECTIVE CREDIT CONTROLS AND THE MONEY SUPPLY PROCESS IN TRANSITIONAL ECONOMIES: THE CASE OF BULGARIA

Yossifov, Plamen - EconWPA - 2003

This paper develops an unified framework for analyzing the influence of both direct and indirect instruments of monetary control on the money supply process. The resulting formal model is then applied in the empirical evaluation of the effectiveness of credit ceilings in limiting the growth of...

Persistent link: https://www.econbiz.de/10005076667

The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries

Feige, Edgar L. - EconWPA - 2003

This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. Estimates of the amount of foreign currency in circulation (FCC) in transition countries are used to develop a new comprehensive dollarization index (CDI) and separate indices...

Persistent link: https://www.econbiz.de/10005076758

La Política Monetaria y el Corto en México

Díaz-Bautista, Alejandro; Seyffert, Diego Prieto; … - EconWPA - 2004

El corto es un instrumento de política monetaria que utiliza el Banco de México para abatir la inflación. El corto ha sido un instrumento muy útil para Banco de México en la conducción de la política monetaria, porque ha permitido que los choques a los mercados se distribuyan y se...

Persistent link: https://www.econbiz.de/10005076789