Showing 1 - 10 of 4,128
never been constant. Globalization increased poor country specialization in commodities when the world went open after the … of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro …
Persistent link: https://www.econbiz.de/10012764828
to solve these problems, we propose modifying the central bank's objective to (i) include state-contingent inflation … targets, (ii) target a measure of inflation that overweights non-tradable inflation …
Persistent link: https://www.econbiz.de/10013237236
are associated with lower spreads between the country's borrowing rate and world interest rates. Both effects jointly …
Persistent link: https://www.econbiz.de/10012949405
Commodity prices are back. This paper looks at connections between monetary policy, and agricultural and mineral commodities. We begin with the monetary influences on commodity prices, first for a large country such as the United States, then smaller countries. The claim is that low real...
Persistent link: https://www.econbiz.de/10012760515
inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization …The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New … forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more …
Persistent link: https://www.econbiz.de/10012776453
This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why … a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate … pegging, monetary targeting, inflation targeting, and the just do it' strategy of preemptive monetary policy with no explicit …
Persistent link: https://www.econbiz.de/10013237255
When countries attempt to stabilize annual inflation rates that are greater than 40 percent, the domestic stock market … appreciates by 24 percent on average. The present value of the long-run benefits to shareholders of reducing high inflation … statistically insignificant, if the pre-stabilization inflation rate is less than 40 percent. Stock market responses also help …
Persistent link: https://www.econbiz.de/10012763153
fluctuations in the output gap, relative to the inefficiencies associated with the fluctuations in inflation. With capital account … implication of the theory is that globalization forces could induce monetary authorities, to put a greater emphasis on reducing … the inflation rate than on narrowing the output gaps. We provide a re- interpretation of the evidence on the effect of …
Persistent link: https://www.econbiz.de/10012767522
The note analyzes how globalization forces induce monetary authorities, guided in their policies by the welfare … criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output …
Persistent link: https://www.econbiz.de/10013224716
In this paper I analyze the London Monetary and Economic Conference of 1933, an almost forgotten episode in U.S. monetary history. I study how the Conference shaped dollar policy during the second half of 1933 and early 1934. I use daily data to investigate the way in which the Conference and...
Persistent link: https://www.econbiz.de/10012962174