Similar Search Results

Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes

Cecchetti, Stephen G. - 1999

Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation variability, forcing central bankers to make a choice. Differences in the degree of accommodation of shocks lead to disparate variability outcomes, revealing national central...

Persistent link: https://www.econbiz.de/10012471355

The Future of Monetary Policy : The Central Bank as an Army With Only a Signal Corps

Friedman, Benjamin M. - 1999

The influence of monetary policy over interest rates, and via interest rates over nonfinancial economic activity, stems from the central bank's role as a monopolist over the supply of bank reserves. Several trends already visible in the financial markets of many countries today threaten to...

Persistent link: https://www.econbiz.de/10012471361

The Heckscher-Ohlin Model Between 1400 and 2000 : When It Explained Factor Price Convergence, When It Did Not, and Why

O'Rourke, Kevin H. - 1999

There are two contrasting views of pre-19th century trade and globalization. First, there are the world history … were the two most important events in recorded history. Second, there is the view that the world economy was fragmented and … global economy that world historians assign to them, while there is plenty of evidence of a very big bang in the 19th century …

Persistent link: https://www.econbiz.de/10012471370

On the Spread and Impact of Antidumping

Prusa, Thomas J. - 1999

time restraining its use. In recent years 'new' users have accounted for half of the overall world total. Many of the …

Persistent link: https://www.econbiz.de/10012471381

Investor Protection and Corporate Valuation

Porta, Rafael La - 1999

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...

Persistent link: https://www.econbiz.de/10012471382

Capital Controls and Financial Crises

Aizenman, Joshua - 1999

The purpose of this paper is to explain the reluctance of developing countries to open up their capital market to foreigners, and the conditions inducing an emerging market economy to switch its policies. We consider an economy characterized initially by a one-sided openness to the capital...

Persistent link: https://www.econbiz.de/10012471387

Capital Account Liberalization, Financial Depth and Economic Growth

Klein, Michael W. - 1999

We show a statistically significant and economically relevant effect of open capital accounts on financial deepness and economic growth in a cross-section of countries over the period 1986 to 1995. Countries with open capital accounts over some or all of this period had a significantly greater...

Persistent link: https://www.econbiz.de/10012471401

Was an Industrial Revolution Inevitable? Economic Growth Over the Very Long Run

Jones, Charles I. - 1999

This paper studies a growth model that is able to match several key facts of economic history. For thousands of years, the average standard of living seems to have risen very little, despite increases in the level of technology and large increases in the level of the population. Then, after...

Persistent link: https://www.econbiz.de/10012471409

Is Public R&D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence

David, Paul A. - 1999

Is public R&D spending complementary and thus "additional" to private R&D spending, or does it substitute for and tend to "crowd out" private R&D? Conflicting answers are given to this question. We survey the body of available economectric evidence accumulated over the past 35 years. A framework...

Persistent link: https://www.econbiz.de/10012471411

The Future of EMU : What Does the History of Monetary Unions Tell Us?

Bordo, Michael D. - 1999

The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...

Persistent link: https://www.econbiz.de/10012471419