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We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon we term output hysteresis. In the model, the incomplete stabilization of a temporary shortfall in demand reduces the return to innovation, thus reducing...
Persistent link: https://www.econbiz.de/10012136962
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...
Persistent link: https://www.econbiz.de/10003933262
The antecedent studies have designed a novel financial mechanism in which, upon trading intellectual capital, the economy creates or receives money to ensure unimpeded capital access and spur its generation and exploitation. This piece summarises some mathematical aspects, allowing us to apply...
Persistent link: https://www.econbiz.de/10014358610
US monetary policy was constrained from 2008 to 2015 by the zero lower bound, duringwhich the Federal Reserve would likely have lowered the federal funds rate if it wereable to. This paper uses industry-level data to examine how growth was affected. Despitethe zero bound constraint, industries...
Persistent link: https://www.econbiz.de/10013213245
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...
Persistent link: https://www.econbiz.de/10010289704
Six countries; Qatar, Indonesia, Saudi Arabia, Malaysia, the United Arab Emirates and Turkey (denoted by the acronym QISMUT) are considered the potential primary force of the future international development of Islamic finance. These countries, with both expertise and potential for growth in...
Persistent link: https://www.econbiz.de/10012937541
Persistent link: https://www.econbiz.de/10011977489
Persistent link: https://www.econbiz.de/10014534240
This short paper use the perspective of the assignment problem to examine the evolution of the workings of monetary policy and the Monetary Policy Committee (MPC) of the Bank of England over its first 25 years. It outlines how the Bank, and the MPC, came across additional possible objectives and...
Persistent link: https://www.econbiz.de/10014471910
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10011428355