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This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange...
Persistent link: https://www.econbiz.de/10011446194
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10011449687
. Over the same period the volatility of inflation has declined in most countries. Many previous papers argue that financial … globalisation has led to improved policy-making and lower inflation. This paper makes the case that there could be causation running … in the other direction. We present theory and empirical evidence indicating that more stable inflation leads to a …
Persistent link: https://www.econbiz.de/10013083474
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10013319175
aggressive monetary policies which results in less inflation volatility and persistence. We find this pattern emerges strongly …
Persistent link: https://www.econbiz.de/10014088615
Die Frage nach der Kausalität fällt in die Methodologie. Methodologie ist in den Wirtschaftswissenschaften ein Bereich, der sowohl bei Ökonomen als auch bei Philosophen kaum Beachtung findet. Ökonomik hat sich ursprünglich als eine kausal erklärende Wissenschaft verstanden. Sie wollte für...
Persistent link: https://www.econbiz.de/10003874794
The global financial crisis has now spread across multiple countries and sectors, affecting both financial and real spheres in the advanced as well as the developing economies. This has been caused by policies based on "rational expectation" models that advocate deregulated finance, with...
Persistent link: https://www.econbiz.de/10009269425
In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to...
Persistent link: https://www.econbiz.de/10011450546
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs. In this paper, we review the institutional and...
Persistent link: https://www.econbiz.de/10011408612
In this article we test the relationship between per capita income differential and exchange rate differential between two different economic background countries. Recent researches have been done on the testing of international Fisher effect, Interest rate, GDP growth rate and purchasing power...
Persistent link: https://www.econbiz.de/10013136531