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Recently, the Office of Management and Budget projected that the fiscal 1985 federal budget deficit would exceed $200 billion and that out-year reductions would be gradual at best. These prospects have engendered a debate concerning the economic effects of government deficits and the attendant...
Persistent link: https://www.econbiz.de/10005063870
An abstract for this article is not available.
Persistent link: https://www.econbiz.de/10005063893
The observed shift in statistical demand-for-money relationships during the mid-1970s was once thought to reflect an unexplainable change in behavior. More recently, economists have recognized that the conventional regressions inadequately represented the demand for money. Specifically, the...
Persistent link: https://www.econbiz.de/10005063899
A history of the collapse of the savings and loan industry. The authors contend that FSLIC’s institutional structures, established decades ago, made a thrift crisis inevitable. Poorly designed incentive structures strongly encouraged regulators and thrift managers to delay proper action when...
Persistent link: https://www.econbiz.de/10005063903
This article examines three competing hypotheses and their ability to explain events in international financial markets during the 1980s. The rival hypotheses view the trade deficit as caused alternatively by large U.S. budget deficits, by tight U.S. monetary policy, or by real shocks to...
Persistent link: https://www.econbiz.de/10005063912
This article provides a comparative analysis of central bank operating procedures in Australia and the United States. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending procedures have on monetary control in both countries....
Persistent link: https://www.econbiz.de/10005063913
The Reserve Bank of New Zealand operates in a highly deregulated financial environment which lacks any interest rate regulation or reserve requirements. Yet the Reserve Bank has been able to implement effective monetary policy through a quantity-based procedure. This article analyzes the...
Persistent link: https://www.econbiz.de/10005063964
A central feature of international business cycles is that fluctuations of real and nominal exchange rates are volatile and persistent. Recent two-country dynamic general equilibrium models have explored the implications for real exchange rate fluctuations from monetary shocks in the presence of...
Persistent link: https://www.econbiz.de/10005069564
Empirical evidence suggests that movements in international relative prices are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements....
Persistent link: https://www.econbiz.de/10005082288
Persistent link: https://www.econbiz.de/10005729252