Showing 91 - 100 of 138
Household borrowing has grown considerably in many countries over the past two decades, both in absolute terms and relative to household incomes. Much of the increase can be viewed as a rational response by households to the effects of easing liquidity constraints on households, and lower...
Persistent link: https://www.econbiz.de/10005127755
Lower interest rates and an easing of liquidity constraints have led to a substantial rise in household debt over the past two decades. The greater indebtedness has made the household sector more sensitive to changes in interest rates, income and asset prices. This enhanced sensitivity is higher...
Persistent link: https://www.econbiz.de/10005063278
Capital controls have resulted in the creation of numerous offshore non-deliverable forward (NDF) markets for Asian currencies. The Australian experience in the 1970s and early 1980s indicates that an NDF market may facilitate a smooth transition to a fully convertible currency.
Persistent link: https://www.econbiz.de/10005063306
On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop....
Persistent link: https://www.econbiz.de/10005063358
type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">Inflation persistence
DOES IT CHANGE?</title> <p> Inflation has been low in many countries for at least a decade. But have inflation processes changed in ways that would help make low inflation permanent? Using both aggregate and disaggregated inflation data, we find...</p>
Persistent link: https://www.econbiz.de/10005186300
The Phillips curve has generally been estimated in a linear framework. This paper investigates the possibility that the Phillips curve is indeed a curve, and shows that a convex short-run Phillips curve may be a more accurate representation of reality than the traditionally used linear...
Persistent link: https://www.econbiz.de/10005186372
Persistent link: https://www.econbiz.de/10005186573
This paper examines episodes of current account adjustment in industrial countries over the past 30 years. We find that they were typically associated with a sizeable slowdown in domestic growth and a large exchange rate depreciation. There was no discernable change in the nature of capital...
Persistent link: https://www.econbiz.de/10005187764
In practice, monetary policy changes tend to produce a smooth path for interest rates while the path of policy interest rates generated by models is often considerably more variable. This paper investigates whether the inclusion of uncertainty can help reconcile the theory to the practice. It...
Persistent link: https://www.econbiz.de/10005538780
Persistent link: https://www.econbiz.de/10005423304