Author: Torben M. AndersenPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Noisy Financial Signals and Persistent Effects of Nominal Shocks in Open Economies
Author: Torben M. AndersenNoisy Financial Signals and Persistent Effects of Nominal Shocks in Open Economies
Author: Torben M. AndersenPublisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 54
Book Description
Noise Trading and the Effects of Monetary Policy Shocks on Nominal and Real Exchange Rates
Author: Christian PierdziochHow Monetary Policy Works
Author: Lavan MahadevaPublisher: Routledge
ISBN: 1134289847
Category : Business & Economics
Languages : en
Pages : 464
Book Description
For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
News Shocks in Open Economies
Author: Mr.Rabah ArezkiPublisher: International Monetary Fund
ISBN: 1513590766
Category : Business & Economics
Languages : en
Pages : 54
Book Description
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ? the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large panel of countries. Our empirical estimates are consistent with the predictions of the model. After an oil discovery, the current account and saving rate decline for the first 5 years and then rise sharply during the ensuing years. Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years. Employment rates fall slightly for a sustained period of time.
International Macroeconomics in the Wake of the Global Financial Crisis
Author: Laurent FerraraPublisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 300
Book Description
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Productivity Shocks and Delayed Exchange-rate Overshooting
Author: Christian PierdziochNBER Macroeconomics Annual 2009
Author: Daron AcemogluPublisher:
ISBN: 9780226002095
Category : Macroeconomics
Languages : en
Pages : 0
Book Description
The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2009 address how heterogeneous beliefs interact with equilibrium leverage and potentially lead to leverage cycles, the validity of alternative hypotheses about the reason for the recent increase in foreclosures on residential mortgages, the credit rating crisis, quantitative implications for the evolution of the U.S. wage distribution, and noisy business cycles.
Bulletin
Author: How External Factors Affect Domestic Economy
Author: Mr.Serhat SolmazPublisher: International Monetary Fund
ISBN: 1513598988
Category : Business & Economics
Languages : en
Pages : 23
Book Description
External headwinds, together with domestic vulnerabilities, have loomed over the prospects of emerging markets in recent years. We propose an empirical toolbox to quantify the impact of external macro-financial shocks on domestic economies in parsimonious way. Our model is a Bayesian VAR consisting of two blocks representing home and foreign factors, which is particularly useful for small open economies. By exploiting the mixed-frequency nature of the model, we show how the toolbox can be used for “nowcasting” the output growth. The conditional forecast results illustrate that regular updates of external information, as well as domestic leading indicators, would significantly enhance the accuracy of forecasts. Moreover, the analysis of variance decompositions shows that external shocks are important drivers of the domestic business cycle.