Three Essays on North American Monetary Union PDF Download

Author: Rosmy Jean Louis
Publisher: Library and Archives Canada = Bibliothèque et Archives Canada
ISBN:
Category : Monetary unions
Languages : en
Pages : 316

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Author: George William Hammond
Publisher:
ISBN:
Category :
Languages : en
Pages : 254

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Author: Toyimi Médès Frida Adjalala
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Chapter 1- How well-off or worse-off a country can be by joining a currency union in the presence of structural heterogeneity and idiosyncratic shocks? In light of the proposed creation of a currency union for the Economic Community of the West African States (ECOWAS), we develop a three-region DSGE model to explore the question. We divide the ECOWAS into three regions-Nigeria, the existing WAEMU (West-African Economic Monetary Union), and the rest. Considering two monetary regimes (monetary union and monetary independence), we assess the heterogeneity in the responses to country-specific productivity and terms-of-trade shocks in these two regimes, as well as the costs related to the loss of monetary independence. Our results indicate that shocks hitting a given region generate cross-border spillover effects, whose sign and magnitude depend not only on the nature of the disturbance but also on its origin and on the monetary policy regime considered. Moreover, the propagation of shocks across regions is magnified under the monetary union regime. Shocks hitting Nigeria's economy tend to have a more destabilizing effect on the other regions, especially when they are inside the union. Our results also suggest that the proposed monetary union for the ECOWAS region can potentially lead to welfare improvement for all the members, but the magnitude of the welfare gain is relatively small. Chapter 2- In this chapter, we develop a multi-region New-Keynesian Dynamic Stochastic General Equilibrium (DSGE) of the West-African countries to provide a quantitative analysis of intergovernmental fiscal transfers in the context of the proposed creation of a monetary union. We assess the potential role of fiscal transfers in the stabilization of business cycle fluctuations in the projected monetary union in the presence of idiosyncratic shocks. Starting from a baseline scenario with no fiscal transfers among the regions, we analyze the dynamic and welfare impacts of full and partial fiscal equalization schemes with nominal tax revenue sharing within the union. We consider adverse productivity and term-of-trade shocks. Our simulation results suggest that the transfer mechanism is an efficient stabilizing tool. However, the stabilization property of the fiscal transfer system hinges upon the full or partial nature of the compensation system. Moreover, the ability of the transfer system to absorb the negative effects of idiosyncratic shocks depends not only on the type of shock but also on the size of the region directly affected. Chapter 3- We analyze in this chapter the macroeconomics effects of fiscal policy shocks in the Economic Community of West African States (ECOWAS). To that end, we use a Global Vector Autoregression (GVAR) model, which allows us to assess both the within country and the cross borders spillover effects of the fiscal shocks. For the dynamic analysis, we consider negative country-specific public spending and revenue shocks affecting Nigeria as well as regional public spending and revenue shocks affecting two groups of countries in the area, namely the West African Economic and Monetary Union (WAEMU) and the Rest of ECOWAS (RECOWAS). We provide evidence of considerable cross-country heterogeneity in fiscal spillovers; for instance, spillovers are high for fiscal shocks affecting Nigeria, while the cross-border spillover effects on Nigeria are weak for shocks affecting WAEMU and RECOWAS. Our results also suggest that fiscal policy is very relevant in stimulating real output in each of the ECOWAS countries but limited for the cross-country output stimulation.

Author: Warner Max Corden
Publisher: Princeton, N.J. : International Finance Section, Princeton University
ISBN:
Category : Business & Economics
Languages : en
Pages : 58

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Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216

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The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Author: Sherman Lewis
Publisher: Hayward Area Planning Association
ISBN:
Category : Political Science
Languages : en
Pages : 191

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These essays are for Americans concerned about the future of our country and for policy wonks. By and large, the political process is controlled by those who take an intertest in politics, large in number but small as a percent of population. Are you a member of the political class? Membership is voluntary. Our first 800 years of thinking: science culture and empathy from the Enlightenment ~1600 to ~ 2400 The Crisis of the Anthropocene: The most comprehensive description of all issues of the crisis in less than 100 pages. For the purpose of going through your mind to influence your brain. Musings on our Present Discontent: America, not advanced, not a democracy. Right to life for baby; right to choose for mom. Taxation. The security of a free state. Issues not discussed. The threat from within, Trumpism. The threat from without: Putinism. How to participate. Renewal.

Author: John Smithin
Publisher: World Scientific Publishing Company
ISBN: 9814525294
Category : Business & Economics
Languages : en
Pages : 341

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This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.

Author: Ben S. Bernanke
Publisher: Princeton University Press
ISBN: 0691259666
Category : Business & Economics
Languages : en
Pages : 352

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From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.

Author: United States. Bureau of the Census
Publisher:
ISBN:
Category : Commercial statistics
Languages : en
Pages : 572

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Author: Alexander Chudik
Publisher: Emerald Group Publishing
ISBN: 180262063X
Category : Business & Economics
Languages : en
Pages : 316

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The collection of chapters in Volume 43 Part A of Advances in Econometrics serves as a tribute to one of the most innovative, influential, and productive econometricians of his generation, Professor M. Hashem Pesaran.