Author: Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The "Gold Standard Paradox" and Its Resolution
Author: The gold standard paradox and its resolution
Author: Willem H. BuiterThe "gold Standard Paradox" and Its Resolution
Author: Willem H. BuiterPublisher:
ISBN:
Category : Arbitrage
Languages : en
Pages : 76
Book Description
This paper analyzes Krugman's contention that there is a "gold standard paradox" in the speculative attack literature. The paradox occurs if a country's currency appreciates after it runs out of gold or equivalently if a speculative attack can happen only after the country "naturally" runs out of reserves. We first show that Krugman's paradox is a very general phenomenon which does not require mean reverting processes for the fundamentals and which can be present in discrete time models as well as in continuous time models. We present several specific cases in which the paradox occurs i.e. environments which do not support an equilibrium. Next we show that, contrary to Krugman's conjecture, it is not necessary to abandon the assumption of a perfectly fixed exchange rate in favor of a band system in order to recover a well-defined equilibrium. We propose two alternative ways of amending the model which produce an equilibrium and preserve the fixed exchange rate assumption
The "Gold Standard Paradox" and its Resolution
Author: Willem H. BuiterPublisher:
ISBN:
Category :
Languages : en
Pages : 54
Book Description
This paper analyzes Krugman's contention that there is a quot;gold standard paradoxquot; in the speculative attack literature. The paradox occurs if a country's currency appreciates after it runs out of gold or equivalently if a speculative attack can happen only after the country quot;naturallyquot; runs out of reserves. We first show that Krugman's paradox is a very general phenomenon which does not require mean reverting processes for the fundamentals and which can be present in discrete time models as well as in continuous time models. We present several specific cases in which the paradox occurs i.e. environments which do not support an equilibrium. Next we show that, contrary to Krugman's conjecture, it is not necessary to abandon the assumption of a perfectly fixed exchange rate in favor of a band system in order to recover a well-defined equilibrium. We propose two alternative ways of amending the model which produce an equilibrium and preserve the fixed exchange rate assumption.
Gibson's Paradox and the Gold Standard
Author: Robert B. BarskyPublisher:
ISBN:
Category : Gibson paradox
Languages : en
Pages : 35
Book Description
Paradox Resolution
Author: K. A. BedfordPublisher: EDGE Science Fiction and Fantasy Publishing
ISBN: 1894063899
Category : Fiction
Languages : en
Pages : 197
Book Description
What if you could get your hands on one of these?The heartbreaking story of reckless young love and a tricked out time machine that, in the wrong hands, could destroy the universe! "K. A. Bedford does a really good job exploring the societal impact of a huge technology." — Paul Lappen In a world where time machines are cheap and portable, ex-cop Aloysius 'Spider' Webb is eking out a living as a time machine repairman. "Spider is described as “a good man in a bad situation,” which I take to mean a schlemiel who labors to be a mensch." —Chris R. Paige, Book Nook"One of science fiction’s unexpected pleasures in recent years..." —Kirkus ReviewsWinner of the Australian Tin Duck Award."Well-written and fast-paced. Paradox Resolution should appeal to those who enjoy a detective story and the scientific types who like to try and unravel the quantum workings of time travel." —Ronald Hore, CM magazineABOUT THE BOOK:Aloysius "Spider" Webb is a good man in a bad situation.Aloysius "Spider" Webb fixes time machines for a living. He hates his job; he hates his life, and hates time travel even more. He’s a hard working Australian bloke — a good man in a bad situation who is willing to do almost anything to regain his self-respect and the affection of his nearly ex-wife, Molly; a mad sculptress on her way to international fame and fortune.Spider's life and his world are changing. After quitting the Western Australian Police Service, Spider studied to become a time machine repair mechanic, eking out a sparse living fixing broken down machines. But the repair business isn’t what it used to be. Once, time machines were as big as cars; but now they're smaller and compact, portable, and cost too much to get fixed so it's easier for people to simply buy a new one. Times are tough and there is no end in sight.Meanwhile, Spider's new boss at the Time Machines Repaired While-U-Wait franchise needs help: his secretly built, totally illegal, radically overclocked, hotrod time machine has been stolen, and Spider is the right man to get it back before it falls into the wrong hands, or worse inadvertently destroys the entire universe.Spider's journey begins with a simple favor to help his almost ex-wife, Molly, and moves to the icy wastes of the far, far future.Surprise and shock are the only constants in Spider’s life; why should this job be any different?
Exchange Rate Targets and Currency Bands
Author: Paul KrugmanPublisher: Cambridge University Press
ISBN: 9780521435260
Category : Business & Economics
Languages : en
Pages : 274
Book Description
This volume examines the intersection between a new analytical approach and a real economic problem.
Speculative Attacks and Models of Balance of Payments Crises
Author: Mr.Robert P. FloodPublisher: International Monetary Fund
ISBN: 1451852185
Category : Business & Economics
Languages : en
Pages : 64
Book Description
This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed.
Interests, Prices and the Barsky and Summers' Resolution of the Gibson Paradox Under the Gold Standard System
Author: Marco A C MartinsPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This paper presents a structural monetary framework featuring a demand function for non-monetary uses of gold, such as the one drawn by Barsky and Summers in their 1988 analysis of the Gibson paradox as a natural concomitant of the gold standard period. That structural model is subject to government rules to command the money supply. Its fiduciary version obtains Fisherian relationships as particular cases. Its gold standard solution yields a model similar to the Barsky and Summers model, in which interest rates are exogenous and subject to productivity or thrift external shocks. This paper integrates government bonds in the analysis, treats interest rates endogenously, and shifts the responsibility for the shocks to the government budgetary financing policies. The Gibson paradox appears as practically the only class of behavioral pattern open for interest rate and price movements under a pure gold standard economy. Fisherian-like relationships are utterly ruled out.
Aspects of Central Bank Policy Making
Author: Zvi EcksteinPublisher: Springer Science & Business Media
ISBN: 3642767745
Category : Business & Economics
Languages : en
Pages : 419
Book Description
This volume is a collection of papers which were presented and discussed at a conference on "Aspects of Central Bank Policy Making" which took place in January 1990 at the Bank of Israel and Tel Aviv University. The conference marked the tenth anniversary of the passing of David Horowitz who was the first governor of the Bank of Israel. The conference was sponsored by the Bank of Israel and the David Horowitz Institute for the Research of Developing Countries at Tel Aviv University. Eitan Berglas, Zvi Eckstein and Mordechai Fraenkel served as organizing committee. The volume has three parts. The first part deals with the rules and the constraints that are fundamental for central bank policy making. It starts with a critical review of 75 years of monetary policy of the U.S. Federal Reserve Bank, followed by several studies directed at the issues concerning the establishment of a European central bank. The second part deals with the insurance, regulation and safety of commercial banks. The last part contains analysis of monetary policies in Germany and Israel. Part of the research included in this volume is the result of a two years research project on "Central Bank Policies, Disinflation and the Macroeconomy" conducted at the David Horowitz Institute. The contributors to this project were: the Bundesbank, the Bank of England, the Bank of Italy, the Bank of Israel, the Bank for International Settlements and the Bank of the Netherlands.