The Performance Of Alternative Monetary Regimes PDF Download
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Author | : Laurence M. Ball |
Publisher | : |
Total Pages | : 75 |
Release | : 2010 |
Genre | : Economics |
ISBN | : |
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This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2) Europe's monetary union has increased intra-European trade and capital flows, but divergence in national price levels may destabilize output in the future; (3) The "monetary analysis" of the European Central Bank has little effect on the ECB's policy decisions; and (4) Countries with hard currency pegs experience unusually severe recessions when capital flight occurs.
Author | : José Antonio Cordero |
Publisher | : |
Total Pages | : 24 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Economic Growth under Alternative Monetary Regimes Book in PDF, ePub and Kindle
A Post Keynesian model is developed to examine the main features and consequences of a monetary regime based on inflation targeting. The growth performance of this regime is compared to the one resulting from real exchange rate targets. Inflation targeting is shown to hurt growth and employment performance. Real exchange rate targeting, on the other hand, allows placing the economy on a higher growth path, but the trilemma hurts inflation performance. This problem may be mitigated by adjustments in the legal reserve requirement rate or capital controls. Long-run dynamics is shown to be stable in both regimes, as long as there is enough nominal wage flexibility. The model generates endogenous economic growth. Finally, it is argued that the formalization of the monetary sector provides a bridge between monetarist interpretations of inflation and the Keynesian emphasis on effective demand.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 1986 |
Genre | : |
ISBN | : |
Download Alternative monetary Regimes Book in PDF, ePub and Kindle
Author | : Colin Dearborn Campbell |
Publisher | : |
Total Pages | : 278 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
Download Alternative Monetary Regimes Book in PDF, ePub and Kindle
Author | : Ozge Senay |
Publisher | : |
Total Pages | : 0 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes Book in PDF, ePub and Kindle
The welfare properties of monetary policy regimes for a country subject to foreign money shocks are examined in a two-country sticky-price model. Money targeting is found to be welfare superior to a fixed exchange rate when the expenditure switching effect of exchange rate changes is relatively weak, but a fixed rate is superior when the expenditure switching effect is strong. However, price targeting is superior to both these regimes for all values of the expenditure switching effect. A welfare-maximising monetary rule yields lower output and exchange rate volatility than price targeting for a wide range of parameter values.
Author | : Warwick J. McKibbin |
Publisher | : |
Total Pages | : 0 |
Release | : 1986 |
Genre | : |
ISBN | : |
Download Comparing the Performance of Alternative Exchange Arrangements Book in PDF, ePub and Kindle
The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the game in macroeconomic policy making. The proposed systems cover a wide spectrum of measures including maintaining the current flexible exchange rate system but with increased consultations between the major economies; a "target zone " system as advocated by John Williamson; or a full return to a system of fixed exchange rates as advocated by Ronald McKinnon This paper presents and applies a methodology useful for studying the operating characteristics of a number of alternative monetary arrangements using a large-scale simulation model of the world economy. We consider the performance of the regimes when policymakers do or do not observe the shocks, and when policymakers infer the shocks using an optimal filtering rule. Although the results are model specific and at best illustrative of the issues involved, the approach does have the advantage of providing a richer framework of analysis than is possible in simple models of international interdependence.
Author | : Norbert Schnadt |
Publisher | : |
Total Pages | : 0 |
Release | : 1990 |
Genre | : Money |
ISBN | : |
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Author | : Norbert Schnadt |
Publisher | : |
Total Pages | : 164 |
Release | : 1990 |
Genre | : Money |
ISBN | : |
Download Alternative Monetary Regimes Book in PDF, ePub and Kindle
Author | : Mr.Kenneth Rogoff |
Publisher | : International Monetary Fund |
Total Pages | : 85 |
Release | : 2003-12-01 |
Genre | : Business & Economics |
ISBN | : 1451875843 |
Download Evolution and Performance of Exchange Rate Regimes Book in PDF, ePub and Kindle
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author | : Maria del Socorro Gomez Leyja |
Publisher | : |
Total Pages | : 177 |
Release | : 1992 |
Genre | : |
ISBN | : |
Download Two Essays on Economic Relationships Under Alternative Monetary Regimes Book in PDF, ePub and Kindle