Short Run Independence Of Monetary Policy Under Pegged Exchange Rates And Effects Of Money On Exchange Rates And Interest Rates PDF Download
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Author | : Alan C. Stockman |
Publisher | : |
Total Pages | : 48 |
Release | : 1993 |
Genre | : Monetary policy |
ISBN | : |
Download Short-run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates Book in PDF, ePub and Kindle
Economists generally assert that countries sacrifice monetary independence when they peg their exchange rates. At the same time, central bankers frequently assert that pegging an exchange rate does not eliminate the independence of monetary policy. This paper examines the effects of money-supply changes on exchange rates, interest rates, and production in an optimizing two-country model in which some sectors of the economy have predetermined nominal prices in the short run and other sectors have flexible prices. Money-supply shocks have liquidity effects both within and across countries and induce a cross-country real-interest differential. The model predicts that liquidity effects are highly non-linear and are not likely to be captured well empirically by linear models, particularly those involving only a single country. The most striking implication of the model is that countries have a degree of short-run independence of monetary policy even under pegged exchange rates.
Author | : Mr.Mohsin S. Khan |
Publisher | : International Monetary Fund |
Total Pages | : 19 |
Release | : 2003-03-01 |
Genre | : Business & Economics |
ISBN | : 1451847726 |
Download Current Issues in the Design and Conduct of Monetary Policy Book in PDF, ePub and Kindle
Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
Author | : Robert M. Dunn |
Publisher | : |
Total Pages | : 44 |
Release | : 1983 |
Genre | : Business & Economics |
ISBN | : |
Download The Many Disappointments of Flexible Exchange Rates Book in PDF, ePub and Kindle
Author | : Momi Dahan |
Publisher | : International Monetary Fund |
Total Pages | : 20 |
Release | : 1998-05-01 |
Genre | : Business & Economics |
ISBN | : 1451962185 |
Download The Fiscal Effects of Monetary Policy Book in PDF, ePub and Kindle
This paper develops a simple framework to examine the budgetary implications of monetary policy measures. It further outlines, using this framework, the various channels of influence that tight monetary policy may have on the budget deficit. The cumulative effect might be quantitatively large although each effect might be small. Most of the effects tend to increase the budget deficit as result of tight monetary policy, but tight monetary policy causes a short-run decrease in the government debt. Thus, macroeconomic policy coordination should be considered.
Author | : Robert Cumby |
Publisher | : |
Total Pages | : 56 |
Release | : 1984 |
Genre | : Foreign exchange |
ISBN | : |
Download Monetary Policy Under Dual Exchange Rates Book in PDF, ePub and Kindle
This paper finds that the introduction of dual exchange rates gives the monetary authority greater independence from external constraints than it would otherwise enjoy. The monetary authority is able to influence the level of aggregate demand in the short run and to sterilize the effects of temporary foreign distrubances. In addition, the paper finds that dual rates insulate the domestic economy fully from foreign interest rate changes but do not provide insulation from speculative disturbances.
Author | : Jeffrey A. Frankel |
Publisher | : |
Total Pages | : 64 |
Release | : 2002 |
Genre | : Economics |
ISBN | : |
Download Global Transmission of Interest Rates Book in PDF, ePub and Kindle
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international interest rates in the long run, even for countries with floating regimes. Only large industrial countries can benefit, or choose to benefit, from independent monetary policy. However, short-run effects differ across regimes. Dynamic estimates show that interest rates of countries with more flexible regimes adjust more slowly to changes in international rates.
Author | : J. Ahmad |
Publisher | : Springer |
Total Pages | : 270 |
Release | : 1984-06-28 |
Genre | : Business & Economics |
ISBN | : 1349174742 |
Download Floating Exchange Rates and World Inflation Book in PDF, ePub and Kindle
Author | : Harvey A. Poniachek |
Publisher | : Free Press |
Total Pages | : 234 |
Release | : 1979 |
Genre | : Business & Economics |
ISBN | : |
Download Monetary Independence Under Flexible Exchange Rates Book in PDF, ePub and Kindle
Author | : Randall Weston Hinshaw |
Publisher | : Transaction Publishers |
Total Pages | : 220 |
Release | : 1988 |
Genre | : International finance |
ISBN | : 9783878953487 |
Download The Unstable Dollar Book in PDF, ePub and Kindle
Author | : Michael R. Darby |
Publisher | : University of Chicago Press |
Total Pages | : 744 |
Release | : 2008-04-15 |
Genre | : Reference |
ISBN | : 0226136434 |
Download The International Transmission of Inflation Book in PDF, ePub and Kindle
Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical conclusions concerning the causes of international inflation. The authors construct a consistent data base of information for eight countries and design a theoretically sound model to test and evaluate competing hypotheses incorporating the most recent theoretical developments. Additional chapters address an impressive variety of issues that complement and corroborate the core of the study. They answer such questions as these: Can countries conduct an independent monetary policy under fixed exchange rates? How closely tied are product prices across countries? How are disturbances transmitted across countries? The International Transmission of Inflation is an important contribution to international monetary economics in furnishing an invaluable empirical foundation for future investigation and discussion.