Essays In Monetary Policy
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Essays In Monetary Economics Collected Works Of Harry Johnson
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Author : Harry G. Johnson
language : en
Publisher: Routledge
Release Date : 2013-07-18
Essays In Monetary Economics Collected Works Of Harry Johnson written by Harry G. Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Business & Economics categories.
Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Essays In Monetary Economics
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Author : Harry Gordon Johnson
language : en
Publisher:
Release Date : 1969
Essays In Monetary Economics written by Harry Gordon Johnson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1969 with Business & Economics categories.
Further Essays In Monetary Economics Collected Works Of Harry Johnson
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Author : Harry G. Johnson
language : en
Publisher: Routledge
Release Date : 2013-07-18
Further Essays In Monetary Economics Collected Works Of Harry Johnson written by Harry G. Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Business & Economics categories.
A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.
Essays On Monetary Policy
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Author : Adnan Kummer
language : en
Publisher:
Release Date : 2015
Essays On Monetary Policy written by Adnan Kummer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Economic stabilization categories.
This dissertation consists of three essays on monetary policy. The first essay estimates the impact of the European Central Bank's (ECB) monetary policy rate changes on individual member country's economic output in Eurozone. The results show that real output responds differently in different Eurozone members and highlight the "convergence gap" that continues to exist among member countries. Based on their output response, the sample countries are divided into two groups which exhibit the breakdown of monetary policy transmission mechanism in the currency union. The second essay uses the Taylor rule model to calculate the optimal interest rates for individual eurozone members based on their local economic variables of output gap and inflation rate. The results indicate that at the aggregate level the Taylor rule tracks the ECB policy rate very closely but when the rule is applied to individual Eurozone countries, the models predicts very different rates for member economies. Additionally, the Eurozone sample countries are organized into two sets of groups namely Core versus Periphery and North versus South to analyze whether the national monetary policy requirements of member countries can be grouped based upon their economic characteristics and on their geographical location. In both cases, the rule predicts different rates for the groups compared to the ECB policy rates. The third essay investigates the institutional arrangement of monetary policy and its interaction with macroprudential policy in economic and financial stability. The interactions of macroprudential policy with both monetary and fiscal policy are explored to determine the effectiveness of this new policy framework. The analysis shows that while political and budget support are essential for the policy's design and implementation, there should be no connection politically with the execution of macroprudential policy because of short-sightedness of the political process which could potentially delay or jeopardize the roll-out of the policy's tools when necessary. Overall, the dissertation contributes to the growing literature on monetary policy in currency unions and offers policy insights to overcome the obstacles of monetary policy transmission mechanism and to develop a more robust policy framework for economic and financial stability.
Selected Essays In Monetary Economics Collected Works Of Harry Johnson
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Author : Harry Johnson
language : en
Publisher: Routledge
Release Date : 2013-07-18
Selected Essays In Monetary Economics Collected Works Of Harry Johnson written by Harry Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Business & Economics categories.
This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.
Three Essays On Monetary Policy And Financial Development
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Author : Xiaodai Xin
language : en
Publisher:
Release Date : 2004
Three Essays On Monetary Policy And Financial Development written by Xiaodai Xin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Debts, External categories.
Abstract: Both economic growth and stabilization require a well-functioning financial system, which includes the central bank and private financial institutions. This dissertation is comprised of three essays on monetary policy and financial development which are related to the roles of the central bank and private financial institutions. To better stabilize the economy, a central bank needs to formulate an optimal strategy for monetary policy and pursues an appropriate objective (targeting regime). In a forward-looking New Keynesian model with persistent output and inflation, the first essay (chapter 2) evaluates a broad hybrid targeting regime when the central bank operates under discretionary monetary policy. By employing the numerical analysis and comparing the performance of different targeting regimes, I find that the hybrid targeting regime yields a social loss closest to that under the optimal committed policy, generating a better outcome than other policy regimes. The second essay (chapter 3) provides new micro-level evidence for the positive relationship between financial development and economic growth based on a large sample of cross-country firm-level data. By examining an important micro channel through which financial development reduces the costs of external finance to firms, I find that firms that are more externally dependent grow faster in countries with more developed financial systems. The third essay (chapter 4) investigates the impact of external debt on long-term investment and its interaction with domestic financial intermediation in emerging markets. Extending the Ramsey-Cass-Koopmans model to a small open economy with the role of financial intermediation, I find that the overall effect of a high level of external debt on investment depends heavily on the degree of domestic financial intermediation. Using a large sample of panel data on 76 developing countries over the last three decades, the empirical results indicate that when a country's domestic banking sector develops to a certain degree, the high level of external debt facilitates investment.
Essays On Monetary Policy
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Author : Christoph Himmels
language : en
Publisher:
Release Date : 2012
Essays On Monetary Policy written by Christoph Himmels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This thesis consists of three essays on optimal monetary policy. In the first essay I study time-consistent monetary policy in an small open economy model with incomplete financial markets. I demonstrate the existence of two discretionary equilibria. The model is capable of explaining periods of different exchange rate volatilities as well as the transition between those regimes. Following a shock the economy can be stabilised either `quickly' or `slow', where both dynamic paths satisfy the conditions of optimality and time-consistency. I also show that a policy of partially targeting the exchange rate results in far worse welfare outcomes relative to a strict inflation targeting policy. In the second essay, I analyse how a policy maker can avoid expectation traps and coordination failures. Using a framework developed by Schaumburg and Tambalotti (2007) and Debortoli and Nunes (2010) in which a policy maker may or may not default on past promises I show that already mild degrees of precommitment are sufficient to generate uniqueness of the Pareto-preferred equilibrium. In the last chapter, I examine optimal monetary policy from an empirical perspective. I estimate a simple small open economy model separately for a policy maker acting under commitment and discretion and find that the data favours the commitment approach. Furthermore, the data suggest that the Bank of Canada did not target the nominal exchange rate in the inspected time period.
Essays In Macroeconomic Policy
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Author : Miranda S. Goeltom
language : en
Publisher: Gramedia Pustaka Utama
Release Date : 2007
Essays In Macroeconomic Policy written by Miranda S. Goeltom and has been published by Gramedia Pustaka Utama this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Indonesia categories.
Essays In Monetary Theory
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Author : Sir Dennis Holme Robertson
language : en
Publisher:
Release Date : 1956
Essays In Monetary Theory written by Sir Dennis Holme Robertson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1956 with Balance of trade categories.
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics
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Author : John Smithin
language : en
Publisher: World Scientific Publishing Company
Release Date : 2013-06-27
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-27 with Business & Economics categories.
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.