Found 377 article(s) in category 'Monetary Policy'

Productivity Growth and Countercyclical Budgetary Policy: What Do We Learn from OECD Panel Data?

Productivity Growth and Countercyclical Budgetary Policy: What Do We Learn from OECD Panel Data? Philippe Aghion, June 2008, Paper. “A common view among macroeconomists is that there is a decoupling between macroeconomic policy (e.g., budget deficit, taxation, money supply), which should primarily affect price and income stability and long-run economic growth, which, if anything, should depend only upon structural characteristics of the economy (property right enforcement, market structure, market mobility, and so forth). That macroeconomic policy should not be a key determinant of growth…” Link

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Taxation, Efficiency, and Economic Growth

Taxation, Efficiency, and Economic Growth. Dale Jorgenson, Mun Ho, May 9, 2008, Book Chapter. “In this paper we model U.S. labor supply and demand over the next 25 years. Despite the anticipated aging of the population, moderate population growth will provide growing supplies of labor well into the 21st century. Improvements in labor quality due to greater education and experience will also continue for some time, but will eventually disappear. Productivity growth for the U.S. economy will be below long-term historical averages, but labor-using technical change will be a stimulus to the growth of labor demand. Year to-year changes in economic...” Link

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Asset Prices & Monetary Policy

Asset Prices & Monetary Policy. John Campbell, 2008, Book. “Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In ‘Asset Prices and Monetary Policy,’ leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic systemThe contributors examine how central bankers determine their policy…” (May require user account or purchase) Link

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Assessing pacification policy in Iraq: Evidence from Iraqi financial markets

Assessing pacification policy in Iraq: Evidence from Iraqi financial markets. Eric Chaney, 2008, Paper. “At the end of January, 2006 the Iraqi government issued roughly $2.7 billion of debt in exchange for over $20 billion of Saddam-era commercial claims. This paper uses variation in the yield spread of this sovereign debt to evaluate pacification policy in Iraq. Structural change models are run in conjunction with conventional event study analysis. Results detail a mixed market reaction towards pacification policies implemented through August, 2006…” May require purchase or user account. Link

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Happiness, Contentment and other Emotions for Central Banks

Happiness, Contentment and other Emotions for Central Banks. Rafael Di Tella, November 7, 2007, Paper. “We show that data on satisfaction with life from over 600,000 Europeans are negatively correlated with the unemployment rate and the inflation rate. Our preferred interpretation is that this shows that emotions are affected by macroeconomic fluctuations. Contentment is, at a minimum, one of the important emotions that central banks should focus on. More ambitiously, contentment might be considered one of the components of utility. The results may help central banks understand the tradeoffs that the public is willing to accept in terms of unemployment for inflation, at least in terms of keeping the average level of one particular emotion (contentment) constant…” Link

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Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel Data?

Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel Data? Philippe Aghion, 2007, Paper. “A common view among macroeconomists is that there is a decoupling between macroeconomic policy (e.g., budget deficit, taxation, money supply), which should primarily affect price and income stability and long-run economic growth, which, if anything, should depend only upon structural characteristics of the economy (property right enforcement, market structure, market mobility, and so forth)…” Link

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Assessing China’s Exchange Rate Regime

Assessing China’s Exchange Rate Regime. Jeffrey Frankel, 2007, Paper. “The IMF Articles of Agreement forbid a country from manipulating its currency for unfair advantage. The US Treasury has been legally required since 1988 to report to Congress biannually regarding whether individual trading partners are guilty of manipulation. One part of this paper tests econometrically two competing sets of hypothesized determinants of the Treasury decisions: (1) legitimate economic variables consistent with the IMF definition of manipulation – the partners’ overall current account/GDP, its reserve changes and the real overvaluation of its currency, and (2) variables suggestive of domestic American political expediency – the bilateral trade balance, US unemployment and an election year dummy. The econometric results suggest that the Treasury verdicts are driven heavily by the US bilateral deficit, though other variables also turn out to be quite important.Link

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