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1.
This paper describes a simple framework for monetary policy analysis in a small open economy where bank credit is the only
source of external finance. At the heart of the model is the link between banks’ lending rates (which incorporate a premium
over and above the marginal cost of borrowing) and firms’ net worth. In contrast to models in the Stiglitz-Weiss or Kiyotaki-Moore
tradition, the supply of bank loans is perfectly elastic at the prevailing rate. The central bank sets the refinance rate
and provides unlimited access to liquidity at that rate. The model is used to study the effects of changes in official interest
rates, under both fixed and flexible exchange rates. Various extensions are also discussed, including income effects, the
cost channel, the role of land as collateral, and dollarization.
相似文献
Pierre-Richard AgénorEmail: |
2.
The paper investigates the link between monetary policy and structural reforms in open economies. We test three hypotheses:
(a) the Calmfors hypothesis that the degree of reforms is higher in the case of autonomous policy and lower in the case of
commitment, (b) the TINA hypothesis which implies a positive impact of a monetary policy rule on the extent of reforms, and
(c) a third factors hypothesis. In our empirical analysis on panel data of 23 OECD countries from 1980–2000 we find little
evidence for the Calmfors hypothesis, but evidence in favor of the TINA argument for labor market and regulatory reform.
相似文献
Ansgar BelkeEmail: |
3.
Two impediments to effective monetary policy operation include illiquidity in bond markets and the zero bound of interest
rates. Under these conditions alternative means of enacting monetary policy may be required. This paper empirically explores
policy options implemented through equity and currency markets that will generate similar inflation responses at different
time horizons. In terms of GDP loss the least costly means of achieving a particular long run inflation outcome is via the
current monetary policy arrangements. Currency market alternatives are volatile but less expensive than the equity market
in terms of output loss for short term inflation horizons.
相似文献
Renée FryEmail: |
4.
Marcelo Sánchez 《Open Economies Review》2008,19(3):371-390
We examine the implications of monetary union for macroeconomic stabilization in catching-up participating countries. We allow
member states’ supply conditions to differ, especially with regard to sectoral characteristics. Sectoral productivity shocks
of the type associated with the Balassa–Samuelson effect tend to hamper the stabilization properties of a currency union.
In the face of aggregate supply disturbances, the stabilization costs of renouncing monetary autonomy diminish with a steeper
supply curve (as induced by higher trade openness) and—barring idiosyncratic shocks—with a larger reference country size,
more homogeneous supply slopes and a higher preference for price stability.
相似文献
Marcelo SánchezEmail: |
5.
Economic,Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council 总被引:1,自引:0,他引:1
Willem H. Buiter 《Open Economies Review》2008,19(5):579-612
The paper reviews the arguments for and against monetary union among the six members of the Gulf Cooperation Council—the United
Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State
of Kuwait. Both technical economic arguments and political economy considerations are discussed. I conclude that there is
an economic case for GCC monetary union, but that it is not overwhelming. The lack of economic integration among the GCC members
is striking. Without anything approaching the free movement of goods, services, capital and persons among the six GCC member
countries, the case for monetary union is mainly based on the small size of all GCC members other than Saudi Arabia, and their
high degree of openness. Indeed, even without the creation of a monetary union, there could be significant advantages to all
GCC members, from both an economic and a security perspective, from greater economic integration, through the creation of
a true common market for goods, services, capital and labour, and from deeper political integration. The political arguments
against monetary union at this juncture appear overwhelming, however. The absence of effective supranational political institutions
encompassing the six GCC members means that there could be no effective political accountability of the GCC central bank.
The surrender of political sovereignty inherent in joining a monetary union would therefore not be perceived as legitimate
by an increasingly politically sophisticated citizenry. I believe that monetary union among the GCC members will occur only
as part of a broad and broadly based movement towards far-reaching political integration. And there is little evidence of
that as yet.
相似文献
Willem H. BuiterEmail: URL: http://www.nber.org/∼wbuiter |
6.
Bogdan Glăvan 《Quarterly Journal of Austrian Economics》2008,11(1):43-59
In the last decades, more and more economists have advanced the idea that significant obstacles impeding economic growth (especially
in less developed regions) consist in different market failures, preventing entrepreneurs from taking the necessary actions
to exploit profit opportunities: coordination failure. This paper provides a refutation of the idea that coordination failures
as manifested in the inability of clusters to emerge can serve as a ground for government intervention. It uses the Porter,
Rodrik and Rodriguez-Clare thesis as an example of this approach and criticizes the claim that coordination externalities
prevent the market process to allocate resources optimally.
相似文献
Bogdan GlăvanEmail: |
7.
In this paper we apply a static version of a New Keynesian macromodel to a monetary union (see Bofinger et al., J Econ Educ,
37:98–117 (2006), Walsh, J Econ Educ, 33:333–346 (2002)). We show in particular that a harmonious functioning of a monetary
union critically depends on the correlation of shocks that hit the currency area. Additionally a high degree of integration
in product markets is advantageous for the ECB as it prevents national interest rates from driving a wedge between macroeconomic
outcomes across member states. In particular small countries are in need for fiscal policy as an independent stabilization
agent with room to breath.
相似文献
Eric Mayer (Corresponding author)Email: |
8.
Katrin Ullrich 《Open Economies Review》2007,18(3):239-262
With an increasing number of independent central banks, accountability of central banks is also getting more attention. This
paper analyses the possibility of introducing instruments of central bank accountability in a monetary union. In our model,
monetary policy is influenced by the governments of the member states according to the degree of independence granted to the
central bank. Instruments of democratic accountability are introduced which generate different expected losses for a government.
The amount of the expected loss will determine the approval of a government to the implementation of a particular mechanism.
We show that the agreement between the governments will only be unanimous for the definition of the inflation target of the
central bank.
相似文献
Katrin UllrichEmail: |
9.
In this paper we extend Nordhaus’ (Brookings Pap Econ Act (2):139–199, 1994) results to an environment which may represent the current European situation, characterised by a single monetary authority
and several fiscal bodies. We show that, even assuming that the monetary and the fiscal authorities share the same ideal targets,
in the presence of asymmetric shocks the “symbiosis” result found by Dixit and Lambertini (J Int Econ 60:235–247, 2003) no longer obtains. Thus, fiscal rules as those envisaged in the Maastricht Treaty and in the Stability and Growth Pact may
work as monetary/fiscal coordination devices that improve welfare. The imposition of common targets, however, may work as
a substitute for policy coordination only if these are made state contingent, an aspect that the recent version of the Stability
and Growth Pact takes into account in a more appropriate way than its original version.
相似文献
Valeria De BonisEmail: |
10.
Zoran Balac 《Quarterly Journal of Austrian Economics》2008,11(1):1-17
Austrian monetary inflation theory claims that changes in the money supply are disproportionately distributed throughout an
economy, and as a result wealth is coercively redistributed. This study proposes and tests a model illustrating this connection
by examining monetary inflation’s effect on wealth inequality. After testing the model’s validity, this study compares monetary
inflation’s effect on several measures of wealth inequality, concluding that not only is monetary inflation a significant
variable, but its effect on wealth inequality is more pronounced at the extremities of the distribution.
相似文献
Zoran BalacEmail: |
11.
We adapt the basic principles of the Keynes Plan and argue for the creation of a supranational bank money (SBM) that would
coexist along side national currencies and for the establishment of a new international clearing union (NICU). These principles
remain timely because the fundamental causes of the instability of the international monetary system are as valid today as
they were in the early forties. The new supranational money would be created against domestic earning assets of the Fed and
the ECB and its quantity would be demand-driven. Our proposal is not an agreement on exchange rates, which while possible
is not essential to the functioning of the SBM. NICU would not hold open positions in assets denominated in national currency
and consequently would not bear exchange rate risk. NICU would be more than an office recording credit and debit entries of
the supranational bank money. The financial tsunami that hit the world economy in 2007–2008 provides a unique opportunity
for a coordinated strategy.
相似文献
Michele FratianniEmail: |
12.
Within a two-sector-two-country model of trade with aggregate scale economies and unionisation, a more generous welfare state
in one country increases welfare in that country and can have positive spillover effects on the other. Furthermore, synchronised
expansions of social security are more welfare enhancing than unilateral ones. Our results counter the fears that a race to
the bottom in social standards may result from the ‘shrinking-tax-base’ entailed by international capital mobility. While
affecting trade patterns and income distribution, capital mobility interacts with welfare state policies in increasing welfare,
even when capital flows out of the country that initiates the shock.
相似文献
Catia MontagnaEmail: |
13.
Feldstein and Horioka (Econ J 90:314–329, 1980) observed that saving and investment move closely together in the major OECD
countries. This finding is a puzzle if national economies are characterized by one sector neoclassical production functions—with
diminishing returns to capital, a high level of savings in a country should create an incentive to export capital. In this
paper, we show that this incentive disappears in the presence of multiple sectors with differing capital intensities. In a
high saving country, national capital can be absorbed domestically without a decline in its marginal product through a shift
in the sectoral composition of national production towards capital intensive sectors. This is nothing but the well-known Rybczynski
effect. We present a modified version of the standard Heckscher–Ohlin (HO) Model to show that very small barriers to capital
mobility are enough to force national savings to stay within the country of origin. We also argue that, while the assumptions
of this model may appear special, they are not unrealistic for the developed countries in the Feldstein Horioka study. Some
historical economic trends are also consistent with the picture presented in this paper. Finally, the paper shows that the
conventional insights from the one sector neoclassical model can be completely overturned in a multi-sector setting when technological
differences are introduced.
相似文献
Ufuk DemirogluEmail: |
14.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
15.
Exchange Rate Economics 总被引:1,自引:0,他引:1
John Williamson 《Open Economies Review》2009,20(1):123-146
The paper summarizes the current theory of how a floating exchange rate is determined, dividing the subject into what determines
the steady state and what determines the transition to steady state. The inadequacies of this model are examined, and an alternative
“behavioral” model, which recognizes that the foreign exchange market is populated by both fundamentalists and chartists is
presented. It is argued that the main importance of understanding the foreign exchange market for development strategy is
to permit a correct appraisal of the dangers of Dutch disease. Empirically it seems that from the standpoint of promoting
development it is preferable to have a mildly undervalued rate. The paper concludes by examining implications for exchange
rate regimes.
相似文献
John WilliamsonEmail: |
16.
Yifan Hu 《International Economics and Economic Policy》2006,3(1):27-42
A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since
such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates economic
structure and institutional factors associated with a country’s choice of inflation targeting using a dataset of 66 countries
for the period of 1980–2000. It is found that a sound fiscal position is significantly and positively associated with the
choice of inflation targeting framework; the central bank is more likely to adopt inflation targeting with greater financial
depth; institutional capacity including central bank autonomy and flexible exchange rate regime is important for the choice
of inflation targeting.
相似文献
Yifan HuEmail: |
17.
Caroline Schmidt 《Open Economies Review》2007,18(3):347-367
In this paper, it is argued that the observed high positive correlation between national savings and investment which is found
in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some
empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics.
The simulation results obtained support the idea that shocks to monetary policy might contribute to the explanation of the
Feldstein-Horioka puzzle.
相似文献
Caroline SchmidtEmail: |
18.
In a recent article Robert P. Murphy (2006) uses Cantor’s diagonal argument to prove that market socialism could not function,
since it would be impossible for the Central Planning Board to complete a list containing all conceivable goods (or prices
for them). In the present paper we argue that Murphy is not only wrong in claiming that the number of goods included in the
list should be uncountable, but also that the number of equations/prices is irrelevant from the point of view of market socialism.
相似文献
Juliusz JabłeckiEmail: |
19.
This paper provides some of the first empirical evidence on labour market adjustments to exchange rate movements in Canadian
manufacturing industries. Controlling for endogeneity using generalized method of moments estimation, it is found that during
the 1981–1997 period, exchange movements have a substantial impact on labour input and that this impact has grown over time
as the manufacturing industries have become more exposed to trade. In contrast, the exchange rate effect on real wages is
estimated to be virtually zero for all manufacturing industries.
相似文献
Terence YuenEmail: |
20.
Santiago Budría 《Atlantic Economic Journal》2008,36(3):261-274
This paper explores asset returns in a production economy with habit forming households. We show that a model with capital
adjustment costs and relative habits is consistent with salient financial facts, such as the equity premium, the market price
of risk, and the riskfree interest rate. These predictions are not at odds with good business cycle predictions. In the model,
economy investment is strongly procyclical and more volatile than output, which in turn is more volatile than consumption.
Moreover, consumption growth is positively autocorrelated and negatively (positively) correlated with future (past) stock
returns.
相似文献
Santiago BudríaEmail: |