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In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England.
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This publication presents some empirical analysis on the demand for money. It covers a wide range of papers on econometric techniques and on previous empirical work on money demand. Further, it presents estimates of a common specification of money demand across a range of developing countries. One of the interesting contributions of the book is to give more serious attention to developing economies and to more recent empirical studies than previous studies had done. Studies on the demand for money and its stability are very crucial because it has implications for the monetary policy of a count
Demand for money --- Money supply --- Monetary policy --- Money stock --- Quantity of money --- Supply of money --- Money --- Liquidity preference --- E-books
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Persistent inflation and slow stabilization are usually the result of policy accommodation resorted to in an attempt to avoid the recessionary costs of a sharp reduction of inflation. This paper reviews three explanations for why policymakers, despite their dislike of inflation, may nevertheless choose to adopt accommodative policies. It emphasizes the role of indexation, uncertainty about policymakers’ preferences, and the existence of fixed costs associated with the implementation of a stabilization program. The paper also presents some evidence on the extent of persistence of inflation across countries.
Inflation --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics --- Inflation persistence --- Disinflation --- Prices --- Belgium
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The statistical data on gross domestic product, consumer price index, financial operations of the central government, central government revenue and expenditure of Guinea are presented in this paper. The data on monetary survey, summary accounts of the central bank, summary accounts of deposit money banks, sectoral distribution of credit, quarterly distribution of credit by sector and maturity, balance of payments, composition of merchandise exports, debt-service liabilities on external public debt, nominal exchange rate and effective exchange rates indices, and related economic indices are also presented.
Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Monetary base --- Money --- Money supply --- Guinea
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According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for OECD countries. After allowing for the upward bias to persistence estimates created by shifts in mean inflation, the paper finds persistence has a greater spread (but not a higher mean) in the floating-rate period, as predicted by theory. Monetary growth has been much less accommodative of inflation under floating rates, most probably because of the shifts in monetary policy rather than those in exchange rate regime.
Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Open Economy Macroeconomics --- Currency --- Foreign exchange --- Inflation persistence --- Exchange rate arrangements --- Consumer prices --- Floating exchange rates --- Prices --- United States
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Fund member countries that adopt market-friendly policies often encounter a credibility problem—market-friendly policies are not effective in stimulating private investment as long as there remains a significant risk of policy reversal. The root of this risk lies in the discretionary policy-making authority of governments. Committing to a program with the Fund, and endorsing its conditionality, is one instrument available to governments to overcome this difficulty. The paper develops this interpretation of conditionality and indicates some of its operational implications for Fund programs.
Money and Monetary Policy --- International Investment --- Long-term Capital Movements --- International Finance: General --- Fiscal Policies and Behavior of Economic Agents: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Credit ratings --- Money --- United States
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This paper discusses Solomon Islands’ Request for an Extension of the Arrangement Under the Extended Credit Facility (ECF). All end-December 2014 performance criteria (PCs), indicative targets (ITs) for March 2015, and end-June 2015 PCs have been met by a considerable margin, with the exception of the ITs on government-funded recurrent spending on health and education, which have been consistently missed since 2014 albeit by a small margin. September 2015 available data indicate that ITs on international reserves, net domestic assets at the Central Bank, and net credit to the government have been comfortably met. The authorities remain committed to macroeconomic stability and completion of the reviews.
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Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht somit die Frage, wie sich geldpolitische Maßnahmen der Notenbanken auf gesamtwirtschaftliche Größen übertragen. -- G. Winckler und S. Kaufmann untersuchen in ihrem Beitrag den Transmissionsprozeß in kleinen, offenen Volkswirtschaften am Beispiel Österreichs und der Schweiz. Gemäß den geschätzten Resultaten reagierten die Industrieproduktion und das Preisniveau in Österreich erwartungsgemäß verzögert auf Veränderungen der deutschen geldpolitischen Variablen, während sie in der
Monetary policy. --- Money supply. --- Money market. --- Money markets --- Finance --- Financial institutions --- Money --- Money stock --- Quantity of money --- Supply of money --- Demand for money --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply
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Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy.
Business and Economics --- Macroeconomics --- International Economics --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial crises --- Economic sectors --- Currency crises --- Informal sector --- Economics
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This paper investigates factors that predict variation in digital and non-digital remittance fees over time and across countries, exploring differences between CAPDR and other regions. The paper fills a void in the literature on how country- and corridor-specific factors relate to remittance fees at different levels of digitalization of the transaction mode. It also complements stylized facts and regression analysis with a survey analysis of the CAPDR authorities’ views on the latest developments, possibilities, and risks related to digital remittances with a view to gauging the authorities’ potential role in further reducing the cost of cross-border payments more generally and remittances fees in particular. The paper finds a clear trend of declining remittance fees across countries and at any level of digitalization, albeit they remain higher for CAPDR countries relative to non-CAPDR countries. More competition, financial and digital development in receiving countries—such as debit/credit card ownership or bank branch penetration—are associated with lower remittance fees, especially in CAPDR. The surveyed authorities actively explore the use of digital money to advance domestic payment systems, expedite financial inclusion, and lower remittances fees, yet see considerable risks, especially for preserving monetary sovereignty in CAPDR.
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