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Author: Willem H. Buiter
Publisher:
ISBN:
Category : Arbitrage
Languages : en
Pages : 76
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Book Description
This paper analyzes Krugman's contention that there is a "gold standard paradox" in the speculative attack literature. The paradox occurs if a country's currency appreciates after it runs out of gold or equivalently if a speculative attack can happen only after the country "naturally" runs out of reserves. We first show that Krugman's paradox is a very general phenomenon which does not require mean reverting processes for the fundamentals and which can be present in discrete time models as well as in continuous time models. We present several specific cases in which the paradox occurs i.e. environments which do not support an equilibrium. Next we show that, contrary to Krugman's conjecture, it is not necessary to abandon the assumption of a perfectly fixed exchange rate in favor of a band system in order to recover a well-defined equilibrium. We propose two alternative ways of amending the model which produce an equilibrium and preserve the fixed exchange rate assumption
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
ISBN: 1451852185
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed.
Author: Paul Krugman
Publisher: Cambridge University Press
ISBN: 9780521435260
Category : Business & Economics
Languages : en
Pages : 274
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Book Description
This volume examines the intersection between a new analytical approach and a real economic problem.
Author: Zvi Eckstein
Publisher: Springer Science & Business Media
ISBN: 3642767745
Category : Business & Economics
Languages : en
Pages : 419
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Book Description
This volume is a collection of papers which were presented and discussed at a conference on "Aspects of Central Bank Policy Making" which took place in January 1990 at the Bank of Israel and Tel Aviv University. The conference marked the tenth anniversary of the passing of David Horowitz who was the first governor of the Bank of Israel. The conference was sponsored by the Bank of Israel and the David Horowitz Institute for the Research of Developing Countries at Tel Aviv University. Eitan Berglas, Zvi Eckstein and Mordechai Fraenkel served as organizing committee. The volume has three parts. The first part deals with the rules and the constraints that are fundamental for central bank policy making. It starts with a critical review of 75 years of monetary policy of the U.S. Federal Reserve Bank, followed by several studies directed at the issues concerning the establishment of a European central bank. The second part deals with the insurance, regulation and safety of commercial banks. The last part contains analysis of monetary policies in Germany and Israel. Part of the research included in this volume is the result of a two years research project on "Central Bank Policies, Disinflation and the Macroeconomy" conducted at the David Horowitz Institute. The contributors to this project were: the Bundesbank, the Bank of England, the Bank of Italy, the Bank of Israel, the Bank for International Settlements and the Bank of the Netherlands.
Author: Scott B Sumner
Publisher: Independent Institute
ISBN: 1598131524
Category : Business & Economics
Languages : en
Pages : 460
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Book Description
Economic historians have made great progress in unraveling the causes of the Great Depression, but not until Scott Sumner came along has anyone explained the multitude of twists and turns the economy took. In The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, Sumner offers his magnum opus—the first book to comprehensively explain both monetary and non-monetary causes of that cataclysm. Drawing on financial market data and contemporaneous news stories, Sumner shows that the Great Depression is ultimately a story of incredibly bad policymaking—by central bankers, legislators, and two presidents—especially mistakes related to monetary policy and wage rates. He also shows that macroeconomic thought has long been captive to a false narrative that continues to misguide policymakers in their quixotic quest to promote robust and sustainable economic growth. The Midas Paradox is a landmark treatise that solves mysteries that have long perplexed economic historians, and corrects misconceptions about the true causes, consequences, and cures of macroeconomic instability. Like Milton Friedman and Anna J. Schwartz's A Monetary History of the United States, 1867–1960, it is one of those rare books destined to shape all future research on the subject.
Author: Alpo Willman
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 132
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Book Description
Author:
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 856
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Book Description
Author:
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 1120
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Book Description
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066908
Category : Business & Economics
Languages : en
Pages : 692
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Book Description
At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
Author: Claudia Dale Goldin
Publisher:
ISBN:
Category : Economic surveys
Languages : en
Pages : 44
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Book Description
The 1940's were a turning point in married women's labor force participation, leading many to credit World War II with spurring economic and social change. This paper uses information from two retrospective surveys, one in 1944 and another in 1951, to resolve the role of World War II in the rise of women's paid work. More than 50% of all married women working in 1950 had been employed in 1940, and more than half of the decade's new entrants joined the labor force after the war. Of those women who entered the labor force during the war, almost half exited before 1950. Employment during World War II did not enhance a woman's earnings in 1950 in a manner consistent with most hypotheses about the war. Considerable persistence in the labor force and in occupations during the turbulent 1940's is displayed for women working in 1950, similar to findings for the periods both before and after. World War Il had several significant indirect impacts on women's employment, but its direct influence appears considerably more modest.
Author: Thomas J Whipple
Publisher: Routledge
ISBN: 1315418649
Category : Health & Fitness
Languages : en
Pages : 221
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Book Description
Marshalling new scientific evidence on the musculoskeletal system, this book provides an accessible guide to training that balances athletic performance and bone health over the life span, with information essential for exercise physiologists, endurance athletes, fitness enthusiasts, and coaches.
