By Carmen M. Reinhart
Essays by way of in demand students and policymakers honor some of the most influential macroeconomists of the final thirty years, discussing the subjects in the back of his paintings.
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This quantity is part of a learn undertaking initiated and financed by means of the area financial institution entitled "Macroeconomic regulations, challenge, and progress within the lengthy Run," which concerned experiences of the macroeconomic histories of eighteen international locations as they tried to keep up financial balance within the face of foreign fee, rate of interest, and insist shocks or household crises within the varieties of funding books and similar budgetary difficulties.
4 stylised evidence of mixture financial development are arrange first and foremost. the expansion technique is interpreted to symbolize transitional dynamics instead of balanced-growth equilibria. in contrast history, the elemental significance of subsistence intake is comprehensively analysed. hence, the which means of the productive-consumption speculation for the intertemporal intake trade-off and the expansion procedure is investigated.
On the outbreak of the worldwide monetary situation, 2008, the G20 used to be broadly stated as assisting hinder a good extra critical decline within the international economic system. It helped to calm the panic in monetary markets and articulate a suite of attainable coverage strategies to revive worldwide balance and progress. besides the fact that, because the dual-track restoration set in, coverage ideas for complicated economies and EMEs diverged.
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Additional resources for Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo
That result also holds in the Devereux-Engel (2003) model with no nontraded goods, as the authors show. Because g ¼ 1 in their setting, however, ﬂex-price consumption responses to technology shocks are symmetrical, and so central banks’ policy responses are absolutely symmetrical as well. That is not the case when g < 1, for then a relatively more forceful Home interest rate intervention is needed to mimic the ﬂexible-price consumption response. Variable international interest-rate differentials imply exchange-rate variation, however, even though the exchange rate has no expenditure switching effects between Home and Foreign goods in this model.
1993. ’’ Journal of International Economics 35: 297–316. Benigno, Gianluca, and Pierpaolo Benigno. 2003. ’’ Review of Economic Studies 70: 743–764. ———. 2008. ’’ Journal of International Money and Finance 27, in press. , and Carmen M. Reinhart. 2002. ’’ Quarterly Journal of Economics 117: 379–408. , and Charles Engel. 2003. ’’ Review of Economic Studies 70: 765–783. Duarte, Margarida. 2004. ’’ Federal Reserve Bank of Richmond Economic Quarterly 90: 21–40. Duarte, Margarida, and Maurice Obstfeld.
18 disclose the key difference in consumption dynamics between the ﬂexible and ﬁxed-price cases. 18 shows that the responses of consumption are muted whenever l < 1. Why? 18, current consumption therefore can adjust fully with no change in the real rate of interest. When l < 1, however, consumption is mean-reverting, and current consumption can adjust to its ﬂex-price level only if the real interest rate falls. In the ﬂexible-price case, pt indeed does fall, creating a lower real interest rate both through higher expected inﬂation and through the associated policy-induced fall in the nominal interest rate it .