Download or read book Revisiting the Case for Flexible Exchange Rates written by Bank of Canada and published by . This book was released on 2000 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Real Exchange Rate and Economic Growth written by Maurizio Michael Habib and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Harry Johnson s Case for Flexible Exchange Rates 50 Years Later written by Maurice Obstfeld and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fifty years ago, Harry G. Johnson published "The Case for Flexible Exchange Rates, 1969," its title echoing Milton Friedman's classic essay of the early 1950s. Though somewhat forgotten today, Johnson's reprise was an important element in the late 1960s debate over the future of the international monetary system. The present paper has three objectives. The first is to lay out the historical context in which Johnson's "Case" was written and read. The second is to examine Johnson's main points and see how they stand up to nearly five decades of experience with floating exchange rates since the end of the Bretton Woods system. The third is to review the most recent academic critiques of exchange-rate flexibility and ask how fatal they are to Johnson's basic argument. I conclude that the essential case for exchange rate flexibility still stands strong.
Download or read book The Case for Flexible Exchange Rates in a Great Recession written by Giancarlo Corsetti and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fixed Versus Floating Exchange Rates Revisited written by Keith Pilbeam and published by . This book was released on 1988 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Download or read book The Case for Flexible Exchange Rates written by Harry Gordon Johnson and published by . This book was released on 1969* with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Macroeconomic Effects of Trade Tariffs written by Jesper Lindé and published by International Monetary Fund. This book was released on 2017-07-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects.
Download or read book Britain and Canada and Their Large Neighboring Monetary Unions written by Amy Verdun and published by Nova Publishers. This book was released on 2006 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Britain is confronted with the EU and its Economic and Monetary Union or the 'eurozone' an area of 12 EU Member States in which the Euro is the single currency. At a time in which the discussion revolves around the future of national currencies, this work looks at the question of monetary integration for the cases of Britain and Canada.
Download or read book Orderly Change written by David M. Andrews and published by Cornell University Press. This book was released on 2011-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bretton Woods Conference of 1944 resulted in the formation of the International Monetary Fund and World Bank and helped lay the foundation for an unprecedented expansion of international commerce. Yet six decades later, at the beginning of the twenty-first century, the central characteristics of the Bretton Woods system remain disputed—and the subject of continuing public policy debate. Relying on extensive access to IMF, World Bank, and other archives, the authors show that the history of international monetary relations since Bretton Woods is one of "orderly change"—that is, change within a sturdy but supple framework. Even during the years of fixed exchange rates, very different practices characterized international monetary relations immediately after World War II, during the 1950s, and during the 1960s. Later, when the fixed exchange-rate system collapsed, underlying commitments to trade liberalization in the context of continuing national economic policy autonomy survived and even flourished. However, the resulting international economic order is now in grave danger: the tension between states' autonomy and their mutual openness has become acute, as international monetary structures no longer appear capable of mediating between these objectives. David M. Andrews and the contributors to Orderly Change examine past transitions as a means of suggesting possible avenues for current and future policymaking.
Download or read book Crossing the Atlantic written by Patrick M. Crowley and published by Routledge. This book was released on 2017-11-30 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the legal, political, economic and social similarities that exist, comparisons between the European Union (EU) and Canada can prove instructive. This volume introduces the rationale for comparing Canada and the EU and reviews the political initiatives that have been undertaken to forge links between the two. Taking the political and economic structure used by the EU, it compares this structure to the Canadian model, at both the federal/supranational level and the local government level. Using various disciplinary approaches and case studies, specific policy areas are used to illustrate these comparisons, and several of the papers in the collection extend these comparisons to the NAFTA level. A highly useful reference tool, Crossing the Atlantic will intrigue and inform an interdisciplinary and inter-regional studies audience.
Download or read book Revisiting the Economic Case for Fiscal Union in the Euro Area written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2018-02-20 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Download or read book Economic Integration and the Exchange Rate Regime written by Mr.Vivek B. Arora and published by International Monetary Fund. This book was released on 2001-05-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Canadian experience with a floating exchange rate regime can shed some light on the question of whether A question of current interest in many parts of the world is whether with growing economic integration among groups of countries makes a fixed exchange rate, or even a common currency, becomes more desirable. This paper looks at the lessons that one may draw from tThe Canadian experience, with a floating exchange rate regime, especially since the inception of the 1989 U.S.-Canada Free Trade Agreement, suggests. We find that exchange rate flexibility has not prevented economic integration between Canada and the United States from increasing substantially, during the 1990s, and has played a useful role in buffering the Canadian economy against asymmetric external shocks. A fixed exchange rate thus does not seem to be a prerequisite for economic integration. It may, however, yield substantial have benefits for some countries that lack monetary credibility or that may be tempted by self-destructive beggar-thy-neighbor policies.
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2007-03-12 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.
Download or read book Canon Revisited written by Michael J. Kruger and published by Crossway. This book was released on 2012-04-30 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the popular-level conversations on phenomena like the Gospel of Thomas and Bart Ehrman’s Misquoting Jesus, as well as the current gap in evangelical scholarship on the origins of the New Testament, Michael Kruger’s Canon Revisited meets a significant need for an up-to-date work on canon by addressing recent developments in the field. He presents an academically rigorous yet accessible study of the New Testament canon that looks deeper than the traditional surveys of councils and creeds, mining the text itself for direction in understanding what the original authors and audiences believed the canon to be. Canon Revisited provides an evangelical introduction to the New Testament canon that can be used in seminary and college classrooms, and read by pastors and educated lay leaders alike. In contrast to the prior volumes on canon, this volume distinguishes itself by placing a substantial focus on the theology of canon as the context within which the historical evidence is evaluated and assessed. Rather than simply discussing the history of canon—rehashing the Patristic data yet again—Kruger develops a strong theological framework for affirming and authenticating the canon as authoritative. In effect, this work successfully unites both the theology and the historical development of the canon, ultimately serving as a practical defense for the authority of the New Testament books.
Download or read book An Empirical Assessment of the Exchange Rate Pass through in Mozambique written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-05-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Download or read book Exchange Rate Regimes in the Modern Era written by Michael W. Klein and published by MIT Press. This book was released on 2012-08-24 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.
