Download or read book Dissecting Taylor Rules in a Structural VAR written by Woon Gyu Choi and published by International Monetary Fund. This book was released on 2010-01-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period.

Download or read book Policy Conflicts and Inflation Targeting The Role of Credit Markets written by Woon Gyu Choi and published by International Monetary Fund. This book was released on 2018-04-06 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when inflation is overshooting. We find that central banks with inflation targeting (IT) are responsive to credit conditions in both advanced economies and emerging-market economies (EMEs). However, EMEs are more sensitive to inflation conditions, responding to credit growth only when consistent with IT. Macroprudential measures are also deployed to address credit growth volatility when orthodox policy moves would be inconsistent with IT, complementing monetary policy.

Download or read book Perspectives on Inclusive Policies for Development in India written by Saiyed Raza Hashim and published by Springer Nature. This book was released on 2022-06-06 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents perspectives by eminent economists, social scientists and policy makers, exploring in depth the post-reform developments in India, including issues pertaining to growth and equity, issues which have been at the core of life-time work of Prof. R. Radhakrishna. The book brings out how some public policy instruments created to promote growth have turned out to be regressive, promoting inequalities and creating a highly asymmetric federalism in India. It examines the efficacy of fiscal and monetary reforms and also emphasises the need for strengthening the institutions of governance, particularly judiciary and police, in order to boost investors’ confidence. It presents exercises in econometric modelling for explaining factors in growth and vetting policies, and explores the issue of governance and institutions. The book provides insights into the working of an emerging economy and a large democracy which has to strive for public acceptability of the tensions of its negotiations between equity and growth. With its depth of academic excellence and breadth of topics covered, it is a ‘must read’ for researchers, policy makers, industry watchers, think tanks, and NGOs.

Download or read book Toward a Taylor Rule for Fiscal Policy written by Martin Kliem and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book The Cointegrated VAR Model written by Katarina Juselius and published by OUP Oxford. This book was released on 2006-12-07 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable text provides a comprehensive introduction to VAR modelling and how it can be applied. In particular, the author focuses on the properties of the Cointegrated VAR model and its implications for macroeconomic inference when data are non-stationary. The text provides a number of insights into the links between statistical econometric modelling and economic theory and gives a thorough treatment of identification of the long-run and short-run structure as well as of the common stochastic trends and the impulse response functions, providing in each case illustrations of applicability. This book presents the main ingredients of the Copenhagen School of Time-Series Econometrics in a transparent and coherent framework. The distinguishing feature of this school is that econometric theory and applications have been developed in close cooperation. The guiding principle is that good econometric work should take econometrics, institutions, and economics seriously. The author uses a single data set throughout most of the book to guide the reader through the econometric theory while also revealing the full implications for the underlying economic model. To test ensure full understanding the book concludes with the introduction of two new data sets to combine readers understanding of econometric theory and economic models, with economic reality.

Download or read book Advanced Calculus Revised Edition written by Lynn Harold Loomis and published by World Scientific Publishing Company. This book was released on 2014-02-26 with total page 595 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authorised reissue of the long out of print classic textbook, Advanced Calculus by the late Dr Lynn Loomis and Dr Shlomo Sternberg both of Harvard University has been a revered but hard to find textbook for the advanced calculus course for decades.This book is based on an honors course in advanced calculus that the authors gave in the 1960's. The foundational material, presented in the unstarred sections of Chapters 1 through 11, was normally covered, but different applications of this basic material were stressed from year to year, and the book therefore contains more material than was covered in any one year. It can accordingly be used (with omissions) as a text for a year's course in advanced calculus, or as a text for a three-semester introduction to analysis.The prerequisites are a good grounding in the calculus of one variable from a mathematically rigorous point of view, together with some acquaintance with linear algebra. The reader should be familiar with limit and continuity type arguments and have a certain amount of mathematical sophistication. As possible introductory texts, we mention Differential and Integral Calculus by R Courant, Calculus by T Apostol, Calculus by M Spivak, and Pure Mathematics by G Hardy. The reader should also have some experience with partial derivatives.In overall plan the book divides roughly into a first half which develops the calculus (principally the differential calculus) in the setting of normed vector spaces, and a second half which deals with the calculus of differentiable manifolds.

Download or read book Understanding Institutional Diversity written by Elinor Ostrom and published by Princeton University Press. This book was released on 2009-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of how institutions are formed, how they operate and change, and how they influence behavior in society has become a major subject of inquiry in politics, sociology, and economics. A leader in applying game theory to the understanding of institutional analysis, Elinor Ostrom provides in this book a coherent method for undertaking the analysis of diverse economic, political, and social institutions. Understanding Institutional Diversity explains the Institutional Analysis and Development (IAD) framework, which enables a scholar to choose the most relevant level of interaction for a particular question. This framework examines the arena within which interactions occur, the rules employed by participants to order relationships, the attributes of a biophysical world that structures and is structured by interactions, and the attributes of a community in which a particular arena is placed. The book explains and illustrates how to use the IAD in the context of both field and experimental studies. Concentrating primarily on the rules aspect of the IAD framework, it provides empirical evidence about the diversity of rules, the calculation process used by participants in changing rules, and the design principles that characterize robust, self-organized resource governance institutions.

Download or read book NBER Macroeconomics Annual 2007 written by Daron Acemoglu and published by . This book was released on 2008-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2007 address exchange-rate models; implications of credit market frictions; cyclical budgetary policy and economic growth; the impacts of shocks to government spending on consumption, real wages, and employment; dynamic macroeconomic models; and the role of cyclical entry of new firms and products on the nature of business-cycle fluctuations and on the effects of monetary policy.

Download or read book World Economic Outlook April 2016 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2016-04-12 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Major macroeconomic realignments are affecting prospects differentially across the world’s countries and regions. The April 2016 WEO examines the causes and implications of these realignments—including the slowdown and rebalancing in China, a further decline in commodity prices, a related slowdown in investment and trade, and declining capital flows to emerging market and developing economies—which are generating substantial uncertainty and affecting the outlook for the global economy. Additionally, analytical chapters examine the slowdown in capital flows to emerging market economies since their 2010 peak—its main characteristics, how it compares with past slowdowns, the factors that are driving it, and whether exchange rate flexibility has changed the dynamics of the capital inflow cycle—and assess whether product and labor market reforms can improve the economic outlook in advanced economies, looking at the recent evolution and scope for further reform, the channels through which reforms affect economic activity under strong versus weak economic conditions, reforms’ short- to medium-term macroeconomic effects, and sequencing of reforms and coordination with other policies to maximize their potential quantitative economic benefits. A special feature analyzes in depth the energy transition in an era of low fossil fuel prices.

Download or read book Qualitative Data Analysis written by Ian Dey and published by Routledge. This book was released on 2003-09-02 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Qualitative Data Analysis shows that learning how to analyse qualitative data by computer can be fun. Written in a stimulating style, with examples drawn mainly from every day life and contemporary humour, it should appeal to a wide audience.

Download or read book Credit Supply and Productivity Growth written by Francesco Manaresi and published by International Monetary Fund. This book was released on 2019-05-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.

Download or read book Thinking in Systems written by Donella Meadows and published by Chelsea Green Publishing. This book was released on 2008-12-03 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic book on systems thinking—with more than half a million copies sold worldwide! "This is a fabulous book... This book opened my mind and reshaped the way I think about investing."—Forbes "Thinking in Systems is required reading for anyone hoping to run a successful company, community, or country. Learning how to think in systems is now part of change-agent literacy. And this is the best book of its kind."—Hunter Lovins In the years following her role as the lead author of the international bestseller, Limits to Growth—the first book to show the consequences of unchecked growth on a finite planet—Donella Meadows remained a pioneer of environmental and social analysis until her untimely death in 2001. Thinking in Systems is a concise and crucial book offering insight for problem solving on scales ranging from the personal to the global. Edited by the Sustainability Institute’s Diana Wright, this essential primer brings systems thinking out of the realm of computers and equations and into the tangible world, showing readers how to develop the systems-thinking skills that thought leaders across the globe consider critical for 21st-century life. Some of the biggest problems facing the world—war, hunger, poverty, and environmental degradation—are essentially system failures. They cannot be solved by fixing one piece in isolation from the others, because even seemingly minor details have enormous power to undermine the best efforts of too-narrow thinking. While readers will learn the conceptual tools and methods of systems thinking, the heart of the book is grander than methodology. Donella Meadows was known as much for nurturing positive outcomes as she was for delving into the science behind global dilemmas. She reminds readers to pay attention to what is important, not just what is quantifiable, to stay humble, and to stay a learner. In a world growing ever more complicated, crowded, and interdependent, Thinking in Systems helps readers avoid confusion and helplessness, the first step toward finding proactive and effective solutions.

Download or read book What Happens During Recessions Crunches and Busts written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42

Download or read book The Inflation Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

Download or read book The President and Immigration Law written by Adam B. Cox and published by Oxford University Press. This book was released on 2020-08-04 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who controls American immigration policy? The biggest immigration controversies of the last decade have all involved policies produced by the President policies such as President Obama's decision to protect Dreamers from deportation and President Trump's proclamation banning immigrants from several majority-Muslim nations. While critics of these policies have been separated by a vast ideological chasm, their broadsides have embodied the same widely shared belief: that Congress, not the President, ought to dictate who may come to the United States and who will be forced to leave. This belief is a myth. In The President and Immigration Law, Adam B. Cox and Cristina M. Rodríguez chronicle the untold story of how, over the course of two centuries, the President became our immigration policymaker-in-chief. Diving deep into the history of American immigration policy from founding-era disputes over deporting sympathizers with France to contemporary debates about asylum-seekers at the Southern border they show how migration crises, real or imagined, have empowered presidents. Far more importantly, they also uncover how the Executive's ordinary power to decide when to enforce the law, and against whom, has become an extraordinarily powerful vehicle for making immigration policy. This pathbreaking account helps us understand how the United States ?has come to run an enormous shadow immigration system-one in which nearly half of all noncitizens in the country are living in violation of the law. It also provides a blueprint for reform, one that accepts rather than laments the role the President plays in shaping the national community, while also outlining strategies to curb the abuse of law enforcement authority in immigration and beyond.

Download or read book Dissecting the Social written by Peter Hedstrom and published by Cambridge University Press. This book was released on 2005-11-10 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades serious reservations have been expressed about the explanatory power of sociological theory and research. In this important book, leading social theorist Peter Hedström outlines the foundations of an analytically oriented sociology that seeks to address this criticism. Building on his earlier influential contributions to contemporary debates, Professor Hedström argues for a systematic development of sociological theory so that it has the explanatory power and precision to inform sociological research and understanding. He discusses various mechanisms of action and interaction and shows how strong links can be forged between the micro and the macro, and between theory and empirical research. Combining approaches to theory and methodology and using extensive examples to illustrate how they might be applied, this clear, concise and original book will appeal to a broad range of social scientists.