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Comments On 'A Spectral Perspective on Natural Interest Rates in Asia-Pacific

2016
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Release : 2016
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Book Synopsis Comments On 'A Spectral Perspective on Natural Interest Rates in Asia-Pacific by : Solikin M. Juhro

Download or read book Comments On 'A Spectral Perspective on Natural Interest Rates in Asia-Pacific written by Solikin M. Juhro. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt: Feng Zhu (2015) has delivered sound research on the equilibrium real interest rate and its implication for monetary policy in Asia-Pacific countries. I fully concur that the use of the natural interest rate framework to implement monetary policy poses many risks, given the numerous uncertainties surrounding natural rates. However, we should not only consider the precision of estimation but we should also seek to understand how different factors in different situations influence the equilibrium real interest rate and why this is important for monetary policy formulation. Here, I see some room for enhancement that should be incorporated in the paper. My suggestion is that the paper could discuss a broader scope of the monetary policy domain, especially in the post-GFC era, such as the trade-off between internal-external balances, the role of the exchange rate as well as risk perception/behaviour that could potentially impact the equilibrium real interest rate lift-off, as in the case of Indonesia, Malaysia, and some other emerging countries. This would provide a more rigorous assessment of the strategic role of interest rate policy and thus the practical relevance of equilibrium real interest rates in monetary policy formulation.Given the practical usefulness of equilibrium real interest rates, I generally support the arguments proffered by Orphanides and Williams (2002) that recommend against relying excessively on these intrinsically noisy indicators when making monetary policy decisions, and Hamilton et al (2015) who inject more inertia into the monetary policy reaction function. To conclude the discussion on this issue and anchor the theme of the conference, namely “expanding the boundaries of monetary policy”, we should put a proper weight on interest rate policy along with other instruments under a credible central bank policy mix strategy. This implies that the equilibrium real interest rate estimation should not statistically stand alone, since the determination of equilibrium real interest rates should be consistent with the macroeconomic balance and the related policy mix response. Consequently, while there is no guarantee that structural estimates would fare better, I would prefer to address the issue using a structural approach.

Global Trends 2040

2021-03
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Release : 2021-03
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Book Rating : 973/5 ( reviews)

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Book Synopsis Global Trends 2040 by : National Intelligence Council

Download or read book Global Trends 2040 written by National Intelligence Council. This book was released on 2021-03. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

International Macroeconomics in the Wake of the Global Financial Crisis

2018-06-13 Business & Economics
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Release : 2018-06-13
Genre : Business & Economics
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Book Rating : 757/5 ( reviews)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara. This book was released on 2018-06-13. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

The Financial Crisis Inquiry Report

2011-05-01 Political Science
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Release : 2011-05-01
Genre : Political Science
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Book Rating : 414/5 ( reviews)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission. This book was released on 2011-05-01. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Key Indicators for Asia and the Pacific 2021

2021-08-24
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Release : 2021-08-24
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Book Rating : 205/5 ( reviews)

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Book Synopsis Key Indicators for Asia and the Pacific 2021 by : Asian Development Bank

Download or read book Key Indicators for Asia and the Pacific 2021 written by Asian Development Bank. This book was released on 2021-08-24. Available in PDF, EPUB and Kindle. Book excerpt: This publication provides updated statistics on a comprehensive set of economic, financial, social, and environmental measures as well as select indicators for the Sustainable Development Goals (SDGs). The report covers the 49 regional members of ADB. It discusses trends in development progress and the challenges to achieving inclusive and sustainable economic growth across Asia and the Pacific. This 52nd edition discusses how the COVID-19 pandemic has intensified the challenges of meeting development targets, which needed urgent attention even before the global health crisis began. To put into practice the "leave no one behind" principle of the SDGs, the availability of more detailed and informative data is crucial. With the pandemic intensifying society's reliance on digital platforms for remote working and learning, as well as for shopping and entertainment, the 2021 report features a special supplement, Capturing the Digital Economy: A Proposed Measurement Framework and Its Applications, which is rooted in input-output analysis and uses readily available national accounts data. The study provides a sound basis on which to assess the relative importance of the digital economy in national and global production processes.

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