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The performance of alternative monetary regimes

2010 Economics
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Release : 2010
Genre : Economics
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Book Synopsis The performance of alternative monetary regimes by : Laurence M. Ball

Download or read book The performance of alternative monetary regimes written by Laurence M. Ball. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2) Europe's monetary union has increased intra-European trade and capital flows, but divergence in national price levels may destabilize output in the future; (3) The "monetary analysis" of the European Central Bank has little effect on the ECB's policy decisions; and (4) Countries with hard currency pegs experience unusually severe recessions when capital flight occurs.

Economic Growth under Alternative Monetary Regimes

2008
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Release : 2008
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Book Synopsis Economic Growth under Alternative Monetary Regimes by : José Antonio Cordero

Download or read book Economic Growth under Alternative Monetary Regimes written by José Antonio Cordero. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: A Post Keynesian model is developed to examine the main features and consequences of a monetary regime based on inflation targeting. The growth performance of this regime is compared to the one resulting from real exchange rate targets. Inflation targeting is shown to hurt growth and employment performance. Real exchange rate targeting, on the other hand, allows placing the economy on a higher growth path, but the trilemma hurts inflation performance. This problem may be mitigated by adjustments in the legal reserve requirement rate or capital controls. Long-run dynamics is shown to be stable in both regimes, as long as there is enough nominal wage flexibility. The model generates endogenous economic growth. Finally, it is argued that the formalization of the monetary sector provides a bridge between monetarist interpretations of inflation and the Keynesian emphasis on effective demand.

Alternative monetary Regimes

1986
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Release : 1986
Genre :
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Book Synopsis Alternative monetary Regimes by :

Download or read book Alternative monetary Regimes written by . This book was released on 1986. Available in PDF, EPUB and Kindle. Book excerpt:

Alternative Monetary Regimes

1986 Business & Economics
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Release : 1986
Genre : Business & Economics
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Book Synopsis Alternative Monetary Regimes by : Colin Dearborn Campbell

Download or read book Alternative Monetary Regimes written by Colin Dearborn Campbell. This book was released on 1986. Available in PDF, EPUB and Kindle. Book excerpt:

Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes

2007
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Release : 2007
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Book Synopsis Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes by : Ozge Senay

Download or read book Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes written by Ozge Senay. This book was released on 2007. Available in PDF, EPUB and Kindle. Book excerpt: The welfare properties of monetary policy regimes for a country subject to foreign money shocks are examined in a two-country sticky-price model. Money targeting is found to be welfare superior to a fixed exchange rate when the expenditure switching effect of exchange rate changes is relatively weak, but a fixed rate is superior when the expenditure switching effect is strong. However, price targeting is superior to both these regimes for all values of the expenditure switching effect. A welfare-maximising monetary rule yields lower output and exchange rate volatility than price targeting for a wide range of parameter values.

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