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Now showing items 171-180 of 1898
A network model of super-systemic crises
Are financial systems shock absorbers or shock amplifiers? Policymakers and academics have long remained divided over this fundamental question. On the one hand some contend that financial innovation and integration make the financial world a safer place (Greenspan 1999) others argue the opposite by ...
Determinacy, learnability, and plausibility in monetary policy analysis: additional results
It is almost superfluous to begin by emphasizing that recent research in monetary policy analysis has featured a great deal of work concerning conditions for determinacy—that is, existence of a unique dynamically stable rational expectations equilibrium— under various specifications of policy behavior.1 ...
The global financial crisis
Financial crises have been pervasive for many years. Bordo and others (2001) find that in recent decades their frequency has doubled that of the Bretton Woods period (1945–71) and the gold standard era (1880–1993) becoming comparable only to the period during the Great Depression. Nevertheless the ...
Does inflation targeting make a difference?
Inflation targeting is the new kid on the block of monetary regimes. Since New Zealand and Chile first adopted the regime in 1990, a growing number of industrial and developing countries have followed suit, anchoring their monetary policy to explicit targets for inflation.
Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Optimal monetary policy in a small, open economy: a general-equilibrium analysis
The two central issues in monetary policy are separated by time horizon. The first relates to the short run: what is the appropriate monetary policy across the business cycle? The second relates to the long run: waht is the optimal long-run rate of inflation? This paper explores these classic issues ...
Acta Comité Ejecutivo N° 89
Acta mecanografiada
Indexation of public debt: analytical considerations and an application to the case of Brazil
Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes ...
Sovereign debt, volatility, and insurance
International capital inflows should, in theory, enable emerging market economies to reduce the volatility of private and public consumption in the presence of income volatility, in addition to allowing foreign savings to finance domestic capital accumulation. Access to international financial markets ...