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Now showing items 191-200 of 508
Inflation targeting versus price-path targeting: looking for improvements
The world’s central banks have undergone dramatic changes in the past fifteen years. Increases in independence and transparency have been coupled with a shift in focus. Price stability is now the paramount objective for the vast majority of modern central bankers. Combined, these changes in central ...
External conditions and growth performance
A central dimension of globalization is the world trend toward larger trade and financial openness, observed in most industrial and developing economies. Openness increases the integration of world goods and capital markets, contributing to potential gains in growth and welfare. However, increased ...
Trade with asymmetric information
Events in financial markets before and during the crisis of late 2008 have stimulated renewed interest in modeling trade with asymmetric information. Robert Shimer’s contribution to this volume joins the literature focusing on trade in securities that are claims on mortgages where issuers of the ...
Quantity and quality of economic growth
Most cross-country studies of economic growth, including my earlier research, focus on the determinants of narrow economic variables. The variables most often studied are the growth rate of per capita gross domestic product (GDP) and the ratio of investment to GDP. In this study, my focus is on the ...
Indexation, inflation, and monetary policy
Although indexation policies and practices are common in many markets and economies, their implications for market efficiency and price stabilization remain controversial. This book contributes to the literature on indexation and inflation by including nine articles that are at the research frontier ...
Crises in emerging market economies: a global perspective
It is now more than ten years since the “first crisis of the twentyfirst century,” as Michel Camdessus, the former managing director of the International Monetary Fund (IMF), called Mexico’s 1994–95 tequila crisis. The event is important not because it signaled a new environment (the tequila crisis ...
Chile’s fiscal rule as social insurance
Well before the Great Recession of 2009 put fiscal policy debates in the front burner commodity-exporting countries had to deal with important fiscal policy dilemmas stemming from revenue volatility and eventual depletion. Chilean policymakers have been at the forefront in this area since adopting a ...
Exchange rate structural fiscal balance and copper price: a puzzle
Chile’s exchange rate shows a strong volatility to copper price fluctuations. This correlation is essentially because copper is our main export product therefore increases in the price of copper imply higher returns from copper export volumes both for private and the stateowned mining company Codelco. ...
Does inflation targeting increase output volatility?: an international comparison of policymakers' preferences and outcomes
Monetary policy regimes around the world changed dramatically over the decade of the 1990s. Central banks have become more transparent, more independent, more accountable, and (apparently) more successful. The biggest transformation has benn the move away from focusing on intermediate objectives, susch ...