unconventional monetary or fiscal policy

... employment (= public workforce) Workforce of firms Total active workforce (Normal) Employment rate of those employed in the private sector Participation rate of the potential workforce Rate of employment ... Net exports and net interest payments on foreign bonds are always equal in sum to net capital exports or net foreign bond imports, with households and the CB as creditors and firms as debtors in ... har p e works as an economist for the International Institute for Labour Studies at the International Labour Organization in Geneva ca r l c hiar ella is Emeritus Professor and Professor of Quantitative...

Ngày tải lên: 01/11/2014, 11:18

Ngày tải lên: 18/02/2014, 11:20

... contemporaneous correlation among the cross sections As such, this error structure is more general than alternative structures such as that used by Fama and MacBeth (1974), which not incorporate ... change factor augments the usual market return factor Inclusion of the interest rate change factor is also consistent with Merton’s (1973) intertemporal asset pricing model Among more recent ... a short position in foreign bonds or the use of a hedging instrument can reduce foreign exposure In his model, exchange rate risk arises because of divergent consumption patterns of investors...

Ngày tải lên: 22/03/2014, 17:20

... for hedging purposes However, the correlations are higher for a pair of currency variables than interest rate variables This indicates that derivatives are more commonly used (for hedging) for ... have a greater influence A policy implication is that the behavior of currency and interest rate derivatives needs to be carefully monitored by monetary and regulatory authorities as a potential ... (hedging) and return-increasing (speculation or trading) banking functions Thus, for a major commercial bank that uses derivatives for hedging and /or trading, we would expect related covariances...

Ngày tải lên: 29/03/2014, 13:20

... world of countries and unrestricted capital flows, the real interest rates will be the same If they are not the same, arbitrage will equalize them For example, = 5%, = 10% The investor will borrow ... be a relationship between nominal interest rate and spot exchange rate - In short run, IFE is not a good predictor ...

Ngày tải lên: 04/04/2015, 23:59

... for prices for Australia since the CPI data are available on a quarterly basis CPI data are not readily available for United Arab Emirates (UAE), which remains an important trading partner for ... changing pattern of India’s foreign trade with its major trading partners In order to calculate the weights, the geometric average of India’s bilateral trade (exports plus imports) with countries/regions ... hitherto for constructing REER/NEER series Table gives the normalized weights for the 36-currencies for the year 2005-06, which is based on trade shares of previous three years Table 1: Normalised...

Ngày tải lên: 17/09/2012, 16:47

Ngày tải lên: 18/02/2014, 11:20

... spot/forward and forward/forward swaps should be included For turnover, only the forward leg should be reported as such The spot leg should not be reported at all, that is, neither as spot nor as ... reported within the seven-days-orless maturity bucket See Chart Nearly 99 percent of the outright forward transactions were reported in the one-year -or- less maturity bucket The majority of reported ... adjusted for, daily foreign exchange turnover in the United States (spot, Visit http://www.BIS.org for the BIS report on global turnover Turnover in the United States, April 2010 forwards, and...

Ngày tải lên: 06/03/2014, 02:21

Ngày tải lên: 07/03/2014, 02:20

... provide useful bits of information or illuminating anecdotes To further supplement the available information, the authors conducted a survey of forex dealers working for commercial banks The targeted ... in foreign currency, the reduction of the required surrender portion to zero meant that businesses could more readily retain export earnings in foreign currency for use in subsequent import purchases, ... the pressures for change and reform which had been building up for a number of years came to a head in 1986 In response, the authorities initiated broadbased policy changes in order to shift...

Ngày tải lên: 07/03/2014, 18:20

... proceed to investigate the role of the exchange rate for monetary policy by exploring the performance of the three different proposals for avoiding or escaping the liquidity trap by means of depreciation ... direct effect of foreign demand for exports in the output gap equation, nor does it allow for a direct effect of the exchange rate on consumer price inflation via import prices We shortly discuss the ... 2003 45 Taylor, J B., 1993a, Macroeconomic policy in the world economy: From econometric design to practical operation, New York: W.W Norton Taylor, J B., 1993b, Discretion versus policy rules...

Ngày tải lên: 22/03/2014, 23:20

... City Corp North Fork Bancorporation PNC Bank Corp Republic New York Corp Signet Banking Corp Suntrust Banks Inc Union Planters Corp Wachovia Corp Wells Fargo & Co Worthen Banking Corp Firstar Corp ... Manhattan Corp Chemical Banking Corp Citicorp Comerica Inc First Bank System Inc First Chicago Corp First Commonwlth Finl First Fid Bancorporation First Union Corp (NC) Morgan (J P.) & Co NBD Bancorp ... reports, to form accounting indicators of exposure The Y-9 reports are prepared according to regulatory accounting rules that are mostly consistent with those used to generate annual reports for...

Ngày tải lên: 29/03/2014, 13:20

... EXCHANGE RATE PASS - THROUGH AND MONETARY POLIICY IN CROATIA GIỚI THIỆU TỔNG QUAN LÝ THUYẾT VẤN ĐỀ DỮ LIỆU PHÂN TÍCH THỰC NGHIỆM ... với thay đổi tỷ giá Vấn đề đặt hiệu ứng truyền dẫn không hoàn toàn? Tổng quan nghiên cứu trước  Dornbusch , 1987, “Exchange Rates and Prices”  Dựa giả thuyết: Đồng Đô la Mỹ đánh giá cao, ngắn ... nghiên cứu Tổng quan nghiên cứu trước  McCarthy, 2000, “Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies”  Bài báo nghiên cứu tác động...

Ngày tải lên: 10/04/2014, 13:10

... 12(11):975–981 SPSS 15.0 for Windows Chicago: SPSS Incorporated; 2006 STATA/SE Version 8.2 for Windows College Station, Texas STATACorp LP; 2005 Hawthorne G and Osborne R: Population norms and meaningful ... 0.05, remove p ≥ 0.10) For the subscale-, scale- or index-based algorithms, we regressed AQoL utility scores on subscale or scale scores plus interactions and second-order terms in the case of ... index scores plus second-order terms in the case of the NIHSS and Barthel algorithms For all algorithms, we retained interaction and second-order terms where they made a significant individual or...

Ngày tải lên: 18/06/2014, 18:20

... different policy simulations: both fiscal and monetary policy for each economy 2.4.2.1 Historical Simulation Figures 2.13 and 2.14 present the results of historical simulation from 1988 to 2000 for ... caution The reform and open-door policies in China have liberated people’s work incentive and enthusiasm Important aspects of this change are that people have more job choices and more opportunities, ... path for the state vector x t u t = control vector of period t ~ u t = desired path for the control vector zt = purely exogenous variable vector of period t Wt = penalty weight matrix for the...

Ngày tải lên: 21/08/2014, 07:54

... Vietnam’s exports through quality, design and variety 3.3.2.2 Export supporting credit policy - Prepare solutions to innovate and replace export credit solutions in order to be suitable for WTO’s ... expenditure theory, monetary theory and investment portfolio theory Research on Multinational Business Finance of David K.Eiteman 2001 provides an overview of exchange rate’ influential factors, then ... balance More importantly, the thesis examines theories of devaluation conditions in order to improve trade balance through theories of elasticity, J effect and modern approaching theories of...

Ngày tải lên: 23/08/2014, 14:15

... making or in the arrival of information), so the policymaker intervenes automatically as soon as the exchange rate reaches the boundaries of the band Speculators buy foreign currency or shortsell ... speculators observe are “almost perfect.” Based on θi , each speculator i decides whether or not to attack the currency If the exchange rate is at e, speculator i can shortsell the foreign currency ... underlying macroeconomic structure in a reduced form.4 A basic premise of our framework is that exporters and importers—as well as borrowers and lenders in foreign-currency-denominated financial assets—dislike...

Ngày tải lên: 28/11/2014, 17:18

... making or in the arrival of information), so the policymaker intervenes automatically as soon as the exchange rate reaches the boundaries of the band Speculators buy foreign currency or shortsell ... speculators observe are “almost perfect.” Based on θi , each speculator i decides whether or not to attack the currency If the exchange rate is at e, speculator i can shortsell the foreign currency ... underlying macroeconomic structure in a reduced form.4 A basic premise of our framework is that exporters and importers—as well as borrowers and lenders in foreign-currency-denominated financial assets—dislike...

Ngày tải lên: 29/11/2014, 11:26

... of foreign currency the exporter receives from their export, these exporters will have more local currency when exchanging their foreign currency to local one For example, a Vietnamese exporter ... pay 6.000VND more for each imported mouse Impact of exchange rate on structure of imported and exported goods Among exported goods, agricultural products and raw materials are more sensitive ... demand for export, i.e.by how much, in percentage, export would change if the exchange rate rises by 1%, η M is exchange rate elasticity of demand for import or by how much, in percentage, import...

Ngày tải lên: 05/03/2015, 09:08