Costas Meghir, Christopher A. Pissarides, Dimitri Vayanos, and Nikolaos Vettas
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780262035835
- eISBN:
- 9780262339216
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262035835.003.0001
- Subject:
- Economics and Finance, International
This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on ...
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This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.Less
This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.
Michael W. Klein and Jay C. Shambaugh
- Published in print:
- 2009
- Published Online:
- August 2013
- ISBN:
- 9780262013659
- eISBN:
- 9780262259002
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262013659.001.0001
- Subject:
- Economics and Finance, Econometrics
The exchange rate is sometimes called the most important price in a highly globalized world. A country’s choice of its exchange rate regime, between government-managed fixed rates and ...
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The exchange rate is sometimes called the most important price in a highly globalized world. A country’s choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. This book examines the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The book focuses on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72, and the pre-World War I gold standard era. It offers an integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.Less
The exchange rate is sometimes called the most important price in a highly globalized world. A country’s choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. This book examines the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The book focuses on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72, and the pre-World War I gold standard era. It offers an integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.
Ben S. Bernanke and Michael Woodford (eds)
- Published in print:
- 2005
- Published Online:
- February 2013
- ISBN:
- 9780226044712
- eISBN:
- 9780226044736
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226044736.001.0001
- Subject:
- Economics and Finance, Financial Economics
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in ...
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Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. This book explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The book opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.Less
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. This book explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The book opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Praveen Jha
- Published in print:
- 2015
- Published Online:
- September 2016
- ISBN:
- 9780199458950
- eISBN:
- 9780199086900
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199458950.003.0008
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Decent employment and livelihood options ought to be among the most important policy objectives on any meaningful agenda of economic development. India’s experience, on this count, has been quite ...
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Decent employment and livelihood options ought to be among the most important policy objectives on any meaningful agenda of economic development. India’s experience, on this count, has been quite unsatisfactory since Independence. Like many other developing countries, India has made inadequate progress in terms of addressing the problems of poverty, unemployment, and occupational structural transformation. As is well-known, even today vast masses of the country’s population continue to eke out an existence primarily through their dependence on agriculture and a variety of non-rural informal activities under extremely fragile conditions. Furthermore, since the early 1990s, during the era of neo-liberal reforms, the standard correlates of the well-being of the masses in general have come under further relative pressure. This chapter in an attempt to provide an overview of labour conditions in contemporary India while locating it in the trajectory of economic transformation since Independence.Less
Decent employment and livelihood options ought to be among the most important policy objectives on any meaningful agenda of economic development. India’s experience, on this count, has been quite unsatisfactory since Independence. Like many other developing countries, India has made inadequate progress in terms of addressing the problems of poverty, unemployment, and occupational structural transformation. As is well-known, even today vast masses of the country’s population continue to eke out an existence primarily through their dependence on agriculture and a variety of non-rural informal activities under extremely fragile conditions. Furthermore, since the early 1990s, during the era of neo-liberal reforms, the standard correlates of the well-being of the masses in general have come under further relative pressure. This chapter in an attempt to provide an overview of labour conditions in contemporary India while locating it in the trajectory of economic transformation since Independence.
