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The Natural Real Exchange Rate of the United States Dollar, and Determinants of Capital Flows

Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, International

To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real ... More


The Dynamics of the Real Exchange Rate and Current Account in a Small Open Economy: Australia

Guay C. Lim and Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The underlying movements in the equilibrium real exchange rate – NATREX – in Australia are explained by the evolution of the fundamentals. They are: the terms of trade, the private saving ratio, ... More


The Economics of the Term Structure of Interest Rates

Claus Munk

in Fixed Income Modelling

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199575084
eISBN:
9780191728648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199575084.003.0005
Subject:
Economics and Finance, Financial Economics

The issuer of a bond is borrowing money from the holder of the bond and promises to pay back the loan according to a predefined payment scheme. An individual who has a clear preference for current ... More


The Economics of the Term Structure of Interest Rates

Claus Munk

in Financial Asset Pricing Theory

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199585496
eISBN:
9780191751790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199585496.003.0011
Subject:
Economics and Finance, Econometrics

This chapter focuses on the consequences of general asset pricing theory for the pricing of bonds and for the term structure of interest rates implied by bond prices. After a short introduction to ... More


Interpreting the Reagan Deficits

Thomas J. Sargent

in Rational Expectations and Inflation

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691158709
eISBN:
9781400847648
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691158709.003.0006
Subject:
Economics and Finance, Economic History

This chapter examines the large net-of-interest deficits in the U.S. federal budget that have marked the administration of Ronald Reagan. It explains the fiscal and monetary actions observed during ... More


Leveraging, De-leveraging, and the Liquidity Trap

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0012
Subject:
Economics and Finance, International

The chapter presents a credit-friction New Keynesian model with heterogeneous agents, where patient agents lend and impatient agents borrow subject to a collateral constraint. If, for some reason, ... More


Understanding Inflation-Indexed Bond Markets

Michael Haliassos

in Financial Innovation: Too Much or Too Little?

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter explores the history of inflation-indexed bond markets in the United States and the United Kingdom. It documents a massive decline in long-term real interest rates from the 1990s until ... More


Industrial Country Policies

Jeffrey A. Frankel, Nouriel Roubini, Mervyn King, Robert Rubin, and George Soros

in Economic and Financial Crises in Emerging Market Economies

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226241098
eISBN:
9780226241104
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226241104.003.0004
Subject:
Economics and Finance, International

This chapter examines the impact of the financial policies of industrial countries on the financial crises in emerging market economies. It analyzes the macroeconomic policies of the Group of Seven ... More


Very High Interest Rates and the Cousin Risks: Brazil During the Real Plan

Márcio G. P. Garcia and Tatiana Didier

in Latin American Macroeconomic Reforms: The Second Stage

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226302676
eISBN:
9780226302683
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226302683.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the determinants of interest rates in Brazil. Based on the interest parity conditions, it considers the behavior of so-called cousin risks: the currency risk and the country ... More


Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation

Andrew Levin and John B. Taylor

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the evolution of long-run inflation expectations and models the stance of US monetary policy from 1960 to 1980. It begins by considering several distinct measures of long-run ... More


The Determinants Of The Interest-Rate–Growth Differential

Julio Escolano

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the cross-country and temporal patterns of the interest-rate growth differential (IRGD), an essential variable in the dynamics of the debt ratio; that is, the ratio of ... More


Dropout and Enrollment Trends in the Postwar Period: What Went Wrong in the 1970s?

David Card and Thomas Lemieux

in Risky Behavior among Youths: An Economic Analysis

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226310138
eISBN:
9780226309972
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226309972.003.0010
Subject:
Economics and Finance, Behavioural Economics

Using a variety of data sources, this chapter documents trends in school enrollment and completed schooling attainment. It assesses the role of various demand-side factors affecting the decision of ... More


Coordination of Fiscal and Monetary Policies

Mika Kortelainen, Douglas Laxton, and Jack Selody

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics

Using the International Monetary Fund's Global Integrated Monetary and Fiscal Model (GIMF), this chapter assesses the effectiveness of expansionary fiscal policy when monetary policy accommodates the ... More


Current Debt Crisis in Historical Perspective

S. Ali Abbas, Nazim Belhocine, Asmaa El-Ganainy, and Anke Weber

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the ongoing debt crisis in advanced economies in historical perspective, with a view to identifying significant drivers of debt accumulation and subsequent debt reductions. The ... More


Demographics and the Secular Stagnation Hypothesis in Europe

Carlo A. Favero and Vincenzo Galasso

in After the Crisis: Reform, Recovery, and Growth in Europe

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198754688
eISBN:
9780191816260
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198754688.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

Demographic trends in Europe do not support empirically the secular stagnation hypothesis. The evidence in this chapter shows that the age structure of population generates less long-term growth but ... More


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