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Sunday, August 2, 2020 | History

2 edition of Policy rules and external shocks found in the catalog.

Policy rules and external shocks

Laurence M. Ball

Policy rules and external shocks

by Laurence M. Ball

  • 199 Want to read
  • 12 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Monetary policy -- Econometric models.,
  • Anti-inflationary policies.,
  • Interest rates.,
  • Business cycles.

  • Edition Notes

    StatementLaurence Ball.
    GenreEconometric models.
    SeriesNBER working paper series -- no. 7910, Working paper series (National Bureau of Economic Research) -- working paper no. 7910.
    ContributionsNational Bureau of Economic Research.
    The Physical Object
    Pagination20 p. ;
    Number of Pages20
    ID Numbers
    Open LibraryOL22407916M

    Policy on Preventing and Dealing with Academic Writing Misconduct Provision of Medical Emergency Services on the Bloemfontein Campuses Quality Assurance Policy (Final) - February - Supplement E: Guidelines for the implementation of external moderation. Chile: Foreign Shocks and Policy Responses appreciation of the currency. After the sudden and large rise of global interest rates, the domestic financial system crashed. GDP dropped by 16% between and , the unemployment rate soared to almost 20%, and the cur-rency suffered a depreciation of around % in a year and a half. Therefore.

    Policy Research Working Paper. External Shocks, Fiscal Policy. and Income Distribution. Alternative Scenarios for Moldova. Jouko Kinnunen Hans Lofgren. Victor Sulla Dino Merotto. The World Bank Development Economics Prospects Group & Europe and Central Asia Region Poverty Reduction and Economic Management Unit. February Public. is not intended to serve as an authoritative description of the rules governing these functions, policies, and operations. The Handbook provides, without commentary, a general .

    External Shock Leading Indicators key economic variables that economists use to predict a new phase of a business cycle (ex. stock market, interest rates, and new home sales).   Economic Shock: An economic shock is an event that occurs outside of an economy, and produces a significant change within an economy.


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Policy rules and external shocks by Laurence M. Ball Download PDF EPUB FB2

Policy Rules and External Shocks Laurence Ball. NBER Working Paper No. Issued in September NBER Program(s):Monetary Economics, Economic Fluctuations and Growth.

This essay discusses rules for monetary policy in open economies. If policymakers seek to stabilize output and inflation, optimal rules in open economies differ considerably from optimal rules in closed by: However, formatting rules can vary widely between applications and fields of interest or study.

The Policy rules and external shocks book requirements or preferences of your reviewing publisher, classroom teacher, institution or. "Policy Rules and External Shocks," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 3, pagesCentral Bank of Chile.

Policy Rules and External Shocks. Laurence Ball () Working Papers Central Bank of Chile from Central Bank of Chile. Abstract: This essay discusses rules for monetary policy in open economies.

If policymakers seek to stabilize output and inflation, optimal rules in open economies differ considerably from optimal rules in closed by: policy rule external shock exchange rate monetary policy many country closed economy different choice new zealand large external shock different approach openeconomy policy rule different technique appropriate response monetary policy rule short-term interest rate open economy starting point interest rate real world world commodity price policy rule policy rule first policy instrument.

The decade since has been a period of innovation in monetary policy Around the world, many countries have adopted inflation targeting as their basic policy framework Different countries have tried different techniques for achieving inflation targets, such as different choices of policy instruments Most central banks use a short-term interest rate as their instrument, but some have experimented with Author: Laurence Ball.

Policy Rules and External Shocks Author: Laurence Ball Series: Working Paper Number: 3/ Policy Rules and External Shocks Author: Laurence Ball Subject: Vol. IV: Monetary Policy: Rules and Transmission Mechanisms Created Date: 1/9/ AM.

Policy Rules and External Shocks. Laurence Ball () NoNBER Working Papers from National Bureau of Economic Research, Inc. Abstract: This essay discusses rules for monetary policy in open economies.

If policymakers seek to stabilize output and inflation, optimal rules in open economies differ considerably from optimal rules in closed by: The paper finds that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, a U.S.

monetary policy shock affects the short-term interest rate and the exchange rate in a typical emerging market quickly and by: In response to productivity and external shocks, a countercyclical reserve requirement (RR) rule used in coordination with a conventional interest rate rule attains welfare levels comparable to those implied by spread- and real exchange rate-augmented rules.

Keywords: Optimal monetary policy, banks, credit frictions, external shocks, foreign by: 1. Procyclical Fiscal Policy: Shocks, Rules, and Institutions—A View From MARS Prepared by Paolo Manasse1 Authorized for distribution by Manmohan S.

Kumar January Abstract This Working Paper should not be reported as representing the views of the Size: KB. Most countries are vulnerable to international / regional external shocks Global Financial Crisis (GFC) Euro Zone Economic Crisis Volatile Commodity Prices China Slowdown International Trade & Investment Deals Currency volatility and policy changes e.g.

devaluation Extreme weather events Geo-political uncertainty & terrorism. Definition of external shock An external shock is an unexpected change in an economic variable which takes place outside the economy.

An example might be an increase in the price of oil having an impact on firm's costs of production. We analyze the impulse response functions of our external shocks according to alternative monetary rules.

The welfare cost associated with each monetary policy rule has been considered. Policy Response to External Shocks: Lessons from the Crisis how both credible monetary and fiscal policies increase policymakers’ degrees of freedom to respond to adverse external shocks.

to Easterly W., et. al, (), external shocks are important in explaining the differences between actual and predicted growth rates and they influence policy variables and, hence, estimates of the impacts of : Christopher Hugh Onyango, Mary Burfisher. Policy rules and external shocks.

Santiago de Chile: Banco Central de Chile, [] (OCoLC) Material Type: Document, Government publication, National government publication, Internet resource: Document Type: Internet Resource, Computer File: All Authors / Contributors: Laurence Ball; Banco Central de Chile.

Other studies analyze the macroeconomic implications of alternative monetary policy rules for a small open economy hit by external shocks (Devereux et al.,Medina and Soto, ).

Our paper is linked to this second strand of literature, and, more especially, on monetary by: 8. External Shocks, Adjustment Policies, and Investment Illustrations from a Forward-looking OGE Model of the Philippines Delfin S.

Go The rapid increase in investment and external debt of middle-income countries like the Philippines during the s was perfectly "rational" behavior, given existing policies. This streamed revision presentation takes a look at external shocks. The UK is an open economy, one that is highly integrated within the global economy.

From one perspective this increases the sensitivity of our economy to outside events for example a recession or slowdown in key export markets will inevitably have downside effects on demand, output and employment in the UK.Trade shock analysis This is because generally policy-makers tend to interpret the changes is seen as a true ‘external shock’ and will be labelled as the ‘demand component of the File Size: KB.Role of external shocks in formulating monetary policy.

The increased integration of financial systems across the global economy implies that external influences can affect domestic policies. Kamin () summarises these as follows.

First, even with a flexible exchange rate, short-term rates set by central banks in many economies are responding to.