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Author: Tryggvi Gudmundsson Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 50
Book Description
We study the global inflation surge during the pandemic recovery and the implications for aggregate and sectoral Phillips curves. We provide evidence that Phillips curves shifted up and steepened across advanced economies, and that differences in the inflation response across sectors imply the relative price of goods has been pro-cyclical this time around rather than a-cyclical as during previous cycles. We show analytically that these three features emerge endogenously in a two-sector new-Keynesian model when we introduce unbalanced recoveries that run against a supply constraint in the goods sector. A calibrated exercise shows that the resulting changes to the output-inflation relation are quantitatively important and improve the model's ability to replicate the inflation surge during this period.
Author: Tryggvi Gudmundsson Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 50
Book Description
We study the global inflation surge during the pandemic recovery and the implications for aggregate and sectoral Phillips curves. We provide evidence that Phillips curves shifted up and steepened across advanced economies, and that differences in the inflation response across sectors imply the relative price of goods has been pro-cyclical this time around rather than a-cyclical as during previous cycles. We show analytically that these three features emerge endogenously in a two-sector new-Keynesian model when we introduce unbalanced recoveries that run against a supply constraint in the goods sector. A calibrated exercise shows that the resulting changes to the output-inflation relation are quantitatively important and improve the model's ability to replicate the inflation surge during this period.
Author: Mr. Tamim Bayoumi Publisher: International Monetary Fund ISBN: 1475516495 Category : Business & Economics Languages : en Pages : 49
Book Description
The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.
Author: Changyong Rhee Publisher: International Monetary Fund ISBN: 1513566598 Category : Health & Fitness Languages : en Pages : 105
Book Description
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Author: Peter D. Williams Publisher: ISBN: 9781513550916 Category : Languages : en Pages : 26
Book Description
Following the global financial crisis, significant uncertainty has existed around the U.S. economy's steady state equilibrium. This paper uses a factor model to provide a new approach to estimating "the stars" (i.e. the neutral interest rate, maximum employment, and the level and growth rate of potential output) that are most consistent with a medium-term equilibrium where inflation converges to the FOMC's two percent target. It is applicable to any country with an inflation targeting central bank. It also explicitly incorporates estimates of the extensive margin of slack in the labor market, which has proven to be an important factor in describing the post-financial crisis landscape.
Author: James Shulmeister Publisher: Springer ISBN: 9462392374 Category : Science Languages : en Pages : 334
Book Description
This book brings together an overview of the recent geological history, active earth and biological processes and human settlement of New Zealand. Topics covered include the very active neotectonic and volcanic setting. Mountain geomorphic processes are examined and new ideas about landsliding are highlighted. The exceptional sedimentary archives of the Whanganui Basin are also presented. As one of two land masses that extend into the southern mid-latitudes, New Zealand is ideally located to investigate changes in Southern Ocean climate. Related to this, mountain glaciation in New Zealand is a focus in global climate change debates. New Zealand also has a unique biota due to its long isolation and is the last major land mass to be settled by people. Advances in DNA technologies have revolutionised our understanding of the histories and processes involved. The book provides a comprehensive review of existing work and highlights new ideas and major debates across all these fields.
Author: Sayuri Shirai Publisher: Brookings Institution Press ISBN: 489974224X Category : Business & Economics Languages : en Pages : 0
Book Description
Growing Central Bank Challenges in the World and Japan offers insights for central banks looking to tackle the most pressing challenges under the global spotlight, starting with low inflation and its related impacts on unconventional monetary policy and policy coordination, including fiscal stimulus. It also provides important insights into issues related to central bank money, private money, the emergence of crypto assets, and the prospect of central bank digital currency. Part I focuses on examining the persistently low inflation in advanced economies and reviews various unconventional monetary easing tools. It summarizes recent discussions on new monetary policy frameworks that could become alternatives to existing flexible inflation targeting, such as average inflation targeting and price-level targeting, as well as policy coordination, including helicopter money and modern monetary theory. Part II sheds light on issues related to money, crypto assets, and central bank digital currency in advanced and emerging economies. It highlights the global rise in cash in circulation and gives an overview of the recent movements in private money, including bank deposits and e-money payment tools. It also examines the latest developments in crypto assets, including various types of “stablecoins” and Facebook’s Libra, reviews central bank digital currency proposals, and discusses the recent views expressed by regulatory authorities while incorporating new perspectives based on the coronavirus disease (COVID-19) outbreak.
Author: László Mátyás Publisher: Springer Nature ISBN: 3030939634 Category : Business & Economics Languages : en Pages : 610
Book Description
This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.
Author: Nordine Abidi Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 42
Book Description
The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the pandemic, and we expect firms facing digital constraints to be less resilient to supply shocks. This paper uses firm-level data to investigate whether digitally-enabled firms have been able to mitigate economic losses arising from the pandemic better than digitally-constrained firms in the Middle East and Central Asia region using a difference-in-differences approach. Controlling for demand conditions, we find that digitally-enabled firms faced a lower decline in sales by about 4 percentage points during the pandemic compared to digitally-constrained firms, suggesting that digitalization acted as a hedge during the pandemic. Against this backdrop, our results suggest that policymakers need to close the digital gap and accelerate firms’ digital transformation. This will be essential for economies to bounce back from the pandemic, and build the foundations for future resilience.
Author: John Orem Publisher: Elsevier ISBN: 0323154166 Category : Medical Languages : en Pages : 362
Book Description
Physiology in Sleep provides the physiological definition of sleep and presents the philosophical approach to sleep that departs from pharmacological and neurophysiological theories of sleep. This book discusses the effects of sleep on cardiovascular and respiratory function, cerebral metabolism and blood flow, as well as temperature regulation. Comprised of eight chapters, this text starts with an overview of the cardiovascular changes that occur during sleep and its direct relevance to human physiology and disease. This book then explores the variety of sleep stages, characteristics, and possible functions. Other chapters consider the evidence of nychtohemeral rhythmicity in man’s hormones that subserve growth, maturation, nurture, reproduction, mineral metabolism, energy regulation, adaptation, and survival. This book further discusses the gastric, esophageal, and intestinal functioning during sleep. The final chapter explores the sleep apnea syndromes and some examples of the sudden infant death syndrome. This book is intended for readers seeking a detailed account of physiology in sleep.
Author: Tryggvi Gudmundsson
Author: Tryggvi Gudmundsson
Author: Friedrich August Hayek
Author: Mr. Tamim Bayoumi
Author: Changyong Rhee
Author: Peter D. Williams
Author: James Shulmeister
Author: Sayuri Shirai
Author: László Mátyás
Author: Nordine Abidi
Author: John Orem