Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences Commons™
Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 6 of 6
Full-Text Articles in Social and Behavioral Sciences
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria
CBN Annual Report
The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …
How Do Forecasts Respond To Changes In Monetary Policy?, Laurence Ball, Dean D. Croushore
How Do Forecasts Respond To Changes In Monetary Policy?, Laurence Ball, Dean D. Croushore
Economics Faculty Publications
Just as changes in atmospheric conditions affect weather forecasts, changes in monetary policy affect economic forecasts. When monetary policy shifts, forecasters change their predictions about growth and inflation. But does the economy change to the same extent that forecasts do? In this article, Laurence Ball and Dean Croushore examine forecasts from the Survey of Professional Forecasters to determine if forecasts and the economy respond in tandem or if there are significant differences.
Fiscal Policy: Its Macroeconomics In Perspective, James Tobin
Fiscal Policy: Its Macroeconomics In Perspective, James Tobin
Cowles Foundation Discussion Papers
President George W. Bush is preparing a drastic permanent reduction in federal income and estate taxes. He cites as precedents tax cuts by Kennedy-Johnson 1962-64 and Reagan 1981. In those cases, however, the economy was operating well below full employment and needed a “demand-side” stimulus (even though Reagan advertised his tax reduction as “supply-side”). In 2001, however, the economy is very close to full employment, and if it needs a stimulus at all, it is a quick modest temporary one instead of the large permanent one proposed. And why can’t monetary policy do the job of stabilization, as it did …
On Modeling The Effects Of Inflation Shocks, Ray C. Fair
On Modeling The Effects Of Inflation Shocks, Ray C. Fair
Cowles Foundation Discussion Papers
A popular model in the literature postulates an interest rate rule, a NAIRU price equation, and an aggregate demand equation in which aggregate demand depends on the real interest rate. In this model a positive inflation shock with the nominal interest rate held constant is explosive because it increases aggregate demand (because the real interest rate is lower), which increases inflation through the price equation, which further increases aggregate demand, and so on. In order for the model to be stable, the nominal interest rate must rise more than inflation, which means that the coefficient on inflation in the interest …
Estimates Of The Effectiveness Of Monetary Policy, Ray C. Fair
Estimates Of The Effectiveness Of Monetary Policy, Ray C. Fair
Cowles Foundation Discussion Papers
This paper examines various interest rate rules, as well as policies derived by solving optimal control problems, for their ability to dampen economic fluctuations caused by random shocks. A tax rate rule is also considered. A multicountry econometric model is used for the experiments. The results differ sharply from those obtained using recent models in which the coefficient on inflation in the nominal interest rate rule must be greater than one in order for the economy to be stable.
Credit Crunch As An Optimal Decision Of Risk-Averse Banks Under Uncertainty., Martin Berka
Credit Crunch As An Optimal Decision Of Risk-Averse Banks Under Uncertainty., Martin Berka
Martin Berka
No abstract provided.