LEADER 05905oam 22014654 450 001 9911095433703321 005 20251116183859.0 010 $a9786613822536 010 $a9781462367962 010 $a1462367968 010 $a9781452787473 010 $a1452787476 010 $a9781282586598 010 $a1282586599 010 $a9781451992199 010 $a145199219X 035 $a(CKB)3360000000443288 035 $a(EBL)3014376 035 $a(SSID)ssj0000940059 035 $a(PQKBManifestationID)11553618 035 $a(PQKBTitleCode)TC0000940059 035 $a(PQKBWorkID)10946752 035 $a(PQKB)10760485 035 $a(OCoLC)698585615 035 $a(IMF)WPIEE2006200 035 $a(MiAaPQ)EBC3014376 035 $a(IMF)WPIEA2006200 035 $aWPIEA2006200 035 $a(EXLCZ)993360000000443288 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAsset Market Participation, Monetary Policy Rules, and the Great Inflation /$fFlorin Bilbiie, Roland Straub 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (34 p.) 225 1 $aIMF Working Papers 300 $a"September 2006". 311 08$a9781451864601 311 08$a1451864604 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. Introduction""; ""II. Limited Asset Market Participation and Monetary Policy: Some Theory""; ""III. Empirical Evidence""; ""IV. Change in Structure of Economy or in Distribution of Shocks?""; ""V. Conclusions""; ""General Model"" 330 3 $aThis paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at low asset-market participation rates, the interest rate elasticity of output (the slope of the IS curve) becomes positive - that is, "non-Keynesian." Remarkably, in that case, a passive monetary policy rule ensures equilibrium determinacy and maximizes welfare. Consequently, we argue that the policy of the Federal Reserve System in the pre-Volcker era, often associated with a passive monetary policy rule, was closer to optimal than conventional wisdom suggests and may thus have remained unchanged at a fundamental level thereafter. We provide institutional and empirical evidence for our hypothesis, in the latter case using Bayesian estimation techniques, and show that our model is able to explain most features of the "Great Inflation.". 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/200 606 $aInflation (Finance) 606 $aMonetary policy 606 $aBanks and Banking$2imf 606 $aBusiness Fluctuations$2imf 606 $aCanada: 1913-$2imf 606 $aCapital market$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aConsumption$2imf 606 $aCycles$2imf 606 $aDeflation$2imf 606 $aEconomic History: Financial Markets and Institutions: U.S$2imf 606 $aEconomic History: Macroeconomics$2imf 606 $aEconomics$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial markets$2imf 606 $aFinancial services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGrowth and Fluctuations: U.S$2imf 606 $aHyperinflation$2imf 606 $aInflation$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMonetary Policy$2imf 606 $aNational accounts$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aReal interest rates$2imf 606 $aSaving$2imf 606 $aSecurities markets$2imf 606 $aStudies of Particular Policy Episodes$2imf 606 $aWealth$2imf 607 $aUnited States$2imf 615 0$aInflation (Finance) 615 0$aMonetary policy. 615 7$aBanks and Banking 615 7$aBusiness Fluctuations 615 7$aCanada: 1913- 615 7$aCapital market 615 7$aCentral Banks and Their Policies 615 7$aConsumption 615 7$aCycles 615 7$aDeflation 615 7$aEconomic History: Financial Markets and Institutions: U.S. 615 7$aEconomic History: Macroeconomics 615 7$aEconomics 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial markets 615 7$aFinancial services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGrowth and Fluctuations: U.S. 615 7$aHyperinflation 615 7$aInflation 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMonetary Policy 615 7$aNational accounts 615 7$aPrice Level 615 7$aPrices 615 7$aReal interest rates 615 7$aSaving 615 7$aSecurities markets 615 7$aStudies of Particular Policy Episodes 615 7$aWealth 700 $aBilbiie$b Florin$01962081 701 $aStraub$b Roland$01962082 801 0$bDcWaIMF 906 $aBOOK 912 $a9911095433703321 996 $aAsset Market Participation, Monetary Policy Rules, and the Great Inflation$94724134 997 $aUNINA LEADER 05775nam 2200757Ia 450 001 9911150458703321 005 20251117074543.0 010 $a9786612761645 010 $a9781282761643 010 $a1282761641 010 $a9789814289184 010 $a9814289183 035 $a(CKB)2490000000001592 035 $a(EBL)1679282 035 $a(OCoLC)729020643 035 $a(SSID)ssj0000412178 035 $a(PQKBManifestationID)11306233 035 $a(PQKBTitleCode)TC0000412178 035 $a(PQKBWorkID)10366510 035 $a(PQKB)10161111 035 $a(MiAaPQ)EBC1679282 035 $a(WSP)00000596 035 $a(WaSeSS)Ind00021605 035 $a(Au-PeEL)EBL1679282 035 $a(CaPaEBR)ebr10422000 035 $a(CaONFJC)MIL276164 035 $a(Perlego)848950 035 $a(EXLCZ)992490000000001592 100 $a20070125d2009 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aASEAN economic integration $etrade, foreign direct investment and finance /$fMichael G. Plummer 205 $a1st ed. 210 $aHackensack, NJ ;$aLondon $cWorld Scientific Pub.$dc2009 215 $a1 online resource (354 p.) 225 1 $aAdvanced research in Asian economic studies,$x1793-0944 ;$v6 300 $aDescription based upon print version of record. 311 08$a9789812569103 311 08$a9812569103 320 $aIncludes bibliographical references and index. 327 $aContents; Dedication; Foreword; 1. Introduction and Overview; 1. Introduction; 2. A Survey of the Business Environment in ASEAN; 2.1. Macroeconomic Environment; 2.2. Internalizing Policy Externalities: Learning from the Asian Crisis; 2.3. Microeconomic Environment; 3. Summary of Chapters; References; Part I: Trends in ASEAN Economic Cooperation; 2. ASEAN Economic Integration in a Global Context: Trade, Investment, and Policy Issues; 1. Introduction; 2. Structural Change, Microeconomic Policy, and Rising Interdependence; 2.1. Liberalization, Growth and the Forces Behind Regional Integration 327 $a2.2. Structural Change 2.3. Fragmentation, the Search for New Production Niches, and the Significance of China; 3. Policy Analysis of Post-Crisis Developments in the Real Sector; 3.1. Microeconomic Policy Indicators; 3.2. Commercial Policy Reform; 4. Regional Economic Cooperation in Asia: Making Regionalism Support Regional Integration; 4.1. Factors Influencing the Regionalism Movement in Asia; 4.2. Brief Review of Regionalism in East Asia; 4.3. The Economics of Regionalism in Asia; 4.4. Regional Strategies: WTO, Regional, Subregional, Bilateral; 5. Looking to the Future; References 327 $a3. Aligning ASEAN Commercial Policies in the AEC1. Introduction; 2. ASEAN Commercial Policy in a Global Context; 2.1. ASEAN and the Doha Development Agenda; 3. ASEAN Economic Integration; 3.1. The General Case for Regionalism; 3.2. Brief Review of ASEAN Economic Integration Initiatives; 4. ASEAN FTAs with Third Countries; 4.1. Review of Existing Accords; 4.2. Economic E.ects of Third-Country FTAs on ASEAN: A Brief Survey; 4.3. The China Question; 4.4. On the "Spaghetti Bowl" Effect and Best Practices; 5. Aligning ASEAN External Tariffs; 5.1. Why an AEC?; 5.2. An ASEAN Customs Union? 327 $a5.2.1. FTAs and CUs Compared: Economic and Non-Economic Issues 5.2.2. Design of an ASEAN Customs Union; 5.3. Institutional Considerations; References; 4. ASEAN Investment Cooperation; 1. Introduction; 2. Trends in Foreign Direct Investment in ASEAN; 2.1. FDI In.ows in ASEAN Member Countries; 2.2. Sectoral Distribution of FDI; 2.3. Trends in the CLMV; 3. Determinants of FDI in ASEAN; 3.1. Brief Review of Variables A.ecting Inward FDI; 3.2. Trade and Investment Links; 3.3. Trade and FDI: Shifts from Horizontal to Vertical Operations due to AFTA 327 $a3.4. A Gravity Model Approach to the Determinants of FDI Outflows 3.5. The "China Threat" Hypothesis; 4. Issues of Competitiveness and Complementarity; 4.1. Competitiveness in Terms of Trade; 4.2. Competitiveness in Terms of Foreign Direct Investment In.ows; 4.3. Concluding Remarks; 5. Review of the AIA; 6. Agreements Outside ASEAN Framework: Bilateral Investment Treaties; 7. Has the AIA Met its Goals?; Appendix; References; 5. Bond Market Development and Integration in ASEAN; 1. Introduction; 2. Bond-Market Potential in ASEAN: Supply, Demand and Institutional Considerations 327 $a3. ASEAN Financial Cooperation and the Bond Market 330 $aGiven the rapid emergence of regional economic arrangements in Asia, especially in Southeast Asia, it is useful to understand clearly what regionalism implies for the region, as well as to take stock as to the far-reaching and complicated effects of formal economic cooperation and integration. This book allows the reader to better understand the relevant international policies of the Southeast Asian economies, and to appreciate the potential lessons for other developing regions. It also focuses on the regionalism trend with an explicit application to ASEAN, as well as the implications of 410 0$aAdvanced research in Asian economic studies ;$v6. 606 $aEconomic development$zSoutheast Asia 606 $aInvestments, Foreign$zSoutheast Asia 607 $aSoutheast Asia$xEconomic integration 607 $aSoutheast Asia$xForeign economic relations 615 0$aEconomic development 615 0$aInvestments, Foreign 676 $a337.159 700 $aPlummer$b Michael G.$f1959-$0300750 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9911150458703321 996 $aAsean economic integration$91117118 997 $aUNINA