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PREFACE AND ACKNOWLEDGMENTS EDITOR'S INTRODUCTION INTRODUCTION 1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925) 2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926) 3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927) 4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928) 5. THE FATE OF THE GOLD STANDARD (1932) 6. CAPITAL CONSUMPTION (1932) 7. ON 'NEUTRAL MONEY' (1933) 8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936) Two reviews MARGINAL UTILITY AND ECONOMIC CALCULATION (1925) THE EXCHANGE VALUE OF MONEY (1929) NAME INDEX
We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Our perfectly flexible price model is capable of producing endogenously rigid international relative prices in response to technology and monetary shocks. The model is capable of accounting for the empirical regularities that the real and nominal exchange rates are more volatile than U.S. output, and that the two are positively and perfectly correlated. The model is also consistent with other standard real business cycle facts for the United States.
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
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This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portfolio allocation model and assessed empirically using the accounting information of nonfinancial firms from 21 EMEs during 2009–2017. The results show that financial development, measured by the private credit-to-GDP ratio, mainly reduces the influence of exchange rate volatility in determining a firm's debt currency composition, among other channels. Furthermore, the effect of exchange rate volatility becomes statistically insignificant beyond an estimated threshold credit-to-GDP ratio of 100 percent.