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We measure the gains from phasing out coal as the average social cost of carbon times the quantity of avoided emissions. By comparing the present value of benefits from avoided emissions against the present value of costs of ending coal and replacing it with renewables, our conservative baseline...
Persistent link: https://www.econbiz.de/10015060392
Intro -- Contents -- I. INTRODUCTION -- II. EQUITY RETURNS AND SYSTEMATIC DEFAULT RISK -- III. EXTRACTING SYSTEMATIC DEFAULT RISK MEASURES FROM CREDIT DERIVATIVES PRICES -- IV. IS SYSTEMATIC DEFAULT RISK PRICED IN EQUITY RETURNS? -- V. CONCLUSIONS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691070
Low-income economies face negative shocks whose frequency and disproportionate impact overcome growth trajectories, producing a negative drift. COVID-19 was the latest such episode. To escape this negative drift, and build a durable recovery, there is a need for a counter-balancing force: to...
Persistent link: https://www.econbiz.de/10015059314
This paper examines the long-run relationship between consumer price index industrial workers (CPI-IW) inflation and …, there is a negative long-run relationship between inflation and economic growth in India. We also find statistically …-significant inflation-growth threshold effects in the case of states with persistently-elevated inflation rates of above 5.5 percent. This …
Persistent link: https://www.econbiz.de/10011142122
) has been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a … different issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key … conclusion is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver …
Persistent link: https://www.econbiz.de/10011141999
This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be...
Persistent link: https://www.econbiz.de/10011142005
This paper presents an empirical investigation of inflation dynamics in Libya over the period 1964–2010, using … cointegration and error correction models. While inflation inertia is found to be a key determinant of consumer price inflation, the … econometric results indicate that government spending, money supply growth, global inflation, and exchange rate pass-through play …
Persistent link: https://www.econbiz.de/10011142009
Economic performance in many emerging market and developing economies (EMDEs) improved substantially over the past twenty years. The past decade was particularly good—for the first time EMDEs spent more time in expansion and had smaller downturns thanadvanced economies. In this paper we...
Persistent link: https://www.econbiz.de/10011142060
potential impact on inflation has been studied less. We use the IMF’s Global Integrated Fiscal and Monetary Model (GIMF) and …
Persistent link: https://www.econbiz.de/10011142094
Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP’s open market operations on the short-term interbank rate. In this regard, this paper analyzes the...
Persistent link: https://www.econbiz.de/10011142119