Money, Crises, and Transition: Essays in Honor of Guillermo by Carmen M. Reinhart

By Carmen M. Reinhart

Essays by means of well known students and policymakers honor probably the most influential macroeconomists of the final thirty years, discussing the topics at the back of his paintings.

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Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo

Essays by way of well known students and policymakers honor essentially the most influential macroeconomists of the final thirty years, discussing the subjects at the back of his paintings.

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The domestic currency depreciates). Intuitively, an increase in velocity implies that more money is available to purchase the same level of output, which will lead to a higher price level (that is, a higher nominal exchange rate). 7 ð1 À vt Þ yt : ð1 À vtþ1 Þ ytþ1 ð2:33Þ Fixed Exchange Rates Consider now a fixed exchange rate regime in which the monetary authority sets a constant value of the nominal exchange rate: Et ¼ E: To ensure that initial conditions under fixed rates are consistent with those under flexible rates (in the sense that they generate the same initial level of real-money balances as in the case of flexible exchange rates), we take initial nominal money holdings to be M0NT ¼ M0T ¼ M0 ¼ M.

Assume first that vtÀ1 ¼ 0:2, vt ¼ 0:22, and vtþ1 ¼ 0:2. Then, for nontraders under flexible rates, it must be the case that b< 1 À vt ; 1 À vtþ1 ð2:51Þ which holds since b < 0:975. Under fixed rates, it must the case that b< 1 À vt þ vtþ1 ; 1 À vtÀ1 þ vt ð2:52Þ which holds—since under the most restrictive case in which vtÀ1 ¼ 0:2, vt ¼ 0:22, and vtþ1 ¼ 0:2, then b < 0:961. For traders, the cash-in-advance always holds. 2 Proof that Rewrite y X t¼1 Py t¼1 PT tF1 b t (vt C vtÀ1 ) F 0 if v0 F v p b t ðvt À vtÀ1 Þ as b t ðvt À vtÀ1 Þ ¼ Àbv0 þ ð1 À bÞ y X t¼1 b t vt : Amartya Lahiri, Rajesh Singh, and Carlos A.

Mundell, Robert A. 1968. International Economics. New York: MacMillan. 3 Monetary Policy Rules, the Fiscal Theory of the Price Level, and (Almost) All that Jazz: In Quest of Simplicity Leonardo Auernheimer Guillermo Calvo’s work has invariably been distinguished not only by deep relevance, but by elegant simpleness. Since imitation (successful or not) is the sincerest form of admiration, it seems fitting for this paper to reexamine a group of closely related questions in the same spirit of simplicity.

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