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The Effective Lower Bound for the Policy Rate in Euroized Economies—An Application to the Case of Albania
Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to assess the unintended consequences of low policy rates. The paper is the first attempt to estimate the impact of low interest rate on the public’s demand for banknote by denomination. A strong preference for banknotes leads economic agents to require a higher remuneration of banks’ deposits, lifting the lower bound above zero. Financial euroization also lifts the lower policy bound due to the higher propensity of substituting domestic with foreign currency–denominated assets as a function of the interest rate differential. Policies aiming at reducing financial euroization contribute to bring down the lower bound.
Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017.
Monetary Policy and Models of Currency Demand
Two types of currency in circulation models are identified: (1) a first generation derived from the theory of money demand and (2) a second generation aimed at producing daily forecasts of currency in circulation. In this paper, we transform the currency demand function into a VAR to capture the dynamic link between interest rates and the demand for cash. We also apply ARIMA modeling to forecast the daily currency in circulation for Brazil, Kazakhstan, Morocco, New Zealand, and Sudan. Our empirical work shows that some of the conclusions in the economic literature on the impact of interest rates on the demand for currency do not necessarily hold, and that central banks would benefit from running both generations of currency in circulation models. The fundamental longer-run determinants of the demand for cash are distinct from its short-run determinants.
Monetary Policy in Times of Crisis
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Washington Confidential
"Washington Confidential" by Lee Mortimer, Jack Lait. Published by DigiCat. DigiCat publishes a wide range of titles that encompasses every genre. From well-known classics & literary fiction and non-fiction to forgotten−or yet undiscovered gems−of world literature, we issue the books that need to be read. Each DigiCat edition has been meticulously edited and formatted to boost readability for all e-readers and devices. Our goal is to produce eBooks that are user-friendly and accessible to everyone in a high-quality digital format.
The Brilliant Dark
The highly anticipated final installment in Beiko’s thrilling YA fantasy trilogy It’s been seven years since the Denizens, people with elemental powers, were unmasked, and seven years since Roan Harken and Eli Rathgar disappeared into the Brilliant Dark. Marked by Darklings and Death alike, Saskia is a mechanically minded Mundane, raised by Barton and Phae on daring stories about Roan Harken. But the world Roan left behind is in turmoil. The Darklings now hang in the sky as a threatening black moon, and with the order-maintaining Elemental Task Guard looking to get rid of all Denizens before they rebel, Saskia’s only option is to go into the Brilliant Dark and bring Roan and Eli back. But nothing is ever that simple. The Brilliant Dark is the final, thrilling chapter in this series about gods, monsters, and the people who must decide if they’re willing to pay the ultimate price to protect the family they found… in a world that may not be worthy of saving.
Higher Education Through Open and Distance Learning
Supported by Commonwealth of Learning (Canada) - influential distance education organisation.
Truth and Reconciliation Commission of South Africa Report
CD contains the entire text of the five volume set.
Invisible Geniuses: Could the Knowledge Frontier Advance Faster?
The advancement of the knowledge frontier is crucial for technological innovation and human progress. Using novel data from the setting of mathematics, this paper establishes two results. First, we document that individuals who demonstrate exceptional talent in their teenage years have an irreplaceable ability to create new ideas over their lifetime, suggesting that talent is a central ingredient in the production of knowledge. Second, such talented individuals born in low- or middle-income countries are systematically less likely to become knowledge producers. Our findings suggest that policies to encourage exceptionally-talented youth to pursue scientific careers—especially those from lower income countries—could accelerate the advancement of the knowledge frontier.
