The negative rates club. CEPS Commentary, 19 February 2016

For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the Bank of Japan and the European Central Bank have followed suit, each with its own version of so-called quantitative easing (QE). Yet inflation has not picked up appreciably anywhere.

La cuestión monetaria en Guatemala : memoria y proyectos de disposiciones sobre unificación de la moneda nacional circulante y adopción del sistema monetaria métrico decimal, en todas sus partes sometidos al Supremo Gobierno ... /

Also includes "Informe de una comisión especial del Consejo de Estado" and "Ley monetaria de setiembre de 1870".

Monopolios fiscales; carta abierta al presidente de la República por Arturo de Rigiez (Darío Gutiérrez)

Cover title.

Venezuela /

Ensayo de papel-moneda en 1811 -- Jamás ha vuelto a tener papel-moneda -- Testimonio elocuente de su gran riqueza -- Cuestión monetaria -- Siempre se ha mantenido a base de oro -- Estado actual de Venezuela -- Situación económica.

A lesson in French-inflation.

Includes bibliography.

Manitoba's case, a submission presented to the Royal Commission on Dominion-Provincial Relations by the government of the province of Manitoba.

1. Introduction.--2. The constitutional relations of the dominion and the provinces.--3. The effects of federal monetary policy on western Canadian economy.--4. The effects of Federal Tariff policy on western Canadian economy.--5. The effects of declining income.--6. The financial problems of municipalities and school districts.--7. Analysis of Manitoba's treasury problem.--8. Manitoba's case--Summary and recommendations.--9. An examination of certain proposals for the readjustment of dominion - provincial financial relations.

Nationalbankens regnskab for bankaaret fra ... til ...

Description based on: 1ste Aug. 1840 til 31te Juli 1841.

Policies for reducing the current-account deficit.

Mode of access: Internet.

Report to the President of the United States.

Mode of access: Internet.

The Federal Reserve and the Treasury: answers to questions from the Commission on Money and Credit.

Mode of access: Internet.

The Financial Conference on Inflation, Washington, D.C., September 20, 1974 : held at the request of President Gerald R. Ford and the Congress of the United States /

One of a series of pre-summit sector conferences held prior to the summit Conference on Inflation, Washington, D.C., 1974.

The effect of deficits on prices of financial assets : theory and evidence /

"March 1984."

First concurrent resolution on the budget, fiscal year 1980 : hearings before the Committee on the Budget, United States Senate, Ninety-sixth Congress, first session.

Includes indexes.

Inflation expectations, interest rates and arbitrary income transfers

Unexpected inflation, disinflation or deflation cause arbitrary income transfers between an economy's borrowers and lenders. This redistribution results from distorted real interest rates that are too high when price level changes are over-predicted and too low when they are under-predicted. This article shows that in Australia's case, inflation expectations were mostly biased upwards throughout the 1990s, according to the Melbourne Institute of Applied Economic and Social Research series and to a new derived series based on bond yields, implying that real interest rates were too high over this time. In turn, this caused substantial arbitrary income transfers from debtors to creditors, estimated to have averaged up to 3 per cent of gross domestic product over the period.

The productivity-inflation nexus: The case of the Australian mining sector

This paper examines the causal links between productivity growth and two price series given by domestic inflation and the price of mineral products in Australia's mining sector for the period 1968/1969 to 1997/1998. The study also uses a stochastic translog cost frontier to generate improved estimates of total factor productivity (TFP) growth. The results indicate negative unidirectional causality running from both price series to mining productivity growth. Regression analysis further shows that domestic inflation has a small but adverse effect on mining productivity growth, thus providing some empirical support for Australia's 'inflation first' monetary policy, at least with respect to the mining sector. Inflation in mineral price, on the other hand, has a greater negative effect on mining productivity growth via mineral export growth.