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Download PDF by Michael D. Bordo, Barry Eichengreen: A Retrospective on the Bretton Woods system

By Michael D. Bordo, Barry Eichengreen

ISBN-10: 0226065871

ISBN-13: 9780226065878

ISBN-10: 0226066908

ISBN-13: 9780226066905

At the shut of the second one international battle, while industrialized countries confronted severe exchange and monetary imbalances, delegates from forty-four international locations met in Bretton Woods, New Hampshire, so as to reconstruct the overseas financial method. during this quantity, 3 generations of students and coverage makers, a few of whom participated within the 1944 convention, give some thought to how the Bretton Woods approach contributed to exceptional fiscal balance and fast development for 25 years and speak about the issues that plagued the method and ended in its eventual cave in in 1971. The members discover adjustment, liquidity, and transmission lower than the procedure; how it affected constructing international locations; and the position of the overseas financial Fund in conserving a good expense. The authors study the explanations for the System's luck and eventual cave in, evaluate it to next financial regimes, comparable to the eu financial process, and handle the opportunity of a brand new mounted alternate expense for brand new global.

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0 ::, ;:, :::... � � � <;; 0 ;:, Ch. 1: Business Cycle Fluctuations in US Macroeconomic Time Series 39 intercept in a fifth-order univariate autoregression of the candidate series. In both cases, if the test is significant at the 1 0% level, then the estimated break date is reported as well 1 0 . 2. 2. 1. Comouements in employment across sectors A key notion of the business cycle is that fluctuations are common across sectors. Examination of the statistics for the sectoral employment variables sheds some light on the extent to which activity in different sectors moves with the aggregate cycle.

S1-4), minus the R2 of the regression of Yt+i on (y1, • • • ,y1_4), where S1 denotes the candidate series. The second numerical column reports the marginal R2 when the dependent variable is the four-quarter growth in output [log(GDPt+4 I GDP1)], using the same set of regressors. The next two columns report these statistics, except that the two variables are reversed; that is, the marginal R2 measures the extent to which past output growth predicts one- and four-quarter changes in the candidate series, holding constant past values of the candidate series.

There are however some important relations among macroeconomic variables that might be expected to hold over long horizons, although their relationship might be less transparent over short horizons. In this section, we look at three such empirical relationships: long-run money demand; the spread between short- and long-term interest rates; and the so-called balanced growth relations, which refer to consumption­ income and investment-income ratios. The key hypothesis that permits examining these long-run relations is that linear combinations of the series based on these long-run relations are considerably less persistent than are the series themselves.

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A Retrospective on the Bretton Woods system by Michael D. Bordo, Barry Eichengreen


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