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International Monetary Fund. Communications Department

would just say that several of his papers have been really important and seminal papers. He also happened to write a textbook with Rudi Dornbusch that was a best seller for many, many years. It is widely used. Stan Fischer has been a Fellow of the Guggenheim Foundation, the American Academy of Arts and Sciences, and the Economic Society, as well as a Research Associate at the National Bureau of Economic Research and an Honorary Fellow at the London School of Economics. He is a graduate in economics at the London School of Economics. Later he received his Ph.D. in

Abstract

Rodrigo Vergara Montes is a Senior Researcher at the Center for Public Studies, and Research Fellow at the Mossavar-Rahmani Center at the Harvard Kennedy School of Government. Mr. Vergara is also a professor at the Institute of Economics at Pontifical Catholic University of Chile. Between 2011–16, Mr. Vergara was the Governor of the Central Bank of Chile, and a board member between 2009–11. He is also an advisor and board member to several firms and has been a consultant to governments and international institutions. Mr. Vergara graduated in economics from Pontifical Catholic University of Chile and holds a Ph.D. in economics from Harvard University.

International Monetary Fund. Communications Department

Abstract

As the Federal Reserve’s statutory objectives are defined as specific goals for the U.S. economy—to pursue maximum sustainable employment and price stability—and its policy decisions are targeted to achieve these dual objectives, there might seem to be little need for its policymakers to pay attention to developments outside the United States. But such an inference would be incorrect: the state of the U.S. economy is significantly affected by the state of the world economy, and of course, actions taken by the Federal Reserve influence economic conditions abroad, which in turn spill back on the evolution of the U.S. economy and therefore must be taken into account in the Federal Reserve’s monetary policy choices. This Per Jacobsson Lecture first reviews the effect of the Federal Reserve’s monetary policies on the rest of the global economy, particularly emerging market economies. It then addresses prospective outcomes and possible risks associated with the normalization of the Federal Reserve’s policies. Finally, it discusses the Federal Reserve’s responsibilities in the world economy.

International Monetary Fund. Communications Department

Abstract

It is a great honor to deliver the Per Jacobsson Foundation Lecture, and I thank the organizers for inviting me. Per Jacobsson, a Swede, was the third Managing Director of the International Monetary Fund (IMF), serving from 1956 to 1963. During his tenure, the Fund supported the return to convertibility of the major European currencies, increased its resources by securing the General Arrangements to Borrow, and established the Compensatory Financing Facility to help member countries cope with temporary fluctuations in international payments.

AVINASH BHAGWAT

payments and exchange rate policies.” Particularly worthy of note was the renewed emphasis on the need for uniformity and symmetry in the implementation of surveillance. Avinash Bhagwat a national of India, is an Advisor in the Secretary’s Department of the Fund. After graduating in economics from the University of Bombay (India) and Yak University (U.S.A.), he taught at the University of Pennsylvania (U.S.A.) before joining the Fund in 1967 . The Fund has in the past year begun to play a larger role in the financing and adjustment of payments imbalances, as

Keith Marsden

in economics from Cambridge University (United Kingdom). After varied experience in industry, he served as an expert in economic surveys for the United Nations Development Program in Egypt from 1963 to 1965 and as a senior economist in the International Labor Office until 1978. Mr. Marsden now serves as an Operations Adviser in the Bank’s Industrial Development and Finance Department. He is the author of numerous articles and papers on development issues . A second common measure is to create—often with foreign assistance—a central small-industry institute, to

International Monetary Fund

offices are regular employees of the Bank, governed by the same collective-bargaining agreements as staff members of other departments. When vacancies occur in the front office, they are normally filled by probationary employees who are recent MA-level honors graduates in economics or finance, without prior financial market experience. Practical training as a trader-analyst thus takes place on a tabula rasa , and is oriented toward the specific needs of the Bank. A combination of internal and external training is employed. Needless to say, all employees must be

J. J. Polak

of a credit expansion of 10 million pesos in country A? The money supply in country B has increased by x per cent during the last year; is this, or is it not, too much from the point of view of the balance of payments or from that of internal balance? Country C prescribes that bank credit may not expand by more than 2 per cent per month; what is the relevance of such a percentage? The embarrassing inability to handle such questions contrasts strikingly with the ease with which nonmonetary problems are approached in income analysis. Every graduate in economics

of a credit expansion of 10 million pesos in country A? The money supply in country B has increased by x per cent during the last year; is this, or is it not, too much from the point of view of the balance of payments or from that of internal balance? Country C prescribes that bank credit may not expand by more than 2 per cent per month; what is the relevance of such a percentage? The embarrassing inability to handle such questions contrasts strikingly with the ease with which nonmonetary problems are approached in income analysis. Every graduate in economics

International Monetary Fund

formation. Planning and classification of human resources in national level. Year 3 Monitoring of regional RHA activities based on health standards. 10% of other competencies will be delegated to RHA. Personnel distribution and placing in institutions according to the categories and numbers based on national plan. 10% additional staff trained from centre for continuous professional formation. All the staff that works in the RHA planning departments should be graduates in economics. Every head of institution should have post-university qualification in health management