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Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the swings in saving by the rich must actually have played the most important role in the consumption boom-bust, since since the top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role in the Great Recession.

Business cycles -- United States. --- Consumption (Economics) -- United States. --- Global Financial Crisis, 2008-2009. --- Income distribution -- United States. --- Rich people -- United States. --- Saving and investment -- United States. --- Savings accounts -- United States. --- United States

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This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) - physical infrastructure including trading, clearing and settlement; regulation, supervision and legal underpinnings; and derivatives markets - and finds that the frameworks compare well with other Emerging Markets, following a decade of reform. A number of areas where further enhancements could be made are highlighted. The paper also examines the interrelationship between central bank management of short-term interest rates and domestic currency liquidity, and development of the wider money and bond markets; and suggests some lessons from the recent crisis in developed country financial markets which may be important for the future development of the ASEAN5 markets.

Bond market --- Capital market --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Bond markets --- Market, Bond --- Banks and Banking --- Finance: General --- Investments: General --- General Equilibrium and Disequilibrium: Financial Markets --- Financial Markets and the Macroeconomy --- Central Banks and Their Policies --- Financial Aspects of Economic Integration --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Investment & securities --- Banking --- Financial services law & regulation --- Derivative markets --- Securities markets --- Liquidity risk --- Financial markets --- Money markets --- Financial regulation and supervision --- Derivative securities --- Financial instruments --- Banks and banking --- Financial risk management --- Singapore

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The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at the zero lower bound. It assesses the theoretical basis of such a policy, the communications approach used by the CNB when announcing the new framework, and the effects thus far on inflation and output.

Economic development. --- International Monetary Fund. --- Finance --- Business & Economics --- Money --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Banking --- Macroeconomics --- Monetary economics --- Exchange rates --- Central bank policy rate --- Inflation targeting --- Prices --- Financial services --- Monetary policy --- Exchange rate policy --- Interest rates --- Banks and banking --- Czech Republic

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