Search Results - subject:"Transmission mechanism"

Does the Exchange Rate Depend upon Relative Monetary Policies?

Siokis, Fotios M. - In: Economia Internazionale / International Economics 55 (2002) 1, pp. 55-68

In this paper we consider the evidence of liquidity effects on the exchange rate. We consider VAR systems for the U.S. and Euro-area and found that while innovations in US. monetary poiicy lead to the expected depreciation (appreciation) of the U.S. dollar, positive innovations to the Euro-area...

Persistent link: https://www.econbiz.de/10008482015

An information-theoretic extension to structural VAR modelling

Siegfried, Nikolaus A. - EconWPA - 2002

This paper discusses techniques for estimating structural vector autoregressions. Especially when monetary policy shocks are estimated, VAR residuals turn out to be leptokurtic. It is argued that this is no coincidence but follows directly from the properties of monetary policy decisions. The...

Persistent link: https://www.econbiz.de/10005119183

Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania

Nenovsky, Nikolay; Hristov, Kalin; Mihaylov, Mihail - In: Journal des �conomistes et des �tudes Humaines 11 (2001) 4

The paper presents a cross-country analysis of the second generation of currency boards (CB) introduced in three East European countries: Bulgaria, Estonia and Lithuania. We focus on their institutional, legal and political characteristics which are closely associated with the operation of the...

Persistent link: https://www.econbiz.de/10014612407

Direct Effects of Base Money on Aggregate Demand: Theory and Evidence

Nelson, Edward - C.E.P.R. Discussion Papers - 2001

Meltzer (1999a) shows that real monetary base growth is a significant determinant of consumption growth in the United States, controlling for the short-term real interest rate. In this paper, I show that the same property of base money holds for total output (relative to trend or potential) in...

Persistent link: https://www.econbiz.de/10005789014

International Interest-Rate Transmission and the â€œGerman Dominance Hypothesisâ€ Within EMS

Laopodis, Nikiforos - In: Open Economies Review 12 (2001) 4, pp. 347-377

This article investigates whether the German Dominance Hypothesis is valid within the context of nominal short-term interest rates. The approach taken to address this hypothesis is based on the notion that German interest rates should convey valuable information to other countries' rates or that...

Persistent link: https://www.econbiz.de/10005715116

An inquiry into the multiplier process in IS-LM model

ziran, Li; weiye, Li - EconWPA - 2001

the dynamics of the monetary and fiscal transmission mechanism of IS-LM model through the multiplier process? (None of the …¡¯s deduction of the "monetary transmission mechanism", and then analyze the main problems and discuss the multiplier theory …. Finally, I propose a generalization of the monetary transmission mechanism approach. I trace the change of demand and output …

Persistent link: https://www.econbiz.de/10005125655

What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?

Nelson, Edward - C.E.P.R. Discussion Papers - 2001

This Paper provides a discussion of some aspects of aggregate supply and demand determination in the United Kingdom. It argues that: (1) UK policymakers in the 1960s and 1970s did not use the downward-sloping Phillips curve as a model of inflation or a guide to policy. The explanation proposed...

Persistent link: https://www.econbiz.de/10005498054

Transmission Mechanism,equilibrium and Multiplier

One, Author - EconWPA - 2001

behavioral. Moreover, some academicians made similar misleading deduction of the monetary transmission mechanism. Deduction 1 … many interesting questions. I followed some of the issue and proposed my own idea. As for the monetary transmission … mechanism, many theories do not tell us the route from one static equilibrium point to another. Some academicians argue that the …

Persistent link: https://www.econbiz.de/10005412779

European Labour Markets and the Euro: How Much Flexibility Do We Really Need?

Burda, Michael C. - European Network of Economic Policy Research Institutes … - 2001

Widespread concern over real effects of EMU is consistent with new Keynesian approaches to macroeconomic fluctuations, but more difficult to reconcile with a real business cycle (RBC) paradigm. Using a model with frictions as a point of departure, I speculate that nominal price rigidity in...

Persistent link: https://www.econbiz.de/10005427389

A Peek Inside The Black Box: The Monetary Transmission Mechanism In Japan

Bayoumi, Tamim; Morsink, James - C.E.P.R. Discussion Papers - 2000

This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results … transmission mechanism. …

Persistent link: https://www.econbiz.de/10005666763