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Rethinking potential output: Embedding information about the financial cycle

Borio, Claudio; Disyatat, Frank Piti; Juselius, Mikael - Bank for International Settlements (BIS) - 2013

This paper argues that incorporating information about the financial cycle is important to improve measures of potential output and output gaps. Conceptually, identifying potential output with non-inflationary output is too restrictive. Potential output is seen as sustainable; yet experience...

Persistent link: https://www.econbiz.de/10010610726

Cyclical macroeconomic policy, financial regulation and economic growth

Aghion, Philippe; Kharroubi, Enisse - Bank for International Settlements (BIS) - 2013

This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...

Persistent link: https://www.econbiz.de/10010723570

How does fiscal policy affect monetary policy in emerging market countries?

Zoli, Edda - Bank for International Settlements (BIS) - 2005

through which fiscal policy could affect monetary policy in an emerging economy, by looking at the impact of fiscal policy on … pushed the economy into an equilibrium in which increases in the policy intervention rate were likely to be associated with a …

Persistent link: https://www.econbiz.de/10005650366

Monetary policy in a downturn: Are financial crises special?

Bech, Morten; Gambacorta, Leonardo - Bank for International Settlements (BIS) - 2012

Accommodative monetary policy during the financial crisis was instrumental in preventing a deeper recession. Views differ, however, on how long such measures should be kept in place. At the heart of this debate is the notion that a protracted period of policy accommodation could create...

Persistent link: https://www.econbiz.de/10010849783

Is monetary policy overburdened?

Orphanides, Athanasios - Bank for International Settlements (BIS) - 2013

Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...

Persistent link: https://www.econbiz.de/10010849791

Interpreting TARGET2 balances

Cecchetti, Stephen; McCauley, Robert; McGuire, Patrick - Bank for International Settlements (BIS) - 2012

The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...

Persistent link: https://www.econbiz.de/10010849796

Should monetary policy lean against the wind? - an analysis based on a DSGE model with banking

Gambacorta, Leonardo; Signoretti, Federico M - Bank for International Settlements (BIS) - 2013

if the economy is characterized by high private sector indebtedness. …

Persistent link: https://www.econbiz.de/10010849802

Traditional and matter-of-fact financial frictions in a DSGE model for Brazil: the role of macroprudential instruments and monetary policy

Carvalho, Fabia A. de; Castro, Marcos R.; Costa, Silvio … - Bank for International Settlements (BIS) - 2014

This paper investigates the transmission channel of macroprudential instruments in a closed economy DSGE model with a … substantially impact the real economy and banks' balance sheet. When there is a lag between announcements and actual implementation … impact on the real economy also shifts to nearer horizons. Announcements that allow the new regulation on required capital to …

Persistent link: https://www.econbiz.de/10010929855

The transmission of monetary policy in EMEs in a changing financial environment: a longitudinal analysis

Kohlscheen, Emanuel; Miyajima, Ken - Bank for International Settlements (BIS) - 2015

The departure from the Modigliani-Miller conditions, due for instance to market incompleteness, asymmetric information or taxation, tends to increase the importance of indirect channels by which monetary policy affects the level of economic activity in emerging market economies (EMEs). The bank...

Persistent link: https://www.econbiz.de/10011210516

Globalisation and the determinants of domestic inflation

White, William R - Bank for International Settlements (BIS) - 2008

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more...

Persistent link: https://www.econbiz.de/10005157613