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A Simple Dynamic Model of Credit and Aggregate Demand

Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003

The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.

Persistent link: https://www.econbiz.de/10005126180

Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union

Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10005126325

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

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

This paper analyses how fiscal policy affects monetary policy in emerging economies. First, it conducts a test for fiscal dominance, and finds that the evidence points clearly to a regime of fiscal dominance in the case of Argentina and Brazil during the 1990s and early 2000s, while for the...

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

Inflation Dynamics in the Presence of Informal Labour Markets

Castillo, Paul; Montoro, Carlos - Bank for International Settlements (BIS) - 2012

empirical literature on the effects of informal labour markets in business cycle fluctuations. This result implies that, in …

Persistent link: https://www.econbiz.de/10010849785

The FRBNY Staff Underlying Inflation Gauge: UIG

Amstad, Marlene; Potter, Simon; Rich, Robert - Bank for International Settlements (BIS) - 2014

capability can be very useful when large and sudden economic fluctuations occur, as at the end of 2008. In addition, the UIG …

Persistent link: https://www.econbiz.de/10010886770

Developing an underlying inflation gauge for China

Amstad, Marlene; Huan, Ye; Ma, Guonan - Bank for International Settlements (BIS) - 2014

The headline consumer price inflation (CPI) is often considered too noisy, narrowly defined, and/or slowly available for policymaking. On the other hand, traditional core inflation measures may reduce volatility but do not address other issues and may even exclude important information. This...

Persistent link: https://www.econbiz.de/10010929854

Global Asset Allocation Shifts

Kroencke, Tim A; Schmeling, Maik; Schrimpf, Andreas - Bank for International Settlements (BIS) - 2015

We show that global asset reallocations of U.S. fund investors obey a strong factor structure, with two factors accounting for more than 90% of the overall variation. The first factor captures switches between U.S. bonds and equities. The second reflects reallocations from U.S. to international...

Persistent link: https://www.econbiz.de/10011210511

Liquidity Squeeze, Abundant Funding and Macroeconomic Volatility

Kharroubi, Enisse - Bank for International Settlements (BIS) - 2015

This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build smaller liquidity buffers when they expect cheap funding....

Persistent link: https://www.econbiz.de/10011210514

Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case

Deheza, Juan Carlos Soldano - EconWPA - 2003

El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...

Persistent link: https://www.econbiz.de/10005076607

A look at exchange rate and monetary policy in Malawi

Simwaka, Kisu - EconWPA - 2004

effective exchange rate misalignment. The results show that excess money supply predict real effective exchange rate …, money supply growth and real effective exchange rate misalignment. The adjustment speed from the error correction term is … consistent with a market-determined exchange rate responding to excess money supply. Keywords: Exchange Rate; Monetary Policy …

Persistent link: https://www.econbiz.de/10005076782