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Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis
McKibbin, Warwick; Chanthapun, Waranya Pim - Crawford School of Public Policy, Australian National … - 2009
Rising economic integration in Asia and periodic volatility in global and national financial markets raise the issue of the optimal degree and form of monetary cooperation among Asian economies. There is a large literature on the benefits and costs of monetary cooperation, however, less can be...
Persistent link: https://www.econbiz.de/10010904342
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Monetary Policy Model of Tajikstan: A Structural Vector Autoregression Approach
Tashrifov, M. Yusuf - Crawford School of Public Policy, Australian National … - 2005
Using the Structural Vector Autoregression (SVAR) method this paper analyses the effects of monetary policy on Tajikistan’s economy for the period 1996 to 2003. A number of restrictions are imposed and the contemporaneous and long-run restrictions model are used to identify the dynamic...
Persistent link: https://www.econbiz.de/10005464931
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How Experts Decide: Preferences or Private Assessments on a Monetary Policy Committee?*
Hansen, Stephen; Rivera, Carlos Velasco; McMahon, Michael - Crawford School of Public Policy, Australian National … - 2013
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10011186042
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A structural investigation of the Chinese economy with a hybrid monetary policy rule
Li, Ran; Wang, Jiao - Crawford School of Public Policy, Australian National … - 2015
In this paper, we aim to understand how monetary policy is conducted in China and what the main sources of fluctuations … in China’s business cycle are. To this end, we extend a standard New Keynesian dynamic stochastic general equilibrium … rule and employ a Bayesian estimation strategy using Chinese data. We find that the People’s Bank of China conducts …
Persistent link: https://www.econbiz.de/10011228133
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RAMSEY FISCAL AND MONETARY POLICY UNDER STICKY PRICES AND LIQUID BONDS
Hu, Yifan; Kam, Timothy - Crawford School of Public Policy, Australian National … - 2005
We construct a monetary model where government bonds also provide liquidity service. Liquid government bonds affect equilibrium allocations, inflation and create an endogenous interest-rate spread. How this new feature alters optimal fiscal-monetary policy in a stochastic sticky-price...
Persistent link: https://www.econbiz.de/10010607732
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Sources of Disagreement in Inflation Forecasts: An International Empirical Investigation
Dennis, Richard - Crawford School of Public Policy, Australian National … - 2012
Central to the conduct of monetary policy are inflation forecasts. Inflation forecast are not unique. Central banks and professional organizations generate inflation forecasts while households are surveyed about their inflation outlook. This paper estimates inflation forecast disagreement for...
Persistent link: https://www.econbiz.de/10011201607
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What's in a Second Opinion? Shadowing the ECB and the Bank of England
Neuenkirch, Matthias; Siklos, Pierre L. - Crawford School of Public Policy, Australian National … - 2013
One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...
Persistent link: https://www.econbiz.de/10010693088
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How Monetary Policy is made: Two Canadian Tales
Siklos, Pierre L.; Neuenkirch, Matthias - Crawford School of Public Policy, Australian National … - 2014
We examine policy rate recommendations of the Bank of Canada’s Governing Council (GC) and its shadow, the C.D. Howe Institute’s Monetary Policy Council (MPC). Individual recommendations of the MPC are observed but not those of the GC. Differences in the two committee’s recommendations are...
Persistent link: https://www.econbiz.de/10010860362
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Price Indexation, Habit Formation, and the Generalized Taylor Principle
Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - Crawford School of Public Policy, Australian National … - 2013
We prove that the Generalized Taylor Principle, under which the nominal interest rate reacts more than one-for-one to inflation in the long run, is a necessary and (under some extra mild restrictions on parameters) sufficient condition for determinacy in a sticky price model with positive...
Persistent link: https://www.econbiz.de/10010904268
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The Global Financial Crisis and the Language of Central Banking: Central Bank Guidance in Good Times and in Bad
Siklos, Pierre L. - Crawford School of Public Policy, Australian National … - 2013
Words are critical in how the public perceives the work of central banks and the quality of monetary policy. Press releases that accompany policy rate decisions and, where available, the minutes of central bank committee meetings, are focal points for the media in public discussions about the...
Persistent link: https://www.econbiz.de/10010904274