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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

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

La Política Monetaria y el Corto en México

Díaz-Bautista, Alejandro; Seyffert, Diego Prieto; … - EconWPA - 2004

El corto es un instrumento de política monetaria que utiliza el Banco de México para abatir la inflación. El corto ha sido un instrumento muy útil para Banco de México en la conducción de la política monetaria, porque ha permitido que los choques a los mercados se distribuyan y se...

Persistent link: https://www.econbiz.de/10005076789

Inflationary Dynamics and the Angell-Johnson Proposals

Jr, Thomas M Fullerton; Hirth, Richard A; Smith, Mark B - EconWPA - 2004

The links between commodity prices, interst rates, wages, and the exchange rate of the U.S. dollar with consumer prices is investigated. An ARIMA transfer function methodology is employed. Sample data are from January 1972 to December 1988. Although model diagnsotics are relatively good,...

Persistent link: https://www.econbiz.de/10005076818

Structural Factor-Augmented VAR (SFAVAR) and the Effects of Monetary Policy

Belviso, Francesco; Milani, Fabio - EconWPA - 2005

Factor-augmented VARs (FAVARs) have combined standard VARs with factor analysis to exploit large data sets in the study of monetary policy. FAVARs enjoy a number of advantages over VARs: they allow a better identification of the monetary policy shock; they can avoid the use of a single variable...

Persistent link: https://www.econbiz.de/10005076826

Asymmetric Monetary Policy Effects in EMU

Hayo, Bernd; Clausen, Volker - EconWPA - 2002

This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...

Persistent link: https://www.econbiz.de/10005126264

Does Monetary Policy Have Asymmetric Effects on Stock Returns?

Chen, Shiu-Sheng - EconWPA - 2005

This paper investigates whether monetary policy has asymmetric effects on stock returns using Markov-switching models. Different measures of the stance of monetary policy are adopted. Empirical evidence from monthly returns on the standard & Poor 500 (S&P 500) price index suggests that monetary...

Persistent link: https://www.econbiz.de/10005412588

Monetary Policy and Business Cycle Analysis in an Optimising Model with Expectations Lags

Paez-Farrell, Juan - EconWPA - 2003

Monetary models of the business cycle often neglect the importance of investment and the capital stock in the monetary … transmission mechanism. Most of the recent literature assumes either investment adjustment costs or ignores capital altogether … firms face a planning period before undertaking investment expenditures. The resulting model is able to replicate some of …

Persistent link: https://www.econbiz.de/10005412707

Estimating a European Demand for Money

Hayo, Bernd - EconWPA - 1998

that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an … inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of … such a European money demand for narrow and broad money for the actual 11 EMU countries based on quarterly aggregate data …

Persistent link: https://www.econbiz.de/10005412709