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Japan's Monetary Policy Transition, 1955-2004
Yoshino, Naoyuki; Rhodes, James R. - Econometric Society - 2004
This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative...
Persistent link: https://www.econbiz.de/10005342362
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Asymmetric Information, Stock Returns and Monetary Policy: A Theoretical and Empirical Analysis
Tas, Bedri Kamil Onur - Econometric Society - 2004
It is known that stock returns are affected by monetary policy. This paper theoretically and empirically investigates whether asymmetric information between the Federal Reserve and the public causes the relation between stock returns and monetary policy actions. The paper concludes that...
Persistent link: https://www.econbiz.de/10005130171
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Who killed the Japanese money multiplier? A micro-data analysis of banks
Shioji, Etsuro - Econometric Society - 2004
This paper investigates causes of the recent sharp decline in the money multiplier in Japan from the bank side. Two candidates for the cause are examined: the first is the worsening of the banks’ financial soundness, and the second is the zero interest rate policy. Using panel data of...
Persistent link: https://www.econbiz.de/10005342358
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Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments
Mills, David C. - Econometric Society - 2004
payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is …
Persistent link: https://www.econbiz.de/10005342194
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International Evidence on Monetary Neutrality Under Broken Trend Stationary Models
Velazquez, R.; Noriega, A.E.; Soria, L.M. - Econometric Society - 2004
We analyze the issue of the impact of multiple breaks on monetary neutrality results, using annual data on real output and monetary aggregates for Argentina (1884-1996), Australia (1870-1997), Brazil (1912-1995), Canada (1870-2001), Italy (1870-1997), Mexico (1932-2000), Sweeden (1871-1988), and...
Persistent link: https://www.econbiz.de/10005699639
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Liquidity Black Holes
Shin, Hyun Song; Morris, Stephen - Econometric Society - 2004
bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon … liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time … of the liquidity black hole …
Persistent link: https://www.econbiz.de/10005328990
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Liquidity Black Holes
Shin, Hyun Song; Morris, Stephen - Econometric Society - 2004
bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon … liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time … of the liquidity black hole …
Persistent link: https://www.econbiz.de/10005699671
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Banks, Liquidity Crises and Economic Growth
Gaytan, Alejandro; Ranciere, Romain - Econometric Society - 2004
How do the liquidity functions of banks affect investment and growth at different stages of economic development? How … in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play … issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest …
Persistent link: https://www.econbiz.de/10005702659
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The Changing Malaysian Financial Environment and the Effects on Its Monetary Policy Transmission Mechanism
Raghavan, Mala Valliammai - Econometric Society - 2004
In recent times, economists concur that economy's response to monetary policy is somewhat weaker then they were in the past. However, the cause of such change remains an open issue. One plausible reason for this change could be attributed to the financial reform processes that have brought...
Persistent link: https://www.econbiz.de/10005342178
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The exchange rate - how should we respond? A new-Keynesian modelling exercise
Stephens, Dominick - Econometric Society - 2004
Preliminary research at the Reserve Bank of New Zealand has suggested that including exchange rate stabilisation within the goals of monetary policy significantly increases the volatility of inflation, output and interest rates. The benefits of exchange rate stabilisation therefore do not...
Persistent link: https://www.econbiz.de/10005342184