Showing 1 - 10 of 71
I explore alternative central bank credit policies in a theoretical model where (i) money is necessary as a means of payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is necessary to repay debts, and (iv) the incentives to...
Persistent link: https://www.econbiz.de/10005342194
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
This study examines the dynamics associated with an economy implementing an Exchange Rate Based Stabilization (ERBS) programs when they are subject to sudden restrictions in international capital flows. In the context of a simple theoretical model, we describe the pressures on a country's...
Persistent link: https://www.econbiz.de/10005342385
particular, Argentina, Bolivia, Peru, Russia, and Ukraine remained highly dollarized long after the inflation rate was reduced to … economies that higher inflation has a negative impact on output and financial intermediation, that dollarization and capital … dollarization hysteresis paradox and several other stylized facts. The key link between inflation, dollarization, and capital …
Persistent link: https://www.econbiz.de/10005129775
particular, Argentina, Bolivia, Peru, Russia, and Ukraine remained highly dollarized long after the inflation rate was reduced to … economies that higher inflation has a negative impact on output and financial intermediation, that dollarization and capital … dollarization hysteresis paradox and several other stylized facts. The key link between inflation, dollarization, and capital …
Persistent link: https://www.econbiz.de/10005130227
In this paper, we examine whether industry-level forecasts of CPI and PPI inflation can be improved using the … a two or three equation system involving CPI and PPI inflation where the effects of the exchange rate and import prices … time series models, as well as with a model that, in addition, includes standard control variables for inflation, like …
Persistent link: https://www.econbiz.de/10005702549
sub indexes’ inflation dynamics indicate that the exchange rate pass-through in the perfectly competitive sector is … sector. Also, that inflation inertia is lower in the former than in the latter; adding up in more volatility of the perfectly … competitive inflation rate. For policy makers an interesting feature of the perfectly competitive price index is that the evidence …
Persistent link: https://www.econbiz.de/10005328869
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
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
Latin American economies are exposed to ubstantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. In this paper we explore ways of overcoming external vulnerability drawing lessons from a detailed comparison of the...
Persistent link: https://www.econbiz.de/10005328899