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Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union
Asensio, Angel - HAL - 2006
The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....
Persistent link: https://www.econbiz.de/10008792215
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The Bank of France and the Open-Market instrument: an impossible wedding?
Barbaroux, Nicolas - HAL - 2014
In the aftermath of the sovereign debt criss, open-market interventions prevailed within the central bank's policy answers known under the label unconventional monetary policy measures. During interwar period, France was an isolated case, among the leading countries, by everlastingly rejecting...
Persistent link: https://www.econbiz.de/10010933149
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Rational Bubbles and Macroeconomic Fluctuations: The (De-)Stabilizing Role of Monetary Policy
Clain-Chamosset-Yvrard, Lise; Seegmuller, Thomas - HAL - 2013
We are interested in the occurrence of expectation-driven fluctuations of a rational bubble and the (de-)stabilizing role of monetary policy. Our explanation of fluctuations is based on credit market imperfections. For this purpose, we consider an overlapping generations exchange economy where...
Persistent link: https://www.econbiz.de/10010933831
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Caminos de papel: las controversias monetarias en la Independencia del Perú
Romero, Dionisio De Haro - HAL - 2013
El objeto de la presente ponencia es profundizar en el análisis de la iniciativa monetaria más relevante que el gobierno de San Martín desarrolla durante la guerra de Independencia, El Banco Auxiliar de Papel Moneda. El estudio centra la investigación en el análisis comparativo entre el...
Persistent link: https://www.econbiz.de/10010899212
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Hoarding of International Reserves and Sterilization in Dollarized and Indebted Countries : an effective monetary policy?
Mansour, Layal - HAL - 2012
The primary aim of this paper is to explore the effectiveness of Hoarding International Reserves and Sterilization in dollarized and indebted countries such as Turkey and Lebanon, by measuring the sterilization coefficient, and the offset coefficient. It also focuses on exploring the link...
Persistent link: https://www.econbiz.de/10010899390
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STOCK PRICES AND MONETARY POLICY SHOCKS: A GENERAL EQUILIBRIUM APPROACH
Challe, Edouard; Giannitsarou, Chryssi - HAL - 2012
Recent empirical literature documents that unexpected changes in the nominal interest rates have a significant effect on real stock prices: a 25-basis point increase in the nominal interest rate is associated with an immediate decrease in broad real stock indices that may range from 0.6 to 2.2...
Persistent link: https://www.econbiz.de/10010899509
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International Reserves versus External Debts : Can International reserves avoid future Financial Crisis in indebted Countries ?
Mansour, Layal - HAL - 2013
The aim of this paper is to evaluate the economic consequences on the countries that on one hand protect themselves from future financial crises by accumulating international reserves (IR) while on the other hand expose themselves to severe financial crisis due to their excessive internal and/or...
Persistent link: https://www.econbiz.de/10010899523
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Determinants of Global Liquidity Dynamics:a FAVAR approach
Djigbenou, Marie-Louise - HAL - 2014
Global liquidity, which consists of both monetary liquidity (quantitative easing and traditional policies) and funding … liquidity, follows specific dynamics. The importance of these dynamics is reflected by the growing interest in international … by capturing the determinants of global liquidity dynamics. To this end, I employ a Factor-Augmented VAR model, with …
Persistent link: https://www.econbiz.de/10010899663
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The Power of International Reserves: the impossible trinity becomes possible
Mansour, Layal - HAL - 2014
This aim of the present paper is to measure first, the degree of trilemma indexes: exchange rate stability, monetary independence capital account openness while taking into account the increase of hording IR ratio over GDP, over External Debt and over Short Term External Debt. The evolution of...
Persistent link: https://www.econbiz.de/10010899918
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Food Prices and Inflation Targeting in Emerging Economies
Pourroy, Marc; Carton, Benjamin; Coulibaly, Dramane - HAL - 2012
The two episodes of food price surges in 2007 and 2011 have been particularly challenging for developing and emerging economies' central banks and have raised the question of how monetary authorities should react to such external relative price shocks. We develop a new-keynesian small...
Persistent link: https://www.econbiz.de/10010635174