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Evaluating the Taylor Principle Over the Distribution of the Interest Rate: Evidence from the US, UK and Japan

Mizen, Paul; Kim, Tae-Hwan; Thanaset, Alan - Money Macro and Finance Research Group - 2007

Support for the Taylor principle is considerable but the focus of empirical investigation has been on estimated coefficients at the mean of the interest rate distribution. We offer a new approach that estimates the response of interest rates to inflation and the output gap at various points...

Persistent link: https://www.econbiz.de/10004975688

Inflation Targeting and Fear of Floating

Junior, Reginaldo Pinto Nogueira - Money Macro and Finance Research Group - 2007

The paper presents evidence on the â€œFear of Floatingâ€ hypothesis in an Inflation Targeting regime. We use the methodologies of Calvo and Reinhart (2002) and Ball and Reyes (2004) for a set of developed and emerging market economies to examine the existence of a possible trend of...

Persistent link: https://www.econbiz.de/10004975690

Monetary policy in a world with different financial systems

Faia, Ester - Money Macro and Finance Research Group - 2004

Persistent link: https://www.econbiz.de/10004978102

The Costs of EMU for Transition Countries

Lopes, Alexandra Ferreira - Money Macro and Finance Research Group - 2007

Czech Republic, Hungary and Poland will have to join the European and Monetary Union. Surprisingly, there is very little work on the welfare consequences of the loss of monetary policy flexibility for these countries. This paper fills this void by providing a framework to evaluate quantitatively...

Persistent link: https://www.econbiz.de/10004978130

Monetary Policy Amplification Effects through a Bank Capital Channel

Aguiar, Alvaro; Drumond, Inês - Money Macro and Finance Research Group - 2007

This paper improves the analysis of the role of financial frictions in the transmission of monetary policy, by bringing together the borrowers' balance sheet channel with an additional channel working through bank capital, considering capital adequacy regulations and households' preferences for...

Persistent link: https://www.econbiz.de/10004975698

Exchange rate regime classification and real performances: new empirical evidence

Darne, Olivier; Ripoll-Bresson, Laetitia - Money Macro and Finance Research Group - 2004

Persistent link: https://www.econbiz.de/10004969896

The foundations of money, payments and central banking: A review essay

Millard, Stephen - Money Macro and Finance Research Group - 2007

The purpose of this paper is to understand the economics behind the evolution of payments where by payments I mean the â€˜transfer of monetary valueâ€™ (in return for goods, services, or real or financial assets). It is clear from this definition of payments that, in order for there to...

Persistent link: https://www.econbiz.de/10004975687

The Euro and European Financial Market Integration

Bartram, Söehnke; Taylor, Stephen; Wang, Yaw-Huei - Money Macro and Finance Research Group - 2004

We use a time-varying copula model to investigate the impact of the introduction of the Euro on the dependence between … results show that within the euro area, market dependence increased after the introduction of the common currency only for … financial market integration started around the beginning of 1998 when euro membership was determined and the relevant …

Persistent link: https://www.econbiz.de/10004971164

Forecasting Exchange Rate Volatility with High Frequency Data: Is the Euro Different?

Chortareas, Georgios; Nankervis, John; Jiang, Ying - Money Macro and Finance Research Group - 2007

This paper focuses on forecasting volatility of high frequency Euro exchange rates. Four 15 minute frequency Euro … exchange rate series, including Euro/CHF, Euro/GBP, Euro/JPY and Euro/USD, are used to test the forecast performance of six … advantage of using high frequency data and modelling the long memory factor. It also analyses the characteristics of Euro …

Persistent link: https://www.econbiz.de/10004978123

Financial System Architecture: The Role of Systemic Risk, Added Value and Liquidity

Jorge, Jose M P - Money Macro and Finance Research Group - 2007

Risky investment projects make the coordination among small, uninformed investors hard to achieve, and generate inefficient low levels of investment. Several authors have pointed out the benefits to an economy from multiple avenues of financial intermediation. This paper explains endogenously...

Persistent link: https://www.econbiz.de/10004971108