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This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels....
Persistent link: https://www.econbiz.de/10011408240
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying...
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This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of … monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to … which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a …
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This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover...
Persistent link: https://www.econbiz.de/10011408247
Fiscal stimulus was widely advocated during the global crisis, a period characterized by monetary policy constrained by the effective lower bound (ELB) in many countries, in part because of expected positive spillovers. Standard New Keynesian models predict the cross-border transmission of...
Persistent link: https://www.econbiz.de/10011852565