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We use a non-linear factor-augmented vector-autoregressive model to evaluate international effects of an unexpected decrease in euro area policy rates. Given the current environment of ultra low or negative interest rates, we especially focus on potential differences in the transmission of the...
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Commodity prices have become volatile over the past 2 decades, and their recent sharp decline has decreased the consumer price index inflation rates for most economies. While many Asian economies have benefited from low international oil and food prices, commodity exporters have suffered. Thus,...
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Economic and Monetary Union, Japan, Sweden, and Switzerland - experienced negative nominal interest rates. We examine both …
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Japan has reached the limits of conventional macroeconomic policy. In order to overcome deflation and achieve … sustainable economic growth, the Bank of Japan (BOJ) recently set an inflation target of 2% and implemented an aggressive monetary … significantly in Japan with lower interest rates. Private investment displays this unconventional behavior because of uncertainty …
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discusses the implications of "Abenomics," particularly qualitative and quantitative easing (QQE) by the Bank of Japan (BOJ … of communication among central banks and with the market and the need to strengthen global financial safety nets. …
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