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This paper explores the basic question of whose monetary policy matters for banks' international lending. In the international context, monetary policies from several countries could come into play: the lender's, the borrower's, and that of a third country, the issuer of the currency in which...
Persistent link: https://www.econbiz.de/10012912467
This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...
Persistent link: https://www.econbiz.de/10013058584
We develop a two sector incomplete markets integrated assessment model to analyze the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...
Persistent link: https://www.econbiz.de/10013281474
Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
Persistent link: https://www.econbiz.de/10011299044
world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment …, however, were rest of the world and uncovered interest rate parity shocks, followed by domestic non-fiscal shocks. …
Persistent link: https://www.econbiz.de/10010516561
This paper reviews some of the issues confronting central banks in their choice of monetary operating instruments and techniques. As a result of efforts by governments to improve efficiency in financial systems, together with developments in financial information, computation and communication...
Persistent link: https://www.econbiz.de/10014060820
Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the...
Persistent link: https://www.econbiz.de/10014216397
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more...
Persistent link: https://www.econbiz.de/10014218878