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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...
Persistent link: https://www.econbiz.de/10008466328
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Explaining Forward Exchange Bias .... Intra-day
Lyons, Richard K; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994
Intra-day interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the...
Persistent link: https://www.econbiz.de/10005124023
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Money Illusion and Housing Frenzies
Brunnermeier, Markus K; Julliard, Christian - C.E.P.R. Discussion Papers - 2007
A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example … account that inflation lowers future real mortgage costs. We decompose the price-rent ratio in a rational component — meant to … capture the proxy effect and risk premia — and an implied mispricing. We find that inflation and nominal interest rates …
Persistent link: https://www.econbiz.de/10005067397
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Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva; Blass, Asher; Yosha, Oved - C.E.P.R. Discussion Papers - 2002
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by tight money. We examine several interpretations and conclude that the impact is transmitted...
Persistent link: https://www.econbiz.de/10005504673
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The Wealth-Consumption Ratio
Lustig, Hanno; van Nieuwerburgh, Stijn; Verdelhan, Adrien - C.E.P.R. Discussion Papers - 2012
We derive new estimates of total wealth, the returns on total wealth, and the wealth effect on consumption. We estimate the prices of aggregate risk from bond yields and stock returns using a no-arbitrage model. Using these risk prices, we compute total wealth as the price of a claim to...
Persistent link: https://www.econbiz.de/10011083953
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What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable Rate Mortgages
Badarinza, Cristian; Campbell, John Y; Ramadorai, Tarun - C.E.P.R. Discussion Papers - 2014
The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country panel...
Persistent link: https://www.econbiz.de/10011084239
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Chinese Currency Controversies
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004
This Paper reviews the controversy over China’s exchange rate regime. Placing the issue in the context of the literature on exit strategies, it argues that now is the best time for China to exit from its peg. Moving to a managed float would be in the country’s own interest; it would help the...
Persistent link: https://www.econbiz.de/10005067647
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The Steady Inflation Rate of Economic Growth
Dungey, Mardi; Pitchford, John - Research School of Economics, College of Business and … - 1999
This paper considers the existence of a path of GDP corresponding to steady inflation in the prices of domestic goods …. We estimate the steady inflation rate of growth, denoted the SIRG, at a little over 4 per cent per annum in the post …-float period. Changes in inflation are modelled as a nonlinear combination of growth and changes in import price inflation. Because …
Persistent link: https://www.econbiz.de/10004971376
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An Empirical Analysis of the Effect of Growth on Inflation, Australia, Canada and the United States
Dungey, Mardi; Pitchford, John - Research School of Economics, College of Business and … - 2001
Persistent link: https://www.econbiz.de/10004971426
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The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe
Bofinger, Peter - C.E.P.R. Discussion Papers - 1990
inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …
Persistent link: https://www.econbiz.de/10005123602