Narrow search
Showing 1 - 10 of 561
Cover Image
Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
Cover Image
Oil Price Shocks, Monetary Policy and Stagflation
Kilian, Lutz - C.E.P.R. Discussion Papers - 2009
One of the central questions in recent macroeconomic history is to what extent monetary policy as opposed to oil price shocks contributed to the stagflation of the 1970s. Understanding what went wrong in the 1970s is the key to learning from the past. One explanation explored in Barsky and...
Persistent link: https://www.econbiz.de/10005016247
Cover Image
Monetary policy responses to oil price fluctuations
Bodenstein, Martin; Guerrieri, Luca; Kilian, Lutz - C.E.P.R. Discussion Papers - 2012
The recent volatility in global commodity prices and in the price of oil, in particular, has created renewed interest in the question of how monetary policy makers should respond to oil price fluctuations. In this paper, we discuss why this question is ill-posed and has no general answer. The...
Persistent link: https://www.econbiz.de/10011083477
Cover Image
Foreign Exchange, Prices and Economic Activity in Bulgaria
Hughes, Gordon - C.E.P.R. Discussion Papers - 1991
reduce the budget deficit and lower the underlying rate of inflation. The paper develops an input-output model to investigate …
Persistent link: https://www.econbiz.de/10005497844
Cover Image
A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries
Frankel, Jeffrey A; Rose, Andrew K - C.E.P.R. Discussion Papers - 1995
Previous time-series studies have shown evidence of mean-reversion in real exchange rates. Deviations from purchasing power parity (PPP) appear to have half-lives of approximately four years. The long samples required for statistical significance are unavailable for most currencies, however, and...
Persistent link: https://www.econbiz.de/10005498061
Cover Image
Surprising Similarities: Recent Monetary Regimes of Small Economies
Rose, Andrew K - C.E.P.R. Discussion Papers - 2013
fixes, a reasonably durable regime. However, most of the new stability is due to countries that float with an inflation … target. Though a few have left to join the Eurozone, no country has yet abandoned an inflation targeting regime under duress …. Inflation targeting now represents a serious alternative to a hard exchange rate fix for small economies seeking monetary …
Persistent link: https://www.econbiz.de/10011083734
Cover Image
How Effective Is Monetary Transmission in Developing Countries? A Survey of the Empirical Evidence
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2011
This paper surveys the evidence on the effectiveness of monetary transmission in developing countries. We summarize the arguments for expecting the bank lending channel to be the dominant means of monetary transmission in such countries, and present a simple model that suggests why this channel...
Persistent link: https://www.econbiz.de/10009322980
Cover Image
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
Cover Image
Expectations and Exchange Rate Policy
Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2006
Both empirical evidence and theoretical discussion have long emphasized the impact of `news' on exchange rates. In most exchange rate models, the exchange rate acts as an asset price, and as such responds to news about future returns on assets. But the exchange rate also plays a role in...
Persistent link: https://www.econbiz.de/10005666551
Cover Image
Monetary Policy, Default Risk and the Exchange Rate
Guimarães, Bernardo; Gonçalves, Soares; Eduardo, Carlos - C.E.P.R. Discussion Papers - 2007
solely on inflation is not always a free-lunch. …
Persistent link: https://www.econbiz.de/10005792385