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Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - CESifo - 2009

effects of oil exports are taken into account, the estimates support output growth convergence between Iran and the rest of …

Persistent link: https://www.econbiz.de/10008583685

An Empirical Growth Model for Major Oil Exporters

Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - CESifo - 2012

This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the "Dutch disease" and the "resource curse", which primarily focuses on...

Persistent link: https://www.econbiz.de/10010540249

An Empirical Growth Model for Major Oil Exporters

Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2021

This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the 'Dutch disease' and the 'resource curse', which primarily focuses on...

Persistent link: https://www.econbiz.de/10013315924

Oil Exports and the Iranian Economy

Esfahani, Hadi Salehi - 2009

effects of oil exports are taken into account, the estimates support output growth convergence between Iran and the rest of …

Persistent link: https://www.econbiz.de/10013154686

A Pair-Wise Approach to Testing for Output and Growth Convergence

Pesaran, M. Hashem - CESifo - 2004

This paper proposes a pair-wise approach to testing for output convergence that considers all N(N-1)/2 possible pairs … of log per capita output gaps across N economies. A general probabilistic definition of output convergence is also …-2000. Overall, the results do not support output convergence, and suggest that the findings of convergence clubs in the literature …

Persistent link: https://www.econbiz.de/10005766053

Market-based measures of monetary policy expectations

Gürkaynak, Refet S.; Sack, Brian; Swanson, Eric - Federal Reserve Board (Board of Governors of the … - 2002

A number of recent papers have used short-maturity financial instruments to measure expectations of the future course of monetary policy, and have used high-frequency changes in these instruments around FOMC dates to measure monetary policy shocks. This paper evaluates the empirical success of a...

Persistent link: https://www.econbiz.de/10005512995

Monetary policy implementation without averaging or rate corridors

Whitesell, William - Federal Reserve Board (Board of Governors of the … - 2006

Most central banks now implement monetary policy by trying to hit a target overnight interest rate using one of two types of frameworks. The first involves arrangements for depository institutions to hold a minimum account balance over a multi-day averaging period. The second uses the central...

Persistent link: https://www.econbiz.de/10005514186

Tunnels and reserves in monetary policy implementation

Whitesell, William - Federal Reserve Board (Board of Governors of the … - 2003

In recent years, some central banks have implemented monetary policy without reserve requirements by using a ceiling and floor for overnight interest rates established by central bank lending and deposit facilities. This paper analyzes a theoretical model of such a "tunnel" system and the...

Persistent link: https://www.econbiz.de/10005514190

Housing and the monetary transmission mechanism

Mishkin, Frederic S. - Federal Reserve Board (Board of Governors of the … - 2007

The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments...

Persistent link: https://www.econbiz.de/10005393624

An inflation goal with multiple reference measures

Whitesell, William - Federal Reserve Board (Board of Governors of the … - 2005

Most inflation-targeting central banks express their inflation objective in terms of a range for a single official inflation measure but generally have not clarified the meaning of the ranges and their implications for policy responses. In formulating policy, all central banks monitor multiple...

Persistent link: https://www.econbiz.de/10005393865