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Fiscal Forward Guidance : A Case for Selective Transparency
Fujiwara, Ippei - 2017
Should the fiscal authority use forward guidance to reduce future policy uncertainty perceived by private agents? Using dynamic stochastic general equilibrium models, we examine the welfare effects of announcing future fiscal policy shocks. Analytical as well as numerical experiments show that...
Persistent link: https://www.econbiz.de/10012952579
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Optimal Monetary and Fiscal Policy at the Zero Lower Bound in a Small Open Economy
Bhattarai, Saroj - 2017
We investigate open economy dimensions of optimal monetary and fiscal policy at the zero lower bound (ZLB) in a small … open economy model. At positive interest rates, the trade elasticity has negligible effects on optimal policy. In contrast …
Persistent link: https://www.econbiz.de/10012970178
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Effects of Us Quantitative Easing on Emerging Market Economies
Bhattarai, Saroj - 2017
We estimate international spillover effects of US Quantitative Easing (QE) on emerging market economies. Using a Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock with non-recursive identifying restrictions. We estimate strong and robust macroeconomic...
Persistent link: https://www.econbiz.de/10012970183
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Private News and Monetary Policy Forward Guidance or (the Expected Virtue of Ignorance)
Fujiwara, Ippei - 2017
How should monetary policy be designed when the central bank has private information about future economic conditions? When private news about shocks to future fundamentals is added to an otherwise standard new Keynesian model, social welfare deteriorates by the central bank's reaction to or...
Persistent link: https://www.econbiz.de/10012971225
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Global Financial Market Impact of the Announcement of the Ecb's Extended Asset Purchase Programme
Georgiadis, Georgios - 2017
depreciation of the euro vis-à-vis advanced and emerging market economy currencies. Comparing the EAPP to previous ECB …
Persistent link: https://www.econbiz.de/10012971231
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Trilemma, Not Dilemma : Financial Globalisation and Monetary Policy Effectiveness
Georgiadis, Georgios - 2017
economy's exchange rate regime and monetary policy autonomy is possible only if capital mobility is restricted. We find that … advanced and emerging market economy. Specifically, our results suggest that the output effect of a tightening in monetary … policy has been stronger by 40% due to financial globalisation. Insofar as valuation effects can only play out if an economy …
Persistent link: https://www.econbiz.de/10012971243
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The Deep Historical Roots of Macroeconomic Volatility
Tang, Sam Hak Kan - 2017
We present cross-country evidence that a country's macroeconomic volatility, measured either by the standard deviation of output growth or the occurrence of trend-growth breaks, is significantly affected by the country's historical variables. In particular, countries with longer histories of...
Persistent link: https://www.econbiz.de/10012969468
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China's Slowdown and Global Financial Market Volatility : Is World Growth Losing Out?
Cashin, Paul Anthony - 2017
China's GDP growth slowdown and a surge in global financial market volatility could both adversely affect an already weak global economic recovery. To quantify the global macroeconomic consequences of these shocks, we employ a GVAR model estimated for 26 countries/regions over the period 1981Q1...
Persistent link: https://www.econbiz.de/10012969747
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Exploring the Nexus between Inflation and Globalization Under Inflation Targeting Through the Lens of New Zealand's Experience
Kabukcuoglu Dur, Ayşe - 2017
We investigate empirically the inflation dynamics in New Zealand, a small open economy and a pioneer in inflation … targeting, under various open-economy Phillips curve specifications. Our forecasting exercise suggests that open-economy …
Persistent link: https://www.econbiz.de/10012957136
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Financial Performance and Macroeconomic Fundamentals in Emerging Market Economies Over the Global Financial Cycle
Davis, Scott - 2017
This paper explores the relationship between financial performance and macroeconomic fundamentals in emerging market economies not only in times of crises, but in general during crisis and non-crisis years over the global financial cycle. Using a panel framework with data for 119 emerging market...
Persistent link: https://www.econbiz.de/10012967654