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Optimal Liquidity and Economic Stability
Han, Linghui - 2012
Monetary aggregates are now much less used as policy instruments as identifying the right measure has become difficult and interest rate transmission has worked well in an increasingly complex financial system. In this process, little attention was paid to the potential spillover of excess...
Persistent link: https://www.econbiz.de/10013102270
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Does Money Matter for U.S. Inflation? Evidence from Bayesian Vars
Berger, Helge - 2008
inflation in the United States. We test for Granger-causality out-of-sample and find, perhaps surprisingly given recent theoretical arguments, that including money growth in simple VAR models of inflation does systematically improve out-of-sample forecasting accuracy. This holds for a long...
Persistent link: https://www.econbiz.de/10012772212
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Some Alternative Monetary Facts
Stella, Peter; Singh, Manmohan; Bhargava, Apoorv - 2021
In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical …
Persistent link: https://www.econbiz.de/10013243075
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Monetary and Exchange Rate Dynamics During Disinflation : An Empirical Analysis
Hamann, A. Javier; Arias, Andres F.; Zhang, Lei - 2021
Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases...
Persistent link: https://www.econbiz.de/10013318682
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A Note of Caution on the Relation between Money Growth and Inflation
Berger, Helge; Karlsson, Sune; Österholm, Pär - 2023
We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid time-varying parameter Bayesian VAR models. Model selection based on marginal likelihoods suggests that the relation is statistically unstable across time in both regions. The...
Persistent link: https://www.econbiz.de/10014353545
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What Drives the Polonia Spread in Poland?
Lu, Yinqiu - 2012
Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of...
Persistent link: https://www.econbiz.de/10013098594
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The Role of Domestic and External Shocks in Poland : Results from an Agnostic Estimation Procedure
Andrle, Michal - 2013
This paper discusses interlinkages between Poland and the euro zone using a simple and agnostic econometric approach … assumptions that allow us to identify how external factors affect the evolution of business cycles in Poland in the period 1999 …-2012. Our results suggest that developments in the euro zone can explain about 50 percent of poland's output and interest rate …
Persistent link: https://www.econbiz.de/10013072599
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Clarity of Central Bank Communication About Inflation
Bulíř, Aleš - 2015
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....
Persistent link: https://www.econbiz.de/10013021788
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Clarity of Central Bank Communication About Inflation
Čihák, Martin - 2012
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....
Persistent link: https://www.econbiz.de/10013111353
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Monetary Aggregation : A Reconciliation of Theory and Central Bank Practice
Pill, Huw R. - 2006
Monetary assets have different characteristics which make them more or less useful in facilitating transactions. Academic economists have consistently argued that these differences should be incorporated in monetary aggregates by assigning assets different weights. However, central banks...
Persistent link: https://www.econbiz.de/10012781613