Showing 1 - 10 of 454
Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In...
Persistent link: https://www.econbiz.de/10013111404
inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance …
Persistent link: https://www.econbiz.de/10013050674
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the...
Persistent link: https://www.econbiz.de/10012777936
In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed's liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can...
Persistent link: https://www.econbiz.de/10013013811
This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and … uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role … does monetary policy play? and (ii) why has inflation in Vietnam been persistently higher than in most other emerging …
Persistent link: https://www.econbiz.de/10013078381
We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature …, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation … coding of inflation reports to describe inflation factors communicated by central banks in real time. Regarding the latter …
Persistent link: https://www.econbiz.de/10013051913
This paper provides a broad brush look at the impact of fluctuations in global food prices on domestic inflation in a … advanced economies, and less anchored inflation expectations in emerging economies than in advanced economies …
Persistent link: https://www.econbiz.de/10013019007
The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia's...
Persistent link: https://www.econbiz.de/10013097282
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing...
Persistent link: https://www.econbiz.de/10013098603
high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs … suggest a greater efficacy of exchange rate changes in affecting inflation rather than monetary policy. To assess the tradeoff … rate changes and headline inflation and the low interest rate sensitivity of aggregate demand …
Persistent link: https://www.econbiz.de/10013098628