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India's Recent Macroeconomic Performance : An Assessment and Way Forward
Kapur, Muneesh - 2014
The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting …
Persistent link: https://www.econbiz.de/10013053046
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Real Exchange Rate Overshooting in Large Depreciations : Determinants and Consequences
Culiuc, Alexander - 2020
. The paper hypothesizes that the overshooting phase-observed early in the depreciation episode and driven by the balance … depreciation. Given this, larger real exchange rate overshooting should signal a relatively stronger balance sheet effect …. Empirical findings support this hypothesis: (i) overshooting is driven by factors associated with the balance sheet effect (high …
Persistent link: https://www.econbiz.de/10012831605
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The Comovement in Commodity Prices : Sources and Implications
Alquist, Ron - 2013
We present a simple macroeconomic model with a continuum of primary commodities used in the production of the final good, such that the real prices of commodities have a factor structure. One factor captures the combined contribution of all aggregate shocks which have no direct effects on...
Persistent link: https://www.econbiz.de/10013080222
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Shock Therapy! What Role for Thai Monetary Policy?
Alp, Harun - 2012
Thailand had to endure three major shocks during 2008-2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT) let the exchange rate depreciate and cut interest rates...
Persistent link: https://www.econbiz.de/10013096276
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The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia
Jain-Chandra, Sonali - 2012
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
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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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Household Production, Services and Monetary Policy
Lonkeng Ngouana, Constant - 2012
A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market...
Persistent link: https://www.econbiz.de/10013098601
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Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Cevik, Serhan - 2012
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
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Innocent Bystanders? Monetary Policy and Inequality in the U.S
Coibion, Olivier - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10013098608
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Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands
Peiris, Shanaka J. - 2012
Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The 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...
Persistent link: https://www.econbiz.de/10013098628