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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism : How Does the Central Bank's Repo Rate Affect the Economy?
Cheng, Kevin C. - 2007
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
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Managing the Fed's Liftoff and Transmission of Monetary Policy
Singh, Manmohan - 2015
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
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Portfolio Rebalancing in Japan : Constraints and Implications for Quantitative Easing
Arslanalp, Serkan - 2015
Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic …
Persistent link: https://www.econbiz.de/10013015596
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Price Expectations and the U.S. Housing Boom
Towbin, Pascal - 2015
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The...
Persistent link: https://www.econbiz.de/10013015600
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Understanding Residential Real Estate in China
Chivakul, Mali - 2015
China's residential real estate sector plays an important role in the economy and has been a key driver of growth. Since 2014 the sector has softened visibly, reflecting overbuilding across many cities. An orderly adjustment of the sector is welcome. The key questions are how severe the...
Persistent link: https://www.econbiz.de/10013022270
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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 …. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through short …-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the …
Persistent link: https://www.econbiz.de/10013097282
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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 … channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate … transmission mechanisms in the GCC countries …
Persistent link: https://www.econbiz.de/10013098603
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Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands
Peiris, Shanaka J. - 2012
high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs …
Persistent link: https://www.econbiz.de/10013098628
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How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence
Mishra, Prachi - 2012
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to … come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish … monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct …
Persistent link: https://www.econbiz.de/10013102261
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
Tovar Mora, Camilo Ernesto - 2012
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...
Persistent link: https://www.econbiz.de/10013102264