Narrow search
Showing 1 - 10 of 875
Cover Image
Has Higher Household Indebtedness Weakened Monetary Policy Transmission?
Gelos, Gaston - 2019
deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares … the responsiveness of household consumption to monetary policy shocks in the pre- and post-crisis periods, relating … changes in monetary transmission to changes in household indebtedness and liquidity. The results show that the responsiveness …
Persistent link: https://www.econbiz.de/10012892905
Cover Image
Public Debt and Household Inflation Expectations
Grigoli, Francesco; Sandri, Damiano - 2023
We use randomized controlled trials in the US, UK, and Brazil to examine the causal effect of public debt on household …
Persistent link: https://www.econbiz.de/10014355804
Cover Image
How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area
Batini, Nicoletta - 2020
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...
Persistent link: https://www.econbiz.de/10012828229
Cover Image
The Anatomy of Monetary Policy Transmission in an Emerging Market
Eklou, Kodjovi - 2023
Monetary policy transmission in EMs has been found to be weak historically due to under-developed financial markets and heavy central bank intervention in FX markets that undermine the exchange rate channel. Against this background, this paper investigates the transmission of monetary policy,...
Persistent link: https://www.econbiz.de/10014353248
Cover Image
Monetary Policy Implications Central Bank Digital Currencies : Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
Lukonga, Inutu - 2023
Central bank digital currencies (CBDCs) promise many benefits but, if not well designed, they could have undesired consequences, including for monetary policy. Issuing an unremunerated CBDC or a wholesale CBDC does not change the objectives of monetary policy or the operational framework for...
Persistent link: https://www.econbiz.de/10014355809
Cover Image
Estimating the Implicit Inflation Target : An Application to U.S. Monetary Policy
Leigh, Daniel - 2008
This paper proposes a new method of estimating the Taylor rule with a time-varying implicit inflation target and a time-varying natural rate of interest. The inflation target and the natural rate are modeled as random walks and are estimated using maximum likelihood and the Kalman filter. I...
Persistent link: https://www.econbiz.de/10012768153
Cover Image
Achieving the Bank of Japan's Inflation Target
Anand, Rahul - 2019
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy...
Persistent link: https://www.econbiz.de/10012858390
Cover Image
A Requiem for the Fiscal Theory of the Price Level
Farmer, Roger - 2019
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an...
Persistent link: https://www.econbiz.de/10012859850
Cover Image
Trinity Strikes Back : Monetary Independence and Inflation in the Caribbean
Cevik, Serhan - 2019
Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a...
Persistent link: https://www.econbiz.de/10012859872
Cover Image
Liquidity Ratios as Monetary Policy Tools : Some Historical Lessons for Macroprudential Policy
Monnet, Eric - 2019
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks...
Persistent link: https://www.econbiz.de/10012863975