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Transmission Mechanisms of Monetary Policy in Armenia : Evidence from VAR Analysis

Dabla-Norris, Era - 2007

inflation does respond to broad money shocks, once foreign currency deposits are included …

Persistent link: https://www.econbiz.de/10012778207

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

Exchange Rate, Money, and Wages : What is Driving Prices in Armenia?

Grigorian, David A. - 2006

context of a full information model containing three interrelated markets: foreign exchange, money, and labor. Using the … prices responding to changes in money and wages in a statistically significant manner …

Persistent link: https://www.econbiz.de/10012783051

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 Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks...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

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle

Monnet, Eric - 2019

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...

Persistent link: https://www.econbiz.de/10012864107

Decomposing the Inflation Dynamics in the Philippines

Guo, Si - 2019

Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from both sides in 2018, with the supply factors, by and...

Persistent link: https://www.econbiz.de/10012864114

The Expansionary Lower Bound : Contractionary Monetary Easing and the Trilemma

Cavallino, Paolo - 2019

We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature of our theory is the existence of an 'Expansionary Lower Bound' (ELB), defined as an interest rate threshold...

Persistent link: https://www.econbiz.de/10012864125

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize … from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates … financial stability and market development. The paper then discusses operational solutions that stabilize money market rates …

Persistent link: https://www.econbiz.de/10012888769

Monetary Policy Transmission in Emerging Markets and Developing Economies

Brandao Marques, Luis - 2020

Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often...

Persistent link: https://www.econbiz.de/10012839314

Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks

Mæhle, Nils Øyvind - 2020

-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a … money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be …

Persistent link: https://www.econbiz.de/10012840604