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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
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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
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Exchange Rate, Money, and Wages : What is Driving Prices in Armenia?
Grigorian, David - 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
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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
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Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks
Maehle, Nils O. - 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
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One Shock, Many Policy Responses
Mano, Rui C. - 2020
Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of...
Persistent link: https://www.econbiz.de/10012840613
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U.S. Monetary Policy Spillovers to GCC Countries : Do Oil Prices Matter?
Adedeji, Olumuyiwa - 2020
This paper provides empirical evidence that the size of the spillovers from U.S. monetarypolicy to non-oil GDP growth in the GCC countries depends on the level of oil prices. Thepotential channels through which oil prices could affect the effectiveness of monetary policyare discussed. We find...
Persistent link: https://www.econbiz.de/10012843292
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How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?
Adedeji, Olumuyiwa - 2020
Given their pegged exchange rate regimes, Gulf Cooperation Council (GCC) countries usually adjust their policy rates to match shifting U.S. monetary policy. This raises the important question of how changes in U.S. monetary policy affect banks in the GCC. We use bank-level panel data, exploiting...
Persistent link: https://www.econbiz.de/10012843506
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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
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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