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Monetary Policy in Hybrid Regimes : The Case of Kazakhstan

Epstein, Natan P. - 2014

This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance its ability to regulate liquidity in the financial...

Persistent link: https://www.econbiz.de/10013050674

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 of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in...

Persistent link: https://www.econbiz.de/10013053046

To Cut or Not to Cut? That is the (Central Bank’s) Question : In Search of the Neutral Interest Rate in Latin America

Magud, Nicolás E. - 2012

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of methodologies commonly used in the literature. We find that NRIRs have declined in the...

Persistent link: https://www.econbiz.de/10013099302

Money as Indicator for the Natural Rate of Interest

Berger, Helge - 2012

standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be … transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule …. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate …

Persistent link: https://www.econbiz.de/10013102289

To Cut or Not to Cut? That is the (Central Bank’s) Question in Search of the Neutral Interest Rate in Latin America

Magud, Nicolás E. - 2013

Persistent link: https://www.econbiz.de/10013083629

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

Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market

Lee, Seung Jung - 2017

We study how low interest rates in the United States affect risk taking in the market of cross-border leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We...

Persistent link: https://www.econbiz.de/10012961476

Monetary Policy with Negative Interest Rates : Decoupling Cash from Electronic Money

Assenmacher, Katrin - 2018

Monetary policy space remains constrained by the lower bound in many countries, limitingthe policy options available to address future deflationary shocks. The existence of cashprevents central banks from cutting interest rates much below zero. In this paper, we considerthe practical feasibility...

Persistent link: https://www.econbiz.de/10012910358

Demographics and the Natural Rate of Interest in Japan

Han, Fei - 2019

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the impact of demographics on the natural rate in...

Persistent link: https://www.econbiz.de/10012889159

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

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