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Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

Inflation Targeting in Dollarized Economies

Leiderman, Leonardo - 2006

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place. The existence of managed exchange rate regimes, a...

Persistent link: https://www.econbiz.de/10014402285

Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?

Belkhir, Mohamed - 2023

This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...

Persistent link: https://www.econbiz.de/10015059389

Excess Liquidity and the Effectiveness of Monetary Policy : Evidence from Sub-Saharan Africa

Saxegaard, Magnus - 2006

Intro -- Contents -- I. INTRODUCTION -- II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN … COUNTRIES -- III. MEASUREMENT OF EXCESS LIQUIDITY -- IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM -- V …

Persistent link: https://www.econbiz.de/10012691164

Excess Liquidity and the Effectiveness of Monetary Policy : Evidence From Sub-Saharan Africa

Saxegaard, Magnus - 2006

This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of … monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to … which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a …

Persistent link: https://www.econbiz.de/10014400369

Global liquidity transmission to emerging market economies, and their policy responses

Choi, Woon Gyu; Kang, Taesu; Kim, Geun Young; Lee, Byongju - 2017

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies … factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity …

Persistent link: https://www.econbiz.de/10011748772

Money As Indicator for the Natural Rate of Interest

Berger, Helge - 2012

The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a...

Persistent link: https://www.econbiz.de/10014396924

Does Inflation Targeting Matter?

Sheridan, Niamh - 2003

This paper asks whether inflation targeting improves economic performance, as measured by the behavior of inflation, output, and interest rates. We compare 7 OECD countries that adopted inflation targeting in the early 1990s to 13 that did not. After the early 1990s, performance improved along...

Persistent link: https://www.econbiz.de/10014400142

Output gap uncertainty and real-time monetary policy

Grigoli, Francesco; Herman, Alexander; Swiston, Andrew; … - 2015

Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...

Persistent link: https://www.econbiz.de/10014275788

Treasury bills and/or central bank bills for absorbing surplus liquidity : the main considerations

Nyawata, Obert - 2012

Persistent link: https://www.econbiz.de/10009488203

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