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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
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Does Global Liquidity Matter for Monetary Policy in the Euro Area?
Berger, Helge - 2009
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …
Persistent link: https://www.econbiz.de/10012677373
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Credible Commitment to Optimal Escape from a Liquidity Trap; The Role of the Balance Sheet of an Independent Central Bank
Jeanne, Olivier; Svensson, Lars E. O. - International Monetary Fund (IMF) - 2004
its currency and an exchange rate peg. This way, the central bank can implement the optimal escape from a liquidity trap … to escape from a liquidity trap. …
Persistent link: https://www.econbiz.de/10005826442
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The Gambia; Demand for Broad Money and Implications for Monetary Policy Conduct
Sriram, Subramanian S. - International Monetary Fund (IMF) - 2009
This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data...
Persistent link: https://www.econbiz.de/10008528631
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Inflation Targeting Regimes
Carare, Alina; Stone, Mark R. - International Monetary Fund (IMF) - 2003
This paper classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on indicators of the clarity and credibility of the commitment...
Persistent link: https://www.econbiz.de/10005825645
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Determinants of Inflation in the Islamic Republic of Iran; A Macroeconomic Analysis
Liu, O.; Adedeji, Olumuyiwa - International Monetary Fund (IMF) - 2000
This study establishes a framework for analyzing the major determinants of inflation in the Islamic Republic of Iran. An empirical model was estimated by taking into consideration disequilibria in the markets for money, foreign exchange, and goods. Results strongly support the need for a...
Persistent link: https://www.econbiz.de/10005825654
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul; Pearlman, Joseph; Batini, Nicoletta - International Monetary Fund (IMF) - 2009
We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such...
Persistent link: https://www.econbiz.de/10005825799
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Challenges to Monetary Policy in the Czech Republic; L3794An Integrated Monetary and Fiscal Analysis
Muñoz, Sònia; Allard, Céline - International Monetary Fund (IMF) - 2008
This paper uses the Global Integrated Monetary and Fiscal Model (GIMF), a New Keynesian open-economy general equilibrium model suitable for an integrated evaluation of monetary and fiscal policies, to analyze monetary policy challenges facing the Czech Republic. In the context of the recent...
Persistent link: https://www.econbiz.de/10005825838
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Nominal Income Targeting; A Critical Evaluation
Argy, Victor E. - International Monetary Fund (IMF) - 1991
This paper evaluates the proposal that government authorities ought to target nominal income. It begins by viewing the literature in some detail. It then undertakes a theoretical analysis of the proposal first for the small country and next for the large country. There is then a general...
Persistent link: https://www.econbiz.de/10005825863
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Re-Establishing Credible Nominal Anchors After a Financial Crisis; A Review of Recent Experience
Zanello, Alessandro; Stone, Mark R.; Jarvis, Christopher J. - International Monetary Fund (IMF) - 2003
This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico...
Persistent link: https://www.econbiz.de/10005825883