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Climate disaster risks : empirics and a multi-phase dynamic model
Mittnik, Stefan; Semmler, Willi; Haider, Alexander - 2019
Recent research in financial economics has shown that rare large disasters have the potential to disrupt financial sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback e?ects on the macroecon-omy. Research on disaster risks has...
Persistent link: https://www.econbiz.de/10012102117
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Improving Surveillance Across the Cemac Region
Iossifov, Plamen - 2009
In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a...
Persistent link: https://www.econbiz.de/10014401840
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Inflation targeting : is IT to blame for banking system instability?
Fazio, Dimas M.; Tabak, Benjamin Miranda; Cajueiro, … - In: Journal of banking & finance 59 (2015), pp. 76-97
Persistent link: https://www.econbiz.de/10011544293
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Do old habits die hard? : central banks and the Bretton Woods gold puzzle
Monnet, Eric; Puy, Damien - 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/10012102163
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Macroeconomic and financial policies for climate change mitigation : a review of the literature
Krogstrup, Signe; Oman, William - 2019
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The...
Persistent link: https://www.econbiz.de/10012103638
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One ring to rule them all? : new evidence on world cycles
Monnet, Eric; Puy, Damien - 2019
We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …
Persistent link: https://www.econbiz.de/10012103742
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The flexible system of global models : FSGM
Andrle, Michal; Blagrave, Patrick; Espaillat, Pedro; … - 2015
The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...
Persistent link: https://www.econbiz.de/10011281974
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International bank lending channel of monetary policy
Albrizio, Silvia; Choi, Sangyup; Furceri, Davide; Yoon, … - 2019
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the …
Persistent link: https://www.econbiz.de/10012154603
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The role of board oversight in central bank governance : key legal design issues
Bossu, Wouter; Rossi, Arthur - 2019
This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper...
Persistent link: https://www.econbiz.de/10012155156
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Global value chains and external adjustment : do exchange rates still matter?
Adler, Gustavo; Meleshchuk, Sergii; Osorio Buitron, Carolina - 2019
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity...
Persistent link: https://www.econbiz.de/10012155213