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Measuring Misalignment : Purchasing Power Parity and East Asian Currencies in the 1990's
Chinn, Menzie David - 1999
The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. The Johansen and Horvath-Watson cointegration test procedures are applied to bilateral and multilateral exchange rates, deflated using CPIs,...
Persistent link: https://www.econbiz.de/10014401020
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Central Bank Independence and the Design of Fiscal Institutions
Castellani, Francesca - 2001
Persistent link: https://www.econbiz.de/10014400978
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Strategic Interactions Between An Independent Central Bank and a Myopic Government with Government Debt
Stehn, Sven Jari - 2008
We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash game results in too much government spending and excessively high interest rates,...
Persistent link: https://www.econbiz.de/10014401471
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Monetary and Fiscal Coordination in Small Open Economies
Worrell, DeLisle - 2000
This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the …
Persistent link: https://www.econbiz.de/10014399901
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The Fiscal Abuse of Central Banks
Fry, Maxwell J. - 1993
This paper reviews the fiscal activities that governments in a sample of 26 developing countries have obliged their central banks to undertake. In the main, these activities fall under five categories: (1) collecting seigniorage; (2) imposing financial restriction; (3) implementing selective...
Persistent link: https://www.econbiz.de/10014396498
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Fiscal and Monetary Anchors for Price Stability : Evidence From Sub-Saharan Africa
International Monetary Fund - 2008
sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries … of inflation variability, as predicted by the fiscal theory of the price level …
Persistent link: https://www.econbiz.de/10014401393
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Strengthening the monetary policy framework in Korea
Clinton, Kevin; Craig, Richard Sean; Laxton, Douglas; … - 2019
Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However …, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the … monetary policy can focus on the inflation target. Simulation of a macro model calibrated to Korea illustrates how it can be …
Persistent link: https://www.econbiz.de/10012021893
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Lessons for monetary policy : what should the consensus be?
Issing, Otmar - 2011
Persistent link: https://www.econbiz.de/10009486309
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How to improve inflation targeting in Canada
Obstfeld, Maurice; Clinton, Kevin; Kamenik, Ondra; … - 2016
, particularly when there is a risk of low inflation, and the policy rate is constrained by the effective lower bound. Model … equilibrium real interest rate, this strategy is preferable to raising the inflation target …
Persistent link: https://www.econbiz.de/10011715420
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Macroeconomic effects of reforms on three diverse oil exporters : Russia, Saudi Arabia, and the UK
Beidas-Strom, Samya; Lorusso, Marco - 2019
We build and estimate open economy two-bloc DSGE models to study the transmission and impact of shocks in Russia, Saudi Arabia and the United Kingdom. After accounting for country-specific fiscal and monetary sectors, we estimate their key policy and structural parameters. Our findings suggest...
Persistent link: https://www.econbiz.de/10012112123