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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

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

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

Wage-price dynamics and structural reforms in Japan

Porcellacchia, Davide - 2016

Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the …

Persistent link: https://www.econbiz.de/10011436738

The impact of unconventional monetary policy measures by the systemic four on global liquidity and monetary conditions

Korniyenko, Yevgeniya; Loukoianova, Elena - 2015

States, the United Kingdom, Euro area and Japan- the Systemic Four-on global monetary and liquidity conditions. Overall, the … countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but …

Persistent link: https://www.econbiz.de/10011445532

Monetary policy transmission and financial stability in a LIC : the case of Bangladesh

Rafiq, Sohrab - 2015

This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels....

Persistent link: https://www.econbiz.de/10011408240

Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy

Monnet, Eric; Vari, Miklos - 2019

on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were … mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects …

Persistent link: https://www.econbiz.de/10012103606

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