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Measuring U.S. core inflation : the stress test of COVID-19
Ball, Laurence M.; Leigh, Daniel; Mishra, Prachi; … - 2021
.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry … price changes and measuring the underlying or core level of inflation over 2020-2021. The Federal Reserve's preferred … measure of core, the inflation rate excluding food and energy prices (XFE), has performed poorly: over most of 2020-21, it is …
Persistent link: https://www.econbiz.de/10012795049
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Monetary policy frameworks : an index and new evidence
Unsal, D. Filiz; Papageorgiou, Chris; Garbers, Hendre - 2022
We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks' laws and websites for 50 advanced economies,...
Persistent link: https://www.econbiz.de/10013170321
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Distributional effects of monetary policy
Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...
Persistent link: https://www.econbiz.de/10012605530
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Fintech in Latin America and the Caribbean : stocktaking
Berkmen, P.; Beaton, Kimberly; Gershenson, Dmitriy; … - 2019
In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially...
Persistent link: https://www.econbiz.de/10012009989
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Effects of emerging market asset purchase program announcements on financial markets during the COVID-19 pandemic
Sever, Can; Goel, Rohit; Drakopoulos, Dimitris; … - 2020
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...
Persistent link: https://www.econbiz.de/10012487164
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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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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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Risk management maturity assessment at central banks
Chamoun, Elie; Denewet, Nicolas; Manzanera, Antonio; … - 2019
Effective risk management at central banks is best enabled by a sound framework embedded throughout the organization that supports the design and execution of risk management activities. To evaluate the risk management practices at a central bank, the Safeguards Assessments Division of the IMF's...
Persistent link: https://www.econbiz.de/10012155243
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Monetary policy, inflation, and distributional impact : South Africa’s case
Miyajima, Ken - 2021
currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining … low and stable inflation could at the same time reduce consumption inequality over a 12-18 month horizon, commonly … benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption …
Persistent link: https://www.econbiz.de/10012518926
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Decomposing the inflation dynamics in the Philippines
Guo, Si; Karam, Philippe; Vlček, Jan - 2019
Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation … pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from …-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global …
Persistent link: https://www.econbiz.de/10012102135