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China's monetary policy communication : frameworks, impact, and recommendations
McMahon, Michael; Schipke, Alfred; Li, Xiang - 2018
Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique...
Persistent link: https://www.econbiz.de/10011978360
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Structural quarterly projection model for Belarus
Musil, Karel; Pranovich, Mikhail; Vlček, Jan - 2018
block reflects a monetary targeting regime and allows for transition from it to an interest-rate-based framework. Adding …
Persistent link: https://www.econbiz.de/10011978426
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Household debt, consumption, and monetary policy in Australia
Loukoianova, Elena; Wong, Yu Ching; Hussiada, Ioana - 2019
, households with low debt may not respond to monetary policy shocks, as they hold more interest-earning assets …
Persistent link: https://www.econbiz.de/10012019787
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Enabling deep negative rates to fight recessions : a guide
Agarwal, Ruchir; Kimball, Miles S. - 2019
The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious … transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and … acceptance of negative interest rate policy at the onset of the next serious recession …
Persistent link: https://www.econbiz.de/10012019855
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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 target range in 2012 and remains below it despite a cut in...
Persistent link: https://www.econbiz.de/10012021893
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Hysteresis in labor markets? : evidence from professional long-term forecasts
Bluedorn, John Christopher; Leigh, Daniel - 2019
We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts...
Persistent link: https://www.econbiz.de/10012022008
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Do interest rate controls work? : evidence from Kenya
Alper, C. Emre; Clements, Benedict J.; Hobdari, Niko; … - 2019
This paper reviews the impact of interest rate controls in Kenya, introduced in September 2016. The intent of the … that the law on interest rate controls has had the opposite effect of what was intended. Specifically, it has led to a … financial intermediation. We also show that interest rate caps reduced the signaling effects of monetary policy. These suggest …
Persistent link: https://www.econbiz.de/10012022041
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Decomposing the inflation dynamics in the Philippines
Guo, Si; Karam, Philippe; Vlček, Jan - 2019
aggressive interest rate hikes to bring inflation under control, based on a counterfactual exercise …
Persistent link: https://www.econbiz.de/10012102135
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Optimal monetary policy under bounded rationality
Benchimol, Jonathan; Bounader, Lahcen - 2019
targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To the extent that …
Persistent link: https://www.econbiz.de/10012102200
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The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632