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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...
Persistent link: https://www.econbiz.de/10014400369
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Economic fluctuations in Sub-Saharan Africa
Melina, Giovanni; Portillo, Rafael - 2018
We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-a-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii)...
Persistent link: https://www.econbiz.de/10012112323
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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
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Oil prices and inflation dynamics : evidence from advanced and developing economies
Choi, Sangyup; Furceri, Davide; Loungani, Prakash; … - 2017
We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 percent increase in global oil inflation increases, on average, domestic inflation by about 0.4...
Persistent link: https://www.econbiz.de/10011742791
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World Crude Oil Markets : Monetary Policy and the Recent Oil Shock
Krichene, Noureddine - 2006
rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused … interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low …
Persistent link: https://www.econbiz.de/10014400520
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Oil Windfalls in Ghana : A DSGE Approach
Dagher, Jihad - 2010
We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on...
Persistent link: https://www.econbiz.de/10014402869
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Public Debt Dynamics : The Effects of Austerity, Inflation, and Growth Shocks
Hasanov, Fuad - 2012
austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically … significant. In a weak economic environment, the likelihood of a self-defeating austerity shock is much higher than in normal … times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …
Persistent link: https://www.econbiz.de/10014395714
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Taking stock : who benefited from the oil price shocks?
Cerdeiro, Diego A.; Plotnikov, Dmitry - 2017
The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds to explain why it does not seem to have provided a significant boost to the world economy. This paper aims to address this puzzle by providing a systematic analysis of the...
Persistent link: https://www.econbiz.de/10011704424
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Oil price shocks and economic growth in oil-exporting countries : does the size of government matter?
Sadeghi, Amir - 2017
government expenditure-to-(non-oil) GDP ratio) is larger, non-oil output growth, in response to a positive oil price shock, tends …
Persistent link: https://www.econbiz.de/10011781275
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U.S. monetary policy spillovers to GCC countries : do oil prices matter?
Adedeji, Olumuyiwa S.; Roos, Erik; Shahid, Sohaib; Zhu, Ling - 2019
This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find...
Persistent link: https://www.econbiz.de/10012155248