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How Successful are Banking Sector Reforms in Emerging Market Economies? Evidence from Impact of Monetary Policy on Levels and Structures of Firm Debt in India
Bhaumik, Sumon K. - 2016
that well-functioning credit markets would reflect a bank channel for monetary policy at work, we test whether a change in … and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings …
Persistent link: https://www.econbiz.de/10012988130
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Distributional Effects of Monetary Policy in Emerging Market Economies
Prasad, Eswar S. - 2015
We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...
Persistent link: https://www.econbiz.de/10013016221
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...
Persistent link: https://www.econbiz.de/10013318057
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Design Choices for Central Bank Digital Currency : Policy and Technical Considerations
Allen, Sarah - 2020
Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs …
Persistent link: https://www.econbiz.de/10012827328
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Assessing Australian Monetary Policy in the Twenty-First Century
Gross, Isaac; Leigh, Andrew - 2022
Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in … high during 2016-2019, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016-2019 would …
Persistent link: https://www.econbiz.de/10014076715
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Reputation and Credit Market Formation : How Relational Incentives and Legal Contract Enforcement Interact
Fehr, Ernst - 2009
The evidence suggests that relational contracting and legal rules play an important role in credit markets but on the basis of the prevailing field data it is difficult to pin down their causal impact. Here we show experimentally that relational incentives are a powerful causal determinant for...
Persistent link: https://www.econbiz.de/10013157034
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2010
price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to … frictions a welfare-maximizing central bank should adopt flexible headline inflation targeting a target based on headline rather …
Persistent link: https://www.econbiz.de/10013139035
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Labor Turnover Costs, Workers' Heterogeneity, and Optimal Monetary Policy
Faia, Ester - 2009
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...
Persistent link: https://www.econbiz.de/10013157529
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Monetary Policy and Inequality Under Labor Market Frictions and Capital-Skill Complementarity
Dolado, Juan Jose - 2018
In order to improve our understanding of the channels through which monetary policy has distributional consequences, we build a New Keynesian model with incomplete asset markets, asymmetric search and matching (SAM) frictions across skilled and unskilled workers and, foremost, capital-skill...
Persistent link: https://www.econbiz.de/10012919514
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Monetary Persistence, Imperfect Competition, and Staggering Complementarities
Merkl, Christian; Snower, Dennis J. - 2021
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...
Persistent link: https://www.econbiz.de/10013316832