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Distributional Effects of Monetary Policy in Emerging Market Economies
Prasad, Eswar; Zhang, Boyang - 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/10011307491
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Following Germany's Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy
di Giovanni, Julian; McCrary, Justin; von Wachter, Till - 2005
Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...
Persistent link: https://www.econbiz.de/10010262211
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Forecasting Time Series Subject to Multiple Structural Breaks
Timmermann, Allan; Pettenuzzo, Davide; Pesaran, … - 2004
Bayesian estimation and prediction procedure that allows for the possibility of new breaks over the forecast horizon, taking …This paper provides a novel approach to forecasting time series subject to discrete structural breaks. We propose a …
Persistent link: https://www.econbiz.de/10010276180
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Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score
Angrist, Joshua D.; Kuersteiner, Guido M. - 2008
dependent data and allowing for first-step estimation of the propensity score. …
Persistent link: https://www.econbiz.de/10010270625
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The impact of labor markets on the transmission of monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2005
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/10010267340
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Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
Allen, Sarah; Capkun, Srdjan; Eyal, Ittay; Fanti, Giulia; … - 2020
Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...
Persistent link: https://www.econbiz.de/10012270213
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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 which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...
Persistent link: https://www.econbiz.de/10013426410
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institute for the Study of Labor (IZA) - 2005
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/10005762079
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On the estimation and forecasting of international migration: how relevant is heterogeneity across countries?
Brücker, Herbert; Siliverstovs, Boriss - 2005
This paper performs a comparative analysis of estimation as well as of out-of-sample forecasting results of more than … period 1967-2001. Our results suggest that the choice of an estimation procedure has a substantial impact on the parameter … estimates of the migration function. Out-of-sample forecasting results indicate the following: (i) the standard fixed effects …
Persistent link: https://www.econbiz.de/10010267584
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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment: Evidence for the Euro Area
Belke, Ansgar H.; Frenzel Baudisch, Coletta; Göcke, … - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012141204