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Transparency analysis in the function of central bank objective
Kondić, Novak; Krušković, Borivoje D. - In: Journal of Central Banking Theory and Practice 1 (2012) 1, pp. 77-90
publishing the inflation report, which is especially common in countries that accepted inflation targeting as their monetary …
Persistent link: https://www.econbiz.de/10010687468
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Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure
Berthold, Kristin; Stadtmann, Georg - In: Journal of Central Banking Theory and Practice 7 (2018) 1, pp. 43-57
We examine the reasons why the SNB gave up the lower floor of the 1.20 CHF/EUR exchange rate arrangement. Three types of shocks played a role: Exogenous shocks to the autonomous component of money demand, interest rate decreases of the ECB, as well as appreciation expectations. In order to...
Persistent link: https://www.econbiz.de/10012217870
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Monetary Policy and Economic Growth: A Review of International Literature
Twinoburyo, Enock Nyorekwa; Odhiambo, Nicholas M. - In: Journal of Central Banking Theory and Practice 7 (2018) 2, pp. 123-137
This paper aims to survey the existing literature, both theoretical and empirical, on the relationship between monetary policy and economic growth. While there has been a wide range of studies on the existing relationship between monetary policy and economic growth, the nexus between the two...
Persistent link: https://www.econbiz.de/10012217882
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The Swiss National Bank’s fear of float
Berthold, Kristin; Stadtmann, Georg - In: Journal of Central Banking Theory and Practice 8 (2019) 2, pp. 51-64
We theoretically examine under which assumptions the impossible trinity holds. We also focus on the most recent Swiss experience and ask whether the SNB gained monetary independence by switching from a fixed to a floating exchange rate system in January 2015. The theoretical examination shows...
Persistent link: https://www.econbiz.de/10012217909
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Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana
Akosah, Nana Kwame; Alagidede, Paul; Schaling, Eric - In: Journal of Central Banking Theory and Practice 9 (2020) 1, pp. 135-167
Ghana's economy is characterised by acute exchange rate volatility alongside persistent and high consumer inflation …. This places the economy among the sub-Saharan African countries with the highest inflation over the years. Therefore, we … time-scale. We find the real policy rate and the exchange rate to be net transmitters of shocks, while inflation and output …
Persistent link: https://www.econbiz.de/10012217934
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Interest rate policy and exchange rates volatility lessons from Indonesia
Kuncoro, Haryo - In: Journal of Central Banking Theory and Practice 9 (2020) 2, pp. 19-42
Whether or not inflation targeting adoption leads to increased volatility of exchange rates is controversial. The … volatility increases with inflation targeting as a result of the flexible exchange rate regime. Others argue that inflation … whether interest rate policy in inflation targeting frameworks - that is subjected to control inflation rate - may reduce the …
Persistent link: https://www.econbiz.de/10014558392
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DLT options for CBDC
Guo, Sky; Kreitem, Joseph; Moser, Thomas - In: Journal of Central Banking Theory and Practice 13 (2024) 1, pp. 57-88
This paper provides an overview of the distributed ledger technology (DLT) options available to central banks for issuing central bank digital currency (CBDC). We discuss the main requirements that a DLT solution must fulfill and analyze the various structures for implementation offered by DLT -...
Persistent link: https://www.econbiz.de/10014558483
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Exchange rate targeting versus inflation targeting: Empirical analysis of the impact on employment and economic growth
Krušković, Borivoje - In: Journal of Central Banking Theory and Practice 9 (2020) 2, pp. 67-85
This paper analyses the effects of two alternative monetary strategies (exchange rate targeting and inflation targeting … that countries in exchange rate targeting have a higher rate of GDP growth and lower inflation rate. In order to test the … related to exchange rate targeting, the effects of the introduction of inflation targeting in the unemployment rate were also …
Persistent link: https://www.econbiz.de/10014558528
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Monetary policy at crisis times
Kozarić, Kemal; Fabris, Nikola - In: Journal of Central Banking Theory and Practice 1 (2012) 1, pp. 5-24
Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk...
Persistent link: https://www.econbiz.de/10010687474
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Challenges to the Implementation of a New Framework for Safeguarding Financial Stability
Vlahović, Ana - In: Journal of Central Banking Theory and Practice 3 (2014) 3, pp. 19-52
There is probably no single economic concept that has attracted more attention and intrigued scientific and professional circles than financial stability. For over a decade now that have been efforts to establish the starting point in explaining this condition or characteristic of the financial...
Persistent link: https://www.econbiz.de/10010930547