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Monetary Versus Macroprudential Policies : Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report
Aikman, David - 2016
policies. Monetary policy acted on output and inflation broadly in line with consensus views today, but credit controls had …
Persistent link: https://www.econbiz.de/10012456297
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Exchange Rates and Fundamentals
Engel, Charles - 2004
helps explain the well known puzzle that fundamental variables such as relative money supplies, outputs, inflation and …
Persistent link: https://www.econbiz.de/10012467971
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The Federal Reserve, Emerging Markets, and Capital Controls : A High Frequency Empirical Investigation
Edwards, Sebastian - 2012
In this paper I use weekly data from seven emerging nations - four in Latin America and three in Asia - to investigate … dynamics - in Latin America and Asia. The results also indicate that capital controls are not an effective tool for isolating …
Persistent link: https://www.econbiz.de/10012460103
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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … country holds international reserves (IR) at a level higher than a threshold (about 20% of GDP). Greater monetary autonomy is … associated with a higher level of inflation while greater exchange rate stability and greater financial openness could lower the …
Persistent link: https://www.econbiz.de/10012462774
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Credit Growth and the Financial Crisis : A New Narrative
Albanesi, Stefania - 2017
A broadly accepted view contends that the 2007-09 financial crisis in the U.S. was caused by an expansion in the supply of credit to subprime borrowers during the 2001- 2006 credit boom, leading to the spike in defaults and foreclosures that sparked the crisis. We use a large administrative...
Persistent link: https://www.econbiz.de/10012453971
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Rents, Technical Change, and Risk Premia : Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares
Caballero, Ricardo J. - 2017
The secular decline in safe interest rates since the early 1980s has been the subject of considerable attention. In this short paper, we argue that it is important to consider the evolution of safe real rates in conjunction with three other first-order macroeconomic stylized facts: the relative...
Persistent link: https://www.econbiz.de/10012455554
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When is the government spending multiplier large?
Christiano, Lawrence - 2009
We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger is the fraction of government spending that occurs while the nominal interest rate is zero, the larger is the value of the multiplier. After...
Persistent link: https://www.econbiz.de/10012463255
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Separating the Business Cycle from Other Economic Fluctuations
Hall, Robert E. - 2005
volatility of GDP growth at all frequencies. Monetary policymakers looking to a neoclassical model to provide the neutral levels … of key variables-potential GDP, the natural rate of unemployment, and the equilibrium real interest rate, need to solve a …. Some branches of modem theory do not support the concepts of potential GDP, the natural rate of unemployment, and the …
Persistent link: https://www.econbiz.de/10012467025
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Negative Interest Rate Policy and the Yield Curve
Wu, Jing Cynthia - 2018
We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we introduce two policy indicators, which summarize the immediate and longer-horizon future monetary policy...
Persistent link: https://www.econbiz.de/10012480832
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Output Costs, Currency Crises, and Interest Rate Defense of a Peg
Lahiri, Amartya - 2005
Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimizing, first-generation model in which the crisis may be delayed but is ultimately...
Persistent link: https://www.econbiz.de/10012466880