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China pro-growth monetary policy and its asymmetric transmission

Chen, Kaiji; Higgins, Patrick; Waggoner, Daniel F.; Zha, Tao - 2016

China monetary policy, as well as its transmission, is yet to be understood by researchers and policymakers. In the spirit of Taylor (1993, 2000), we develop a tractable framework that approximates practical monetary policy of China. The framework, grounded in relevant institutional elements,...

Persistent link: https://www.econbiz.de/10011776819

Monetary policy and credit demand in India and some EMEs

Padit, B. L.; Vashisht, Pankaj - 2011

Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies including India for the period 2002 to 2010. Panel data techniques are used after ruling out the presence of unit roots. The results show that when other determinants, like...

Persistent link: https://www.econbiz.de/10011807662

US Monetary Policy in a Globalized World

Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016

We analyze the interaction between monetary policy in the US and the global economy proposing a new class of Bayesian global vector autoregressive models that accounts for time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock...

Persistent link: https://www.econbiz.de/10013370122

Risk premia in electricity wholesale spot markets: empirical evidence from Germany

Pietz, Matthäus - 2009

This paper contributes to the ongoing discussion on price formation in electricity markets. For this, we conduct an analysis of the German electricity wholesale spot market which is located at the European Energy Exchange (EEX). Our dataset covers three spot market segments, namely the intraday...

Persistent link: https://www.econbiz.de/10010305694

Risk premia in the German electricity futures market

Pietz, Matthäus - 2009

The mechanism behind price formation in electricity futures markets is still under discussion. Theory suggests that hedging pressure caused by deviating risk preferences is the most promising approach. This paper contributes to this discussion through an empirical investigation of electricity...

Persistent link: https://www.econbiz.de/10010305696

Liquidity in the Foreign Exchange Market:Measurement, Commonality, and Risk Premiums

Mancini, Loriano; Ranaldo, Angelo; Wrampelmeyer, Jan - National Centre of Competence in ResearchFinancial … - 2009

This paper develops a liquidity measure tailored to the foreign exchange (FX) market, quanties the amount of … commonality in liquidity across dierent exchange rates, and determines theextent of liquidity risk premiums embedded in FX returns …. The new liquidity measure utilizesultra high frequency data and captures cross-sectional and temporal variation in FX …

Persistent link: https://www.econbiz.de/10005868531

Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland

Bäurle, Gregor; Menz, Tobias - 2008

We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...

Persistent link: https://www.econbiz.de/10011430077

Lending relationships and monetary policy

Aksoy, Yunus; Basso, Henrique S.; Coto-Martinez, Javier - 2009

Financial intermediation and bank spreads are important elements in the analysis of business cycle transmission and monetary policy. We present a simple framework that introduces lending relationships, a relevant feature of financial intermediation that has been so far neglected in the monetary...

Persistent link: https://www.econbiz.de/10010321417

Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the benefits of a reform. It also increases...

Persistent link: https://www.econbiz.de/10010321824

The tragedy of the commons and inflation bias in the euro area

Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - 2012

Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and (ii) a common pool...

Persistent link: https://www.econbiz.de/10010343285

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