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Monetary policy, asset prices and consumption in China

Koivu, Tuuli - 2010

This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …

Persistent link: https://www.econbiz.de/10008657121

Credit, financial conditions and the business cycle in China

Lodge, David; Soudan, Michel - 2019

This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a … Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a … China's business cycle. Using conditional scenarios, we examine the role of credit in shaping economic outcomes in China …

Persistent link: https://www.econbiz.de/10011975616

Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...

Persistent link: https://www.econbiz.de/10009635882

Monetary communication rules

Gáti, Laura; Handlan, Amy - 2022

Is there a systematic mapping between the Federal Reserve's expectations of macro variables and the words it uses to talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States based on text analysis with regularized regressions. We...

Persistent link: https://www.econbiz.de/10013485936

Leaning against the global financial cycle

Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

Persistent link: https://www.econbiz.de/10013488632

Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....

Persistent link: https://www.econbiz.de/10013552619

Toward a green economy : the role of central bank's asset purchases

Ferrari, Alessandro; Nispi Landi, Valerio - 2023

We use a DSGE model to study the effectiveness of green-asset purchases by the central bank (Green QE), along the transition to a carbon-free economy driven by an emission tax, abstracting from price stability considerations. We find that Green QE helps to further reduce emissions, especially in...

Persistent link: https://www.econbiz.de/10013552671

Unobserved components model(s) : output gaps and financial cycles

Guillochon, Justine; Le Roux, Julien - 2023

The Global Financial Crisis established that policymakers should consider the stage of the financial cycle to better evaluate the cyclical position of the economy when designing monetary policy decisions. If financial variables are omitted from the estimations of the output gap, a common and...

Persistent link: https://www.econbiz.de/10014343145

Central bank communication by ??? : the economics of public policy leaks

Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian - 2023

Leaks of confidential information emanating from public institutions have been the focus of a long-standing line of research. Yet, their determinants as well as their potential impact on public views and on policy effectiveness remain elusive. To address this gap, we study leaks from central...

Persistent link: https://www.econbiz.de/10014380707

Asymmetric monetary policy spillovers : the role of supply chains, credit networks and fear of floating

Mistak, Jakub; Ozkan, F. Gulcin - 2024

This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynamic general equilibrium model featuring: (i) occasionally binding collateral...

Persistent link: https://www.econbiz.de/10015178607