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Financial frictions and optimal monetary policy in an open economy
Kolasa, Marcin; Lombardo, Giovanni - 2011
A growing number of papers have studied positive and normative implications of financial frictions in DSGE models. We contribute to this literature by studying the welfare-based monetary policy in a two-country model characterized by financial frictions, alongside a number of key features, like...
Persistent link: https://www.econbiz.de/10009008186
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Exchange rate misalignment and external imbalances : what is the optimal monetary policy response?
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2023
How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse two-country open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve...
Persistent link: https://www.econbiz.de/10014362654
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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
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Stabilization policy in a two country model and the role of financial frictions
Faia, Ester - 2001
Persistent link: https://www.econbiz.de/10001590832
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Passive monetary policy and active fiscal policy in a monetary union
Maćkowiak, Bartosz; Schmidt, Sebastian - 2023
? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of …
Persistent link: https://www.econbiz.de/10013553440
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International spillovers of quantitative easing
Kolasa, Marcin; Wesołowski, Grzegorz - 2018
This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on...
Persistent link: https://www.econbiz.de/10011881148
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Inflation trends in Asia : implications for central banks
Garcia, Juan Angel; Poon, Aubrey - 2019
Trend inflation estimates for 12 of the largest Asian economies over 1995-2018 offer important insights on inflation … dynamics and inflation expectations. The disinflationary shocks that hit the region since 2014 were partly transitory, but … their effects have been different depending on the behaviour of trend inflation in each country. Countries with relatively …
Persistent link: https://www.econbiz.de/10012132591
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On the inflation risks embedded in sovereign bond yields
Camba-Méndez, Gonzalo - 2020
by modelling the time-varying dynamics of asset returns and inflation, and then estimating the cost of hedging in ation … inflation risks are not necessarily reduced with the inclusion of real estate assets in the minimum variance portfolio. Our … investors for holding the less attractive inflation-linked debt asset. …
Persistent link: https://www.econbiz.de/10012241109
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The exchange rate insulation puzzle
Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2021
targets headline inflation, but only at the cost of missing the unconditional evidence on currency volatility. …
Persistent link: https://www.econbiz.de/10012705556
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Monetary and fiscal policy aspects of indirect tax changes in a monetary union
Lipińska, Anna; Thadden, Leopold von - 2009
-run dynamics are shown to depend significantly on the speed at which fiscal adjustments take place, on the choice of the inflation …
Persistent link: https://www.econbiz.de/10003963777