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Macroeconomic preconditions of the realization of a new growth model
Drobyshevsky, Sergey; Sinelnikov-Murylev, Sergey - 2013
The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the...
Persistent link: https://www.econbiz.de/10011430898
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How does monetary policy change? Evidence on inflation targeting countries
Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010
We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. Using this novel flexible framework, our...
Persistent link: https://www.econbiz.de/10010322229
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Modeling Monetary Policy
Reynard, Samuel; Schabert, Andreas - 2009
conditions, i.e. the varying liquidity value ofeligible assets and the associated risk. This induces a liquiditypremium, which …
Persistent link: https://www.econbiz.de/10010325945
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How flexible can inflation targeting be and still work?
Kuttner, Kenneth N.; Posen, Adam S. - 2011
This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy of the Bank of England, which has a formal inflation target, has been any less flexible than that of the Federal Reserve, which does not have such a...
Persistent link: https://www.econbiz.de/10010323567
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Central banks' voting records and future policy
Horváth, Roman; Šmídková, Kateřina; Zápal, Jan - 2011
We assess whether the voting records of central bank boards are informative about future monetary policy. First, we specify a theoretical model of central bank board decision-making and simulate the voting outcomes. Three different versions of model are estimated with simulated data: 1)...
Persistent link: https://www.econbiz.de/10010322275
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Monetary policy in transition: Essays on monetary policy transmission mechanism in China
Koivu, Tuuli - 2012
China's economic development has been exceptionally robust since the end of the 1970s, and the country has already emerged as the second biggest economy in the world. In this study, we seek to illuminate the role of the monetary policy in this successful economic performance and as a part of the...
Persistent link: https://www.econbiz.de/10012148910
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Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert - 2008
In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and … inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity …
Persistent link: https://www.econbiz.de/10011506663
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Another look at yield spreads: Monetary policy and the term structure of interest rates
Kim, Dong-heon - 1998
Liquidity plays an important role in explaining how banks determine their allocation of funds. This paper analyses … liquidity in a manner similar to that used to study household need for liquidity, namely, by using a cash-in-advance type model … maintained hypothesis concerning the liquidity premium and default risk premium. This paper confirms the finding that monetary …
Persistent link: https://www.econbiz.de/10010301772
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Money markets, collateral and monetary policy
De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019
number of occasionally binding constraints. The interactions between these constraints - in particular leverage and liquidity …. If the liquidity constraint is very tight, the leverage constraint may turn slack. In this case, there are large declines …
Persistent link: https://www.econbiz.de/10012142083
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611