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This paper tests two hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...
Persistent link: https://www.econbiz.de/10005155296
We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...
Persistent link: https://www.econbiz.de/10010331102
This paper deals with the financial statements of Central Banks. The starting point is the analysis of their balance sheets, which reveal their strong connections, on the one hand, with the National Treasuries; on the other hand, with the financial firms. The balance sheets reveal, besides the...
Persistent link: https://www.econbiz.de/10011537884
Given that several countries have adopted inflation targeting, and that the main objective of this regime is to …
Persistent link: https://www.econbiz.de/10005784947
We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...
Persistent link: https://www.econbiz.de/10010230124
This paper deals with the financial statements of Central Banks. The starting point is the analysis of their balance sheets, which reveal their strong connections, on the one hand, with the National Treasuries; on the other hand, with the financial firms. The balance sheets reveal, besides the...
Persistent link: https://www.econbiz.de/10011530208
To what extent can monetary and financial crises and cycles be explained through economic theories? This paper is aimed at highlighting why a reliance on economic theories may be necessary given certain flaws which have been revealed from the recent Financial Crisis. Namely, that economic and...
Persistent link: https://www.econbiz.de/10015236999
seeks to explain why the rate of Inflation during 2015 remained on the rise even though the monetary policy imposed by …
Persistent link: https://www.econbiz.de/10011818884
Monetary policy, inflation and economic growth: the influence of the monetary authority?s reputation upon the economy … The following paper aims to show that, although a monetary policy, which merely seeks to control inflation through an … interest rate rule (under inflation targeting), may reach such a goal, it will present a worst outcome whether compared to a …
Persistent link: https://www.econbiz.de/10004985694
The main objective of this paper is to analyze if the adoption of inflation targeting implies changes in the behavior … fourteen countries that adopted explicit inflation targeting are shown. Furthermore, a particular analysis for the Brazilian … case through a VAR that considers the following variables: unemployment rate, Selic, inflation, industrial production, and …
Persistent link: https://www.econbiz.de/10005085794