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Market and Non-Market Monetary Policy Tools in a Calibrated DSGE Model for Mainland China
Funke, Michael; Paetz, Michael; Chen, Qianying - Institut für Makroökonomie und Wirtschaftspolitik, … - 2012
Monetary policy in mainland China differs from conventional central bank- ing in several respects. The central bank … captures China’s unconventional monetary policy toolkit. We find that credit quotas are impor- tant as the interest …-rate corridor distorts the efficient reactions of the economy. Moreover, for China’s central bankers the choice of a particular …
Persistent link: https://www.econbiz.de/10010559457
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Central-banking challenges for the Riksbank: Monetary policy, financial-stability policy and asset management
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2012
The Riksbank faces challenges with regard to each of its three core functions, conducting monetary policy with the objective of stabilising inflation around the inflation target and resource utilisation around a sustainable level, promoting a safe and efficient payment system and thereby...
Persistent link: https://www.econbiz.de/10011083263
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - Nationale Bank van België/Banque national de Belqique (BNB) - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011272792
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Monetary policy transmission in China: A DSGE model with parallel shadow banking and interest rate control
Funke, Michael; Mihaylovski, Petar; Zhu, Haibin - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2015
sector in mainland China by means of a nonlinear stochastic general equilibrium (DSGE) model with occasionally binding …, tighter regulation of interest rates in the commercial banking sector in China leads to an increase in loans provided by the …
Persistent link: https://www.econbiz.de/10011204441
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Financial system reforms and China’s monetary policy framework: A DSGE-based assessment of initiatives and proposals
Funke, Michael; Paetz, Michael - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
This paper evaluates various financial system reform initiatives and proposals in China in a DSGE modelling setting …
Persistent link: https://www.econbiz.de/10010818554
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The Eventual Failure and Price Indeterminacy of Inflation Targeting
Eagle, David - Volkswirtschaftliche Fakultät, … - 2006
In stark contrast to the previous literature, we find that IT leads to price indeterminacy even when the central bank uses a Taylor-like feedback rule to peg the nominal interest rate. We also find that there is no mechanism with IT to determine the current inflation rate or price level. We...
Persistent link: https://www.econbiz.de/10005835873
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Thinking ahead of the next big Crash
Bitros, George C. - Volkswirtschaftliche Fakultät, … - 2013
The real estate bubble which burst in 2008 in the USA was not exclusively the result of “animal spirits”, “crowed madness” or “irrational exuberance”. It resulted primarily because of the specific policies that the government, the Federal Reserve Board, and the regulators pursued....
Persistent link: https://www.econbiz.de/10011258416
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El fortalecimiento institucional de los bancos centrales
Heinrich, Gregor - Volkswirtschaftliche Fakultät, … - 2010
Annotated remarks made at the 50th Anniversary Conference “Fortalecimiento institucional de los bancos centrales y efectividad de la política monetaria”, of the Central Bank of Nicaragua, February 2010. The paper lays out the importance of institutional strenthening (governance) as an...
Persistent link: https://www.econbiz.de/10011258861
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Monetary Policy Transmission in India: A Peep Inside the Black Box
Khundrakpam, Jeevan Kumar; Jain, Rajeev - Volkswirtschaftliche Fakultät, … - 2012
Using SVAR models on quarterly data for 1996-97:1 to 2011-12:1, the paper examines the relative importance of various transmission channels of monetary policy to GDP growth and inflation in India. It finds that external exogenous factors prolong the impact of monetary policy transmission on GDP...
Persistent link: https://www.econbiz.de/10011259799
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TARGET2 imbalances and the need for a lender of last resort
Astarita, Caterina; Purificato, Francesco - Volkswirtschaftliche Fakultät, … - 2013
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The development of these balances reflects the change in the distribution of the monetary base among the EMU Member States. During the sovereign debt crisis, while some countries, among...
Persistent link: https://www.econbiz.de/10011259805