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Estimarea rolului politicii monetar-creditare în activizarea activităţii investiţionale
Stariţîna, L.; Sula, T. - In: Economie şi sociologie (2005) 1, pp. 95-102
Persistent link: https://www.econbiz.de/10002994232
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
International Monetary Fund (IMF); International … - 2012
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...
Persistent link: https://www.econbiz.de/10010878415
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Monetary policy and the oil futures market
Eickmeier, Sandra; Lombardi, Marco J. - Deutsche Bundesbank - 2012
We assess the transmission of monetary policy shocks on oil prices using a VAR model. We identify monetary policy and financial activity shocks disentangled from demand and oil supply shocks using sign restrictions. We obtain the following main findings. (i) Monetary policy and financial...
Persistent link: https://www.econbiz.de/10010957148
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Monetary Policy and Asset Price Interactions in India: Should Financial Stability Concerns from Asset Prices be Addressed Through Monetary Policy?
Pattanaik, Sitikantha; Singh, Bhupal - In: Journal of Economic Integration 27 (2012), pp. 167-194
The dynamic interactions between monetary policy and asset prices have conventionally been examined in terms of the asset price channel of transmission of monetary policy, given the pre-crisis analytical consensus against the use of monetary policy to respond directly to asset price inflation....
Persistent link: https://www.econbiz.de/10010840843
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Financial Instability and Monetary Policy: The Swedish Evidence
Bergman, U. Michael; Hansen, Jan - Sveriges Riksbank - 2002
This paper examines the relationship between financial instability and monetary policy within the Swedish economy. Based on a standard VAR model of monetary policy extended to include measures of financial instability and credit expansions, we examine the interaction between monetary policy and...
Persistent link: https://www.econbiz.de/10005649060
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Generalized Two-Step Maximum Likelihood Estimation of Structural Vector Autoregressive Models partially identified with Short-Run Restrictions
Jang, Kyungho - Econometric Society - 2004
This paper presents a generalized two-step maximum likelihood estimation method for partially identified vector autoregressive models. We suggest a likelihood ratio test for over-identification in a sub-system and derive the asymptotics for impulse responses and forecast-error variance...
Persistent link: https://www.econbiz.de/10005702745
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Does the ECB Care about Shifts in Investors’ Risk Appetite?
Papadamou, Stephanos; Siriopoulos, Costas - Volkswirtschaftliche Fakultät, … - 2008
the period January 1999 to August 2007, our results show that a shock in the risk aversion indicator affects negatively … future real activity in the eurozone in a similar way to an exchange rate shock. The ECB reacts significantly to a risk … aversion shock by reducing the interest rate in order to provide liquidity. Moreover, assuming rational expectations and using …
Persistent link: https://www.econbiz.de/10008680305
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Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions
Saborowski, Christian; Weber, Sebastian - International Monetary Fund (IMF) - 2013
We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allows deriving country specific pass-through estimates broken down into the...
Persistent link: https://www.econbiz.de/10011123851
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Measuring and Mending Monetary Policy Effectiveness Under Capital Account Restrictions; Lessons from Mauritania
Blotevogel, Robert - International Monetary Fund (IMF) - 2013
I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced...
Persistent link: https://www.econbiz.de/10011242267