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What Has Driven Chinese Monetary Policy Since 1990? Investigating the People's Bank's Policy Rule
Burdekin, Richard C. K.; Siklos, Pierre L. - 2008
Post-1990 Chinese monetary policy is modeled with an augmented McCallum-type rule that takes into account the People's Bank of China's emphasis on targeting the rate of money supply growth. People's Bank policy appears responsive to the gap between target and actual nominal GDP as well as to...
Persistent link: https://www.econbiz.de/10014061577
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Central bank digital currency : A review and some macro-financial implications
Chen, Hongyi; Siklos, Pierre L. - 2022
consider two forms of CBDC: a narrow version that only replaces notes and coins and a broader form with a deposit feature. The …
Persistent link: https://www.econbiz.de/10013306958
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Central Bank Digital Currency : a Review and Some Macro-Financial Implications
Chen, Hongyi; Siklos, Pierre L. - 2021
Central Bank Digital Currency (CBDC) has become a major policy interest among global central banks. However, its introduction faces many challenges including those that are legal, technological and political in nature. In this paper, we summarize those challenges and add a few more that have not...
Persistent link: https://www.econbiz.de/10013238268
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Currency Substitution in a World of Looming Retail CBDCs : Suggestive Currency Substitution-Based Evidence
Chen, Hongyi; Siklos, Pierre L. - Hong Kong Institute for Monetary and Financial Research - 2023
This paper is written by Hongyi Chen (Hong Kong Institute for Monetary and Financial Research) and Pierre Siklos (Wilfrid Laurier University and Balsillie school of International Affairs).Digitalization, spurred by the pandemic, has accelerated plans by many central banks to introduce retail...
Persistent link: https://www.econbiz.de/10014354151
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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking …
Persistent link: https://www.econbiz.de/10012816140
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Hungary's Entry into the Euro Area : Lessons for Prospective Members from a Monetary Policy Perspective
Siklos, Pierre L. - 2006
that incorporate real exchange rate effects. Moreover, we explicitly consider the impact of future euro area entry by … switching models as well as by estimating a differential rule vis-à-vis the existing euro area. Lastly, the paper also considers … interest rate setting behavior in Hungary does not resemble that of the euro area. Also, counterfactual experiments reveal that …
Persistent link: https://www.econbiz.de/10014053881
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Benchmarking Macroprudential Policies : An Initial Assessment
Lombardi, Domenico - 2016
In recognition of the severe consequences of the recent international financial crisis, the topic of macroprudential policy has elicited considerable research effort. The present study constructs, for 46 economies around the globe, an index of the capacity to deploy macroprudential policies....
Persistent link: https://www.econbiz.de/10012982273
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Institutional Change and the Velocity of Money : A Century of Evidence
Bordo, Michael D.; Jonung, Lars; Siklos, Pierre L. - 1998
We study common features in the income velocity of money, income, and interest rates for Canada, the U.S., the U.K., Sweden and Norway using annual data from 1870. The recently developed and refined techniques of testing for cointegration are employed. The evidence suggests there is a unique...
Persistent link: https://www.econbiz.de/10014068752
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Central Banking's Long March Over the Decades
Mayes, David G. - 2019
The Handbook consists of 24 chapters that cover topics ranging from central bank independence and transparency to the impact of unconventional monetary policies. Some chapters also deal with the modelling challenges faced by central banks as well as balance sheet management. The tensions faced...
Persistent link: https://www.econbiz.de/10012895443
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Managed Floating as a Strategy to Achieve Selected Monetary Policy Objectives
Siklos, Pierre L. - 2006
The paper considers the connection between exchange rate regimes and economic performance as measured by inflation, output growth, and their volatility. It is argued first that the choice of an intermediate exchange rate regime is complicated by potential conflicts with the requirements of...
Persistent link: https://www.econbiz.de/10012780327