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Estimating the output gap to support the management of interest rates in Vietnam

2014

In this paper, I apply three methods to estimate the output gap for Vietnam to support the conduct of monetary policy … the estimation of the output gap for the State Bank of Vietnam. For the Bayesian approach, my paper closedly relies on the … paper of Tim Willems (2011) with some modifications to fit the situation of Vietnam. The output gap estimated by Bayesian …

Persistent link: https://www.econbiz.de/10011381207

Fiscal Reform and Monetary Union in West Africa

Hefeker, Carsten - 2003

The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal...

Persistent link: https://www.econbiz.de/10010295326

What determines fiscal policy? Evidence from German states

Berger, Helge; Holler, Anika - 2007

This paper explores the factors behind the time path of real spending and revenue in the West German states from 1975 to 2004. The empirical approach stresses robustness and takes into account a large set of economic and political variables. Our results suggest that common economic factors and,...

Persistent link: https://www.econbiz.de/10010299142

A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices

Anene, Dominic; D'Amico, Stefania - 2017

We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...

Persistent link: https://www.econbiz.de/10012030329

Causal inference by independent component analysis with applications to micro- and macroeconomic data

Moneta, Alessio; Entner, Doris; Hoyer, Patrik; Coad, Alex - 2010

Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...

Persistent link: https://www.econbiz.de/10010269741

Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score

Angrist, Joshua D.; Kuersteiner, Guido M. - 2008

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...

Persistent link: https://www.econbiz.de/10010270625

Monetary policy and the current account: Theory and evidence

Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016

theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a …

Persistent link: https://www.econbiz.de/10011784597

Some variables are more worthy than others: New diffusion index evidence on the monitoring of key economic indicators

Armah, Nii Ayi; Swanson, Norman - 2011

Central banks regularly monitor select financial and macroeconomic variables in order to obtain early indication of the impact of monetary policies. This practice is discussed on the Federal Reserve Bank of New York website, for example, where one particular set of macroeconomic indicators is...

Persistent link: https://www.econbiz.de/10010282848

Monetary policy and real estate prices: A disaggregated analysis for Switzerland

Berlemann, Michael; Freese, Julia - 2010

Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Employing a new dataset for...

Persistent link: https://www.econbiz.de/10010289022

Monetary and macroprudential policies in an estimated model with financial intermediation

Gelain, Paolo; Ilbas, Pelin - 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/10011506778

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