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Alternative Indicator of Moneary Policy for a Small Open Economy
Cuche, Nicolas A. - 2000
economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary …We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open …. Finally, our model is applied to the Swiss National Bank. Our main indicator reveals that the exchange rate was the dominant …
Persistent link: https://www.econbiz.de/10011430022
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Can Monetary Policy Affect Economic Activity under Surplus Liquidity? Some Evidence from Macedonia.
Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - 2015
Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...
Persistent link: https://www.econbiz.de/10011785355
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The EMU after three years: Lessons and challenges
Bofinger, Peter - 2002
The first three years of European Monetary Union provide a good basis for a comprehensive analysis of this unprecedented and controversial monetary arrangement. The paper starts with a short discussion of the recent changeover to Euro notes and coins and the general difficulties with the...
Persistent link: https://www.econbiz.de/10010305772
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Evolução da política do recolhimento compulsório no Brasil pós-real
Cavalcanti, Marco A. F. H.; Vonbun, Christian - 2013
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
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Complexity and monetary policy
Orphanides, Athanasios; Wieland, Volker - 2012
The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...
Persistent link: https://www.econbiz.de/10010368550
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Central Bank Independence and its Effect on Inflation in the ESCWA Countries
Abou Hamia, Mohamad A. - 2011
In this study, we measure the central bank independence for all fourteen ESCWA countries using two indicators: the legal independence and accountability measure (the de jure measure) and the turnover rates of central bank governors (the de facto measure). The entire sample of countries is split...
Persistent link: https://www.econbiz.de/10011984912
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Do we need central bank digital currency? Economics, technology and institutions
Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018
Persistent link: https://www.econbiz.de/10011985213
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A macro-model to monetary transmission analysis in Tunisia$
Makni, Aymen - 2019
scenario structure tools which analyze the dynamics of key macro economic variables under diverse shocks and depicts their … of major shocks influencing the macroeconomic variables and can assess the role of monetary policy in reacting to …
Persistent link: https://www.econbiz.de/10012049300
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How Important is Money in the Conduct of Monetary Policy?
Woodford, Michael - 2006
This paper was presented as the 2006 W.A. Mackintosh Lecture at Queen's University. I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means...
Persistent link: https://www.econbiz.de/10011940718
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The VARying effect of foreign shocks in Central and Eastern Europe
Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - 2010
shocks - on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and …This paper investigates the impact of international shocks - interest rate, commodity price and industrial production …. Moreover, our results suggest that the way how countries react to world commodity price shocks is related to the underlying …
Persistent link: https://www.econbiz.de/10010273871