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Shock Therapy! What Role for Thai Monetary Policy?
Alp, Harun; Elekdag, Selim - International Monetary Fund (IMF) - 2012
Thailand had to endure three major shocks during 2008–2011: the global financial crisis, the Japanese earthquake, and … the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT … added up to a total of 4 percentage points to real GDP growth during periods when Thailand had to weather these three major …
Persistent link: https://www.econbiz.de/10011142014
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Policy Responses to Capital Flows in Emerging Markets
Pradhan, Mahmood; Balakrishnan, Ravi; Baqir, Reza; … - International Monetary Fund (IMF) - 2011
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10010790479
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Financial Stability and Monetary Policy
Basci, Erdem; Kara, Hakan - Türkiye Cumhuriyet Merkez Bankası - 2011
Rapid credit growth, short-term capital inflows, and associated macro-financial risks in the aftermath of the global crisis necessitated the use of alternative policy instruments in Turkey. Accordingly, the Central Bank of the Republic of Turkey (CBRT) has designed and adopted a new policy mix...
Persistent link: https://www.econbiz.de/10009019463
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The Regulatory Responses to the Global Financial Crisis: Some Uncomfortable Questions
Claessens, Stijn; Kodres, Laura E. - International Monetary Fund (IMF) - 2014
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into...
Persistent link: https://www.econbiz.de/10011142013
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A structural investigation of the Chinese economy with a hybrid monetary policy rule
Li, Ran; Wang, Jiao - Crawford School of Public Policy, Australian National … - 2015
In this paper, we aim to understand how monetary policy is conducted in China and what the main sources of fluctuations in China’s business cycle are. To this end, we extend a standard New Keynesian dynamic stochastic general equilibrium model with financial frictions and investment-specific...
Persistent link: https://www.econbiz.de/10011228133
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Financial Intermediation and Monetary Policy in a Small Open Economy
Sarmiento, Juan David Prada - Banco de la Republica de Colombia
This paper analyses the role of a costly financial system in the transmission of monetary policy. The new-keynesian model for a small open economy is extended with a simple financial system based in Hamann and Oviedo (2006). The presence of the financial intermediation naturally allows the...
Persistent link: https://www.econbiz.de/10005274454
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Asset Price Bubbles and Monetary Policy in a Small Open Economy
López, Martha - BANCO DE LA REPÚBLICA - 2014
In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened their financial accounts to foreign...
Persistent link: https://www.econbiz.de/10010885940
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Estimating a DSGE Model for Japan: Evaluating and Modifying a CEE/SW/LOWW Model
Sugo, Tomohiro; Ueda, Kozo - Bank of Japan - 2007
We estimate a medium-scale DSGE model of the Japanese economy following Christiano, Eichenbaum and Evans (2005), Smets and Wouters (2003) and Levin et al. (2005). By using actual capital utilization data and modifying the formulation of utilization following Greenwood, Hercowitz and Huffmann...
Persistent link: https://www.econbiz.de/10010907504
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Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, A. Patrick L. - Economics Section, Cardiff Business School - 2014
This paper gives money a role in providing cheap collateral in a model of banking; besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0, so at the zero bound monetary policy is effective; fiscal policy crowds out investment via...
Persistent link: https://www.econbiz.de/10010942756
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An Estimated Dynamic Stochastic General Equilibrium Model of Taiwanese Economy
Teo, Wing Leong - Society for Computational Economics - SCE - 2006
In this paper, I estimate an open economy DSGE model for the Taiwanese economy. The model features multiple sources of real and nominal rigidities, including price and wage stickiness, investment and bond adjustment costs, as well as incomplete pass-through of exchange rates. Contrary to the...
Persistent link: https://www.econbiz.de/10005342909