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held responsible for devastating inflation and was abandoned during the Ming Dynasty. Going forward in time, uprisings and … discontent have emphasized the importance of controlling inflation. The central bank is pivotal in issuing monetary policy to … control inflation and to maintain financial stability as the government transforms itself from a planned economy to a mixed …
Persistent link: https://www.econbiz.de/10009323474
Countries in which inflation targeting has been adopted require high quality inflation forecasts. The Polish National … Bank adopted a variant of implicit inflation targeting and therefore the ability to forecast inflation is critically … important to policy makers. Since the domestic price formation process is still evolving, medium term inflation forecasting is …
Persistent link: https://www.econbiz.de/10004961523
We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …
Persistent link: https://www.econbiz.de/10009002672
such as per capita GDP, inflation rate (INF), government consumption (Govc), electric consumption (epw), fertility rate …
Persistent link: https://www.econbiz.de/10005607428
It is well documented that the time-varying bond excess returns can be explained by predetermined variables such as information in the term structure and macro economic variables. Recent studies suggest that demand and supply of bonds influence bond excess returns. We extend the literature and...
Persistent link: https://www.econbiz.de/10010582654
We test for changes in price behavior in the longest crude oil price series available (1861-2008). We find strong evidence for changes in persistence and in volatility of price across three well defined periods. We argue that historically, the real price of oil has tended to be highly persistent...
Persistent link: https://www.econbiz.de/10004988580
Hamilton identifies 1973 to 1996 as “the age of OPEC” and 1997 to the present as “a new industrial age.” During 1974-1996 growth in non-OPEC oil production Granger causes growth in OPEC oil production. OPEC oil production decreases significantly with positive shocks to non-OPEC oil...
Persistent link: https://www.econbiz.de/10011108572
significant effect on U.S. CPI inflation that builds up over about six months or so and then persists; 3) a statistically …
Persistent link: https://www.econbiz.de/10011113197
Movement in China’s money supply is shown to drive the movement in world money supply over the last twenty years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China’s real M2 are both large over 1996:1-2011:12. The cumulative impact of real G3 M2 shocks on real oil...
Persistent link: https://www.econbiz.de/10011257719
In the late 90's, after severe financial and economic crisis, accompanied by inflation and exchange rate instability …, Eastern Europe emerged into two groups of countries with radically contrasting monetary regimes (Currency Boards and Inflation … relationship between inflation, output growth, nominal and real uncertainties from 2000 till now. In other words, we test the …
Persistent link: https://www.econbiz.de/10010957788