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Macroeconomic effects of a government overdraft on its central bank account
Khemraj, Tarron - 2024
expansion) by focusing on domestic inflation, the foreign exchange (FX) rate, and the quantity of FX traded in the local market …. The empirical results suggest that the inflation rate is largely driven by foreign price and oil shocks. Nevertheless, the … the exchange rate, and slightly increasing the inflation rate. The latter finding has important implications for the …
Persistent link: https://www.econbiz.de/10014531238
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Central Bank Digital Currency with Adjustable Interest Rate in Small Open Economies
George, Ammu - 2020
households and financial investors; 3) exchange rate movements and inflation are more stable with the adjustable interest rate; 4 …
Persistent link: https://www.econbiz.de/10012833531
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Evolution of the Czech National Bank's Holdings of Foreign Exchange Reserves
Skorepa, Michal - 2014
A central bank may decide to conduct foreign exchange interventions when it concludes that the exchange rate level without such interventions would be insufficiently strong. A by-product of such interventions will then be a build-up of official foreign exchange (FX) reserves. A case in point is...
Persistent link: https://www.econbiz.de/10013046953
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Central Bank Swap Lines : Micro-level Evidence
Ferrara, Gerardo; Mueller, Philippe; Viswanath-Natraj, … - 2022
In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 pandemic. These policies lowered the ceiling on covered interest rate parity violations and reduced volatility following settlement of swap line auctions. We then combine...
Persistent link: https://www.econbiz.de/10013289210
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Global Spillovers of the Fed Information Effect
Pinchetti, Marco; Szczepaniak, Andrzej - 2022
This paper sheds lights on the open economy dimension of the Fed information effect, by evaluating its international spillovers on exchange rates, capital flows, and global economic activity. We provide empirical evidence that in response to unexpected increases in the Federal Funds rate...
Persistent link: https://www.econbiz.de/10013311137
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Intervening Against the Fed
Rodnyansky, Alexander; Timmer, Yannick; Yago, Naoki - 2023
This paper studies the spillovers of US monetary policy and the mitigating role of foreign exchange interventions (FXI) by combining deviations from a daily FXI policy rule with high-frequency US monetary policy shocks, daily exchange rates, and firm-level stock prices, as well as firm-level...
Persistent link: https://www.econbiz.de/10014345962
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Modern Money Theory and interrelations between the treasury and the central bank : the case of the United States
Tymoigne, Éric - 2014
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
Persistent link: https://www.econbiz.de/10010251586
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TARGET2 imbalances and the ECB as lender of last resort
Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
Persistent link: https://www.econbiz.de/10011408880
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What Have Central Banks from EMEs Learnt About the International Transmission of Monetary Policy in Recent Years?
(SAMA), Saudi Arabian Monetary Agency - 2014
After the Fed adopted its unconventional monetary policy, countries with strong surpluses faced fewer challenges than did those with more open economies and strong financial linkages with developed economies. In the case of Saudi Arabia, fiscal policy remains dominant due to the structure of the...
Persistent link: https://www.econbiz.de/10013046871
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Shotgun wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - In: Annual review of economics 12 (2020), pp. 659-690
Persistent link: https://www.econbiz.de/10012404598