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A fistful of dollars : transmission of global funding shocks to EMs

Kumar, Shekhar Hari; Mathur, Aakriti - 2020

In this paper, we study transmission of global funding shocks to emerging economies (EMs) from the perspective of … liquidity shocks to EMs as compared to benchmark short-term bond yields. Next, we disentangle the transmission into its various … wholesale funding and share of foreign banks. Our results indicate that money market rates in EMs react to global shocks, and …

Persistent link: https://www.econbiz.de/10012171269

Monetary Policy Implementation and the Federal Funds Rate

Nautz, Dieter; Schmidt, Sandra - 2008

This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed?s conduct of monetary policy refer to the role of the federal funds rate target and the reserve...

Persistent link: https://www.econbiz.de/10010298035

Monetary policy in the liquidity trap and after : a reassessment of quantitative easing and critique of the Federal Reserve's proposed exit strategy

Palley, Thomas I. - 2013

This paper provides a novel analysis of quantitative easing (QE) that focuses on its implicit fiscal dimension. The first segment examines the theory of the liquidity trap and introduces a distinction between a "weak" and "strong" liquidity trap. The second segment analyzes the impact of QE...

Persistent link: https://www.econbiz.de/10009756555

Monetary Policy Implementation and the Federal Funds Rate

Nautz, Dieter - 2009

This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed's conduct of monetary policy refer to the role of the federal funds rate target and the reserve...

Persistent link: https://www.econbiz.de/10012720667

The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy

Schnabl, Gunther; Danne, Christian - 2005

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan?s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

Persistent link: https://www.econbiz.de/10010296337

A role model for China?: exchange rate flexibility and monetary policy in Japan

Schnabl, Gunther; Danne, Christian - 2007

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...

Persistent link: https://www.econbiz.de/10010264171

New Paradigms in Monetary Theory and Policy?

Balling, Morten; Llewellyn, David T.; Orphanides, Athanasios - 2012

On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...

Persistent link: https://www.econbiz.de/10011689952

The global financial cycle, monetary policies and macroprudential regulations in small, open economies

Bauer, Gregory H.; Pasricha, Gurnain Kaur; Sekkel, Rodrigo - 2016

This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across...

Persistent link: https://www.econbiz.de/10011520366

The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia

Jain-Chandra, Sonali - 2012

The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia's...

Persistent link: https://www.econbiz.de/10013097282

Central Bank Digital Currency with Adjustable Interest Rate in Small Open Economies

George, Ammu - 2020

We examine the economic consequences of an interest-bearing design of the Central-Bank Digital Currency (CBDC), and extend the discussion to an open-economy context with trade and capital flows. We use a dynamic stochastic general equilibrium (DSGE) model to simulate a baseline scenario with...

Persistent link: https://www.econbiz.de/10012833531

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