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The portfolio theory of inflation and policy (in)effectiveness
Bossone, Biagio - 2019
The analysis of open macroeconomies typically assumes (implicitly or explicitly) that resource allocation decisions are taken by domestic agents. The Portfolio Theory of Inflation (PTI) developed in this study assumes that some critical allocation decisions are taken by global investors and...
Persistent link: https://www.econbiz.de/10012012446
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The portfolio theory of inflation (and policy effectiveness)
Bossone, Biagio - 2019
The Portfolio Theory of Inflation (PIT) proposed in this study investigates the role of global financial markets in determining the effectiveness of macroeconomic policy in open and fully financial integrated economies. The PIT adopts a modified version of the portfolio balance approach to...
Persistent link: https://www.econbiz.de/10011993031
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The global factor in neutral policy rates : some implications for exchange rates, monetary policy, and policy coordination
Clarida, Richard H. - 2019
This paper highlights some of the theoretical and practical implications for monetary policy and exchange rates that derive specifically from the presence of a global general equilibrium factor embedded in neutral real policy rates in open economies. Using a standard two country DSGE model, we...
Persistent link: https://www.econbiz.de/10012004672
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The portfolio theory of inflation and policy (in)effectiveness revisited : corroborating evidence
Bossone, Biagio; Cuccia, Andrea - 2020
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness of macroeconomic policy in open and globally financially integrated economies is influenced by global investor decisions (Bossone, The portfolio theory of inflation and policy...
Persistent link: https://www.econbiz.de/10012140238
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The Global Factor in Neutral Policy Rates : Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination
Clarida, Richard - 2018
This paper highlights some of the theoretical and practical implications for monetary policy and exchange rates that derive specifically from the presence of a global general equilibrium factor embedded in neutral real policy rates in open economies. Using a standard two country DSGE model, we...
Persistent link: https://www.econbiz.de/10012914920
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Monetary Policy and Exchange Rate Returns : Time-Varying Risk Regimes
Calomiris, Charles W. - 2020
We develop an empirical model of exchange rate returns, applied separately to samples of developed (DM) and developing (EM) economies' currencies against the dollar. Monetary policy stance of the global central banks, measured via a natural-language-based approach, has a large effect on exchange...
Persistent link: https://www.econbiz.de/10012850036
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Monetary Transmission Mechanism in Central and Eastern Europe : Gliding on a Wind of Change
Coricelli, Fabrizio - 2007
This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe. In particular, while laying out the functioning of the separate channels in the MTM, it explores possible interrelations between different...
Persistent link: https://www.econbiz.de/10012731337
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Investigating the Influence of Country Credibility on the Chance of Currency Crisis
Ozdemir, Bilge Kagan - 2010
This paper deals with the relationship between country credibility and currency crises by using crosscountry pooled data with a multinomial logit model. We use Corruption Perception Index (CPI) published by Transparency International, which is a global non-governmental organization devoted to...
Persistent link: https://www.econbiz.de/10013148447
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Modelling central bank behaviour in Nigeria : a Markov-switching approach
Ayinde, Taofeek Olusola; Bankole, Abiodun S.; Adeniyi, … - In: Central Bank review / Central Bank of the Republic of Turkey 20 (2020) 4, pp. 213-221
The study models the behaviour of the Central Bank of Nigeria. An extended Taylor's framework that accounted for exchange rate dynamics and political risk factors was adopted. In order to capture both ex-ante and ex-post behaviours of the monetary authority in the country, Markov-Switching...
Persistent link: https://www.econbiz.de/10012429646
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Monetary policy response on exchange rate volatility in Indonesia
Syarifuddin, Ferry; Achsani, Noer Azam; Hakim, Dedi Budiman - In: Journal of contemporary economic and business issues 1 (2014) 2, pp. 35-54
research measures how persistent the exchange rate fluctuation in Indonesia is, and how are thus the central banks able to … reveals that, USD/IDR volatility in Indonesia is obviously persistent. This study also presents the outcomes of effectiveness …/IDR decrease. Whatever Bank of Indonesia’s efforts to exert a stabilizing effect of foreign exchange interventions, the results are …
Persistent link: https://www.econbiz.de/10011533477