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Monetary Policy in the Presence of Islamic Banking
El Hamiani Khatat, Mariam - 2016
This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typically operate, and discusses the monetary transmission mechanism in economies where...
Persistent link: https://www.econbiz.de/10012982432
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An investigation of the gains from commitment in monetary policy
Schaumburg, Ernst (contributor);  … - 2003 - [Elektronische Ressource]
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10001783067
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst - 2006
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10012735594
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Exchange rate and inflation under weak monetary policy : turkey verifies theory
Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022
For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...
Persistent link: https://www.econbiz.de/10013201664
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023
Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...
Persistent link: https://www.econbiz.de/10014229087
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Quantitative easing as a policy tool under the effective lower bound
Reza, Abeer; Santor, Eric; Suchanek, Lena - 2015
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank's balance sheet through...
Persistent link: https://www.econbiz.de/10011384133
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Central Banking in Africa : Prospects in a Changing World
Caruana, Jaime - 2013
Governors and senior officials representing some two dozen central banks from Africa and other regions of the world met at the BIS in May 2011 to discuss the monetary policy and financial stability issues facing Africa after the global financial crisis. This volume brings together the background...
Persistent link: https://www.econbiz.de/10013092071
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Excess Reserves and Monetary Policy Implementation
Armenter, Roc - 2016
In response to the Great Recession, the Federal Reserve resorted to several unconventional policies that drastically altered the landscape of the federal funds market. The current environment, in which depository institutions are flush with excess reserves, has forced policymakers to design a...
Persistent link: https://www.econbiz.de/10012978386
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Broadening Narrow Money : Monetary Policy with a Central Bank Digital Currency
Meaning, Jack - 2018
This paper discusses central bank digital currency (CBDC) and its potential impact on the monetary transmission mechanism. We first offer a general definition of CBDC which should make the concept accessible to a wide range of economists and policy practitioners. We then investigate how CBDC...
Persistent link: https://www.econbiz.de/10012918967
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Central bank conservatism and labor market reform
Jordahl, Henrik; Laséen, Stefan - 1999
How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the benefits of a reform. It also increases...
Persistent link: https://www.econbiz.de/10011589303