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Fear of liftoff : uncertainty, rules and discreation in monetary policy normalization
Orphanides, Athanasios - 2015
periodic reviews and adaptation. Replacing meeting-by-meeting discretion with a simple policy rule would eschew discretion in …
Persistent link: https://www.econbiz.de/10011327424
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Is the monetary policy rate effective? : recent evidence from Ghana
Akosah, Nana K. - 2015
We examine the effectiveness of monetary policy transmission mechanism in Ghana using several of statistical and econometric techniques for the period 2002M1 - 2014M12. We find monetary policy rate (MPR) to be quite effective in signaling the money market interest rates in both the short run and...
Persistent link: https://www.econbiz.de/10011326532
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Central bank intervention in the inflation targeting
Krušković, Borivoje D. - In: Journal of central banking theory and practice 11 (2022) 1, pp. 67-85
This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...
Persistent link: https://www.econbiz.de/10012805926
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Policy responses to Turkey's crisis : independent central bank and international credit
Kriwoluzky, Alexander; Rieth, Malte - In: DIW weekly report : economy, politics, science : a … 8 (2018) 38/39, pp. 355-363
The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment will fall, and the Turkish lira would depreciate...
Persistent link: https://www.econbiz.de/10011904395
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History of Bank of Japan's more than two decades of unconventional monetary easing with special emphasis on the frameworks pursued in the last 10 years
Kowalewski, Pawel; Shirai, Sayuri - 2023
Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic...
Persistent link: https://www.econbiz.de/10014290883
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Forward guidance in a simple model with a zero lower bound : conference paper
Illing, Gerhard; Siemsen, Thomas - 2014 - First Version: December 2013
role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way …. Despite the impact of price rigidity on welfare being non-linear, losses under discretion are lowest with perfectly flexible … when a commitment to hold nominal rates at zero for an extended period is optimal. We then introduce government spending …
Persistent link: https://www.econbiz.de/10010483306
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Monetary policy and financial stability : is inflation targeting passé?
Itō, Takatoshi - 2010
It would be easy to say that central banks should consider asset prices as one of the objectives to avoid boom and bust cycles, as happened in the 2007-2009 crisis; the dotcom bubble of 2001; and the Japanese boom and bust of the 1980s and 1990s. However, its implementation would be theoretically...
Persistent link: https://www.econbiz.de/10008658822
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Monetary policy under alternative exchange rate regimes in Central and Eastern Europe
Ziegler, Christina Elisabeth - 2012
Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...
Persistent link: https://www.econbiz.de/10009503785
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Inflation targeting and quantitative tightening : effects of reserve requirements in Peru
Armas, Adrián; Castillo B., Paul; Vega, Marco - 2014
This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides a rationale for the use of these instruments as well as empirical evidence of their effectiveness. In general, the results show that tightening reserve requirements has the...
Persistent link: https://www.econbiz.de/10011286266
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Raising an inflation target : the Japanese experience with abenomics
De Michelis, Andrea; Iacoviello, Matteo - 2016
This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these...
Persistent link: https://www.econbiz.de/10011563011