This paper studies the evolution of the natural interest rate in five Southeast Asian countries and considers the effect of economic shocks on the natural interest rate in these countries. The natural interest rate is the interest rate that would prevail in an economy in equilibrium and in the...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

This paper examines the effects of negative interest rate policies (NIRP) on foreign exchange and equity markets of eight European countries and Japan. NIRP announcement effects on currency depreciation are shown to be transitory. In contrast, on the day of NIRP implementation, both currency and...

The paper contributes to understanding the economic dynamics at the zero lower bound and the exchange rate movements under different central bank intervention regimes. It provides a theoretical framework for modeling foreign exchange interventions at the ZLB within a dynamic general equilibrium...

Exchange Rate is one of the most important factor for any economic growth of any country, it has direct effect on international trade. The present study investigates the impact of macroeconomic factors (Current Account Deficit (CAD), Import, Export and Purchasing Power Parity (PPP)) on Exchange...

We study the effects of monetary policy on economic activity separately identifying the effects of a conventional change in the fed funds rate from the policy of forward guidance. We use a structural VAR identified using external instruments from futures market data. The response of output to a...

We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few quarters after the policy rate is set at the effective...

This paper analyzes the heterogeneous effects of monetary policy on workers with different levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment--Blacks, high school...

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...

We examine the effect of monetary and fiscal policies on yields on short- and long-term indexed bonds. We extend the current literature by providing evidence about a period in which the government adopted declining inflation and deficit targets. In such cases the policy shift could be perceived...