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The Macroeconomic Effects of Losing Autonomous Monetary Policy after the Euro Adoption in Poland
Gradzewicz, Michal - 2011
There are many issues associated with the Eurozone accession of Poland. The goal of this paper is to analyse one, but very important aspect, namely – the macroeconomic impact of the loss of autonomous monetary policy. In order to answer this question, we build a two country DSGE model with...
Persistent link: https://www.econbiz.de/10013130739
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The Advantage of Transparency in Monetary Policy Instruments
Atkeson, Andrew - 2008
Monetary policy instruments differ in tightness-how closely they are linked to inflation-and transparency-how easily they can be monitored. Tightness is always desirable in a monetary policy instrument; when is transparency? When a government cannot commit to follow a given policy. We apply this...
Persistent link: https://www.econbiz.de/10012770718
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Is There a Macroeconomic Trilemma? A Theoretical Analysis
Ostrup, Finn - 2015
The article examines the view in international macroeconomics that has become known as the ‘Macroeconomic Trilemma', the ‘Impossible Trilemma', or simply the ‘Trilemma'. According to this view, national policy makers can reach two out of three desirable states: (i) free capital flows, (ii)...
Persistent link: https://www.econbiz.de/10013025582
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Effects of Monetary Policy in a Fixed Exchange Rate Regime : Tranquil and Turbulent States
Stroud, Jonathan R - 2020
This paper evaluates monetary policy effects in a fixed exchange rate regime. A fixed exchange rate regime sometimes suffers from turbulence, owing to speculative attacks or other factors that significantly change the expectations of maintaining such a regime. We, therefore, develop a vector...
Persistent link: https://www.econbiz.de/10012846617
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The Effectiveness of the ECB's Asset Purchase Programs of 2009 to 2012
Tavlas, G. S.; Gibson, Heather D.; Hall, Stephen G. - 2022
We examine the impact of the ECB’s Securities Market Program (SMP) and the ECB’s two Covered Bond Purchase Programs (CBPPs) on sovereign bond spreads and covered-bond prices, respectively, for five euro-area stressed countries -- Greece, Ireland, Italy, Portugal, and Spain. Our data are...
Persistent link: https://www.econbiz.de/10013492698
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The ECB'’s unconventional monetary policy and the role of exchange rate regimes in cross-country spillovers
Jensen, Jakob Roager; Mikkelsen, Jakob Guldbæk; … - 2017
We study the impact of the ECB's large scale asset purchase programme on selected euro area and neighbouring countries. The effects of the programme are assessed by conducting an event study as well as by estimating a structural VAR model using a shadow short rate as a measure of the monetary...
Persistent link: https://www.econbiz.de/10011740711
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A new comparative approach to macroeconomic modeling and policy analysis
Wieland, Volker; Cwik, Tobias; Müller, Gernot J.; … - 2012
In the aftermath of the global financial crisis, the state of macroeconomicmodeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10010391307
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Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through
Hunt, Ben - 2006
policy. From the policymaker's perspective, uncertainty about exchange rate pass-through implies uncertainty about policy … multipliers and the impact of state variables on stabilization objectives. When faced with uncertainty about the strength of … than underestimating it. The analysis suggests that pass-through uncertainty of the magnitude considered does not result in …
Persistent link: https://www.econbiz.de/10012782994
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Macroeconomic News and the DM/$ Exchange Rate
Protopapadakis, Aris - 2012
Empirical confirmation that the effect of macroeconomic fundamentals on exchange rates is economically important has been scarce. This paper employs a general GARCH specification with asymmetric responses to investigate the effect of 35 U.S. and German macroeconomic news announcements on the...
Persistent link: https://www.econbiz.de/10013103318
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Financial Liberalization, Financial Development, and Macroeconomic Risks in an Open Economy
Hu, Jingxian - 2020
In an open economy with endogenous risks, financial development and capital account liberalization reduce the volatilities of home equity and bond prices, and appreciate the home currency at the stochastic steady state. Financial development lowers the equilibrium real interest rate when...
Persistent link: https://www.econbiz.de/10012826352