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The Aftermath of Financial Crises
Reinhart, Carmen - 2016
factor in explaining the large budget deficits and increases in debt that follow the crisis. Our estimates of the rise in …
Persistent link: https://www.econbiz.de/10012977744
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Medium term treatment and side effects of quantitative easing : international evidence
Beck, Roland; Duca, Ioana A.; Stracca, Livio - 2019
We use a cross-country sample of monthly observations for quantitative easing (QE) treatments in order to study the causal effect of such policies on a large set of economic and financial outcome variables. We address potential endogeneity by re-randomising the sample and applying the augmented...
Persistent link: https://www.econbiz.de/10011975395
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US monetary policy and international bond markets
Gilchrist, Simon; Yue, Vivian Z.; Zakrajšek, Egon - 2018
This paper uses high-frequency data to analyze the effects of US monetary policy--during the conventional and unconventional policy regimes--on foreign government bonds markets in advanced and emerging market economies. The results indicate that an expansionary US monetary policy steepens the...
Persistent link: https://www.econbiz.de/10011927015
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The role of monetary policy in Turkey during the global financial crisis
Alp, Harun; Elekdağ, Selim - 2011
crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the … fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis … the recent recession have been? Taking the most intense year of the crisis as our baseline, namely 2009, counterfactual …
Persistent link: https://www.econbiz.de/10009157464
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Why EMU is irrelevant for the German economy
Posen, Adam Simon - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who...
Persistent link: https://www.econbiz.de/10009768851
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The Expansionary Lower Bound : Contractionary Monetary Easing and the Trilemma
Cavallino, Paolo - 2019
We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature of our theory is the existence of an 'Expansionary Lower Bound' (ELB), defined as an interest rate threshold...
Persistent link: https://www.econbiz.de/10012864125
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Dampening Global Financial Shocks : Can Macroprudential Regulation Help (More than Capital Controls)?
Bergant, Katharina - 2020
We show that macroprudential regulation can considerably dampen the impact of globalfinancial shocks on emerging markets. More specifically, a tighter level of regulation reducesthe sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set ofmacroprudential tools contribute...
Persistent link: https://www.econbiz.de/10012828057
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The Expansionary Lower Bound : Contractionary Monetary Easing and the Trilemma
Cavallino, Paolo - 2019
We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature is the existence of an "Expansionary Lower Bound" (ELB), defined as an interest rate threshold below which...
Persistent link: https://www.econbiz.de/10012891873
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A Comparison Analysis of Monetary Policy Effect Under an Open Economy Model
Lee, Keun Yeong - 2018
The paper analyzes and compares the effects of domestic monetary policy using DSGE, DSGE-VAR, and VAR based on a two-country open economy model of Korea and the U.S. According to impulse response analysis, a domestic interest rate hike raises won value in the case of DSGE and DSGE-VAR models,...
Persistent link: https://www.econbiz.de/10012915655
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The Post-Crisis Slump in the Euro Area and the Us : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2017
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was … followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences …
Persistent link: https://www.econbiz.de/10012969881