This paper provides new insights into the relationship between the supply of credit and the macroeconomy. We present evidence that credit shocks constitute shocks to aggregate supply in that they have a permanent effect on output and cause inflation to rise in the short term. Our results also...

This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential

This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential.

The search for the credibility of monetary policies during the recent decades this is materialized , among other things, changes in the laws that govern the activities of the Central Bank, supposed main guarantor of the proper conduct of monetary policy. These changes are aimed , essentially the...

In this study, we investigate forecasting performance of various univariate and multivariate models in predicting inflation for different horizons. We design our forecast experiment for the post-oil boom years of 2010-2014 and compare forecasting ability of the different models with that of...

Using input-output models, we analyze the effect of removing subsidized oil products in Morocco. We set three scenarios of increasing oil products by 25%, 50% and 75%, and symmetric decreases by the same amounts. We show that the effects are high in intensive oil products sectors such as...

Overall inflation in Bangladesh saw a surge in inflation rate amid rising trend of global commodity prices in the last few years. Inflation in 2009 was 6.66 percent and 7.31 percent in 2010. As higher inflation might have detrimental impact on different sectors, this study aims to assess the...

A policy mix characterized by a monetary policy whose main objective is price stability and fiscal policy under fiscal discipline can he permit to keep prices and production levels of social optimum to sustain economic growth ? In this paper, an index of the policy mix is ​​built for...

The general aim of the paper is to address the doubts that too often the Central Banks’ tools and operations don’t fit for a fine tuning of the economies, and this is even more true in harsh times. The paper begins with an overview on the great failures respectively of the Federal Reserve,...