Showing 1 - 10 of 5,126
always in reaction to Fed announcements; and, (v) our impulse responses demonstrate that odds of extreme inflation outcomes …
Persistent link: https://www.econbiz.de/10011774934
This paper empirically examines the role of the reference rates for effective monetary policy in Korea. Desirable reference rates should have strong interconnectedness with macroeconomic variables, and be robust so that their actual paths do not deviate largely from expectations. We first...
Persistent link: https://www.econbiz.de/10013003150
China has a dual-track interest-rate system: bank deposit and lending rates are regulated, but money and bond market rates are market-determined. At the same time, the central bank also imposes an indicative target, which may not be binding at all times, on total credit in the banking system. We...
Persistent link: https://www.econbiz.de/10013114372
China has a dual-track interest-rate system: bank deposit and lending rates are regulated while money and bond rates are market-determined. The central bank also imposes an indicative target, which may not be binding at all times, for total credit in the banking system. We develop and calibrate...
Persistent link: https://www.econbiz.de/10013121271
We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model. We identify a 'pure' spread shock defined as a shock that leaves the policy rate unchanged, which...
Persistent link: https://www.econbiz.de/10009565855
In this paper, we analyse nominal exchange rate and price dynamics after risk shocks with short-term interest rates constrained by the zero lower bound (ZLB). We show with a stylized theoretical model that temporary risk shocks may lead to permanent shifts of the exchange rate and the price...
Persistent link: https://www.econbiz.de/10010340556
To accompany the economic upturn in the U.S., the Federal Reserve Bank has been raising its benchmark interest rate incrementally. In an increasingly globalized world in which the American economy plays a key role, an action like this has spillover effects on the international level. Based on a...
Persistent link: https://www.econbiz.de/10011812710
We identify the dynamic causal effects of interest rate floor shocks, exploiting regular auctions of Swiss central bank debt securities (SNB Bills). A theoretical model shows that variation in the volume of, and yield on, central bank debt changes the interest rate floor. In addition, the model...
Persistent link: https://www.econbiz.de/10012006918
We identify the dynamic causal effects of interest rate floor shocks, exploiting regular auctions of Swiss central bank debt securities (SNB Bills). A theoretical model shows that variation in the volume of, and yield on, central bank debt changes the interest rate floor. In addition, the model...
Persistent link: https://www.econbiz.de/10012007704
Persistent link: https://www.econbiz.de/10012167220