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Regulation of Telecom : What Works & Why? Lessons of Independent Central Banks
Stern, Jon; Trillas, Francesc - 2013
Oftel has now been the regulatory agency for UK telecommunications for over 15 years. The FCC has regulated US telecoms … million with a growth in mobile subscribers from zero to 24 million. Over the same period, telecommunications revenue as a … framework, particularly for investment. In the telecommunications case, it is the establishment of effective institutions to …
Persistent link: https://www.econbiz.de/10014113351
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Optimal conservatism and collective monetary policymaking under uncertainty
Hefeker, Carsten; Zimmer, Blandine - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...
Persistent link: https://www.econbiz.de/10010391838
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Managing the Risks of Mobile Money : The Banking Agent Reform in Kenya - A Scenario-Based Policy Analysis
Jansen, Stefan - 2011
Kenya is about to embark on an important reform to expand banking to millions of poor households by enabling third-party retail agents as a low-cost distribution alternative to branches. However, this initiative risks being undermined by the mobile network operator (MNO) Safaricom, which...
Persistent link: https://www.econbiz.de/10013127527
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The Price of Stability : Volatility and the Rise in Markups during the Great Moderation
Colla Rizzi, Giovanni; Lucke, Friedrich; Morzenti, Giovanni - 2023
During the Great Moderation, macroeconomic volatility declined while firm markups increased. We document a causal relationship between volatility and markups due to tacit collusion. We exploit the legalisation of interstate banking as an exogenous decrease in volatility. Using an instrumental...
Persistent link: https://www.econbiz.de/10014254341
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Monetary policy, firm exit and productivity
Hartwig, Benny; Lieberknecht, Philipp - 2020
We analyze the influence of monetary policy on firms’ extensive margin and productivity. Our empirical evidence for the U.S. based on a macro-financial SVAR suggests that expansionary monetary policy shocks stimulate corporate profits, reduce firm exit and increase firm entry. In the medium...
Persistent link: https://www.econbiz.de/10012322407
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The relevance of an optimal policy mix in the CEMAC zone
Kouam, Jean C.; Asongu, Simplice - 2022
The study analyses the nature of the nexus between budget deficit and economic growth given inflation trends. It focuses on data from the six CEMAC countries for the period 2000 to 2021. The employs unit root tests and the generalized method of moments (GMM) for the empirical evidence. The...
Persistent link: https://www.econbiz.de/10013468206
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On the importance of sales for aggregate price flexibility
Kryvtsov, Oleksiy; Vincent, Nicolas - 2014
Macroeconomists have traditionally ignored the behavior of temporary price markdowns ("sales") by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. We challenge this view. First, using the 1996 -...
Persistent link: https://www.econbiz.de/10010418254
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Firm heterogeneity, capital misallocation and optimal monetary policy
González, Beatriz; Nuño, Galo; Thaler, Dominik; … - 2021
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10012697125
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Market Power and Monetary Policy Transmission
Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes … - 2022
We show that firms’ market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm’s markup on its response to a monetary policy...
Persistent link: https://www.econbiz.de/10013306777
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Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy
González, Beatriz; Nuno, Galo; Thaler, Dominik; … - 2022
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10013307972