Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...

In this paper, we develop a gap model based on a reduced form of the New Keynesian Model. The model offers various scenario structure tools which analyze the dynamics of key macro economic variables under diverse shocks and depicts their properties and historical decompositions. This framework...

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

A measure of the neutral policy interest rate can be used to gauge the stance of monetary policy. We define the neutral rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects of all cyclical shocks have dissipated. This is a...

This paper estimates magnitude and speed of the interest rate pass-through for Nigeria using a monthly data for the period 2002:M1-2010:M04. It uses the Impulse Response Functions from a Structural Vector Auto-Regression (SVAR) model of the interest rate transmission to derive the dynamic...

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

This paper estimates magnitude and speed of the interest rate pass-through for Nigeria using a monthly data for the period 2002:M1-2010:M04. It uses the Impulse Response Functions from a Structural Vector Auto-Regression (SVAR) model of the interest rate transmission to derive the dynamic...

The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...

We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014:05-2018:01) and for Portugal (2011:01-2018:01), using a panel data setup. For the Euro area, we find a positive relationship between the TLTRO and the amount of...