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The welfare cost of inflation with banking time
Gillman, Max - 2018
The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank production approach. The estimate of welfare cost uses fundamental parameters of utility and production technologies. It is compared to a cash-only economy, and a Lucas (2000)...
Persistent link: https://www.econbiz.de/10012012509
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Persistency and Money Demand Distortions in a Stochastic Dge Model with Sticky Prices
Gail, Michael - 2003
Recently macroeconomists have intensified their efforts to develop models that are able to generate persistent reactions of real variables to monetary shocks in stochastic DGE models with nominal rigidities. This has proven to be quite difficult in models with price staggering only. Most papers...
Persistent link: https://www.econbiz.de/10014113680
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Better off without the euro? : structural VAR assessment of European monetary policy
Fritsche, Jan Philipp; Harms, Patrick Christian - 2020
pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area … countries? An SVAR analysis reveals that monetary stress has declined more in the euro area than in the euro areas’ doppelganger … euro becoming a dominant currency. …
Persistent link: https://www.econbiz.de/10012301359
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Monetary transmission mechanism in a small open economy: A Bayesian structural VAR approach
Bhuiyan, Rokon - 2008
This paper develops an open-economy Bayesian structural VAR model for Canada in order to estimate the effects of monetary policy shocks, using the overnight target rate as the policy instrument. I allow the policy variable and the financial variables of the model to interact simultaneously with...
Persistent link: https://www.econbiz.de/10010290388
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Estimating the immediate impact of monetary policy shocks on the exchange rate and other asset prices in Hungary
Rezessy, András - 2005
rate of the forint vis-r-vis the euro, spot and forward government bond yields and the index of the Budapest Stock Exchange …
Persistent link: https://www.econbiz.de/10010322405
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Sources of real exchange rate fluctuations in new EU member countries
Mirdala, Rajmund - 2015
from nominal exchange rate flexibility prior to euro adoption. In the paper we analyse sources of real exchange rates …
Persistent link: https://www.econbiz.de/10011431526
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Optimal monetary policy in an open emerging market economy
Iyer, Tara - 2016
The majority of households across emerging market economies are excluded from the financial markets and cannot smooth consumption. I analyze the implications of this for optimal monetary policy and the corresponding choice of domestic versus external nominal anchor in a small open economy...
Persistent link: https://www.econbiz.de/10011487396
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The impact of monetary policy and exchange rate shocks in Poland : evidence from a time-varying VAR
Arratibel, Olga; Michaelis, Henrike - 2013
This paper follows the Bayesian time-varying VAR approach with stochastic volatility developed by Primiceri (2005), to analyse whether the reaction of output and prices to interest rate and exchange rate shocks has changed across time (1996-2012) in the Polish economy. The empirical findings...
Persistent link: https://www.econbiz.de/10010439334
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Exchange rate pass-through, monetary policy and real shocks : an empirical evaluation
Aguirre, Horacio A.; González Padilla, Héctor Gustavo - 2019 - This version: January 2019
We look at a panel of Latin American countries from 1970 and 2016 to enquire how exchange rate pass-through has changed over time, and whether this owes to monetary or real shocks hitting the economy. We estimate conventional pass-through measures, both short and long run; then we obtain rolling...
Persistent link: https://www.econbiz.de/10012020009
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Shifts in monetary policy and exchange rate dynamics : is Dornbusch's overshooting hypothesis intact, after all?
Rüth, Sebastian - 2019
How do nominal exchange rates adjust after surprise contractions in monetary policy? While the seminal contribution by Dornbusch provides concise predictions - exchange rates appreciate, i.e., overshoot on impact before depreciating gradually - empirical support for his hypothesis is at best...
Persistent link: https://www.econbiz.de/10012124364