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Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach
Opatrny, Matej - 2016
appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic … connected to disturbances created by changes in excise taxes. The effect of the commitment on inflation is positive but not …
Persistent link: https://www.econbiz.de/10011515767
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Macroprudential policies and dollarisation : implications for the financial system and a cross-exchange rate regime analysis
Bajrami, Fisnik - 2024
Macroprudential policy has gained prominence for promoting financial stability. In this paper, we assess the effectiveness of macroprudential policy in reducing credit growth over a 22-year period across 129 countries. Additionally, we investigate the interaction between macroprudential policy,...
Persistent link: https://www.econbiz.de/10014496532
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The Symmetry of ECB Monetary Policy Impact Under Scrutiny : An Assessment
Serati, Massimiliano - 2020
Since its inception, EMU adequacy to be an Optimal Currency Area was questioned, and, along with it, the homogeneous transmission of the monetary impulses across the Eurozone. Adopting a Bayesian Time-Varying parameter FAVAR model that fixes the flaws present in the existing literature and...
Persistent link: https://www.econbiz.de/10012854694
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What Should Central Banks Target? Evidence on the Impact of Monetary Policy Regimes on Economic Growth
Wong, Kin Ming - 2015
important tools for government to influence the economy. Exchange rate and inflation are believed to be the most appealing … studies on the effect of exchange-rate arrangements and inflation targeting on economic growth suffer from the absence of a … results consistently support that an inflation targeting regime has a positive impact on economic growth when compared with an …
Persistent link: https://www.econbiz.de/10013024911
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After 25 years as faithful members of the EU : public support for the euro and trust in the ECB in Austria, Finland and Sweden
Roth, Felix; Jonung, Lars - 2020
Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century. Support for the euro in the two euroarea members...
Persistent link: https://www.econbiz.de/10012269193
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Future of the Economic and Monetary Union
Gortsos, Christos V. - 2022
Union (including the new (2021) monetary policy strategy of the Eurosystem and its implementation amidst the ‘inflation …
Persistent link: https://www.econbiz.de/10014077291
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Does it Pay to Be Transparent? International Evidence from Central Bank Forecasts
Chortareas, Georgios E.; Stasavage, David; Sterne, Gabriel - 2005
central banks include in their published forecasts is associated with lower average inflation. The result holds regardless of … whether the domestic nominal anchor is based more on an inflation or money target, but not for exchange rate targeting …
Persistent link: https://www.econbiz.de/10014122500
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023
Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...
Persistent link: https://www.econbiz.de/10014229087
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Quantifying the Costs and Benefits of Quantitative Easing
Levin, Andrew T.; Lu, Brian L.; Nelson, William R. - National Bureau of Economic Research - 2022
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve's QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed's...
Persistent link: https://www.econbiz.de/10013477241
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Macroeconomic effects of a government overdraft on its central bank account
Khemraj, Tarron - 2024
expansion) by focusing on domestic inflation, the foreign exchange (FX) rate, and the quantity of FX traded in the local market …. The empirical results suggest that the inflation rate is largely driven by foreign price and oil shocks. Nevertheless, the … the exchange rate, and slightly increasing the inflation rate. The latter finding has important implications for the …
Persistent link: https://www.econbiz.de/10014531238