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International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10010465407
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The Dangerous Utopia of the ECB's Cancellation of Public Debts
Pichet, Eric - 2020
The main result of the quick reactions of the Federal Reserve (the Fed) and the European Central Bank (ECB) to the Covid-19 crisis are that more than 20% of their public debt is now held by these central banks and that the balance sheet of the ECB is now near 50% of GDP (33% for the Fed). Two...
Persistent link: https://www.econbiz.de/10012826475
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Building the Foundations for a New Central Bank Doctrine : Redefining Central Banks’ Missions in the 21st Century
Pichet, Eric - 2013
The 2007-2008 financial crisis demonstrated both the responsibilities that central bankers, alongside other actors, bear for turbulences of this kind as well as how economics can be used to provide central bankers and governments with the understanding and tools that they need to prevent the...
Persistent link: https://www.econbiz.de/10014160305
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Central Bank Transparency, Exchange Rates, and Demand Imbalances
Candian, Giacomo - 2020
Do the benefits of central bank transparency depend on the structure of financial markets? We address this question in a two-country model with dispersed information among price-setting firms. The volatility of the real exchange rate is non-monotonic in the precision of public communications....
Persistent link: https://www.econbiz.de/10012836140
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International Spillovers of Monetary Policy : US Federal Reserve's Quantitative Easing and Bank of Japan's Quantitative and Qualitative Easing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10013029718
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Central bank liquidity management and "unconventional" monetary policies
Garcia-Cicco, Javier; Kawamura, Enrique - 2014
This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...
Persistent link: https://www.econbiz.de/10011285637
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The Interventions of the European Central Bank Throughout the Crisis
Villar Burke, Javier - 2017
Throughout the crisis, the ECB implemented a number of unprecedented measures with a wider and wider reach. These measures included a decrease of the policy rate to virtually zero, the extension of the maturities of its liquidity providing operations, an expansion in total liquidity injected in...
Persistent link: https://www.econbiz.de/10012972215
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Central bank intervention in the inflation targeting
Krušković, Borivoje D. - In: Journal of central banking theory and practice 11 (2022) 1, pp. 67-85
This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...
Persistent link: https://www.econbiz.de/10012805926
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Does central bank transparency deter the exchange rate volatility? : new evidence from Asian emerging markets
Shamsi, Muhammad Aftab; Mehmood, Ahsan - In: Journal of central banking theory and practice 12 (2023) 2, pp. 133-163
Exchange rate volatility has emerged as a significant chal-lenge for Asian emerging markets since the adoption of the liberalization process. This study examines the influence of central banktransparency on exchange rate volatility using a sample of ten important Asian emerging markets. The...
Persistent link: https://www.econbiz.de/10014316656
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Central Bank Balance Sheets and Foreign Exchange Rate Regimes : Understanding the Nexus in Asia
Filardo, Andrew J. - 2013
Central bank balance sheets in emerging Asia have been expanding rapidly for the past decade, driven primarily by the … been able to achieve price stability and bolster financial stability.This policy experience in Asia is changing the … approach in Asia has emerged as being both feasible and, by revealed preference, desirable. But this choice however is not …
Persistent link: https://www.econbiz.de/10013089507