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Interest rate pass-through under a currency board regime : evidence from Bosnia & Herzegovina
Milišić, Emina; Žunić Dželihodžić, Emina - 2024
This paper examines the pass-through of European Central Bank (ECB) monetary policy to deposit rates in Bosnia and Herzegovina (B&H). We use aggregate and bank-level data to study interest rate pass-through by bank size and ownership for the period 2012-2023. In extensions, we also study...
Persistent link: https://www.econbiz.de/10014574159
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The natural rate of interest in emerging Asia : long-term trends and the impact of crises
Tanaka, Kensuke; Ibrahim, Prasiwi; Brekelmans, Sybrand - 2021
This paper studies the evolution of the natural interest rate in five Southeast Asian countries and considers the effect of economic shocks on the natural interest rate in these countries. The natural interest rate is the interest rate that would prevail in an economy in equilibrium and in the...
Persistent link: https://www.econbiz.de/10012545924
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The sensitivity of long-term interest rates to economic news : comment
Barnes, Michelle L.; Pancost, N. Aaron - 2010
Refet Gürkaynak, Brian Sack, and Eric Swanson (2005) provide empirical evidence that long forward nominal rates are overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations are not anchored because agents must infer the central...
Persistent link: https://www.econbiz.de/10008663345
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Monetary Stability and Liquidity Crises : The Role of the Lender of Last Resort
Antinolfi, Gaetano - 2013
We evaluate the desirability of having an elastic currency generated by a lender of last resort that prints money and lends it to banks in distress. When banks cannot borrow, the economy has a unique equilibrium that is not Pareto optimal. The introduction of unlimited borrowing at a zero...
Persistent link: https://www.econbiz.de/10013086699
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How Low Can Central Banks Go? The Banking Threshold to Negative Interest Rates
Berriel, Tiago - 2019
Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...
Persistent link: https://www.econbiz.de/10012899581
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Interest rate and exchange rate volatility spillovers : multiscale perspective of monetary policy transmission in Ghana
Akosah, Nana Kwame; Alagidede, Paul; Schaling, Eric - In: Journal of central banking theory and practice 9 (2020) 1, pp. 135-167
Persistent link: https://www.econbiz.de/10012167220
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Term Structures of Inflation Expectations and Real Interest Rates
Aruoba, S. Borağan - 2017
Revised September 2016. In this paper, I use a statistical model to combine various surveys to produce a term structure of inflation expectations--inflation expectations at any horizon--and an associated term structure of real interest rates. Inflation expectations extracted from this model...
Persistent link: https://www.econbiz.de/10012969696
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Exchange rate and price dynamics at the zero lower bound : conference paper
Bäurle, Gregor; Kaufmann, Daniel - 2013
In this paper, we analyse nominal exchange rate and price dynamics after risk shocks with short-term interest rates constrained by the zero lower bound (ZLB). We show with a stylized theoretical model that temporary risk shocks may lead to permanent shifts of the exchange rate and the price...
Persistent link: https://www.econbiz.de/10010340556
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Interest Rates – Inflation Relationship Under Inflation Targeting Regime : The Case of Turkey
Kose, Nezir - 2012
actually influenced the real long-term interest rates; the inflation targeting regime pursued by the Central Bank of Turkey is …
Persistent link: https://www.econbiz.de/10013116523
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The Importance of Harmonious Monetary and Fiscal Policies : An Examination upon Credit Interest Rates of Banks in Turkey
Kartal, Mustafa Tevfik - 2019
High bank interest rates have been one of the main problems in certain periods for Turkey. When the development trend … substantial importance. Within this context, this study is prepared to evaluate the recent experience of Turkey in terms of … especially. Hence, recent approaches and practices in Turkey in terms of the harmonious policy are examined. As a result of the …
Persistent link: https://www.econbiz.de/10012891171