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Central bank independence, inflation and political instability in developing countries
Haan, Jakob De; Siermann, Clemens L.J. - In: Journal of Economic Policy Reform 1 (1996) 2, pp. 135-147
We test whether political instability affects central bank independence in developing countries. Both a legal measure … and the turnover tate of central bank governors are used as proxies for central bank independence and the frequency of … government transfers is used to proxy political instability. Only the number of coups affects the turnover rate of central bank …
Persistent link: https://www.econbiz.de/10009208189
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Debt and Interest Rates: The U.S. and the Euro Area
Frankel, Jeffrey; Chinn, Menzie D. - 2007
of 2004-2006 data to the sample, perhaps reflecting the effect of massive purchases of US securities by foreign central …
Persistent link: https://www.econbiz.de/10010295219
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The interactive evolution of economic ideas and experience: The case of Canadian inflation targeting
Laidler, David - 2015
In Canada, targeting the inflation rate was intended as a temporary measure on a journey to price-level stability, but became a well-established monetary policy regime in its own right. This paper analyses the role of the interaction of economic ideas with the experience generated by their...
Persistent link: https://www.econbiz.de/10011390730
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An international analysis of earnings, stock prices and bond yields
Durré, Alain; Giot, Pierre - 2005
This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First,...
Persistent link: https://www.econbiz.de/10011604561
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Are bond markets really overpriced: The case of the US
Clostermann, Jörg; Seitz, Franz - 2005
In the present paper we analyse whether fundamental macroeconomic factors, temporary influences or more structural factors have contributed to the recent decline in bond yields in the US. For that purpose, we start with a very general model of interest rate determination in which risk premia are...
Persistent link: https://www.econbiz.de/10012058558
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The impact of monetary policy on New Zealand business cycles and inflation variability
Buckle, Robert A; Kim, Kunhong; McLellan, Nathan - 2003
This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/ inflation variance trade-off. The model includes a forward-...
Persistent link: https://www.econbiz.de/10012115526
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The relationship between oil prices and long-term interest rates
Reicher, Christopher Phillip; Utlaut, Johannes Friederich - 2010
We estimate a seven-variable-VAR for the U.S. economy on postwar data using long-run restrictions, taking changes in long-run interest rates and inflation expectations into account. We find a strong connection between oil prices and long-run nominal interest rates which has lasted throughout the...
Persistent link: https://www.econbiz.de/10010276912
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Monetary-fiscal policy interdependence and pricing dynamics: Empirical estimation of fiscal dominance in Kenya
Lidiema, Caspah - 2024
, inflation and lending rates. All data was obtained from the Central Bank of Kenya online repositories. The empirical assessment …
Persistent link: https://www.econbiz.de/10014547854
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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/10014577227