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Can monetary policy affect economic activity under surplus liquidity : some evidence from Macedonia

Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015

Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...

Persistent link: https://www.econbiz.de/10011623487

What Measures Chinese Monetary Policy?

Sun, Rongrong - Volkswirtschaftliche Fakultät, … - 2014

search for a valid good policy indicator for Chinese monetary policy. The model disentangles endogenous components in changes … single indicator represents Chinese monetary policy well for the 2000-2013 time period. Second, its operating procedure is …, we construct a new composite indicator of the overall policy stance, consistent with our model. A comparison with several …

Persistent link: https://www.econbiz.de/10011107587

Can Monetary Policy Affect Economic Activity under Surplus Liquidity? Some Evidence from Macedonia.

Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - 2015

Persistent link: https://www.econbiz.de/10011785355

Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach

Opatrny, Matej - 2016

In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic control method, which allows me to compute the...

Persistent link: https://www.econbiz.de/10011515767

Deriving the new quantity equation : an approach for a closed and an open economy

Welfens, Paul J. J. - 2014

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...

Persistent link: https://www.econbiz.de/10010398774

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

The Japanese banks in the lasting low-, zero- and negative-interest rate environment

Schnabl, Gunther; Murai, Taiki - 2020

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...

Persistent link: https://www.econbiz.de/10012391096

Do we need central bank digital currency? : economics, technology and institutions

Gnan, Ernest (ed.); Masciandaro, Donato (ed.) - Do We Need Central Bank Digital Currency?: Economics, …; … - 2018

Persistent link: https://www.econbiz.de/10011944433

Independence, conservatism and beyond : Central Bank design and central banker preferences in monetary policy economics (1981-2019)

Masciandaro, Donato - 2020

Using a political economy approach, this paper sheds light on how two factors – central bankers' preferences and the central bank's design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the...

Persistent link: https://www.econbiz.de/10012210741

A tale of two decades : the ECB's monetary policy at 20

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2019

- stretching slightly beyond the ECB's mid-point - marked by decent growth in real incomes and a distribution of shocks to … endemic instability and crisis, with the distribution of shocks eventually switching from inflationary to continuously …

Persistent link: https://www.econbiz.de/10012135959

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