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On the impossibility of Keynes's liquidity trap : classical monetary analysis helps to explain
Ahiakpor, James C. W. - In: History of economic ideas : HEI 26 (2018) 1, pp. 31-58
Persistent link: https://www.econbiz.de/10012129289
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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?
Cheng, Kevin C. - International Monetary Fund (IMF) - 2006
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate … main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices … variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while …
Persistent link: https://www.econbiz.de/10005263733
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Money Demand and Inflation in Madagascar
Nassar, Koffie Ben - International Monetary Fund (IMF) - 2005
This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in … monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows …
Persistent link: https://www.econbiz.de/10005825934
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The Cost Channel of Monetary Policy; Further Evidence for the United States and the Euro Area
Rabanal, Pau - International Monetary Fund (IMF) - 2003
This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase...
Persistent link: https://www.econbiz.de/10005768944
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Why is Canada's Price Level so Predictable?
Klyuev, Vladimir; Kiem, Heesun; Kamenik, Ondra; Laxton, … - International Monetary Fund (IMF) - 2008
One of the pioneers of inflation targeting (IT), the Bank of Canada is now considering a possibility of switching to price-level-path targeting (PLPT), where past deviations of inflation from the target would have to be offset in the future, bringing the price level back to a predetermined path....
Persistent link: https://www.econbiz.de/10005769297
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The Fisher Relation in the Great Depression and the Great Recession
Laidler, David - 2013
The Fisher relation played a very different role in debates surrounding the Great Depression and the more recent Great Recession. This paper explores some of these differences, and suggests an explanation for them derived from a sketch of the idea's evolution between the two events, thus...
Persistent link: https://www.econbiz.de/10010291897
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A quantitative exploration of the opportunistic approach to disinflation
Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - 2005
Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under 'the opportunistic approach to disinflation' a central bank controls inflation aggressively when inflation...
Persistent link: https://www.econbiz.de/10010298307
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Monetary Ease: A Factor behind Financial Crises? Some Evidence from OECD Countries
Ahrend, Rudiger - 2008
in asset prices, especially as regards housing, though no systematic effects are identified on equity markets … run-up in asset prices and financial imbalances -- the (partial) unwinding of which helped trigger the 2007/08 financial …
Persistent link: https://www.econbiz.de/10010298580
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Monetary ease: A factor behind financial crises? Some evidence from OECD countries
Ahrend, Rudiger - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-12, pp. 1-30
asset prices, especially as regards housing, though no systematic effects are identified on equity markets. Significant … retrospect, seem to have been among the factors behind the run-up in asset prices and financial imbalances - the (partial …
Persistent link: https://www.econbiz.de/10010300027
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The interactive evolution of economic ideas and experience: The case of Canadian inflation targeting
Laidler, David - 2015
create a vicious circle of depreciation and rising domestic prices, and about the roles played by the natural unemployment …
Persistent link: https://www.econbiz.de/10011390730