This  article  empirically  examines  the  interest  rate  pass through  mechanism for Pakistan, using six month treasury bills as a proxy for the policy  rate (the exogenous variable) and the weighted average lending rate and weighted ...

This study examines monetary policy efficiency in Central Asia by investigating the monetary transmission mechanism in the region’s economies. To examine monetary policy efficiency, it is necessary to take into account factors that might impede the transmission, such as high levels of...

The process of transmitting monetary policy impulses to the real economy presents o series of particularities from one country to another, mainly because of the diversity of financial systems. Thereby, the functionality of various monetary policy transmission channels is significantly influenced...

This study tests for the state-dependent response of monetary policy to increases in overall financial stress and financial sector-specific stress across a panel of advanced and emerging economy central banks. We use a factor-augmented dynamic panel threshold regression model with (estimated)...

This study tests for the state-dependent response of monetary policy to increases in overall financial stress and financial sector-specific stress across a panel of advanced and emerging economy central banks. We use a factor-augmented dynamic panel threshold regression model with (estimated)...

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...

Since December 2008, the Federal Reserve's traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...

This paper uses two-dimensional asymmetric Taylor reaction functions for 16 OECD-countries to account for diff erent reactions to the inflation rate and output by central banks before or after an election of the fiscal authorities in the respective country. Important for such an investigation is...

This paper investigates the role of monetary policy in the collapse in the long-term real interest rates in the decade before the onset of the financial crisis using a sample of five advanced economies (United States, United Kingdom, the euro area, Sweden and Canada). The results from an...

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...