Showing 1 - 10 of 3,720
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 ...
Persistent link: https://www.econbiz.de/10010905767
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...
Persistent link: https://www.econbiz.de/10005698621
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...
Persistent link: https://www.econbiz.de/10008829728
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)...
Persistent link: https://www.econbiz.de/10011667196
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)...
Persistent link: https://www.econbiz.de/10011636194
Does the federal funds rate respond to shocks when aggregate reserves are in the trillions of dollars? Has banks' demand for reserves moved over time? We provide a structural time-varying estimate of the slope of the reserve demand curve over 2010-21. We estimate a time-varying vector...
Persistent link: https://www.econbiz.de/10013432949
How many interest rate hikes is quantitative tightening (QT) equivalent to? In this paper, I examine this question based on the preferred-habitat model in Vayanos and Vila (2021). I define the equivalence between rate hikes and QT such that they both have the same impact on the 10-year yield....
Persistent link: https://www.econbiz.de/10014278183
This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...
Persistent link: https://www.econbiz.de/10014441459
This paper seeks to estimate the extent to which market-implied policy expectations could be improved with further information disclosure from the FOMC. Using text analysis methods based on large language models, we show that if FOMC meeting materials with five-year lagged release dates-like...
Persistent link: https://www.econbiz.de/10014480439
We apply complexity theory to financial markets to show that excess liquidity created by the Eurosystem has led to critical transitions in the configuration of interest rates. Complexity indicators turn out to be useful signals of tipping points and subsequent regime shifts in interest rates. We...
Persistent link: https://www.econbiz.de/10014523281