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LIBOR deception and central bank forward (mis-)guidance: Evidence from Norway during 2007–2011
Stenfors, Alexis - In: Journal of International Financial Markets, … 32 (2014) C, pp. 452-472
This paper is an empirical investigation into the Norwegian Interbank Offered Rate (NIBOR) during 2007–11. It is demonstrated that an informal rule change to the benchmark fixing mechanism, instigated by the NIBOR panel banks, not only increased the susceptibility of the benchmark to...
Persistent link: https://www.econbiz.de/10010906350
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Currency Wars Yesterday and Today
Brahmbhatt, Milan; Canuto, Otaviano; Ghosh, Swati - In: World Bank - Economic Premise (2010) 43, pp. 1-6
a useful insurance policy against the risk of global deflation. But it is increasing pressure on developing countries to …
Persistent link: https://www.econbiz.de/10008837659
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The impact of monetary policy in the midst of big shocks
Ohanian, Lee E. - In: Journal of Economic Dynamics and Control 49 (2014) C, pp. 35-48
during the Fed׳s first 100 years: the post-World War I deflation, the deflation of the Great Depression, the inflation of … World War II, and the Great Inflation of the 1970s. In terms of their macroeconomic impacts, I find that deflation was … markets, and not because deflation is generically depressing. I find that the biggest impact of monetary policy during World …
Persistent link: https://www.econbiz.de/10011117339
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A global analysis of liquidity effects, interest rate rules, and deflationary traps
Kudoh, Noritaka - In: Economics Bulletin 29 (2009) 2, pp. 1492-1498
The prevailing models of liquidity traps suggest that a deflationary trap is a stable steady state in a multiple equilibria model. These models implicitly assume that the central bank accelerates the process of disinflation by following a Taylor rule even though there is a long run positive...
Persistent link: https://www.econbiz.de/10008562808
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Preference Heterogeneity in Monetary Policy Committees
Riboni, Alessandro; Ruge-Murcia, Francisco J. - In: International Journal of Central Banking 4 (2008) 1, pp. 213-233
This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard New Keynesian framework that allows...
Persistent link: https://www.econbiz.de/10005704543
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Chapter 15. Simple and Robust Rules for Monetary Policy
Taylor, John B.; Williams, John C. - In: Handbook of monetary economics : volume 3, (pp. 829-859). 2010
This paper focuses on simple normative rules for monetary policy that central banks can use to guide their interest rate decisions. Such rules were first derived from research on empirical monetary models with rational expectations and sticky prices built in the 1970s and 1980s. During the past...
Persistent link: https://www.econbiz.de/10014025627
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Chapter 8. How Has the Monetary Transmission Mechanism Evolved Over Time?
Boivin, Jean; Kiley, Michael T.; Mishkin, Frederic S. - In: Handbook of monetary economics : volume 3, (pp. 369-422). 2010
We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission — the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest...
Persistent link: https://www.econbiz.de/10014025672
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Chapter 2. New Monetarist Economics : Models
Williamson, Stephen; Wright, Randall - In: Handbook of monetary economics : volume 3, (pp. 25-96). 2010
The purpose of this paper is to discuss some of the models used in New Monetarist Economics, which is our label for a body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New Monetarism is that solid microfoundations are critical for...
Persistent link: https://www.econbiz.de/10014025678
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Does monetary policy solely correct disequilibrium in the balance of payment? : evidence from the developing world
Khan, Muhammad Azam - In: Journal of central banking theory and practice 12 (2023) 1, pp. 57-85
Monetary policy and balance of payments (BoP) are the key parameters in any country's economy performance. This study is an attempt to re-explore the impact of domestic credit provided by the financial sector, real interest rate, real GDP growth, inflation rate, and exchange rate on the balance...
Persistent link: https://www.econbiz.de/10014312315
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Europe, where to?
Ioan-Franc, Valeriu; Pop, Napoleon; Diamescu, Andrei Marius - In: Amfiteatru economic : an economic and business research … 25 (2023) 63, pp. 610-624
The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...
Persistent link: https://www.econbiz.de/10014464256