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Alternative indicator of monetary policy for a small open economy
Cuche-Curti, Nicolas A. - 2000
economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary …We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open …. Finally, our model is applied to the Swiss National Bank. Our main indicator reveals that the exchange rate was the dominant …
Persistent link: https://www.econbiz.de/10011398253
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Monetary policy and hysteresis in potential output
Kienzler, Daniel; Schmid, Kai D. - 2013
propagation of macroeconomic shocks and persistent movements in output after monetary shocks. Our central policy implication of …
Persistent link: https://www.econbiz.de/10009772964
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010385761
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Japan's liquidity trap
Akram, Tanweer - 2016
Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and performance of the country’s economy since the onset of stagnation. It also analyzes the country’s...
Persistent link: https://www.econbiz.de/10011453035
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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
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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
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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
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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
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Monetary policy disconnect
Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020
Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...
Persistent link: https://www.econbiz.de/10012387237
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A macro-model to monetary transmission analysis in Tunisia
Makni, Aymen - 2019
scenario structure tools which analyze the dynamics of key macro economic variables under diverse shocks and depicts their … of major shocks influencing the macroeconomic variables and can assess the role of monetary policy in reacting to …
Persistent link: https://www.econbiz.de/10012025818