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Identifying a forward-looking monetary policy in an open economy

Bhuiyan, Rokon - 2009

I identify a forward-looking monetary policy function in a structural VAR model by using forecasts of macroeconomic variables, in addition to the realized variables used in a standard VAR. Both impulse responses and variance decompositions of the monetary policy variable of this...

Persistent link: https://www.econbiz.de/10010290458

Finland and Its Northern Peers in the Great Recession

Suni, Paavo; Vihriälä, Vesa - 2016

The report focuses on the relative macroeconomic performance since the global financial crisis of six Northern European countries with a special emphasis on Finland. While fiscal and monetary policies have definitely impacted on macroeconomic outcomes in the six countries examined, as a whole...

Persistent link: https://www.econbiz.de/10012037669

Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik

Heimberger, Philipp - 2016

Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …

Persistent link: https://www.econbiz.de/10012100198

Differences between Financial Systems in Europe: Consequences for EMU

Schmidt, Reinhard H. - 1999

Major differences between national financial systems might make a common monetary policy difficult. As within Europe, Germany and the United Kingdom differ most with respect to their financial systems, the present paper addresses its topic under the assumption that the United Kingdom is already...

Persistent link: https://www.econbiz.de/10010316251

Where it all began: Lending of last resort and the bank of England during the overend, Gurney Panic of 1866

Flandreau, Marc; Ugolini, Stefano - 2011

The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain's lead in the market for acceptances originating in international trade was the basis of its...

Persistent link: https://www.econbiz.de/10010316790

Central banks' voting records, and future policy

Horváth, Roman; Šmídková, Kateřina; Zápal, Jan - 2012

We assess whether the voting records of central bank boards are informative about future monetary policy using data on five inflation targeting countries (the Czech Republic, Hungary, Poland, Sweden and the United Kingdom). We find that in all countries the voting records, namely the difference...

Persistent link: https://www.econbiz.de/10010318429

Monetary policy regimes and the volatility of long-term interest rates

Queijo von Heideken, Virginia - 2008

This paper addresses two important questions that have, so far, been studied separately in the literature. First, the paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate using standard macro models. Building a small-scale...

Persistent link: https://www.econbiz.de/10010320772

Do central banks react to house prices?

Finocchiaro, Daria; Queijo von Heideken, Virginia - 2007

The substantial fluctuations in house prices recently experienced by many industrialized economies have stimulated a vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan and the Bank of England have reacted to house prices....

Persistent link: https://www.econbiz.de/10010320802

The Stabilizing Properties of Floating Exchange Rates: Some International Evidence

Bergvall, Anders - 2002

This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...

Persistent link: https://www.econbiz.de/10010321739

How does monetary policy change? Evidence on inflation targeting countries

Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010

We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. Using this novel flexible framework, our...

Persistent link: https://www.econbiz.de/10010322229