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Alternative Indicator of Moneary Policy for a Small Open Economy
Cuche, 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/10011430022
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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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Can monetary policy affect economic activity under surplus liquidity : some evidence from Macedonia
Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015
Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...
Persistent link: https://www.econbiz.de/10011623487
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What Measures Chinese Monetary Policy?
Sun, Rongrong - Hong Kong Institute for Monetary Research (HKIMR), … - 2015
in policy variables into exogenous and endogenous components in order to find a "clean" monetary policy indicator whose … indicator of the overall policy stance, consistent with our model. A comparison with existing indicators suggests that the …
Persistent link: https://www.econbiz.de/10011212828
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What Measures Chinese Monetary Policy?
Sun, Rongrong - Volkswirtschaftliche Fakultät, … - 2014
search for a valid good policy indicator for Chinese monetary policy. The model disentangles endogenous components in changes … single indicator represents Chinese monetary policy well for the 2000-2013 time period. Second, its operating procedure is …, we construct a new composite indicator of the overall policy stance, consistent with our model. A comparison with several …
Persistent link: https://www.econbiz.de/10011107587
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The Effects Of Monetary Policy Shocks In Peru: Semi-Structural Identification Using A Factor-Augmented Vector Autoregressive Model
Lahura, Erick - Banco Central de Reserva del Perú - 2010
, Bernanke and Mihov (1998) proposed a semi-structural VAR model from which the indicator of monetary policy stance can be … VAR models. Furthermore, it is found that innovations to nonborrowed reserves can be identified as monetary policy shocks …The main goal of this paper is to analyze the effects of monetary policy shocks in Peru, taking into account two …
Persistent link: https://www.econbiz.de/10008752901
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Can Monetary Policy Affect Economic Activity under Surplus Liquidity? Some Evidence from Macedonia.
Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - 2015
Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...
Persistent link: https://www.econbiz.de/10011785355
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Structural Factor-Augmented VAR (SFAVAR) and the Effects of Monetary Policy
Belviso, Francesco; Milani, Fabio - EconWPA - 2005
of monetary policy. FAVARs enjoy a number of advantages over VARs: they allow a better identification of the monetary … propose a novel Structural Factor-Augmented VAR (SFAVAR) model, where the factors have a clear meaning: 'Real Activity' factor … effects on a wide range of macroeconomic variables of monetary policy and non-policy shocks. …
Persistent link: https://www.econbiz.de/10005076826
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Towards Inflation Targeting in Egypt Fiscal and Institutional Reforms to Support Disinflation Effort
Youssef, Hoda - 2010
Inflation targeting has emerged in recent years as a leading and increasingly advocated framework for conducting monetary policy in order to achieve and maintain price stability. Like many other developing countries, Egypt is now aspiring to introduce inflation targeting as a framework for its...
Persistent link: https://www.econbiz.de/10013135686
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A VAR Analysis on the Monetary Policy Transmission Mechanism in Romania
Andrei, BIRMAN - In: European Journal of Interdisciplinary Studies (2012) 01
The goal of this paper is to provide a characterisation of the monetary policy transmission mechanism in Romania over the period 2000 - 2011. The main contribution of this paper is the layering of empirical evidence regarding the transmission mechanism split such as to compare the results before...
Persistent link: https://www.econbiz.de/10010746965