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The industry effects of monetary policy and their welfare implications
Arnold, Ivo J.M. - In: BNL Quarterly Review 53 (2013) 214, pp. 287-315
Economic theory provides at least two explanations for differential regional effects of a common monetary policy. The … (1998), I estimate impulse responses of sector earnings to monetary policy shocks for regions of the United States. An … of the industry mix. Second, the paper addresses the welfare implications of industry effects of monetary policy. One …
Persistent link: https://www.econbiz.de/10010854331
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Does central bank independence reflect monetary commitment properly? Methodical considerations
Freytag, Andreas - In: BNL Quarterly Review 54 (2001) 217, pp. 181-208
based on the political economy literature onmonetary policy. In this paper, we argue that CBI is an incomplete approximation … to legal monetary commitment. We first discuss the nature and criteria ofcommitment, then show the shortcomings of the … most important indices of CBI before we introduce an alternative measure of legal monetary commitment. This measure is more …
Persistent link: https://www.econbiz.de/10010854334
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Economic transparency and poverty
Mendonça, Helder Ferreira De; Filho, Josè Simao - In: BNL Quarterly Review 60 (2007) 240, pp. 33-48
objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore …
Persistent link: https://www.econbiz.de/10010751991
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Economic transparency and poverty
Mendonça, Helder Ferreira De; Filho, Josè Simao - In: Banca Nazionale del Lavoro Quarterly Review 60 (2007) 240, pp. 33-48
objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore …
Persistent link: https://www.econbiz.de/10010752015
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Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
Papademos, Lucas - In: BNL Quarterly Review 58 (2005) 233-234, pp. 187-214
The paper reviews some of the most important results of the LCH for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscalpolicy and social security, highlighting Modigliani's seminal contributions. Over time competing theories have emerged, and...
Persistent link: https://www.econbiz.de/10010752465
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Estimating the Bank of Japan's monetary policy reaction function
Hsing, Yu - In: BNL Quarterly Review 57 (2004) 229, pp. 169-183
Extending the Taylor rule and applying the VAR model, the author finds that the overnight call rate reacts positively to a shock to the inflation gap, the output gap, yen depreciation, stock prices, or the lagged overnight call rate. The response of the overnight call rate to exchange rates or...
Persistent link: https://www.econbiz.de/10010752475
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The price level and monetary policy
Kindleberger, Charles P. - In: BNL Quarterly Review 55 (2002) 220, pp. 3-12
weapons remains: monetary expansion or contraction, credit controls, for overall or for particular purposes, and moral suasion. …
Persistent link: https://www.econbiz.de/10010752478
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Does the stock of money have any causal significance?
Arestis, Philip; Sawyer, Malcolm - In: BNL Quarterly Review 56 (2003) 225, pp. 113-136
process. The absence of the stock of money in many current debates over monetary policy has prompted the statement by the …Recent developments in macroeconomics, and economic policy in general, have produced a "new consensus" economy … model, namely that of dichotomy between the monetary and the real sector. The second is that some of these attempts either …
Persistent link: https://www.econbiz.de/10010752482
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The Eurosystem operational framework, use of colleteral and liquidity distribution in the euro area: towards a single interbank market?
Vento, Gianfranco A. - In: BNL Quarterly Review 57 (2004) 228, pp. 71-100
, pointing out the effects of certain technical choices in the field of monetary policy instruments on the interbank market and …This paper analyses the current operational framework chosen to implement singlemonetary policy in the euro area …
Persistent link: https://www.econbiz.de/10010752483
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Using an evolving criterion to assess the Federal Reserve's behaviour in recent years
Ferrari, Davide; Ribba, Antonio - In: BNL Quarterly Review 58 (2005) 235, pp. 169-186
developed neuro-fuzzy techniques. Such models require the operation assumptions concerning the conduct of monetary policy to be … played by the evolution of the monetary policy decision mechanism. Besides the usual set of macro-economic variables, the … almost perfectly the actual behaviour of the monetary policy instrument. …
Persistent link: https://www.econbiz.de/10010752489