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Unconventional Monetary Policy and Long-Term Interest Rates

Wu, Tao - 2014

This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...

Persistent link: https://www.econbiz.de/10014411683

Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka

Ghazanchyan, Manuk - 2014

point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for … output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger … effects on either output or prices …

Persistent link: https://www.econbiz.de/10014411684

Challenges to Central Banking from Globalized Financial Systems

Schaechter, Andrea - 2004

Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in September 2002. It examines key issues such as the choice of nominal anchor for...

Persistent link: https://www.econbiz.de/10014411743

Impact of Demographic Changes on Inflation and the Macroeconomy

Yoon, Jong-Won - 2014

The ongoing demographic changes will bring about a substantial shift in the size and the age composition of the population, which will have significant impact on the global economy. Despite potentially grave consequences, demographic changes usually do not take center stage in many macroeconomic...

Persistent link: https://www.econbiz.de/10014411766

Government Cash Management: Relationship between the Treasury and the Central Bank

Pessoa, Mario - 2013

This technical note and manual (TNM) addresses the following main issues: •Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibilities of the ministry of finance and the central bank. •Institutional...

Persistent link: https://www.econbiz.de/10014411791

Global Monetary Tightening : Emerging Markets Debt Dynamics and Fiscal Crises

Escolano, Julio - 2014

This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be...

Persistent link: https://www.econbiz.de/10014411818

Motives and Effectiveness of Forex Interventions : Evidence from Peru

Tashu, Melesse - 2014

This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volatility, the results of this paper show that, in practice, the interventions seem to...

Persistent link: https://www.econbiz.de/10014411820

Das Public Kapital : How Much Would Higher German Public Investment Help Germany and the Euro Area?

Elekdag, Selim - 2014

Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...

Persistent link: https://www.econbiz.de/10014411830

Spillovers from United States Monetary Policy on Emerging Markets : Different This Time?

Chen, Jiaqian - 2014

prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not …

Persistent link: https://www.econbiz.de/10014411841

Learning, Monetary Policy and Asset Prices

2015 - Airaudo, Marco ; Nistic�, Salvatore ; Zanna, Luis-Felipe ed

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New … consumption is affected by the market value of financial wealth, making stock prices non-redundant for the business cycle. We find … that if the financial wealth channel is sufficiently strong, responding to stock prices enlarges the policy space for which …

Persistent link: https://www.econbiz.de/10014411926