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What does the Bank of Japan do to East Asia?
Maćkowiak, Bartosz (contributor) - 2005
In recent policy debates some have argued that expansionary monetary policy in Japan can increase real output in Japan … and in Japan's neighbors, while others have warned that it is a beggar-thy-neighbor policy. In this paper we estimate …-thy-neighbor view. We estimate that the Asian crisis was preceded by expansionary monetary policy shocks in Japan, but we fail to find …
Persistent link: https://www.econbiz.de/10003324151
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External Shocks, U.S. Monetary Policy and Macroeconomic Fluctuations in Emerging Markets
Mackowiak, Bartosz - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
Using structural VARs, I find that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect quickly and strongly interest rates and the exchange rate in a typical emerging market. The price level and real output in...
Persistent link: https://www.econbiz.de/10005784841
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External shocks, US monetary policy and macroeconomic fluctuations in merging markets
Maćkowiak, Bartosz - 2006
Using structural VARs, I find that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect quickly and strongly interest rates and the exchange rate in a typical emerging market. The price level and real output in...
Persistent link: https://www.econbiz.de/10010275790
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The Fiscal Multiplier and Spillover in a Global Liquidity Trap
Fujiwara, Ippei; Ueda, Kozo - Institute for Monetary and Economic Studies, Bank of Japan - 2010
We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover are contrary to those predicted in textbook economics. For...
Persistent link: https://www.econbiz.de/10008494218
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The fiscal multiplier and spillover in a global liquidity trap
Fujiwara, Ippei; Ueda, Kozo - In: Journal of Economic Dynamics and Control 37 (2013) 7, pp. 1264-1283
We consider the fiscal multiplier and spillover—the extent to which one country's government expenditure increases production at home and also in another foreign country, when the two countries are caught simultaneously in a liquidity trap. Using a standard new open economy macroeconomics...
Persistent link: https://www.econbiz.de/10011051915
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China, the Dollar Peg and U.S. Monetary Policy
Tervala, Juha - Volkswirtschaftliche Fakultät, … - 2014
I examine the transmission of expansionary U.S. monetary policy in case where developing countries-including China-peg their currencies to the dollar. I evaluate the value of the dollar peg as a fraction of consumption that households would be willing to pay for the dollar peg to remain as well...
Persistent link: https://www.econbiz.de/10011113718
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Stabilization policy in a two country model and the role of financial frictions
Faia, Ester - 2001
This paper studies the optimal choice of exchange rate regimes between two large currency areas. It provides a positive and normative analysis of alternative monetary policy rules in a model with sticky prices, monopolistic competition, and frictions in the processes of capital accumulation and...
Persistent link: https://www.econbiz.de/10011604102
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Monetary policy in a world with different financial systems
Faia, Ester - 2002
Major currency areas are characterized by important differences in financial structure that are clear in microeconomic data. Surprisingly, this fact is seldom discussed in the analysis of the international transmission of shocks. This paper attempts to fill the gap. First, I show some stylized...
Persistent link: https://www.econbiz.de/10011604229
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Monetary policy and the zero bound to interest rates: a review
Yates, Tony - 2002
This paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. The aim is to evaluate the risks of hitting the zero bound; and to evaluate policies that are said to be able to reduce that risk, or policies that are proposed as means...
Persistent link: https://www.econbiz.de/10011604236
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Financial Differences and Business Cycle Co-Movements in A Currency Area
Faia, Ester - 2005
I propose a unitary framework to interpret the links between differences in financial structures and the monetary policy regimes on the one hand, and the correlation of business cycles on the other. Using a two-country micro-founded model with financial frictions I predict that a greater...
Persistent link: https://www.econbiz.de/10013370014