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Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the ""Hollow Middle""?

Hernández, Leonardo - 2001

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the ""hollow middle"" hypothesis. But some academics have claimed that the crisis countries'' policies have...

Persistent link: https://www.econbiz.de/10014399947

Forecasting ECB Monetary Policy : Accuracy is (Still) a Matter of Geography

Ehrmann, Michael - 2006

anticipate monetary policy by the European Central Bank (ECB)? Using a database of surveys of professional ECB policy forecasters …

Persistent link: https://www.econbiz.de/10014399987

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Medina Guzman, Juan Pablo - 2007

This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal monetary policy in a calibrated version of the model. The findings of the paper are...

Persistent link: https://www.econbiz.de/10014399992

Monetary Policies for Developing Countries : The Role of Corruption

Huang, Haizhou - 2003

This paper examines the role of corruption in the design of monetary policies for developing countries in a framework of fiscal and monetary interaction and obtains several interesting results. First, pegged exchange rates, currency boards, or dollarization, while often prescribed as a solution...

Persistent link: https://www.econbiz.de/10014400002

The Austrian Theory of Business Cycles : Old Lessons for Modern Economic Policy?

Oppers, Stefan E. - 2002

This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to save, creating a mismatch between supply and demand...

Persistent link: https://www.econbiz.de/10014400055

FDI to Africa : The Role of Price Stability and Currency Instability

Reinhart, Carmen - 2003

Africa lags behind other regions in attracting foreign direct investment (FDI). In some circumstances, there are obvious explanations for the absence of FDI, such as a high incidence of war. In this paper, we examine the role that monetary and exchange rate policy may have played in explaining...

Persistent link: https://www.econbiz.de/10014400064

Exchange Rate Pass-Through to Domestic Prices : Does the Inflationary Environment Matter?

Hakura, Dalia - 2001

The paper tests a hypothesis suggested by Taylor (2000) that a low inflationary environment leads to a low exchange rate pass-through to domestic prices. To test this hypothesis, the paper derives a pass-through relation based on new open economy macroeconomic models. A large database that...

Persistent link: https://www.econbiz.de/10014400110

Central Banks Quasi-Fiscal Policies and Inflation

Park, Seok Gil - 2012

backing of the central bank''s balance sheet, strange things can happen. For instance, an exit from quantitative easing could …

Persistent link: https://www.econbiz.de/10014396938

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity : The Main Considerations

Nyawata, Obert - 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills … bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for …) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of …

Persistent link: https://www.econbiz.de/10014396940

Does Central Bank Capital Matter for Monetary Policy?

Tovar Mora, Camilo Ernesto - 2012

domestic monetary policy interest rates can have sizable effects on central bank''s net worth. In this paper we examine … measure of central bank financial strength. Our findings, using linear and nonlinear techniques, suggests that central bank …

Persistent link: https://www.econbiz.de/10014396960