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We analyze the impact of monetary policy on consumer spending using credit card data. Because of their high frequency, these data improve identification and allow for a precise characterization of the transmission lags. We find that shocks to short-term interest rates affect spending much more...
Persistent link: https://www.econbiz.de/10015059900
A textbook argument in favor of adopting another country's legal tender is that it imposes strong constraints on money creation and therefore fiscal dominance. In Ecuador, an officially dollarized economy since January 2000, a series of accounting practices and subsequent changes in legislations...
Persistent link: https://www.econbiz.de/10015059941
pushed inflation to double digits. Monetary policy has been proactive, including a further 200bps increase in the policy rate …
Persistent link: https://www.econbiz.de/10015059942
inflation to preventing capital outflows …
Persistent link: https://www.econbiz.de/10015059958
The new administration, which came into office in May 2022, has had to confront the aftermath of a cyberattack on several government systems as well as the impact of the commodity price shock, slowing trading partner growth, and tightening financial conditions. After a strong rebound in 2021,...
Persistent link: https://www.econbiz.de/10015059967
International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a...
Persistent link: https://www.econbiz.de/10015059974
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across … advanced and emerging market economies. The Reserve Bank of India's implementation of a flexible inflation targeting framework …
Persistent link: https://www.econbiz.de/10015060012
Inflation Targeting (IT) has become a prevalent monetary policy framework in the past three decades, as more central … countries and emerging markets economies, this paper evaluates the effects of inflation targeting countries' track records on … their macroeconomic performance, measured by real GDP growth and CPI inflation. This paper constructs three novel inflation …
Persistent link: https://www.econbiz.de/10015060017
shocks on inflation depends on the type and intensity of shocks, country income level, and monetary policy regime …. Specifically, droughts tend to have the highest overall positive impact on inflation, reflecting rising food prices. Interestingly …, floods tend to have a dampening impact on inflation, pointing to the predominance of demand shocks in this case. Over the …
Persistent link: https://www.econbiz.de/10015060023
Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type...
Persistent link: https://www.econbiz.de/10015060026