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Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

Zelmer, Marc - 2001

The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper...

Persistent link: https://www.econbiz.de/10014402598

U.S. Monetary Shocks and Global Stock Prices

Laeven, Luc - 2010

This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...

Persistent link: https://www.econbiz.de/10014402649

Monetary Policy, Leverage, and Bank Risk-Taking

Dell'Ariccia, Giovanni - 2010

We provide a theoretical foundation for the claim that prolonged periods of easy monetary conditions increase bank risk taking. The net effect of a monetary policy change on bank monitoring (an inverse measure of risk taking) depends on the balance of three forces: interest rate pass-through,...

Persistent link: https://www.econbiz.de/10014402651

Monetary and Fiscal Policy Interactions in the Post-War U.S

Yang, Shu-Chun S. - 2010

strongly prefer an AMPF regime, but the estimation is not very informative about whether the inflation coefficient in the …

Persistent link: https://www.econbiz.de/10014402662

World Food Prices and Monetary Policy

Chang, Roberto - 2010

open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with … sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output … to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in …

Persistent link: https://www.econbiz.de/10014402667

A Monetary Policy Model without Money for India

Kapur, Muneesh - 2010

with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and … persistent when it sets in, irrespective of the source. Exchange rate pass-through to domestic inflation is low. Inflation turns …

Persistent link: https://www.econbiz.de/10014402669

Monetary Policy Analysis and Forecasting in the Group of Twenty : A Panel Unobserved Components Approach

Vitek, Francis - 2010

This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty. This structural macroeconometric model features extensive linkages between the real and...

Persistent link: https://www.econbiz.de/10014402675

Inflation Targeting and the Crisis : An Empirical Assessment

Carvalho Filho, Irineu E. - 2010

This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of …

Persistent link: https://www.econbiz.de/10014402684

On the Optimal Adherence to Money Targets in a New-Keynesian Framework : An Application to Low-Income Countries

Berg, Andrew - 2010

, Uganda (both de jure money targeters), and Ghana (a de jure inflation targeter), and compare the de facto adherence to …

Persistent link: https://www.econbiz.de/10014402718

Recoveries in the Middle East, North Africa, and Pakistan : Have Macroeconomic Policies Been Effective?

Grigoli, Francesco - 2010

This paper identifies and documents the properties of output gap recessions and recoveries in the Middle East, North Africa, and Pakistan (MENAP) during the 1980 to 2008 period. It goes on to investigate the key determinants of the recoveries. The duration of MENAP countries’ recessions and...

Persistent link: https://www.econbiz.de/10014402721