The purpose of this paper is to examine the forecasting ability of sixty-two vintages of revised real-time PCE and core PCE using nonparametric methodologies. The combined fields of real-time data and nonparametric forecasting have not been previously explored with rigor, which this paper...

We re-estimate statistical properties and predictive power of a set of Phillips curves, which are expressed as linear and lagged relationships between the rates of inflation, unemployment, and change in labour force. For France, several relationships were estimated eight years ago. The change...

The objective of this study is to analyze the effects of financial innovation in the banking sector on the conduct of monetary policy in Kenya during 1998-2012. The country has witnessed a number of financial innovations during this period. The study focuses on whether these wave of financial...

This paper investigates the possibility of conducting an unconventional monetary policy of Quantitative easing (QE) at high interest rates using the example and experience of Russia. The Central Bank of the Russian Federation has raised the key interest rate on six occasions during the 12 months...

We model the rate of inflation and unemployment in Austria since the early 1960s within the Phillips/Fisher framework. The change in labour force is the driving force representing economic activity in the Phillips curve. For Austria, this macroeconomic variable was first tested as a predictor of...

This paper discusses the important issue of price level determinacy from a theoretical and empirical perspective. The theoretical section relies basically on a dynamic aggregate demand aggregate supply (AD-AS) model. In the empirical section, we try to assess the relative importance of money...

Are the cfa franc zone member’s much closed by their currency or by their economic structure? This is the main question of this paper. In other words, the difficulty to have a common monetary policy and idiosyncratic national fiscal policies, for a monetary area, can be feasible in cfa franc...

Despite growing interest regarding the distributive impact of macroeconomic policies, the relationship between monetary policy and inequality has received relatively little attention in the literature. This is partly explained by the fact that the workhorse model used for monetary policy...

This paper presents a brief description of the operation of Brazil's Inflation Targeting regime, and an evaluation of its performance since its introduction in June 1999 until 2006.The performance of the regime is evaluated comparing the observed inflation values with the officially announced...

Studies on Malaysia monetary policy mostly examine the effect of monetary policy change on output and inflation in aggregate terms. While sectoral output effects of monetary policy have also been investigated, there is however a lack in the study on the effect of policy change on disaggregated...