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Market and Non-Market Monetary Policy Tools in a Calibrated DSGE Model for Mainland China
Funke, Michael; Paetz, Michael; Chen, Qianying - Institut für Makroökonomie und Wirtschaftspolitik, … - 2012
Monetary policy in mainland China differs from conventional central bank- ing in several respects. The central bank … captures China’s unconventional monetary policy toolkit. We find that credit quotas are impor- tant as the interest …-rate corridor distorts the efficient reactions of the economy. Moreover, for China’s central bankers the choice of a particular …
Persistent link: https://www.econbiz.de/10010559457
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011589082
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Monetary and macroprudential policy games in a monetary union
Dennis, Richard J.; Ilbas, Pelin - 2016
We use the two-country model of the euro area developed by Quint and Rabanal (2014) to study policymaking in the European Monetary Union (EMU). In particular, we focus on strategic interactions: 1) between monetary policy and a common macroprudential authority, and; 2) between an EMU-level...
Persistent link: https://www.econbiz.de/10011635141
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Macroprudential policies and dollarisation : implications for the financial system and a cross-exchange rate regime analysis
Bajrami, Fisnik - 2024
Macroprudential policy has gained prominence for promoting financial stability. In this paper, we assess the effectiveness of macroprudential policy in reducing credit growth over a 22-year period across 129 countries. Additionally, we investigate the interaction between macroprudential policy,...
Persistent link: https://www.econbiz.de/10014496532
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Future of the Economic and Monetary Union
Gortsos, Christos V. - 2022
The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...
Persistent link: https://www.econbiz.de/10014077291
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Evolução da política do recolhimento compulsório no Brasil pós-real
Cavalcanti, Marco A. F. H.; Vonbun, Christian - 2013
We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...
Persistent link: https://www.econbiz.de/10010331102
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Central-banking challenges for the Riksbank: Monetary policy, financial-stability policy and asset management
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2012
The Riksbank faces challenges with regard to each of its three core functions, conducting monetary policy with the objective of stabilising inflation around the inflation target and resource utilisation around a sustainable level, promoting a safe and efficient payment system and thereby...
Persistent link: https://www.econbiz.de/10011083263
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - Nationale Bank van België/Banque national de Belqique (BNB) - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011272792
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Monetary and macroprudential policy games in a monetary union
Dennis, Richard; Ilbas, Pelin - 2016
We use the two-country model of the euro area developed by Quint and Rabanal (2014) to study policymaking in the European Monetary Union (EMU). In particular, we focus on strategic interactions: 1) between monetary policy and a common macroprudential authority, and; 2) between an EMU-level...
Persistent link: https://www.econbiz.de/10011786059
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011506778