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Hysteresis, endogenous growth, and monetary policy

Amador, Sebastián - 2022

I provide evidence of substantial hysteresis (i.e., a situation in which temporary shocks have longrun effects) from … identification by incorporating a mean-unbiased instrumental variable estimator. Results show substantial hysteresis in both human … long lasting responses. I evaluate the aggregate importance of monetary hysteresis with a growth accounting exercise …

Persistent link: https://www.econbiz.de/10013179301

The EMU after three years: Lessons and challenges

Bofinger, Peter - 2002

The first three years of European Monetary Union provide a good basis for a comprehensive analysis of this unprecedented and controversial monetary arrangement. The paper starts with a short discussion of the recent changeover to Euro notes and coins and the general difficulties with the...

Persistent link: https://www.econbiz.de/10010305772

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

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010368550

Central Bank Independence and its Effect on Inflation in the ESCWA Countries

Abou Hamia, Mohamad A. - 2011

In this study, we measure the central bank independence for all fourteen ESCWA countries using two indicators: the legal independence and accountability measure (the de jure measure) and the turnover rates of central bank governors (the de facto measure). The entire sample of countries is split...

Persistent link: https://www.econbiz.de/10011984912

Do we need central bank digital currency? Economics, technology and institutions

Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018

Persistent link: https://www.econbiz.de/10011985213

A macro-model to monetary transmission analysis in Tunisia$

Makni, Aymen - 2019

In this paper, we develop a gap model based on a reduced form of the New Keynesian Model. The model offers various scenario structure tools which analyze the dynamics of key macro economic variables under diverse shocks and depicts their properties and historical decompositions. This framework...

Persistent link: https://www.econbiz.de/10012049300

How Important is Money in the Conduct of Monetary Policy?

Woodford, Michael - 2006

This paper was presented as the 2006 W.A. Mackintosh Lecture at Queen's University. I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means...

Persistent link: https://www.econbiz.de/10011940718

The VARying effect of foreign shocks in Central and Eastern Europe

Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - 2010

This paper investigates the impact of international shocks - interest rate, commodity price and industrial production shocks - on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and monthly data from the early 1990s to 2009. In contrast to...

Persistent link: https://www.econbiz.de/10010273871

The Japanese Banks in the Lasting Low-, Zero- and Negative-Interest Rate Environment

Murai, Taiki; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 1, pp. 1-16

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low-, zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...

Persistent link: https://www.econbiz.de/10014522518