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A Common Monetary Policy For The Maghreb: The Winners and The Losers?

Belhadj, ARAM; Bouguezzi, WAJDI; Jedlane, NABIL - Volkswirtschaftliche Fakultät, … - 2009

During the Arab banks-summit in Paris last June 2008, the project of monetary integration in the Maghreb (Algeria … Arab Maghreb Union (AMU) and expanded last years to cover the possibility of establishing the Maghreb monetary union. Our … aim in this paper consists in assessing the relevance of such a project for three Maghreb countries: Algeria, Morocco and …

Persistent link: https://www.econbiz.de/10008923023

Taylor Rule Deviations and Out-of-Sample Exchange Rate Predictability

Ince, Onur - 2019

The Taylor rule has become the dominant model for academic evaluation of out-of-sample exchange rate predictability. Two versions of the Taylor rule model are the Taylor rule fundamentals model, where the variables that enter the Taylor rule are used to forecast exchange rate changes, and the...

Persistent link: https://www.econbiz.de/10012904307

Explicit and Implicit Targets in Open Economies

Sgherri, Silvia - 2006

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically whether real exchange rate disequilibria systematically...

Persistent link: https://www.econbiz.de/10012780739

The International Monetary and Financial System : Its Achilles Heel and What to Do About it

Borio, Claudio E. V. - 2015

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead...

Persistent link: https://www.econbiz.de/10013032507

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics

Kouam, Henri - 2020

Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...

Persistent link: https://www.econbiz.de/10012825201

Constructing divisia monetary aggregates for Singapore

Barnett, William A.; Nguyen, Van H. - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-15

Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have repeatedly been shown to be strictly preferable to...

Persistent link: https://www.econbiz.de/10012626752

On the Persistence of Low Long-Term Inflation Expectations

Carr, Douglas - 2022

The paper examines a wide variety of models forecasting inflation, consumer survey, professional survey, judgmental, market-derived, and monetary model. Despite differences between forecasting approaches, models produced generally similar results. Long-term forecasts were more accurate than...

Persistent link: https://www.econbiz.de/10013288939

Contemporary Inflation Surprises and Financial Stability

Carr, Douglas - 2022

Two extraordinary inflation surprises of the last generation were the longstanding inflation shortfall from central bank targets and now the pandemic inflationary.Inflation shortfalls can be attributed to characteristics of monetary systems represented by a model with increasing inelasticity,...

Persistent link: https://www.econbiz.de/10013404759

Understanding the natural rate of interest for a small open economy

Zarazúa Juárez, Carlos Alberto - In: Latin American journal of central banking : LAJCB 4 (2023) 3, pp. 1-25

In this paper, we develop a structural model to estimate the current level of the natural rate for a small open economy, featuring a rich set of shocks to provide economic intuition for its underlying drivers. The model follows the New Keynesian tradition with several frictions and is able to...

Persistent link: https://www.econbiz.de/10014382958

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