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The inflation bias under Calvo and Rotemberg pricing
Leith, Campbell; Liu, Ding - Department of Economics, Adam Smith Business School - 2014
for- mer typically exhibits far greater welfare costs of inflation. The rates of in inflation observed under this policy … issues highlighted in the trend in inflation literature emerge, as well as the movements in trend inflation emphasized in … empirical studies of the evolution of inflation. Finally, we consider the response to cost push shocks across both models and …
Persistent link: https://www.econbiz.de/10011145628
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A Model to Analyse Financial Fragility: Applications
Tsomocos, Dimitrios P; Goodhart, Charles A.E. - Department of Economics, Oxford University - 2004
The purpose of our work is to explore contagious financial crises. To this end, we use simplified, thus numerically solvable, versions of our general model [Goodhart, Sunirand and Tsomocos (2003)]. The model incorporates heterogeneous agents, banks and endogenous default, thus allowing various...
Persistent link: https://www.econbiz.de/10011146236
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The Future of Monetary Policy: Roles of Financial Stability and Exchange Rate
Ananchotikul, Nasha; Nookhwun, Nuwat; Pongpaichet, Paiboon - Bank of Thailand - 2010
The impending change in the global economic and nancial landscape will have important implications for the making of monetary policy in Thailand. This paper highlights two key challenges and proposes steps that can help strengthen the existing in ation targeting (IT) framework. First, we...
Persistent link: https://www.econbiz.de/10011146286
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The Future of Monetary Policy: Roles of Financial Stability and Exchange Rate
Laksanasut, Surachit; Pualpant, Pisit; Vanichtanunkool, … - Bank of Thailand - 2010
The impending change in the global economic and nancial landscape will have important implications for the making of monetary policy in Thailand. This paper highlights two key challenges and proposes steps that can help strengthen the existing in ation targeting (IT) framework. First, we...
Persistent link: https://www.econbiz.de/10011146287
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Do Good Institutions Promote Counter-cyclical Macroeconomic Policies?
Calderón, César; Duncan, Roberto; Schmidt-Hebbel, Klaus - Peruvian Economic Association - PEA - 2014
The literature has argued that developing countries are unable to adopt counter-cyclical monetary and fiscal policies due to financial imperfections and unfavorable political-economy conditions. Using a world sample of 115 industrial and developing countries for 1984-2008 we find that the level...
Persistent link: https://www.econbiz.de/10011147054
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The Central Bank and bank credits in the Philippines : a survey on effectiveness of monetary policy and its measures
Kashiwabara, Chie - Institute of Developing Economies, Japan External Trade … - 2013
In the post-Asian crisis period, bank loans to the manufacturing sector have shown a slow recovery in the affected countries, unexceptionally in the Philippines. This paper provides a literacy survey on the effectiveness of the Central Bank’s monetary policy and the responsiveness of the...
Persistent link: https://www.econbiz.de/10011147331
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Monetary and Macro-Prudential Policies: An Integrated Analysis
Otrok, Christopher; Benigno, Gianluca; Chen, Huigang; … - Economics Department, University of Missouri - 2012
rigidity or increasing the strength of the interest rate response to inflation is always welfare increasing in the model …
Persistent link: https://www.econbiz.de/10011147365
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The Effects of the Euro Area Entrance on the Monetary Transmission Mechanism in Slovakia in Light of the Global Economic Recession
Klacso, Jan - In: Czech Journal of Economics and Finance (Finance a uver) 65 (2015) 1, pp. 55-83
technique developed for models using data observed with different frequencies with core inflation, the exchange rate, the real …
Persistent link: https://www.econbiz.de/10011147546
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The Macroeconomics of Remittances In the Philippines
Bayangos, Bayangos, V.B.; Jansen, Jansen, K. - Institute of Social Studies (ISS) - 2009
The literature on remittances has in the past concentrated on the microeconomic aspects of the remittance process: the determinants of remittances, impact of remittances on household allocation decisions, and their impact on poverty. Only recently has there been more attention on the...
Persistent link: https://www.econbiz.de/10011149229
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Gaps in the Institutional Structure of the Euro Area
Sims, Christopher A. - Griswold Center for Economic Policy Studies, Department … - 2013
The Euro was created at a time when the conventional view was that a central bank could control inflation by …
Persistent link: https://www.econbiz.de/10011149955