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Transmission lags of monetary policy: A meta-analysis

Havránek, Tomáš; Rusnák, Marek - 2012

The transmission of monetary policy to the economy is generally thought to have long and variable lags. In this paper we quantitatively review the modern literature on monetary transmission to provide stylized facts on the average lag length and the sources of variability. We collect 67...

Persistent link: https://www.econbiz.de/10010322335

Fiscal responsibility framework: International experience and implications for Hungary

Kopits, George - 2007

In an effort to correct worrisome trends in discretionary fiscal policy (deficit bias, procyclicality, and structural distortions), an increasing number of countries introduced a rules-based fiscal responsibility framework (FRF), characterized by fiscal policy rules, procedural rules,...

Persistent link: https://www.econbiz.de/10010322398

Wealth portfolio of Hungarian households - Urban legends and facts

Vadas, Gábor - 2007

also display the estimated wealth levels of households. Based on international comparison and econometric techniques, it is …

Persistent link: https://www.econbiz.de/10010322400

Contagion and the beginning of the crisis - Pre-Lehman period

Király, Júlia; Nagy, Márton; Szabó, Viktor E. - 2008

This paper provides an overview of the antecedents, main drivers and spillover mechanisms of the turbulence emanating from the US sub-prime credit market in the summer of 2007. Its primary goal is to discuss the facts and interrelationships featured in the various analyses and statistics in a...

Persistent link: https://www.econbiz.de/10010322410

Optimal monetary policy committee size: Theory and cross country evidence

Erhart, Szilárd; Vasquez-Paz, Jose-Luis - 2007

Theoretical and empirical studies of different sciences suggest that an optimal committee consists of roughly 5-9 members, although it can swell mildly under specific circumstances. This paper develops a conceptual model in order to analyze the issue in case of monetary policy formulation. The...

Persistent link: https://www.econbiz.de/10010322451

Capital liberalization and the US external imbalance

Prades, Elvira; Rabitsch, Katrin - 2009

the presence of borrowing and lending constraints on that bond. In a US versus the rest of the world (RoW) scenario, we … consumption risk relative to the rest of the world, and therefore decreases its motives for precautionary asset holdings relative … to the rest of the world. As a result of these asymmetric shifts in countries' barriers to capital mobility, the US runs …

Persistent link: https://www.econbiz.de/10010322494

International evidence on stochastic and deterministic monetary neutrality

Noriega, Antonio E.; Soria, Luis M.; Velázquez, Ramón - 2008

We analyze the issue of the impact of multiple breaks on monetary neutrality results, using a long annual international data set. We empirically verify whether neutrality propositions remain addressable (and if so, whether they hold or not), when unit root tests are carried out allowing for...

Persistent link: https://www.econbiz.de/10010322558

On the dynamics of inflation persistence around the world

Noriega, Antonio E.; Ramos-Francia, Manuel - 2009

) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …

Persistent link: https://www.econbiz.de/10010322567

Real exchange rate and international reserves in the era of growing financial and trade integration

Aizenman, Joshua; Riera-Crichton, Daniel - 2006

This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...

Persistent link: https://www.econbiz.de/10010322720

Prizes for basic research: Human capital, economic might and the shadow of history

Aizenman, Joshua; Noy, Ilan - 2006

This paper studies the impact of global factors on patterns of basic research across countries and time. We rely on the records of major scientific awards, and on data dealing with global economic and historical trends. Specifically, we investigate the degree to which scale or threshold effects...

Persistent link: https://www.econbiz.de/10010322721