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Global Policy Spillovers and Peru's Monetary Policy : Inflation Targeting, Foreign Exchange Intervention and Reserve Requirements

Rossini, Renzo - 2014

This paper provides an overview of the monetary policy actions undertaken by the Central Reserve Bank of Peru … effects and smoothing out the interest rate and credit dynamics in a dual monetary economy such as Peru.Full publication …

Persistent link: https://www.econbiz.de/10013046932

Weathering the Global Storm : The Benefits of Monetary Policy Reform in the LA5 Countries

Canales Kriljenko, Jorge Iván - 2011

This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the …

Persistent link: https://www.econbiz.de/10012756161

Voluntary reserve targets

Baughman, Garth; Carapella, Francesca - 2018

This paper updates the standard workhorse model of banks' reserve management to include frictions inherent to money markets. We apply the model to study monetary policy implementation through an operating regime involving voluntary reserve targets (VRT). When reserves are abundant, as is the...

Persistent link: https://www.econbiz.de/10011932184

Money and banking with reserves and CBDC

Niepelt, Dirk - 2022 - This version: October 28, 2022

We analyze retail central bank digital currency (CBDC) in a two-tier monetary system with bank deposit market power and externalities from liquidity transformation. Resource costs of liquidity provision determine the optimal monetary architecture and modified Friedman (1969) rules the optimal...

Persistent link: https://www.econbiz.de/10013440005

Interest, reserves, and prices

Benigno, Gianluca; Benigno, Pierpaolo - 2021

We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current...

Persistent link: https://www.econbiz.de/10012584354

A fistful of dollars : transmission of global funding shocks to EMs

Kumar, Shekhar Hari; Mathur, Aakriti - 2020

In this paper, we study transmission of global funding shocks to emerging economies (EMs) from the perspective of interbank markets. Money markets enable banks to engage in risk-sharing against liquidity shocks and are sensitive to global funding conditions. Accordingly, we first show that...

Persistent link: https://www.econbiz.de/10012171269

Monetary Policy and Inflation Expectations in Latin America : Long-run Effects and Volatility Spillovers

2006

-integration analysis to estimate simultaneously a monetary reaction function and the determinants of expected inflation for Brazil, Chile …, Colombia and Mexico in the post-1999 period. It also tests for the presence of volatility spillovers between the monetary … examination, and ii) greater volatility in the monetary stance leads to higher volatility in expected inflation in Brazil …

Persistent link: https://www.econbiz.de/10012446842

The problem of excess reserves, then and now

Todd, Walker F. - 2013

This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the "Fed") or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative...

Persistent link: https://www.econbiz.de/10009741455

The use of reserve requirements as a policy instrument in Latin America

Montoro, Carlos - In: BIS quarterly review : international banking and … (2011), pp. 53-65

Persistent link: https://www.econbiz.de/10008935303

Inflation targeting and quantitative tightening : effects of reserve requirements in Peru

Armas, Adrián; Castillo B., Paul; Vega, Marco - 2014

This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides …

Persistent link: https://www.econbiz.de/10011286266