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Commitment, Discretion and Fixed Exchange Rates in an Open Economy
Monacelli, Tommaso - 2003
Within a small open economy we derive a tractable framework for the analysis of the optimal monetary policy design problem as well as of simple feedback rules. The international relative price channel is emphasized as the one peculiar to the open economy dimension of monetary policy. Hence...
Persistent link: https://www.econbiz.de/10014087099
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Identifying monetary policy in a small open economy under fixed exchange rates
Beier, Niels C. (contributor);  … - 2006
with theory. We extend the basic model and econometric approach to incorporate the central bank's interventions on the …
Persistent link: https://www.econbiz.de/10003332791
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Inflation targeting, exchange rate pass-through and "fear of floating"
Nogueira, Reginaldo Pinto (contributor) - 2006
Inflation Targeting for a set of developed and emerging market economies. We use a structural VAR model to estimate the effect … emerging than for developed economies, and that it has decreased after the adoption of Inflation Targeting. We then use several … foreign exchange market intervention after the adoption of Inflation Targeting. As the exchange rate pass-through still …
Persistent link: https://www.econbiz.de/10003368050
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Drivers of consumer prices and exchange rates in small open economies
Corbo, Vesna; Di Casola, Paola - 2020
economies, we find that the main driver of consumer price inflation is the global demand shock. A negative global demand shock …
Persistent link: https://www.econbiz.de/10012176017
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Fixed versus flexible exchange rates : evidence from developing countries
Hoffmann, Mathias - 2005 - This Version February 22, 2005
This paper investigates the formalisation that in a small open economy flexible exchange rates act as a 'shock absorber' and mitigate the effects of external shocks more effectively. An intertemporal small open economy model with nominal rigidities, in which real shocks generate internal...
Persistent link: https://www.econbiz.de/10009524817
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The Impact of Monetary Policy on the Exchange Rate : Evidence from Three Small Open Economies
Zettelmeyer, Jeromin - 2021
This paper studies the impact effect of monetary policy shocks - identified by the reaction of three month market interest rates to policy announcements - on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (i) on average, a 100 basis point...
Persistent link: https://www.econbiz.de/10013317851
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On the Response of Inflation and Monetary Policy to an Immigration Shock
Garcia, Benjamin - 2020
An immigration shock has an ambiguous effect on inflation. On one hand, aggregate consumption increases with a suddenly …. The response of an inflation-targeting central bank to an immigration shock is, therefore, not obvious. We study these … are designed to characterize the possible response of inflation and monetary policy in Chile, a small open emerging …
Persistent link: https://www.econbiz.de/10012834823
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A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy
Jacob, Punnoose - 2016
The Basel III net stable funding requirement, scheduled for adoption in 2018, requires banks to use a minimum share of long-term wholesale funding and deposits to fund their assets. A similar regulation has been in place in New Zealand since 2010. This paper introduces the stable funding...
Persistent link: https://www.econbiz.de/10012993131
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Exchange rate pass-through in Russia
Ponomarev, Jurij; Trunin, Pavel V.; Uljukaev, Aleksej V. - 2014
The article provides estimates of short-run and medium-run exchange rate pass-through into domestic prices in Russia during the period of 2000–2012 using vector error correction model. Exchange rate pass-through asymmetry estimates, its assessments on different sub-periods and exchange rate...
Persistent link: https://www.econbiz.de/10011398366
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Credit Constrained Consumers, Inflation Inertia and Instability Under Fixed Exchange Rates
Kirsanova, Tatiana; Vines, David; Wren-Lewis, Simon - 2006
credit constrained, and there exists some degree of inflation inertia. We show that the combination of these two elements may …
Persistent link: https://www.econbiz.de/10014054832