Showing 11 - 20 of 12,941
This research paper has attempted to analyze the nature of the leverage exerted by the inflation targeting (IT) policy on the pass-through effect in emerging countries. In other words, we tried to answer to the question of whether a climate of low inflation in these countries through the...
Persistent link: https://www.econbiz.de/10011113352
I estimate the transmission of a common euro area monetary policy shock across individual euro area economies. To do so, I develop a global VAR model in which all euro area economies are included individually while, at the same time, their common monetary policy is modelled as a function of euro...
Persistent link: https://www.econbiz.de/10011208928
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international...
Persistent link: https://www.econbiz.de/10010960398
This paper characterizes the transmission mechanism of monetary shocks across countries of the euro area, documents how this mechanism has changed with the introduction of the euro, and explores some potential explanations. The factor-augmented VAR (FAVAR) framework used is sufficiently rich to...
Persistent link: https://www.econbiz.de/10005084778
This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...
Persistent link: https://www.econbiz.de/10005126382
This paper assesses the global spillovers from identified US monetary policy shocks in a global VAR model. US monetary policy generates sizable output spillovers to the rest of the world, which are larger than the domestic effects in the US for many economies. The magnitude of spillovers depends...
Persistent link: https://www.econbiz.de/10013014615
Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate too low and stable will likely result in relatively larger output fluctuations. Following the generalized reduction in inflation variance in the 1990s,...
Persistent link: https://www.econbiz.de/10012782473
The paper estimates two time-varying parameter models of Chilean inflation: a Phillips curve model and a small open economy model. Their out-of-sample forecasts are compared with those of simple Box-Jenkins models. The main findings are: forecasts that include the pre-announced inflation target...
Persistent link: https://www.econbiz.de/10012782702
Financial stability discussions have mainly revolved around the degree of leverage in financial institutions. Yet, some authors have argued that there might be mechanisms associated with unleveraged institutions that could entail financial instability. We aim to shed light on the possible...
Persistent link: https://www.econbiz.de/10011445063
Financial stability discussions have mainly revolved around the degree of leverage in financial institutions. Yet, some authors have argued that there might be mechanisms associated with unleveraged institutions that could entail financial instability. We aim to shed light on the possible...
Persistent link: https://www.econbiz.de/10010509110