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Stevens, Glenn - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10010682858

Does monetary expansion improve welfare under habit formation?

Johdo, Wataru - In: Economics Bulletin 33 (2013) 3, pp. 1959-1968

, we examine agents' responses to a monetary expansion shock, taking into account the negative effect of habit formation on …

Persistent link: https://www.econbiz.de/10010684124

Oil Price Dynamics and Monetary Policy in a Heterogeneous Monetary Union

Clausen, Volker; Wohltmann, Hans-Werner - In: Journal of Economics and Statistics (Jahrbuecher fuer … 233 (2013) 2, pp. 159-187

three types of oil price shocks: (1) an unanticipated permanent shock, (2) an unanticipated temporary shock and (3) an … anticipated permanent shock.We illustrate the macroeconomic effects of these shocks by means of dynamic simulations and examine … domestically produced good. The implications for monetary policy are also shock-specific. Monetary policy faces a signal extraction …

Persistent link: https://www.econbiz.de/10010684140

Financial market reactions to announcements of monetary policy decisions: Evidence from the Brazilian case

Mendonça, Helder Ferreira de; Faria, Ivando - In: Journal of Economic Studies 40 (2013) 1, pp. 54-70

Purpose – The purpose of this paper is to make an analysis of the Brazilian experience after the adoption of inflation targeting concerning the effects caused by the new practices of transparency and communication in the monetary policy. Design/methodology/approach – Changes in the financial...

Persistent link: https://www.econbiz.de/10010684923

Monetary policy expectations at the zero lower bound

Bauer, Michael D.; Rudebusch, Glenn D. - Federal Reserve Bank of San Francisco - 2013

Obtaining monetary policy expectations from the yield curve is difficult near the zero lower bound (ZLB). Standard dynamic term structure models, which ignore the ZLB, can be misleading. Shadow-rate models are better suited for this purpose, because they account for the distributional asymmetry...

Persistent link: https://www.econbiz.de/10010685215

ECB monetary policy in the recession: a New Keynesian (old monetarist) critique

Hetzel, Robert L. - Federal Reserve Bank of Richmond - 2013

Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.

Persistent link: https://www.econbiz.de/10010685222

INFREQUENT CHANGES OF THE POLICY TARGET: ROBUST OPTIMAL MONETARY POLICY UNDER AMBIGUITY

FUKUDA, SHIN-ICHI - In: Global Journal of Economics (GJE) 01 (2012) 02, pp. 1250010-1

In many countries, the monetary policy instrument sometimes remains unchanged for a long period and shows infrequent responses to exogenous shocks. The purpose of this paper is to provide a new explanation on why the central bank's policy instrument remains unchanged. In the analysis, we explore...

Persistent link: https://www.econbiz.de/10010685333

Monetary Policy and the Behavior of a Monopolistic Bank: A Theoretical Approach

DALLA, ELENI; VARELAS, EROTOKRITOS - In: Asian Economic and Financial Review 3 (2013) 11, pp. 1439-1450

This paper investigates the influence of monetary policy on the optimal behavior of a monopolistic bank. More specifically, we discuss how the overdraft rate and the minimum reserve requirements affect the equilibrium values of lending rate and deposit rate as well as the corresponding...

Persistent link: https://www.econbiz.de/10010685360

Argentina: Preconditions for the Establishment of a Fiscal Rule including a Structural Fiscal Balance Component

Rivas, Carlos Gabriel - Inter-American Development Bank - 2013

This paper discusses Argentina's preparedness to implement a structural fiscal balance (SFB) rule. The authors conclude that the country does not yet have the conditions required to consider establishing an SFB rule. From the 11 preconditions outlined, Argentina only meets two of them -debt...

Persistent link: https://www.econbiz.de/10010685416

Costa Rica: Preconditions for the Establishment of a Fiscal Rule that includes a Structural Fiscal Balance Component

Rivas, Carlos Gabriel - Inter-American Development Bank - 2013

This paper discusses whether the preconditions for implementing a fiscal rule that includes a structural fiscal balance component are met in Costa Rica. It concludes that from the 11 preconditions, the country does not meet one, and three others are fulfilled only partially: Costa Rica needs a...

Persistent link: https://www.econbiz.de/10010685417