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A sizeable literature examines exchange rate pass-through to disaggregated import prices but very few micro-studies focus on consumer prices. This paper explores exchange rate pass-through to consumer prices in South Africa during 2002-2007, using a unique data set of highly disaggregated data...
Persistent link: https://www.econbiz.de/10011084277
Can monetary policy trigger pronounced boom-bust cycles in house prices and create persistent business cycles? We address this question by building heuristics into an otherwise standard DSGE model. As a result, monetary policy sets off waves of optimism and pessimism ('animal spirits') that...
Persistent link: https://www.econbiz.de/10011084289
This article analyzes the stability of bimetallism for countries operating in integrated bullion markets who enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical...
Persistent link: https://www.econbiz.de/10011084296
In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has systematically changed the European business cycle. In fact, we find the volatility of macroeconomic variables largely unchanged before and after the introduction of the euro. Exceptions...
Persistent link: https://www.econbiz.de/10011084347
consumption generate competing effects on output and inflation. Contractions face the Central Bank with higher responsiveness of …
Persistent link: https://www.econbiz.de/10011084378
structurally estimate the model using Bank of England data and confirm both predictions. Signalling increases the probability new …
Persistent link: https://www.econbiz.de/10011084410
the preservation of the central bank’s legitimacy requires that a clear line be drawn between the central bank’s provision … central bank that expose it to material credit risk should be guaranteed by the Treasury. In addition, central banks must …
Persistent link: https://www.econbiz.de/10011084413
How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We …
Persistent link: https://www.econbiz.de/10011084486
This paper investigates empirically three potential drivers of financial imbalances ahead of the global financial crisis: rising global imbalances (capital flows); loose monetary policy; and inadequate supervision and regulation. We perform panel data regressions for OECD countries from 1999 to...
Persistent link: https://www.econbiz.de/10011084622
impact on bank intermediation applying Regression Discontinuity Designs. Using a unique dataset on Dutch banks, we show that …
Persistent link: https://www.econbiz.de/10011084639