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Business cycle synchronization : is it affected by inflation targeting credibility?
Delgado-Fuentealba, Carlos Leandro; Araya, Iván; Pino, … - In: SERIEs : Journal of the Spanish Economic Association 11 (2020) 2, pp. 157-177
We empirically study the impact of inflation targeting credibility on business cycle synchronization with G-7 economies …. To do this, we use a sample of 15 inflation targeting countries to develop and calculate a reputation-based credibility … findings indicate that greater credibility allows for greater anchoring of inflation expectations by economic agents. This …
Persistent link: https://www.econbiz.de/10012240612
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Inflation targeting in Korea, Indonesia, Thailand, and the Philippines : the impact on business cycle synchronization between each country and the world
Inoue, Takeshi; Toyoshima, Yuki; Hamori, Shigeyuki - Institute of Developing Economies, Japan External Trade … - 2012
This paper empirically analyzes whether and to what extent the adoption of inflation targeting (IT) in Korea, Indonesia, Thailand and the Philippines has affected their business cycle synchronization with the rest of the world. By employing the dynamic conditional correlation (DCC) model...
Persistent link: https://www.econbiz.de/10010540680
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Central Bank Governance: Common Elements or Different Models?
Hall, Viv - Hong Kong Institute for Monetary Research (HKIMR), … - 2003
This paper evaluates the governance performance of four small, open economy central banks. Two of these, the Reserve Bank of Australia and the Reserve Bank of New Zealand, are inflation targeting; the other two, the Hong Kong Monetary Authority and the Monetary Authority of Singapore, place...
Persistent link: https://www.econbiz.de/10005558099
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Effects of US quantitative easing on emerging market economies
Bhattarai, Saroj; Chatterjee, Arpita; Park, Woong-yong - 2018
We estimate international spillover effects of US Quantitative Easing (QE) on emerging market economies (EMEs). Using a Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is then used in a monthly Bayesian panel VAR for EMEs...
Persistent link: https://www.econbiz.de/10011944187
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Effects of US quantitative easing on emerging market economies
Bhattarai, Saroj; Chatterjee, Arpita; Park, Woong-yong - 2018
We estimate international spillover effects of US Quantitative Easing (QE) on emerging market economies (EMEs). Using a Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is then used in a monthly Bayesian panel VAR for EMEs...
Persistent link: https://www.econbiz.de/10011786694
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Designing targeting rules for international monetary policy cooperation
Benigno, Gianluca; Benigno, Pierpaolo - 2003
This study analyzes international monetary policy cooperation in a twocountry dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy...
Persistent link: https://www.econbiz.de/10009635898
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Disinflation and monetary independence in Romania
Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79
In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....
Persistent link: https://www.econbiz.de/10011890553
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International transmission of shocks, money illusion and the velocity of money
Sousa, Teresa - 2011
Money illusion is "frequently invoked and frequently resisted" by economists. Resisted as it contradicts the maximizing paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the behavior of agents. This paper rationalizes...
Persistent link: https://www.econbiz.de/10009379782
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Has integration promoted business cycle synchronization in the enlarged EU?
Antonakakis, Nikolaos; Tondl, Gabriele - 2011
This paper examines whether European integration, manifesting itself in increased trade and FDI linkages, new specializations and economic policy coordination, contributed to the synchronization of business cycles in the enlarged EU. We estimate the effects on bilateral growth rate correlations...
Persistent link: https://www.econbiz.de/10011346443
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Währungspolitische Interdependenz der EU-Beitrittskandidaten und die Wahl eines geeigneten Wechselkurssystems : Beitrag für den Projektbericht: "Währungspolitische Optionen für die...
Jochem, Axel - 1999
Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Polen, Tschechische Republik, Ungarn, Slowenien und Estland). Das hier vorgestellte Kapitel geht auf die...
Persistent link: https://www.econbiz.de/10010508256