Search Results - subject:"Monetary policy instruments"

Interest on reserves and the flexibility of monetary policy in the euro area

Neyer, Ulrike - 2007

This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current repo rate implies constant net marginal interest costs of holding required reserves. This allows the central bank also to change the rate also within a reserve...

Persistent link: https://www.econbiz.de/10010206405

Monetary Policy in China (1994-2004): Targets, Instruments and their Effectiveness

Geiger, Michael - 2006

China's monetary policy disposes of two sets of monetary policy instruments: Instruments of the central bank, the … People's Bank of China (PBC) and non-monetary policy instruments. Additionally, the PBC's instruments include price … quantity-based direct instruments and non-monetary policy instruments question the approach of indirect monetary policy in …

Persistent link: https://www.econbiz.de/10010296545

Central Bank Boards Around the World; Why Does Membership Size Differ?

Berger, Helge; Lybek, Tonny; Nitsch, Volker - International Monetary Fund (IMF) - 2006

This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...

Persistent link: https://www.econbiz.de/10005768852

Transmission Mechanisms of Monetary Policy in Armenia; Evidence from VAR Analysis

Dabla-Norris, Era; Floerkemeier, Holger - International Monetary Fund (IMF) - 2006

This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels...

Persistent link: https://www.econbiz.de/10005768895

The Measurement of Central Bank Autonomy; Survey of Models, Indicators, and Empirical Evidence

Laurens, Bernard; Arnone, Marco; Segalotto, Jean-François - International Monetary Fund (IMF) - 2006

This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The...

Persistent link: https://www.econbiz.de/10005769279

Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union

Krueger, Russell C.; Kovarich, Ettore - International Monetary Fund (IMF) - 2006

Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure of the proposed union, the paper envisions several types of mutually reinforcing...

Persistent link: https://www.econbiz.de/10005599366

Fiscal and Monetary Nexus in Emerging Market Economies; How Does Debt Matter?

Vasishtha, Garima; Baig, Taimur; Kumar, Manmohan S.; … - International Monetary Fund (IMF) - 2006

This paper examines two main aspects of the interaction between fiscal and monetary policy in emerging market economies. First, it explores the interest rate-inflation relationship in economies with different levels of external and domestic public debt using panel- and crosssection data. The...

Persistent link: https://www.econbiz.de/10005599483

Implementing Inflation Targeting; Institutional Arrangements, Target Design, and Communications

Peter, Marcel; Roger, Scott; Heenan, Geoffrey - International Monetary Fund (IMF) - 2006

Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the...

Persistent link: https://www.econbiz.de/10005599552

Inflation in Pakistan; Money or Wheat?

Khan, Mohsin S.; Schimmelpfennig, Axel - International Monetary Fund (IMF) - 2006

This paper examines the relative importance of monetary factors and structuralist supply-side factors for inflation in Pakistan. A stylized inflation model is specified that includes standard monetary variables (money supply, credit to the private sector), the exchange rate, as well as the wheat...

Persistent link: https://www.econbiz.de/10005604974

Republic of Tajikistan; Ex Post Assessment of Longer-Term Program Engagement

International Monetary Fund (IMF); International … - 2006

This paper discusses Ex Post Assessment of Longer-Term Program Engagement for the Republic of Tajikistan. The assessment reveals that Tajikistanâ€™s macroeconomic performance during 1998â€“2005 has been robust, albeit with occasional lapses. Economic growth during this period has far...

Persistent link: https://www.econbiz.de/10005825152