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International transmission of conventional and unconventional monetary policy and financial stress shocks from the euro area to Russia

Dajčman, Silvo; Kavkler, Alenka; Merzlyakov, Sergey; … - In: Journal of central banking theory and practice 11 (2022) 1, pp. 227-247

trade balance. The contractionary euro area monetary policy shock decreases Russian GDP, leads to real appreciation of the …

Persistent link: https://www.econbiz.de/10012806005

Firm heterogeneity and the transmission of central bank credit policy

Kuhmann, Konrad - 2023

I study the role of firm heterogeneity for the transmission of unconventional monetary policy in the form of "credit policy" à la Gertler and Karadi (2011). To this end, I lay out a Two-Agent New-Keynesian model with financially constrained and unconstrained firms and a financial intermediary...

Persistent link: https://www.econbiz.de/10014234463

House prices and the effectiveness of monetary policy in an estimated DSGE model of Morocco

Said, Roubyou; Hicham, Ouakil - In: Economies : open access journal 13 (2025) 4, pp. 1-23

In this study, we aimed to assess the effectiveness of monetary policy in influencing housing prices in Morocco. Bayesian estimation over the period 2007Q2-2017Q2 of a dynamic stochastic general equilibrium model allowed us to reveal a significant impact of the increase in policy interest rates...

Persistent link: https://www.econbiz.de/10015410086

Communicating financial stability in monetary policy reports : a text-mining experiment in postcommunist countries

Kurowski, Łukasz; Smaga, Paweł - In: Central European Management Journal 32 (2023) 1, pp. 57-75

Purpose Financial stability has become a focal point for central banks since the global financial crisis. However, the optimal mix between monetary and financial stability policies remains unclear. In this study, the "soft" approach to such policy mix was tested - how often monetary policy (in...

Persistent link: https://www.econbiz.de/10014552857

Unconventional monetary policy in the euro area : a tale of three shocks

Fanelli, Luca; Marsi, Antonio - 2021

these surprises reflect either a single unconventional 'monetary shock' or, as recently suggested, jointly an unconventional … monetary shock and a central bank 'information shock'. In this paper we show that monetary policy in the euro area after 2008 … is best characterized by three shocks, not two. Besides the unconventional monetary shock and the information shock, we …

Persistent link: https://www.econbiz.de/10012621320

Oil price shock in the US and the euro area - evidence from the shadow rate and the term premium

Pažický, Martin - In: Národohospodářský obzor : časopis věnovaný … 21 (2021) 3, pp. 309-346

indicators has been growing rapidly in recent years. The results confirm that the oil price shock is not negligible in the … industrial production, price level and shadow interest rate to the oil price shock is strongest in the period corresponding to …

Persistent link: https://www.econbiz.de/10012651358

Monetary policy effects on equity returns : application of SVAR identified with high-frequency external instrument

Jang, Woon Wook - In: Journal of derivatives and quantitative studies : … 29 (2021) 4, pp. 319-331

these news components. The authors propose an alternative MP shock identification approach to analyze the MP effects on the …

Persistent link: https://www.econbiz.de/10012658788

Quantitative easing: new normal or emergency measure?

Bartkiewicz, Piotr - In: Contemporary economics 14 (2020) 3, pp. 306-319

This article explores the economic justification of the use of unconventional monetary policy instruments such as asset purchase programmes (known as quantitative easing, QE) with the aim of assessing the nature of QE in the context of future monetary policy in Poland. Since 2008, numerous asset...

Persistent link: https://www.econbiz.de/10012301645

Leaning against persistent financial cycles with occasional crises

Kockerols, Thore; Kravik, Erling Motzfeldt; Mimir, Yasin - 2021

Should central banks use leaning against the wind (LAW)-type monetary or macroprudential policy to address risks to financial stability? We first assess LAW as a one-off (nonsystematic) policy using an estimated large-scale dynamic stochastic general equilibrium (DSGE) model with empirically...

Persistent link: https://www.econbiz.de/10012664733

The natural rate of interest in emerging Asia : long-term trends and the impact of crises

Tanaka, Kensuke; Ibrahim, Prasiwi; Brekelmans, Sybrand - 2021

This paper studies the evolution of the natural interest rate in five Southeast Asian countries and considers the effect of economic shocks on the natural interest rate in these countries. The natural interest rate is the interest rate that would prevail in an economy in equilibrium and in the...

Persistent link: https://www.econbiz.de/10012545924