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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study

Llaudes, Ricardo - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10012776366

Countercyclical Capital Regulation in a Small Open Economy DSGE Model

Lozej, Matija - 2018

We examine, conditional on structural shocks, the macroeconomic performance of different countercyclical capital buffer (CCyB) rules in small open economy estimated medium scale DSGE. We find that rules based on the credit gap create a trade-off between the stabilization of fluctuations...

Persistent link: https://www.econbiz.de/10012921203

The International Dimension of Confidence Shocks

Dées, Stéphane - 2014

Building on Beaudry, Nam and Wang (2011) - hereafter BNW -, we use survey data on consumer sentiment in order to identify the causal effects of confidence shocks on real economic activity in a selection of advanced economies. Starting from a set of closed-economy VAR models, we show that these...

Persistent link: https://www.econbiz.de/10013055735

The Effects of Government Spending in a Small Open Economy within a Monetary Union

Clancy, Daragh - 2014

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

Persistent link: https://www.econbiz.de/10013049189

Monetary policy shocks in a two-sector open economy: an empirical study

Llaudes, Ricardo - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame- work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10011604845

Inflation Volatility in Small and Large Advanced Open Economies

Balatti, Mirco - 2020

Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often overlooked in the literature. This paper compares inflation volatility among advanced open economies with inflation targeting monetary policy frameworks. The results of the...

Persistent link: https://www.econbiz.de/10012827759

Heterogeneity and Cross-Country Spillovers in Macroeconomic-Financial Linkages

Ciccarelli, Matteo - 2012

, spillovers across countries and between real and financial variables are found to matter: A shock to a variable in a given …

Persistent link: https://www.econbiz.de/10013097758

E Pluribus Plures : Shock Dependency of the USD Pass-Through to Real and Financial Variables

Ferrari, Massimo Minesso; Gräb, Johannes - 2022

in a panel of 34 countries. Pass-through coefficients are highly shock-dependent: if the appreciation is driven by a US … expansionary shock, the positive effects of stronger global demand - the “real” channel dominate the negative effects of a stronger … stock valuations up to 2.2 (2.5) and 8% (15%) respectively, while if the appreciation is driven by a monetary policy shock …

Persistent link: https://www.econbiz.de/10013403806

Monetary Stabilisation in a Currency Union of Small Open Economies

Sanchez, Marcelo - 2021

This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...

Persistent link: https://www.econbiz.de/10013316488

The Risky Steady State and the Interest Rate Lower Bound

Hills, Timothy - 2016

Even when the policy rate is not at the effective lower bound (ELB), the possibility that the policy rate will become constrained by the ELB in the future lowers today's inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich model...

Persistent link: https://www.econbiz.de/10012988551