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Far More than a Shot in the Arm : Vaccines and Consumer Spending

Cevik, Serhan - 2023

The spread of the COVID-19 pandemic and government interventions have reshaped economic activity with abrupt changes in household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine rollout has affected consumer spending at daily...

Persistent link: https://www.econbiz.de/10014348907

Biases in Survey Inflation Expectations : Evidence from the Euro Area

Chen, Jiaqian; Górnicka, Lucyna; Zdarek, Vaclav - 2022

This paper documents five facts about inflation expectations in the euro area. First, individual inflation forecasts … current inflation is high, and declines when inflation is low, consistent with a zero lower bound of expectations. Fourth … average expectations (and of actual inflation) to shocks became more muted post-GFC in the euro area, but not in the U.S …

Persistent link: https://www.econbiz.de/10014238518

External Devaluations : Are Small States Different?

Acevedo Mejia, Sebastian - 2016

The paper investigates whether the macroeconomic effects of external devaluations have systematically different effects in small states, which are typically more open and less diversified than larger peers. Through several analytical approaches -- DSGE model, event study, and regression analysis...

Persistent link: https://www.econbiz.de/10012999761

Monetary Independence in Emerging Markets : Does the Exchange Rate Regime Make a Difference?

Borensztein, Eduardo - 2006

This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest...

Persistent link: https://www.econbiz.de/10012783946

Monetary Policy Transmission in the Eastern Caribbean Currency Union

Myrvoda, Alla - 2018

This paper empirically investigates international and domestic monetary policy transmission mechanisms in the Eastern Caribbean Currency Union (ECCU). We assess interest rate pass-through of both the U.S. policy rate and the ECCU minimum saving deposit rate (MSR) into domestic interest rates...

Persistent link: https://www.econbiz.de/10012918570

Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?

Nier, Erlend; Thorvardur Tjörvi Ólafsson; Rollinson, … - 2021

This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic panel regressions show that an appreciation of the local exchange rate is...

Persistent link: https://www.econbiz.de/10013315105

Tunisia Monetary Policy Since the Arab Spring : The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting

End, Nicolas; El Hamiani Khatat, Mariam; Kolsi, Rym - 2021

In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting has proven to be ineffective due to the composition of reserve money, structural liquidity deficit, and higher instability of the money multiplier after 2010. Exchange rate...

Persistent link: https://www.econbiz.de/10013315123

A Medium-Scale DSGE Model for the Integrated Policy Framework

Adrian, Tobias; Gaspar, Vítor; Vitek, Francis - 2022

This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world...

Persistent link: https://www.econbiz.de/10013295142

IMF Programs and Financial Flows to Offshore Centers

Aiyar, Shekhar S.; Patnam, Manasa - 2022

This paper examines whether IMF lending is associated with increases in outflows to offshore financial centers (OFCs), known for bank secrecy and asset protection, relative to other international destinations. Using quarterly data from the BIS on bilateral bank deposits, we are unable to detect...

Persistent link: https://www.econbiz.de/10013300841

The Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil

Nedeljkovic, Milan - 2017

This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a...

Persistent link: https://www.econbiz.de/10012962155