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Monetary Transmission in Brazil : Has the Credit Channel Changed?

Garcia-Escribano, Mercedes - 2014

This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not...

Persistent link: https://www.econbiz.de/10013060547

Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks

Mæhle, Nils Øyvind - 2020

-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a … money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be …

Persistent link: https://www.econbiz.de/10012840604

Housing Price and Household Debt Interactions in Sweden

Turk-Ariss, Rima - 2016

Sweden is experiencing double-digit housing price gains alongside rising household debt. A common interpretation is that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of housing collateral is also important for household's...

Persistent link: https://www.econbiz.de/10012996083

The Macroeconomics of De-Cashing

Kireev, Aleksej P. - 2017

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance...

Persistent link: https://www.econbiz.de/10012956485

Money and Credit : Theory and Applications

Wang, Liang - 2017

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers … choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money … data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and …

Persistent link: https://www.econbiz.de/10012960586

Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations

Acosta Ormaechea, Santiago Leonardo Enrique - 2021

The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows...

Persistent link: https://www.econbiz.de/10013250098

Inflation Dynamics and Monetary Policy in Bolivia

Guerson, Alejandro - 2016

This paper explores inflation dynamics and monetary policy in Bolivia. Bolivia's monetary policy framework has been effective in stabilizing inflation in recent times. This has been a challenging task given high price volatility of key consumer goods subject to recurrent supply shocks,...

Persistent link: https://www.econbiz.de/10012998770

Policy, Risk and Spillover Analysis in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach

Vitek, Francis - 2017

This paper develops a structural macro econometric model of the world economy, disaggregated into forty national economies, to facilitate multilaterally consistent macrofinancial policy, risk and spillover analysis. This panel dynamic stochastic general equilibrium model features a range of...

Persistent link: https://www.econbiz.de/10012956470

The Global Macrofinancial Model

Vitek, Francis - 2018

This paper documents the theoretical structure and empirical properties of the latestversion of the Global Macrofinancial Model (GFM). This dynamic stochastic generalequilibrium model of the world economy, disaggregated into forty national economies,was developed to support multilaterally...

Persistent link: https://www.econbiz.de/10012918559

Accounting for Macrofinancial Fluctuations and Turbulence

Vitek, Francis - 2018

This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with structural shocks exhibiting potentially asymmetric generalized autoregressive...

Persistent link: https://www.econbiz.de/10012906882