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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

Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations

Acosta Ormaechea, Santiago Leonardo Enrique - 2021

, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper …-of-period exchange rates, respectively, as envisaged in public finance manuals, gives rise to an identifiable stock-flow adjustment term …-due to intra-year exchange rate fluctuations-that affects public debt accumulation. Importantly, the inclusion of this often …

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

Inflation Dynamics and Monetary Policy in Bolivia

Guerson, Alejandro - 2016

given to a more flexible exchange rate policy arrangement, with short term interest rates as the main policy instrument …

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

An Index for Transparency for Inflation-Targeting Central Banks : Application to the Czech National Bank

Al-Mashat, Rania - 2018

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting...

Persistent link: https://www.econbiz.de/10012909410

Household Leverage and the Recession

Jones, Callum - 2018

We evaluate and partially challenge the 'household leverage' view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes...

Persistent link: https://www.econbiz.de/10012910353

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize …This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived … from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates …

Persistent link: https://www.econbiz.de/10012888769

Two-Sided Market, R&D and Payments System Evolution

Li, Bin (Grace) - 2019

It takes many years for more efficient electronic payments to be widely used, and the fees thatmerchants (consumers) pay for using those services are increasing (decreasing) over time. Weaddress these puzzles by studying payments system evolution with a dynamic model in a twosidedmarket setting....

Persistent link: https://www.econbiz.de/10012888773