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Exchange-Rate Swings and Foreign Currency Intervention

Filardo, Andrew J. - 2022

This paper develops a new approach for exploring the effectiveness of foreign currency intervention, focusing on real exchange cycles. Using band spectrum regression methods, it examines the role of macroeconomic fundamentals in determining the equilibrium real exchange rate at short-, medium-,...

Persistent link: https://www.econbiz.de/10015060245

Policy Credibility and Sovereign Credit--The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature …)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique … experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key …

Persistent link: https://www.econbiz.de/10012677845

Price Impacts of Non-Adoption of the Euro for Small European Countries.

Yelten, Sibel - 2006

Intro -- Contents -- I. INTRODUCTION -- II. OPTIMAL CURRENCY AREA LITERATURE BEFORE 1999 -- III. ESTIMATION METHOD FOR SJAASTAD MODEL -- IV. DATA -- V. ESTIMATION RESULTS -- VI. EUROPEAN ECONOMIES BEFORE AND AFTER THE INTRODUCTION OF THE EURO, AND THE BAYOUMI- EICHENGREEN MODEL -- VII....

Persistent link: https://www.econbiz.de/10012690997

Cost-Benefit Analysis of Leaning Against the Wind : Are Costs Larger Also with Less Effective Macroprudential Policy?

Svensson, Lars E. O. - 2016

'Leaning against the wind' (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a...

Persistent link: https://www.econbiz.de/10014408003

What drives the POLONIA spread in Poland?

Lu, Yinqiu - 2012

Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of...

Persistent link: https://www.econbiz.de/10009621633

Fiscal and Monetary Anchors for Price Stability

Fund, International Monetary - 2008

The paper presents a model of fiscal dominance with borrowing constraints, and provides evidence for a large number of sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the dynamic response of inflation to different shocks,...

Persistent link: https://www.econbiz.de/10012677562

Stabilizing Inflation in Iceland.

Honjo, Keiko - 2006

Intro -- Contents -- I. INTRODUCTION -- II. THE MODEL -- III. EFFICIENT POLICY FRONTIERS AND THEIR IMPLICATIONS -- IV. THE POTENTIAL CONTRIBUTION OF COUNTERCYCLICAL FISCAL POLICY -- V. POSSIBLE ADJUSTMENTS TO POLICY FRAMEWORK -- VI. CONCLUSIONS -- APPENDIX I. THE COMPLETE MODEL -- APPENDIX II....

Persistent link: https://www.econbiz.de/10012691132

Monetary Policy and Inflation Scares

Erceg, Christopher J. - 2024

A salient feature of the post-COVID inflation surge is that economic activity has remained resilient despite unfavorable supply-side developments. We develop a macroeconomic model with nonlinear price and wage Phillips curves, endogenous intrinsic indexation and an unobserved components...

Persistent link: https://www.econbiz.de/10015328223

Inflated Concerns: Exposure to Past Inflationary Episodes and Preferences for Price Stability

Magud, Nicolas - 2024

Using individual-level survey data for both advanced economies and emerging markets spanning over 45 years for 42 countries, we show that cohorts who have had higher exposure to past inflationary episodes (levels, as well as to more persistent or to more volatile inflation), systematically...

Persistent link: https://www.econbiz.de/10015058640

Can Fiscal Consolidation help Central Banks Fight Inflation?

Chen, Jiaqian - 2023

This paper argues case that a tighter fiscal policy stance can meaningfully support central banks in fighting inflation in both advanced and emerging market economies. While the standard textbook result suggest that monetary policy is much more effective than fiscal policy in battling inflation...

Persistent link: https://www.econbiz.de/10015058850