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Central Banks Quasi-Fiscal Policies and Inflation

Park, Seok Gil - 2012

Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In...

Persistent link: https://www.econbiz.de/10014396938

Central banks quasi-fiscal policies and inflation

Park, Seok Gil - 2012

Persistent link: https://www.econbiz.de/10009423899

The Effects of Unconventional Monetary Policies on Bank Soundness

Lambert, Frederic - 2014

Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...

Persistent link: https://www.econbiz.de/10014411436

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

2015 - Rafiq, Sohrab ed

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial...

Persistent link: https://www.econbiz.de/10014411927

Bank of Japan's Quantitative and Credit Easing : Are they Now More Effective

Fasano-Filho, Ugo - 2002

supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence that BoJ''s monetary … policy measures during 1998-2010 have had an impact on economic activity but less so on inflation. These results are stronger … policy measures to the variation in output and inflation is rather small …

Persistent link: https://www.econbiz.de/10014396895

Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? : A Review of the Experience so Far

Ishi, Kotaro - 2011

What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet...

Persistent link: https://www.econbiz.de/10014399237

Should Korea worry about a permanently weak yen?

Ree, Joo Kyung; Hong, Gee Hee; Choi, Seoeun - 2015

Three years have passed since the Bank of Japan’s asset purchase program was introduced in 2011, causing a sharp decline in the value of the Japanese Yen. What would be the implications for Japan and Korea’s exporters if the weak Yen is here to stay? We explore this question by examining...

Persistent link: https://www.econbiz.de/10011447113

Portfolio rebalancing in Japan : constraints and implications for quantitative easing

Arslanalp, Serkan; Botman, Dennis P. J. - 2015

Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of...

Persistent link: https://www.econbiz.de/10011373924

Scarcity effects of quantitative easing on market liquidity : evidence from the Japanese government bond market

Han, Fei; Seneviratne, Dulani - 2018

Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank's holdings of certain securities leads to a...

Persistent link: https://www.econbiz.de/10011852598

Spillovers from Japan's unconventional monetary policy to emerging Asia : a global VAR approach

Ganelli, Giovanni; Tawk, Nour - 2016

We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on emerging Asia.1 Our main result is that, despite an appreciation of their currencies vis-a-vis the yen, the impact on emerging Asia's GDP tended to be positive and significant. Our...

Persistent link: https://www.econbiz.de/10011711367