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Assessing Australian Monetary Policy in the Twenty-First Century

Gross, Isaac; Leigh, Andrew - 2022

Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...

Persistent link: https://www.econbiz.de/10013426410

The impact of labor markets on the transmission of monetary policy in an estimated DSGE model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2005

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10010267340

Distributional Effects of Monetary Policy in Emerging Market Economies

Prasad, Eswar; Zhang, Boyang - 2015

We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...

Persistent link: https://www.econbiz.de/10011307491

Design Choices for Central Bank Digital Currency: Policy and Technical Considerations

Allen, Sarah; Capkun, Srdjan; Eyal, Ittay; Fanti, Giulia; … - 2020

Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...

Persistent link: https://www.econbiz.de/10012270213

The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institute for the Study of Labor (IZA) - 2005

Persistent link: https://www.econbiz.de/10005762079

Understanding Firm Dynamics with Daily Data

Hack, Lukas; Rostam-Afschar, Davud - 2025

How do firms' plans and expectations respond to macroeconomic shocks? We run a daily survey of German firms over the past three years. We randomize daily invitations, delivering a stable composition of firms. This allows constructing daily time series and estimating dynamic aggregate causal...

Persistent link: https://www.econbiz.de/10015409451

The renminbi's role in the global monetary system

Prasad, Eswar; Ye, Lei - 2012

We analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i … changes for the balance and sustainability of China's own economic development as well as the associated implications for the … global monetary system. While China is actively promoting the internationalization of its currency, it is a long way from …

Persistent link: https://www.econbiz.de/10010282485

Immigration Policy in Integrated National Economies

Bauer, Thomas K.; Zimmermann, Klaus F. - 2000

Migration is an unavoidable aspect of globalization. While full flexibility is politically unfeasible, the paper argues … for regulated openness. Migration in the age of globalization should be judged according to the labor market needs of the …

Persistent link: https://www.econbiz.de/10010262379

Human Capital Investment and Globalization in Extortionary States

Andersson, Fredrik; Konrad, Kai A. - 2001

This paper considers education investment and public education subsidies in closed and open economies with an extortionary government. The extortionary government in a closed economy has incentives to subsidize education in order to overcome a hold-up problem of time consistent taxation, similar...

Persistent link: https://www.econbiz.de/10010262447

Globalization and Human Capital Formation

Andersson, Fredrik; Konrad, Kai A. - 2001

This paper compares education investment in closed and open economies without government and with a benevolent government. The fact that the time consistency problem in taxation can make labor mobility beneficial even if governments are fully benevolent – which is known from other contexts –...

Persistent link: https://www.econbiz.de/10010262452