In this paper, we study real wage fluctuations in response to monetary shocks. We estimate five different models corresponding to five sets of monetary policy restrictions. Monetary shocks are measured by innovations in the nominal interest rate, total reserves and non-borrowed reserves. Our...

The key goal of this paper is to analyse the effect of money supply growth on inflation in the case of Madagascar. The result of the model show that an increase in the money supply would lead to an increase in inflation of around 2,4\% in the second year.Thereafter, a gradual decline is...

This work investigates the impact of an increase in the money supply on inflation using DSGE model in Madagascar. The results showed a strong positive correlation between these two variables, confirming the economic theory that an increase in the money supply leads to a proportional increase in...

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This "divorce'' of...

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This "divorce'' of...

This paper emphasizes on the fundamental macroeconomic variables affecting the Canadian exchange rate. Throughout this work, we use the classical monetary theory and try to validate it in the case of the bilateral exchange rate between Canada and USA. Using an extended version of the model of...

The question whether the European Monetary System has brought about a reduction in the variability of its members' exchange rates is not a trivial issue since central rates are adjustable and bilateral exchange rates are allowed to move freely within fairly large margins. In this paper I have...

This manuscript revisits some key concepts of traditional macroeconomics. In the first step, it proposes a discussion on the equilibrium conditions on the market of goods and services and on the market of money. And in the second step, a discussion is conducted on the general equilibrium the...

The past three decades, developing countries have not spared of all international financial changes. They almost followed the same historical trends. Today, the destabilizing effects of financial liberalization affect even developed economies. The finding is iconic and risk economic policy. This...

A partir de un modelo de cointegración se intenta establecer una relación de causalidad entre la tasa de referencia (subasta de expansión), la tasa interbancaria y la tasa de interés de los CDT´s a 90 días (con frecuencia diaria). La estimación se realiza a través de modelos GARCH y sus...