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Central bank digital currency, economic growth and inflation

Ozili, Peterson K - 2024

This study investigates the effect of CBDC issuance on economic growth rate and inflation rate in Nigeria. We are interested in determining whether the rate of economic growth and inflation changed significantly after the issuance of a non-interest bearing CBDC in Nigeria. Two-stage least square...

Persistent link: https://www.econbiz.de/10015213768

Resolving Puzzles of Monetary Policy Transmission in Emerging Markets

HA, JONGRIM; Kim, Dohan; Kose, Ayhan M. - 2024

Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and depreciation of the currency (the FX puzzle). We show that incorporating forward-looking...

Persistent link: https://www.econbiz.de/10015214422

Resolving Puzzles of Monetary Policy Transmission in Emerging Markets

HA, JONGRIM; Kim, Dohan; Kose, Ayhan M.; Prasad, Eswar - 2024

Persistent link: https://www.econbiz.de/10015214450

Financial constraints, risk sharing, and optimal monetary policy

Zaretski, Aliaksandr - 2021

and leading to sizable welfare gains. Such an allocation has lower leverage in the banking and entrepreneurial sectors and …

Persistent link: https://www.econbiz.de/10015214604

Monetary policy developments and the minerals industry

Raputsoane, Leroi - 2024

achieved using a Taylor rule type central bank monetary policy reaction function, where the total, or economy wide, output is …

Persistent link: https://www.econbiz.de/10015214635

Free Banking, the Real-Balance Effect, and Walras´ Law

van den Hauwe, Ludwig - 2008

The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a...

Persistent link: https://www.econbiz.de/10015214871

Monetary rules in an open economy with distortionary subsidies and inefficient shocks: A DSGE approach for Bolivia

Jemio Hurtado, Valeria - 2020

policy rule associated with the minimal welfare losses in the case of Bolivia. Following Gali and Monacelli (2005) and De … (2005), I compare the welfare implications under two scenarios: A monetary rule focus on maintain a nominal exchange rate … peg (fixed) regime and a Taylor rule. The main results reveal that the latter outperforms the former when the full set of …

Persistent link: https://www.econbiz.de/10015215124

Existence of Singularity Bifurcation in an Euler-Equations Model of the United States Economy: Grandmont was Right

Barnett, William A.; He, Susan - 2009

Abstract: Grandmont (1985) found that the parameter space of the most classical dynamic general-equilibrium macroeconomic models are stratified into an infinite number of subsets supporting an infinite number of different kinds of dynamics, from monotonic stability at one extreme to chaos at the...

Persistent link: https://www.econbiz.de/10015215298

A Small Open Economy DSGE Model for Pakistan

Haider, Adnan; Khan, Safdar Ullah - 2008

This paper estimates a small open economy Dynamic Stochastic General Equilibrium (DSGE) model for Pakistan using Bayesian simulation approach. Model setup is based on new Keynesian framework, characterized by nominal rigidity in prices with habit formation in household’s consumption. The core...

Persistent link: https://www.econbiz.de/10015215380

Credit Expansion, the Prisoner´s Dilemma, and Free Banking as Mechanism Design

van den Hauwe, Ludwig - 2008

Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...

Persistent link: https://www.econbiz.de/10015215390