Showing 1 - 10 of 17
This paper estimates the treatment effect of inflation targeting for all explicit inflation targeting countries by taking into account the problem of model misspecification and inconsistent estimation of parametric propensity scores by using a semiparametric single index method. In addition, our...
Persistent link: https://www.econbiz.de/10015253868
This paper analyzes the performance of central banks in 27 inflation targeting countries by examining their success in achieving their explicit inflation targets. For this purpose, we decompose the inflation gap, the difference between actual inflation and inflation target, into predictable and...
Persistent link: https://www.econbiz.de/10015244051
In this paper, we investigate the short-run and the long-run relationship among the financial assets of the money market funds, the commercial paper, and the repurchase agreement markets by undertaking a cointegration analysis of quarterly data over the 1985-2017 period. The evidence suggests...
Persistent link: https://www.econbiz.de/10015258702
This paper examines the hypothesis that the boom in dollar credit in the emerging market economies is associated with excessively low interest rate in the US. For this purpose, we use a multivariate correlated unobserved component model that allows for correlation between shocks to dollar...
Persistent link: https://www.econbiz.de/10015258704
This paper studies the dynamic relationship between public and private commercial real estate market in the U.S. To do so, we propose a correlatedcunobserved component model with a common trend and Markov-Switching heteroscedasticity. This model addresses the dichotomy in the relationship...
Persistent link: https://www.econbiz.de/10015258705
Given the rising importance of non-financial corporate overseas debt issuance in the overall international capital flow activities, this paper tries to understand the determinants of corporate overseas bond issuance in 32 countries during the sample period 1993-2015. The results suggest that the...
Persistent link: https://www.econbiz.de/10015258706
This paper examines the usefulness of the Zillow Observed Rent Index (ZORI) in predicting CPI rent inflation. Using data from February 2015 to October 2023, we demonstrate that while ZORI provides valuable insights into future movements in CPI rent inflation, its effectiveness is limited to...
Persistent link: https://www.econbiz.de/10015213402
This paper studies the role of the real money gap- the deviation of real money balance from its long-run equilibrium level- for predicting inflation in India. Using quarterly data on manufacturing inflation from 1982 to 2007, we find that the real money gap is a significant predictor of...
Persistent link: https://www.econbiz.de/10015217488
This paper studies data revision properties of GDP growth and inflation as measured by the Wholesale Price Index (WPI) for the Indian economy. We find that data revisions to GDP growth and WPI inflation in India are significant. The results show that revisions to GDP growth and WPI inflation can...
Persistent link: https://www.econbiz.de/10015217489
This paper uses the conventional wisdom about the shift in the monetary policy stance in 1979 to compute monetary policy shocks by estimating different monetary policy reaction functions for the pre-1979 and post-1979 time periods. We use the information from the internal forecasts of the...
Persistent link: https://www.econbiz.de/10015218480