Showing 1 - 10 of 3,391
, whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different evolutions …
Persistent link: https://www.econbiz.de/10015217695
We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria by...
Persistent link: https://www.econbiz.de/10015221123
Using the most important criteria that should be taken into account when a monetary policy strategy is changed, this paper assess the opportunity of changing the status quo of the monetary policy in Romania with the inflation targeting monetary policy framework in 2005. The paper identifies the...
Persistent link: https://www.econbiz.de/10015232698
Our paper follows the "Time Varying Parameter VAR with Stochastic Volatility" (TVP VAR) approach developed by Primiceri (2005): Bayesian estimation with time varying coefficients and stochastic volatility. Our paper contributes to the literature by examining if the impact of monetary and...
Persistent link: https://www.econbiz.de/10015256423
This paper identifies the sources of economic policy uncertainty in Nigeria and draw implications for Africa. The paper finds that economic policy uncertainty in Nigeria has many sources which are interlinked such as: unexpected and sudden central bank intervention; change in government policy...
Persistent link: https://www.econbiz.de/10015267370
The objective of this paper is to determine the relative importance of aggregate demand and aggregate supply shocks to fluctuations of real growth in CEMAC. The factual analysis of growth in the subregion over the last 20 years shows a dependence on oil prices whose e!ects on growth are...
Persistent link: https://www.econbiz.de/10015269506
of credibility. The theory of divine coincidence which says that, only by stabilizing inflation the monetary authority …
Persistent link: https://www.econbiz.de/10015238526
The amendment to the Monetary Law Act in 2002 defines “economic and price stability” as one of Central Bank of Sri Lanka’s core objectives. Using a standard aggregate demand – aggregate supply model with varying policy preferences this paper discusses the achievability of “economic and...
Persistent link: https://www.econbiz.de/10015247874
In this paper, we study the effectiveness of monetary policy in a severe recession and deflation when nominal interest rates are bounded at zero. We compare two alternative proposals for ameliorating the effect of the zero bound: an exchange-rate peg and price-level targeting. We conduct this...
Persistent link: https://www.econbiz.de/10015254771
The paper probed the impact of supply of money on food and general price indices by estimating a series of equations taking CPI food, CPI general, WPI food, WPI general, GDP deflator and SPI as measures of inflation and M1, M2 and M3 supply of money as explanatory variables. For analysis, OLS...
Persistent link: https://www.econbiz.de/10015217601