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Real consequences of open market operations: the role of limited commitment

Carli, Francesco; Gomis Porqueras, Pedro - 2019

We study how limited commitment in credit markets affects the implementation of open market operations and characterize when they result in real indeterminacies and when they have real effects. To do so, we consider a frictional and incomplete market framework where agents face stochastic...

Persistent link: https://www.econbiz.de/10015264124

Türkiye'de bütçe açıklarının makro ekonomik sonuçları

Bilgili, Faik - 1999

This paper observes if budget deficit has significant impact on interest rates, exchange rates, and, price level through (a) theoretical discussions, and, (b) relevant statistical estimations by regression models and Granger causality models. The paper (i) reaches the regression output depicting...

Persistent link: https://www.econbiz.de/10015254138

Thinking Fast and Slow about Central Bank Digital Currencies

Ozili, Peterson K - 2024

Central banks are considering the issuance of a central bank digital currency to serve as a payment tool to support economic activities. A central bank digital currency can also serve secondary purposes that are related or unrelated to the statutory objectives of a central bank which is monetary...

Persistent link: https://www.econbiz.de/10015213387

With or Without Usura? Monetary Policy and Market Creation

igescu, iulia - 2023

Some selected examples from trade history and even more the rise of superstar firms in the early twenty first century make visible the eminence of monetary delocalization in the process of market creation. Market creation is highly concentrated in space. As a result, inside and outside money...

Persistent link: https://www.econbiz.de/10015213425

A Local Examination for Persistence in Exclusions-from-Core Measures of Inflation Using Real-Time Data

Tierney, Heather L.R. - 2009

Using parametric and nonparametric methods, inflation persistence is examined through the relationship between exclusions-from-core inflation and total inflation for two sample periods and in five in-sample forecast horizons ranging from one quarter to three years over fifty vintages of...

Persistent link: https://www.econbiz.de/10015215448

A Local Examination for Persistence in Exclusions-from-Core Measures of Inflation Using Real-Time Data

Tierney, Heather L.R. - 2009

Persistent link: https://www.econbiz.de/10015215639

International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview

Barnett, William A.; Chauvet, Marcelle - 2008

since monetary assets began yielding interest, the simple sum monetary aggregates have had no foundations in economic theory … misunderstandings in international monetary economics research and policy. While better data, based correctly on index number theory and … aggregation theory, now exist, the official central bank data most commonly used have not improved in most parts of the world …

Persistent link: https://www.econbiz.de/10015216155

Optimal fiscal and monetary policy in economies with capital

Wang, Gaowang; Zou, Heng-fu - 2020

We reexamine the optimal fiscal and monetary policy in combined shopping-time monetary models with capital accumulation. Four models are constructed to examine how the production cost of money and the utility from physical capital affect the toolbox of the fiscal and monetary policy. It is shown...

Persistent link: https://www.econbiz.de/10015217322

Real Time Changes in Monetary Policy

Chauvet, Marcelle; Tierney, Heather L. R. - 2007

This paper investigates potential changes in monetary policy over the last decades using a nonparametric vector autoregression model. In the proposed model, the conditional mean and variance are time-dependent and estimated using a nonparametric local linear method, which allows for different...

Persistent link: https://www.econbiz.de/10015217551

International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview

Barnett, William A.; Chauvet, Marcelle - 2008

Persistent link: https://www.econbiz.de/10015218380