Showing 1 - 10 of 29
Monetary aggregates have historically played an important role in Swiss monetary policy, with the Swiss National Bank using money growth targets until 1999. Since 2000, when a new policy framework was introduced that focuses on an inflation forecast, money growth has been used as an indicator...
Persistent link: https://www.econbiz.de/10005427590
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The Permanent Income Hypothesis (PIH) states that consumption should depend on long-term income expectations and not on temporary swings in income. This paper uses Irish household data from three Household Budget Surveys between 1994 and 2005 to test the PIH. Households that fail to consume...
Persistent link: https://www.econbiz.de/10011122765
This paper considers the effect of systemic financial crises on aggregate consumption. Using a sample of 23 countries over 32 years, we find that consumption growth seems lower during banking crises, crises following credit booms and crises following house price booms. Moreover, the response to...
Persistent link: https://www.econbiz.de/10010764647
How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We...
Persistent link: https://www.econbiz.de/10010835422
Historically, money growth has played an important role in Swiss monetary policy, until 1999 as a target and from 2000 onwards as an indicator variable. Since the new policy framework focusses on an inflation forecast, the question arises how useful money growth is for predicting future price...
Persistent link: https://www.econbiz.de/10005091298
Persistent link: https://www.econbiz.de/10005107434
This paper studies the relationship between macroeconomic behaviour and the monetary policy regime in Hong Kong and Singapore, using data for 1984-2004. We estimate an econometric model, comprising a Phillips curve, an IS curve and an equation for changes in the nominal effective exchange rate...
Persistent link: https://www.econbiz.de/10005650361
This paper studies money demand in Switzerland. While the existing literature typically analyzes post-1973 data, this study uses data covering six decades. We test for cointegration in a system incorporating money, prices, income, a bond yield, and a deposit rate, and find evidence of a single...
Persistent link: https://www.econbiz.de/10005581012