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Central bank exit strategies : domestic transmission and international spillovers

Erceg, Christopher J.; Kolasa, Marcin; Lindé, Jesper; … - 2024 - This version: April 3, 2024

We study alternative approaches to the withdrawal of prolonged unconventional monetary stimulus ("exit strategies") by central banks in large, advanced economies. We first show empirically that large-scale asset purchases affect the exchange rate and domestic and foreign term premiums more...

Persistent link: https://www.econbiz.de/10015066986

What Have Central Banks in EMEs Learned About the International Transmission of Monetary Policy in Recent Years?

Barroso, Joao B. - 2014

This note considers the international transmission of monetary policy conditions to emerging market economies (EMEs) with a focus on Brazil's experience. The main points are as follows: (i) growing foreign participation in Brazil's domestic Treasury markets has increased the sensitivity of the...

Persistent link: https://www.econbiz.de/10013047075

Central Bankers as Supervisors : Do Crises Matter?

Masciandaro, Donato - 2018

theory does not indicate an optimal institutional setting. We construct several measures of spatial spillover effects and … the traditional theory of central banking has to be integrated with political economy considerations.Our results support … the view that the traditional theory of central banking has to be integrated with political economy considerations …

Persistent link: https://www.econbiz.de/10012937307

Twin Peaks and Central Banks : Economics, Political Economy and Comparative Analysis

Masciandaro, Donato - 2018

One of the fundamental issue in implementing the twin peaks regime is deciding where the prudential supervisor should be housed, given that so far three options has been explored, i.e. the prudential supervisor could be outside the central bank, or be a subsidiary of the central bank, or be...

Persistent link: https://www.econbiz.de/10012930832

Spread the word : international spillovers from central bank communication

Armelius, Hanna; Bertsch, Christoph; Hull, Isaiah; … - 2018

We use text analysis and a novel dataset to measure the sentiment component of central bank communications in 23 countries over the 2002-2017 period. Our analysis yields three key results. First, using directed networks, we show that comovement in sentiment across central banks is not reducible...

Persistent link: https://www.econbiz.de/10011911134

New Economy, Old Central Banks? Monetary Transmission in a New Economic Environment

Berk, Jan Marc - 2011

Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inflation and economic growth are no longer valid. But such...

Persistent link: https://www.econbiz.de/10014108237

What Have Central Banks from Emerging Market Economies Learnt About the International Transmission of Monetary Policy in Recent Years?

Loh, Jacqueline - 2014

Since 1981, monetary policy in Singapore has been centred on managing the trade-weighted nominal effective exchange rate, which has a powerful and predictable influence on domestic prices in a small, open economy. However, given Singapore’s exchange rate-based monetary policy framework and...

Persistent link: https://www.econbiz.de/10014142103

Non-standard monetary policy measures : magic wand or tiger by the tail?

Belke, Ansgar - 2013

This paper briefly assesses the effectiveness of the different non-standard monetary policy tools in the Euro Area. Its main focus is on the Outright Monetary Transactions (OMT) Programme which is praised by some as the ECB’s “magic wand”. Moreover, it discloses further possible unintended...

Persistent link: https://www.econbiz.de/10010195538

Non-standard monetary policy measures : magic wand or tiger by the tail?

Belke, Ansgar - 2014

Persistent link: https://www.econbiz.de/10010350450

What Have Central Banks from EMEs Learnt About the International Transmission of Monetary Policy in Recent Years?

(SAMA), Saudi Arabian Monetary Agency - 2014

After the Fed adopted its unconventional monetary policy, countries with strong surpluses faced fewer challenges than did those with more open economies and strong financial linkages with developed economies. In the case of Saudi Arabia, fiscal policy remains dominant due to the structure of the...

Persistent link: https://www.econbiz.de/10013046871