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The role of the Chinese dollar peg for macroeconomic stability in China and the world economy
Schnabl, Gunther - 2010
During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a … China. The paper explores the current role of China's nominal exchange rate stabilization as stabilizing factor for China … policy coordination between China and the US. The exit from unconventional low interest rate policies in the US combined with …
Persistent link: https://www.econbiz.de/10009012482
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The macroeconomic implications of changes in bank capital and liquidity requirements in Canada : insights from the BoC-GEM-FIN
De Resende, Carlos; Dib, Ali; Perevalov, Nikita - 2010
The authors use simulations within the BoC-GEM-FIN, the Bank of Canada's version of the Global Economy Model with financial frictions in both the demand and supply sides of the credit market, to investigate the macroeconomic implications of changing bank regulations on the Canadian economy....
Persistent link: https://www.econbiz.de/10008760522
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Exchange rate expectations redux and monetary policy
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium optimizing two-country model to analyze how the formation of exchange rate expectations shapes the effects of monetary policy shocks in open economies. The model implies that the short-run output effects of permanent monetary policy shocks diminish...
Persistent link: https://www.econbiz.de/10011474909
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Raising an inflation target : the Japanese experience with abenomics
De Michelis, Andrea; Iacoviello, Matteo - 2016
This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these...
Persistent link: https://www.econbiz.de/10011563011
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Monetary policy in an oil-dependent economy in the presence of multiple shocks
Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017
Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...
Persistent link: https://www.econbiz.de/10011657233
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The ECB'’s unconventional monetary policy and the role of exchange rate regimes in cross-country spillovers
Jensen, Jakob Roager; Mikkelsen, Jakob Guldbæk; … - 2017
We study the impact of the ECB's large scale asset purchase programme on selected euro area and neighbouring countries. The effects of the programme are assessed by conducting an event study as well as by estimating a structural VAR model using a shadow short rate as a measure of the monetary...
Persistent link: https://www.econbiz.de/10011740711
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The financial crisis, rethinking of the global financial architecture, and the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2010
This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...
Persistent link: https://www.econbiz.de/10003983276
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On the nonlinear influence of Reserve Bank of Australia interventions on exchange rates
Reitz, Stefan; Ruelke, Jan-Christoph; Taylor, Mark P. - 2010
This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of Australia (RBA) exchange rate policy. First, results from a STARTZ model are provided revealing nonlinear mean reversion of the Australian dollar exchange rate in the sense that...
Persistent link: https://www.econbiz.de/10003964417
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Cross-section dependence and the monetary exchange rate model : a panel analysis
Beckmann, Joscha; Belke, Ansgar; Dobnik, Frauke - 2011
This paper tackles the issue of cross-section dependence for the monetary exchange rate model in the presence of unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we distinguish between common factors and idiosyncratic...
Persistent link: https://www.econbiz.de/10009426693
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New measures of the trilemma hypothesis : implications for Asia
Itō, Hiro; Kawai, Masahiro - 2012
We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...
Persistent link: https://www.econbiz.de/10009620473