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The Changing Malaysian Financial Environment and the Effects on Its Monetary Policy Transmission Mechanism

Raghavan, Mala Valliammai - Econometric Society - 2004

In recent times, economists concur that economy's response to monetary policy is somewhat weaker then they were in the past. However, the cause of such change remains an open issue. One plausible reason for this change could be attributed to the financial reform processes that have brought...

Persistent link: https://www.econbiz.de/10005342178

Japan's Monetary Policy Transition, 1955-2004

Yoshino, Naoyuki; Rhodes, James R. - Econometric Society - 2004

quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus … indicators. We analyze the historical behavior of the money multipliers and their components, highlighting reasons for their …

Persistent link: https://www.econbiz.de/10005342362

Private Electronic Money, Fiat Money and the Payments System

Whinston, Andrew B.; Hernandez-Verme, Paula; Huang, Haibo - Econometric Society - 2004

Temzelides and Williamson (2001) provides valuable contribution into the private money literature, however, as pointed … not provide a clear insight on how a modern system of private electronic money would work and how the necessary network … money in rate of return. However, in spite of these different returns, the two electronic currencies and fiat money …

Persistent link: https://www.econbiz.de/10005342271

Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments

Mills, David C. - Econometric Society - 2004

I explore alternative central bank credit policies in a theoretical model where (i) money is necessary as a means of … payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is …

Persistent link: https://www.econbiz.de/10005342194

International Evidence on Monetary Neutrality Under Broken Trend Stationary Models

Velazquez, R.; Noriega, A.E.; Soria, L.M. - Econometric Society - 2004

We analyze the issue of the impact of multiple breaks on monetary neutrality results, using annual data on real output and monetary aggregates for Argentina (1884-1996), Australia (1870-1997), Brazil (1912-1995), Canada (1870-2001), Italy (1870-1997), Mexico (1932-2000), Sweeden (1871-1988), and...

Persistent link: https://www.econbiz.de/10005699639

Inflation Targeting and Nonlinear Policy Rules: the Case of Asymmetric Preferences

Surico, Paolo - Econometric Society - 2004

This paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision makers are allowed to weight differently positive and negative deviations of inflation and output from the target values. Reduced-form and structural estimates of the central...

Persistent link: https://www.econbiz.de/10005328857

On the Reasons Behind Fear of Floating: Pass-through Effects vs. Contractionary Depreciations

Castro, Juan F. - Econometric Society - 2004

Based on a simple open economy framework, this analysis rationalizes the existence of â€œfear of floatingâ€-type responses and uncovers some important implications about to role of pass-through effects and contractionary depreciations. By examining how the optimal monetary response varies...

Persistent link: https://www.econbiz.de/10005328866

Exchange Rates, Inflation and Monetary Policy Objectives in Open Economies: The Experience of Chile

Caputo, Rodrigo - Econometric Society - 2004

This paper characterizes, empirically, the conduct of monetary policy in a small open economy. In particular, using as a case study the Chilean inflation targeting experience, we assess the role of the exchange rate in the determination of the interest rate. We conclude that Chile has adopted...

Persistent link: https://www.econbiz.de/10005063562

Inflation Target as a Buffer against Liquidity Trap

Nishiyama, Shin-Ichi - Econometric Society - 2004

In times of low-inflation, conventional monetary policy is perpetually exposed to the risk of being caught by the liquidity trap. As a part of a pre-emptive monetary policy to avoid the liquidity trap, many economists have pointed out that this risk can be possibly circumvented by targeting a...

Persistent link: https://www.econbiz.de/10005063747

The Use and Abuse of Taylor Rules: How precisely can we estimate them?

Tchaidze, Robert; Carare, Alina - Econometric Society - 2004

This paper surveys the economic literature on simple policy rules and analyzes econometric methods used to estimate them, emphasizing effects of model misspecification. We draw attention to inconsistencies in evaluation of the rules and implications for policy advice, which is commonly done...

Persistent link: https://www.econbiz.de/10005699589