Latin American Journal of Central Banking最新文献_第4页

Worker reallocation in Italy and Spain after the COVID-19 pandemic COVID-19 大流行后意大利和西班牙的劳动力重新分配

Latin American Journal of Central Banking Pub Date : 2024-03-01 DOI: 10.1016/j.latcb.2023.100105

Ángel Luis Gómez , Salvatore Lattanzio

引用次数: 0

The effect of the Covid pension withdrawals and the Universal Guaranteed Pension on the income of the future retirees and its fiscal costs Covid 退休金提取和全民保障养老金对未来退休人员收入的影响及其财政费用

Latin American Journal of Central Banking Pub Date : 2024-02-23 DOI: 10.1016/j.latcb.2024.100122

Carlos Madeira

引用次数: 0

A Markov-Switching DSGE model for measuring the output gap in Brazil 衡量巴西产出缺口的马尔科夫-转换 DSGE 模型

Latin American Journal of Central Banking Pub Date : 2024-02-02 DOI: 10.1016/j.latcb.2024.100121

Eleonora de Oliveira , Andreza A. Palma , Marcelo S. Portugal

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引用次数: 0

How do adaptive learning expectations rationalize stronger monetary policy response in Brazil? 适应性学习预期如何合理化巴西更强有力的货币政策反应？

Latin American Journal of Central Banking Pub Date : 2024-01-26 DOI: 10.1016/j.latcb.2024.100119

Allan Dizioli, Hou Wang

{"title":"How do adaptive learning expectations rationalize stronger monetary policy response in Brazil?","authors":"Allan Dizioli, Hou Wang","doi":"10.1016/j.latcb.2024.100119","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100119","url":null,"abstract":"<div><p>This paper estimates a standard Dynamic Stochastic General Equilibrium (DSGE) model that includes a wage and price Phillips curves with different expectation formation processes for Brazil and the USA. Other than the standard rational expectation process, we also use a limited rationality process, the adaptative learning model. In this context, we show that the separate inclusion of a labor market in the model helps to anchor inflation even in a situation of adaptive expectations, a positive output gap and inflation above target. The estimation results show that the adaptive learning model does a better job in fitting the data in Brazil. In addition, the estimation shows that expectations are more backward-looking and started to drift away sooner in 2021 in Brazil than in the USA. We then conduct optimal policy exercises that prescribe front-loading monetary policy tightening and easing earlier than the estimated monetary policy rule in the context of positive output gaps and inflation far above the central bank target.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"5 1","pages":"Article 100119"},"PeriodicalIF":0.0,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143824000012/pdfft?md5=b0249be0420f4c216a6f04193c48b16d&pid=1-s2.0-S2666143824000012-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139653985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Are prudent monetary and fiscal policy drivers of FDI inflows? 审慎的货币和财政政策是外国直接投资流入的驱动力吗？

Latin American Journal of Central Banking Pub Date : 2024-01-24 DOI: 10.1016/j.latcb.2024.100120

Helder Ferreira de Mendonça , Bruno Pires Tiberto

引用次数: 0

Tiered access in RTGS systems: A DLT-based approach RTGS 系统中的分层访问：基于 DLT 的方法

Latin American Journal of Central Banking Pub Date : 2024-01-11 DOI: 10.1016/j.latcb.2023.100116

Miguel Cárdenas , Carlos Madeira , Raúl Morales-Resendiz , Miguel Musa , Mario Sanclemente , Leon Sanz-Bunster

引用次数: 0

International sourcing during COVID-19: How did Chilean firms fare? COVID-19 期间的国际采购：智利企业的表现如何？

Latin American Journal of Central Banking Pub Date : 2023-12-27 DOI: 10.1016/j.latcb.2023.100117

Jennifer Peña , Elvira Prades

{"title":"International sourcing during COVID-19: How did Chilean firms fare?","authors":"Jennifer Peña , Elvira Prades","doi":"10.1016/j.latcb.2023.100117","DOIUrl":"https://doi.org/10.1016/j.latcb.2023.100117","url":null,"abstract":"<div><p>COVID-19 has proven to be a unique and complex shock for firms. In this paper we analyze the performance of individual Chilean firms during this episode drawing on administrative datasets. In particular we empirically characterize the international trade adjustment at the firm and product level. Importer firms, specially in the manufacturing sector, have adjusted their import flow through three margins along 2020/21. In 2020 imports declined as some firms either stopped their import activity, or they imported less product varieties (product and country of origin) or by reducing the intensity of imported varieties. In this period importers faced a short-lived increase in imported input costs. In 2021 imports rebound strongly. While exporter firms (excluding mining) kept their export activity as well as their selling price stable. We also explore if foreign factors such as the incidence of COVID-19 and containment measures in partner countries had an impact on Chilean trade during 2020. We find that these foreign factors had an impact on intermediate rather than consumption goods imports.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"5 1","pages":"Article 100117"},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143823000388/pdfft?md5=c8786705d2724cd6ad6a9482d7c75e22&pid=1-s2.0-S2666143823000388-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139100662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A computational model of bilateral credit limits in payment systems and other financial market infrastructures 支付系统和其他金融市场基础设施中双边信贷限额的计算模型

Latin American Journal of Central Banking Pub Date : 2023-12-19 DOI: 10.1016/j.latcb.2023.100115

Oluwasegun Bewaji

{"title":"A computational model of bilateral credit limits in payment systems and other financial market infrastructures","authors":"Oluwasegun Bewaji","doi":"10.1016/j.latcb.2023.100115","DOIUrl":"https://doi.org/10.1016/j.latcb.2023.100115","url":null,"abstract":"<div><p>This paper provides the first steps towards a theoretical and structural modelling framework through which optimal decision making in financial market infrastructures such as payments clearing and settlement systems can be assessed from a market microstructure perspective. In particular, the paper focuses on the application of agent-based computational economics and stochastic games in modelling the bilateral credit limit establishing behaviour of Participants in loss sharing arrangements within financial market infrastructures such as the Canadian Large Value Payments System (LVTS). With specific focus on the LVTS, the paper presents a structural model where the payments system represents a market in which bilateral credit limits are the pricing mechanisms for intraday liquidity provisioning and the credit risk arising from the loss sharing arrangement. The data-driven stochastic game framework further illustrates how payments data, in conjunction with other financial market and credit data, can be used to assess emergent macroscopic outcomes in clearing and settlement systems from the underpinning interactions of autonomous decision making agents. The paper speaks to potential policy issues such as the effectiveness of policy levers such as the System-Wide Percentage, regulatory concerns around procyclicality and free-riding arising from the market microstructure behaviours, and design of the System.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"5 1","pages":"Article 100115"},"PeriodicalIF":0.0,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143823000364/pdfft?md5=775d09d1d322b16e518f893bfdf8b757&pid=1-s2.0-S2666143823000364-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138769658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Assessing the influence of fiscal and monetary policies on carbon dioxide emissions 评估财政和货币政策对二氧化碳排放的影响

Latin American Journal of Central Banking Pub Date : 2023-12-07 DOI: 10.1016/j.latcb.2023.100114

Avinash Ramlogan, Andell Nelson

引用次数: 0

Regional supply, demand and labor shocks on the manufacturing sector during COVID-19 in Mexico COVID-19 期间墨西哥制造业受到的地区供求和劳动力冲击

Latin American Journal of Central Banking Pub Date : 2023-11-10 DOI: 10.1016/j.latcb.2023.100113

Luis Fernando Colunga-Ramos , Leonardo E. Torre Cepeda

引用次数: 0