ERN: Monetary Policy (Topic)最新文献_第7页

Measuring the Effects of Unconventional Monetary Policy on Asset Prices 衡量非常规货币政策对资产价格的影响

ERN: Monetary Policy (Topic) Pub Date : 2015-12-01 DOI: 10.3386/w21816

Eric T. Swanson

引用次数: 58

The Market Structure of the Bank, Its Performance, and the Macroprudential Policy 银行市场结构、绩效与宏观审慎政策

ERN: Monetary Policy (Topic) Pub Date : 2015-11-09 DOI: 10.21098/BEMP.V18I1.514

T. Silalahi, A. Manurung, Y. Hidayat

引用次数: 3

Macroeconomic Effects of Oil Price Fluctuations on Emerging and Developed Economies in a Model Incorporating Monetary Variables 石油价格波动对新兴和发达经济体的宏观经济影响——基于货币变量的模型

ERN: Monetary Policy (Topic) Pub Date : 2015-10-12 DOI: 10.2139/ssrn.2672783

Farhad Taghizadeh Hesary, N. Yoshino

{"title":"Macroeconomic Effects of Oil Price Fluctuations on Emerging and Developed Economies in a Model Incorporating Monetary Variables","authors":"Farhad Taghizadeh Hesary, N. Yoshino","doi":"10.2139/ssrn.2672783","DOIUrl":"https://doi.org/10.2139/ssrn.2672783","url":null,"abstract":"The goal of this paper is to examine the impact of crude oil price movements on two macro variables, the gross domestic product (GDP) growth rate and the consumer price index (CPI) inflation rate, in three countries, the People’s Republic of China (an emerging economy), Japan, and the United States (developed economies), in a model incorporating monetary variables (money supply and exchange rate). The main objective of this research is to investigate whether these economies are still reactive to oil price movements and compare their reactions. Monetary variables are included in this survey because our earlier research showed that they have a significant role in oil price determination. To assess the relationship between crude oil prices and macro variables we adopt an N-variable structural vector autoregression (SVAR) model. The results suggest that the impact of oil price fluctuations on developed oil importers’ GDP growth is much milder than on the GDP growth of an emerging economy. On the other hand, however, the impact of oil price fluctuations on the People’s Republic of China’s inflation rate was found to be milder than in the two developed countries that were examined.","PeriodicalId":111923,"journal":{"name":"ERN: Monetary Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129756501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 52

An Interest Rate Rule to Uniquely Implement the Optimal Equilibrium in a Liquidity Trap 流动性陷阱中唯一实现最优均衡的利率规则

ERN: Monetary Policy (Topic) Pub Date : 2015-10-01 DOI: 10.2139/ssrn.2672195

Fernando M. Duarte, Anna Zabai

引用次数: 0

Portfolio Rebalancing in Japan: Constraints and Implications for Quantitative Easing 日本投资组合再平衡:量化宽松的约束和影响

ERN: Monetary Policy (Topic) Pub Date : 2015-08-01 DOI: 10.5089/9781513557595.001

Serkan Arslanalp, D. Botman

引用次数: 9

Exchange Rate Dynamics and Monetary Policy in a Small Open Economy: A DSGE Model 小型开放经济中的汇率动态与货币政策:一个DSGE模型

ERN: Monetary Policy (Topic) Pub Date : 2015-07-28 DOI: 10.2139/ssrn.2636906

M. Ouchen, Mustapha Ziky

{"title":"Exchange Rate Dynamics and Monetary Policy in a Small Open Economy: A DSGE Model","authors":"M. Ouchen, Mustapha Ziky","doi":"10.2139/ssrn.2636906","DOIUrl":"https://doi.org/10.2139/ssrn.2636906","url":null,"abstract":"This paper compares alternative monetary policy rules in a small open economy that experiences internal shocks (productivity shocks) and external shocks to terms of trade and the foreign demand. A comparison of the volatility of the macroeconomic variables such as inflation, output, terms of trade, trade balance, investment and exchange rates under the different monetary rules is set to lead to the choice of the optimal exchange rate regime. I will show that these regimes can be ranked in terms of their implied volatility for the considered macroeconomic variables. A two-country version of the Calvo sticky price model is used to analyze the macroeconomic implications of four alternative monetary policy regimes for a small open economy: domestic inflation targeting, managed float, CPI targeting and an exchange rate peg. The degree of exchange rate pass-through is very important for the assessment of monetary rules. I find that the CPI targeting rule is the best policy in an economy that exhibits lagged exchange rate pass-through. With low pass-through, both the domestic and the overall prices respond sluggishly to shocks, and it is more efficient for the monetary authority to target the overall CPI rather than just domestic prices. In a low pass-through environment, the policy maker can simultaneously strictly target (CPI) inflation, but still allow high volatility in the nominal exchange rate to stabilize the real economy in face of shocks. The low rate of pass-through ensures that exchange rate shocks do not destabilize the price level. An important feature of low pass-through is that it eliminates the trade-off between output volatility and inflation volatility in the comparison of fixed relative to floating exchange rates.","PeriodicalId":111923,"journal":{"name":"ERN: Monetary Policy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122225942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Is Optimal Monetary Policy Always Optimal? 最优货币政策总是最优的吗?

ERN: Monetary Policy (Topic) Pub Date : 2015-07-28 DOI: 10.2139/ssrn.2639830

Troy A. Davig, R. Gürkaynak

引用次数: 22

Monetary Policy Regime Change and Regional Inflation Dynamics: Looking Through the Lens of Sector-Level Data for Korea 货币政策制度变迁与区域通胀动态:透过韩国部门层面数据的视角

ERN: Monetary Policy (Topic) Pub Date : 2015-07-24 DOI: 10.2139/ssrn.2636616

Chi‐Young Choi, J. Lee, RÃ³isÃn O'Sullivan

{"title":"Monetary Policy Regime Change and Regional Inflation Dynamics: Looking Through the Lens of Sector-Level Data for Korea","authors":"Chi‐Young Choi, J. Lee, RÃ³isÃn O'Sullivan","doi":"10.2139/ssrn.2636616","DOIUrl":"https://doi.org/10.2139/ssrn.2636616","url":null,"abstract":"This paper explores the impact of the adoption of inflation targeting (IT) on the dynamics of city-level inflation in Korea using both aggregate and sector-level data. When looking at aggregate regional inflation, we find that the mean, volatility and persistence fell in all cities in the wake of the monetary policy regime change, consistent with other evidence in the literature. We also note a narrowing of the dispersion of regional inflation across cities and a greater degree of regional co-movement. Delving more deeply into the disaggregate data reveals additional insights however. For most of the changes we observe in the dynamics of regional inflation, we find that the aggregate effects are being driven primarily by sectors that fall into the ‘Services’ category. We posit that the impact of better anchored inflationary expectations is primarily on the less-traded services sectors of the economy, where the domestic monetary policy framework has a relatively larger influence compared with globally-traded commodities. When it comes to the increased co-movement observed across regions under IT regime, however, it is the ‘Commodities’ sectors rather than ‘Services’ that are responsible, probably because services inflation becomes relatively more influenced by local factors once it has stabilized within the target range. We show that this sectoral heterogeneity can be explained by the difference in price stickiness such that sectors in which prices are adjusted less frequently tend to have a larger response under the new monetary policy regime.","PeriodicalId":111923,"journal":{"name":"ERN: Monetary Policy (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126254121","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Effect of Monetary Policy on Commercial Banks Across Different Business Conditions 不同经营条件下货币政策对商业银行的影响

ERN: Monetary Policy (Topic) Pub Date : 2015-06-30 DOI: 10.17578/9-1/2-5

Syed M. Harun, M. Hassan, Tarek S. Zaher

引用次数: 2

Sovereign Debt and Reserves with Liquidity and Productivity Crises 主权债务和储备与流动性和生产率危机

ERN: Monetary Policy (Topic) Pub Date : 2015-06-25 DOI: 10.2139/ssrn.2645715

F. Corneli, E. Tarantino

引用次数: 169