PSN: Other Monetary Policy (Topic)最新文献_第3页

US Monetary Policy Since the 1950s and the Changing Content of FOMC Minutes 20世纪50年代以来的美国货币政策和FOMC会议记录内容的变化

PSN: Other Monetary Policy (Topic) Pub Date : 2019-09-12 DOI: 10.2139/ssrn.3452300

P. Siklos

引用次数: 0

The Chinese Monetary Power: The Brazilian Legal Environment as an Important Institutional Variable for the Adoption of the Renminbi in the Chinese Investments in Brazil 中国货币力量:巴西法律环境作为中国在巴西投资采用人民币的重要制度变量

PSN: Other Monetary Policy (Topic) Pub Date : 2019-05-30 DOI: 10.2139/ssrn.3430878

Alexandre Coelho

{"title":"The Chinese Monetary Power: The Brazilian Legal Environment as an Important Institutional Variable for the Adoption of the Renminbi in the Chinese Investments in Brazil","authors":"Alexandre Coelho","doi":"10.2139/ssrn.3430878","DOIUrl":"https://doi.org/10.2139/ssrn.3430878","url":null,"abstract":"The purpose of this essay is to present how the expansion of the Chinese monetary power may impact Brazil and whether the Brazilian legal environment may be of relevance to the Chinese investment and trade strategies. This study is part of research in progress that has been developed in the Global Law and Development Study Center at the School of Law of Getulio Vargas Foundation in Sao Paulo – Brazil. In order to present this issue, the author analyzes the Chinese measures related to the utilization of the Renminbi (RMB) in investments and trade from the Brazilian economic, political, and legal perspective. The main research question is: whether or not the Brazilian legal environment promotes the adoption of the RMB in the Chinese trade strategies, and direct and portfolio investments in Brazil? The author tries to answer this question by analyzing Brazilian laws and rules concerning with investments and trade. The preliminary conclusions suggest that: (i) the Brazilian legal framework may represent obstacles to or even hinder trade, and foreign investments in Brazil, and consequently may not prove to be favorable to the use of the RMB in the economic relations between Brazil and China; (ii) China has still not been able to carry out - if there is such an intention - to create in Brazil a zone of monetary dependence backed by the RMB; and (iii) the parallel legal framework structured by China together with the Brazilian bureaucracy, translated into cooperation agreements, the investment mechanism based on the China-LAC Industrial Cooperation Investment Fund Co., Ltd. - Claifund, and the BRICS CRA suggests the attempts to establish an equivalent legal reality to the use of the RMB as a means of payment in economic relations between Brazil and China, although without success until this moment.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125991482","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: 0

Term Structure, Forecast Revision and the Signaling Channel of Monetary Policy 期限结构、预测修正与货币政策信号通道

PSN: Other Monetary Policy (Topic) Pub Date : 2019-03-21 DOI: 10.2139/ssrn.3357480

Donghai Zhang

引用次数: 2

The Pressure to Create Cash Substitutes 创造现金替代品的压力

PSN: Other Monetary Policy (Topic) Pub Date : 2019-02-05 DOI: 10.2139/ssrn.3329150

Chris Becker

引用次数: 1

Cross-Border Bank Flows and Monetary Policy 跨境银行流动与货币政策

PSN: Other Monetary Policy (Topic) Pub Date : 2018-12-01 DOI: 10.17016/IFDP.2018.1241

Ricardo Correa, Teodora Paligorova, Horacio. Sapriza, A. Zlate

引用次数: 30

Effects of Monetary Policy Decisions on Professional Forecasters’ Expectations and Expectations Uncertainty 货币政策决策对专业预测者预期和预期不确定性的影响

PSN: Other Monetary Policy (Topic) Pub Date : 2018-11-20 DOI: 10.2139/ssrn.3288387

S. Oinonen, Maritta Paloviita, M. Virén

{"title":"Effects of Monetary Policy Decisions on Professional Forecasters’ Expectations and Expectations Uncertainty","authors":"S. Oinonen, Maritta Paloviita, M. Virén","doi":"10.2139/ssrn.3288387","DOIUrl":"https://doi.org/10.2139/ssrn.3288387","url":null,"abstract":"In this paper, we examine how professional forecasters’ expectations and expectation uncertainty have reacted to the ECB’s interest rate decisions and non-conventional monetary policy measures during the period 1999-2017. The analysis makes use of a conventional dif-in-dif type set up with different time series tools. The results indicate that expectations have been sensitive to policy actions, but all forecasters’ reactions do not seem to follow the basic predictions of a standard New Keynesian model. Also the relationship between inflation and output forecasts does not seem to follow a Phillips curve type relationship. Moreover, short- and long term reactions to policy are often weakly related and of different sign. Interestingly, subjective forecast uncertainty measures are very sensitive to policy measures. Thus, there seems to be much heterogeneity in forecasters’ reactions to most policy decisions. All uncertainty measures, including long-term inflation uncertainty, have increased over time. This has to be taken into account when considering the anchoring of inflation expectations to the inflation target.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114591134","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: 2

The Impact of Monetary Policy on Housing Prices in China 货币政策对中国房价的影响

PSN: Other Monetary Policy (Topic) Pub Date : 2018-10-01 DOI: 10.2139/ssrn.3355856

Shen Chen, Wan Wei, Peng Huang

引用次数: 5

Commodity Money, Free Banking, and Nominal Income Targeting: Lessons for Monetary Policy Reform 商品货币、自由银行和名义收入目标制:货币政策改革的教训

PSN: Other Monetary Policy (Topic) Pub Date : 2018-09-21 DOI: 10.2139/ssrn.3253166

Joshua R. Hendrickson

{"title":"Commodity Money, Free Banking, and Nominal Income Targeting: Lessons for Monetary Policy Reform","authors":"Joshua R. Hendrickson","doi":"10.2139/ssrn.3253166","DOIUrl":"https://doi.org/10.2139/ssrn.3253166","url":null,"abstract":"Abstract Some have argued that nominal income targeting is desirable because it would replicate characteristics of a free banking regime. However, the degree to which this is true and desirable depends on the properties of commodity-based monetary regimes. In this paper, I provide a model of commodity money. I find that a pure commodity money regime can only generate an efficient stationary equilibrium by divine coincidence or by giving policymakers control over the supply of the commodity. The introduction of bank notes makes it much more likely that the economy will achieve an efficient equilibrium. In particular, in a commodity-based system, bank notes are equivalent to call options on the commodity and the commodity holdings are equivalent to a put option on the commodity. Assuming that there is no risk-free arbitrage in equilibrium, then both bank notes and the commodity will have an expected rate of return equal to the risk-free rate. If the risk-free rate is equal to the rate of time preference, then this commodity regime is efficient. A free banking system would therefore not only minimize deviations between the supply and demand for money, but it would also (potentially) implement the Friedman rule. Both market-based and more conventional nominal income targeting regimes are unlikely to replicate both features of a free banking system unless the nominal income target has a deflationary bias.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124758728","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

Heterogeneous Price Rigidities and Monetary Policy 异质性价格刚性与货币政策

PSN: Other Monetary Policy (Topic) Pub Date : 2018-08-06 DOI: 10.2139/ssrn.3186438

C. Clayton, Xavier Jaravel, A. Schaab

{"title":"Heterogeneous Price Rigidities and Monetary Policy","authors":"C. Clayton, Xavier Jaravel, A. Schaab","doi":"10.2139/ssrn.3186438","DOIUrl":"https://doi.org/10.2139/ssrn.3186438","url":null,"abstract":"This paper investigates the implications of heterogeneous price rigidities across sectors for the distributional and aggregate effects of monetary policy. First, we identify and characterize analytically a new set of earnings and expenditure channels of monetary policy that emerge in the presence of sectoral heterogeneity. Second, we establish empirically that (i) prices are more rigid in sectors selling to college-educated households, (ii) prices are more rigid in sectors employing college-educated households, and (iii) sectors that employ college-educated households also sell more to these households. These new facts suggest that monetary policy stabilizes sectors that matter relatively more for college-educated households, due to an expenditure channel (from (i)), an earnings channel (from (ii)), and their amplification by feedback loops (from (iii)). Finally, we develop a multi-sector incomplete-markets Heterogeneous Agent New Keynesian model, in which households of different education levels work and consume in different sectors. We quantify the aggregate and distributional effects from heterogeneous price rigidities using this model. In the baseline calibration, we find that the consumption of college-educated households is 22% more sensitive to monetary policy shocks as that of non-college households, while the aggregate real effect of monetary policy is 5% stronger than with homogeneous price rigidities.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133444653","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: 9

Identifying the Interdependence between Monetary Policy and Financial Stress: Evidence from China 识别货币政策与金融压力之间的相互依存关系:来自中国的证据

PSN: Other Monetary Policy (Topic) Pub Date : 2018-08-01 DOI: 10.1111/1468-0106.12174

Rong Li, Xiaohui Tian

引用次数: 3