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Author : Hae Yong Lee
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (316 download)
Download or read book A Study on Monetary Transmission Mechanism written by Hae Yong Lee and published by . This book was released on 1994 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
ISBN 13 : 1513529730
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Author : Ignazio Angeloni
Publisher : Cambridge University Press
ISBN 13 : 1139438816
Total Pages : 515 pages
Book Rating : 4.1/5 (394 download)
Download or read book Monetary Policy Transmission in the Euro Area written by Ignazio Angeloni and published by Cambridge University Press. This book was released on 2003-12-04 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.
Author : Mr.Hamid Reza Davoodi
Publisher : International Monetary Fund
ISBN 13 : 1475553498
Total Pages : 59 pages
Book Rating : 4.4/5 (755 download)
Download or read book Monetary Transmission Mechanism in the East African Community written by Mr.Hamid Reza Davoodi and published by International Monetary Fund. This book was released on 2013-02-06 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.
Author : Bin Grace Li
Publisher : International Monetary Fund
ISBN 13 : 1484332466
Total Pages : 45 pages
Book Rating : 4.4/5 (843 download)
Download or read book VAR meets DSGE written by Bin Grace Li and published by International Monetary Fund. This book was released on 2016-04-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: VAR methods suggest that the monetary transmission mechanism may be weak and unreliable in low-income countries (LICs). But are structural VARs identified via short-run restrictions capable of detecting a transmission mechanism when one exists, under research conditions typical of these countries? Using small DSGEs as data-generating processes, we assess the impact on VAR-based inference of short data samples, measurement error, high-frequency supply shocks, and other features of the LIC environment. The impact of these features on finite-sample bias appears to be relatively modest when identification is valid—a strong caveat, especially in LICs. However, many of these features undermine the precision of estimated impulse responses to monetary policy shocks, and cumulatively they suggest that “insignificant” results can be expected even when the underlying transmission mechanism is strong.
Author : Frank Hespeler
Publisher : Cuvillier Verlag
ISBN 13 : 3867277605
Total Pages : 289 pages
Book Rating : 4.8/5 (672 download)
Download or read book Electronic Money and the Monetary Transmission Process written by Frank Hespeler and published by Cuvillier Verlag. This book was released on 2008 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Prachi Mishra
Publisher : International Monetary Fund
ISBN 13 : 1455208884
Total Pages : 44 pages
Book Rating : 4.4/5 (552 download)
Download or read book Monetary Transmission in Low Income Countries written by Ms.Prachi Mishra and published by International Monetary Fund. This book was released on 2010-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect competition in the banking sector and the resulting high cost of bank lending to private firms, the traditional channels (interest rate, bank lending, and asset price) are impaired in LICs. The exchange rate channel is also undermined by central bank intervention in the foreign exchange market. These conclusions are supported by review of the institutional frameworks, statistical analysis, and previous literature.
Author : Mathias Zurlinden
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (254 download)
Download or read book Credit in the Monetary Transmission Mechanism written by Mathias Zurlinden and published by . This book was released on 2005 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jan Kakes
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781959336
Total Pages : 176 pages
Book Rating : 4.9/5 (593 download)
Download or read book Monetary Transmission in Europe written by Jan Kakes and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work focuses on different aspects of the monetary transmission process, looking at both large and small economies in the EMU. The results offer useful evaluation tools with regard to monetary policy transmission in a European perspective.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.4/5 (983 download)
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Author : Ms.Prachi Mishra
Publisher : International Monetary Fund
ISBN 13 : 147553356X
Total Pages : 68 pages
Book Rating : 4.4/5 (755 download)
Download or read book Monetary Transmission in Developing Countries written by Ms.Prachi Mishra and published by International Monetary Fund. This book was released on 2016-09-07 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending rates is only partial and exchange rate effects are weak. We could find no significant effects on real output or the inflation rate. Though the message for the effectiveness of monetary transmission in India is therefore mixed, our results for India are more favorable than is often found for other developing countries.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book The Monetary Transmission Mechanism written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Peter Montiel
Publisher : International Monetary Fund
ISBN 13 : 1451972806
Total Pages : 30 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Transmission Mechanism for Monetary Policy in Developing Countries written by Mr.Peter Montiel and published by International Monetary Fund. This book was released on 1990-05-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many developing countries the financial system is characterized by the absence of organized markets for securities and equities, by capital controls, and by legal ceilings on bank borrowing and lending rates, a situation which gives rise to parallel markets for foreign exchange and informal loan markets. This paper analyzes how changes in monetary policy instruments (bank credit, administered interest rates, required reserve ratios, and intervention in the parallel exchange market) are transmitted to domestic aggregate demand in a financially-repressed economy. Such an analysis is necessary to understand how the move to a more market-oriented system would affect the economy in the short run.
Author : Bennett T. McCallum
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (247 download)
Download or read book Analysis of the Monetary Transmission Mechanism written by Bennett T. McCallum and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that, in studying the monetary policy transmission process, more emphasis should be given to the systematic portion of policy behavior and correspondingly less to random shocks basically because shocks account for a very small fraction of policy-instrument variability. Analysis of the effects of the systematic part of policy requires structural modelling, rather than VAR procedures, because the latter do not give rise to behavioral relationships that can plausibly be regarded as policy-invariant. By use of an illustrative open- economy structural model based on optimizing analysis, and considering variants, the paper characterizes the effects of policy parameter settings by means of impulse response functions and root-mean-square statistics for target errors. Different models give different answers to questions about the effects of systematic policy, so procedures for scrutinizing model specification are essential. In this regard, it is argued that vector autocorrelation functions, augmented by variance statistics for each of a model's variables, seem more promising than impulse response functions because the latter require shock identification, which is inherently a difficult process
Author : Jess Benhabib
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (49 download)
Download or read book The Monetary Transmission Mechanism written by Jess Benhabib and published by . This book was released on 1999 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bank Indonesia (Jakarta). Directorate of Economic Research and Monetary Policy
Publisher :
ISBN 13 : 9789798086137
Total Pages : 264 pages
Book Rating : 4.0/5 (861 download)
Download or read book Transmission Mechanisms of Monetary Policy in Indonesia written by Bank Indonesia (Jakarta). Directorate of Economic Research and Monetary Policy and published by . This book was released on 2002 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
