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Author : Soyoung Kim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays in monetary policy and finance in open economies written by Soyoung Kim and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Inhwan So
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (956 download)
Download or read book Essays on Monetary Policy in Small Open Economies written by Inhwan So and published by . This book was released on 2016 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the effects of monetary policy in small open economies. In Chapter 1, I investigate how the openness of banking sector influences the transmission channels of home and international monetary policy shocks in small open economies. For the analysis, I construct a small open economy DSGE model enriched with a globalized banking sector. I consider two forms of bank globalization: international bank capital finance and foreign loan account import. By comparing the effect of each type of bank globalization on monetary policy transmission, the analysis delivers the following results. First, bank globalization leads to a significant attenuation of domestic monetary policy transmission. This is because, in response to home monetary shocks, banks' global activities allow them to maintain bank rates and demands on deposit to some extent compared to those in financial autarky. On the other hand, opening of the banking sector intensifies the impact of foreign interest rate shocks on the local bank activities. In addition to the conventional channel of international monetary transmission through interest-parity condition, global bank operation opens a new channel which makes bank rates more responsive to foreign monetary shock. Chapter 2 investigates the nature of monetary policy transmission in four small open economies - Australia, Canada, South Korea, and the U.K. - and the U.S. (the benchmark) by estimating structural vector autoregressive models using the external instrument identification method. Differing from related studies on U.S. monetary policy, which mostly employ high-frequency futures data on monetary policy operating instruments (federal fund futures rates) to identify monetary policy shocks, we propose and test alternative sets of external instruments for the four focal open economies that do not yet have well-established futures markets in monetary policy instruments. The empirical results obtained by applying this data-oriented method yield important messages from both the econometric and macroeconomic perspectives. First, U.S. monetary policy plays an important role in monetary transmission in SOEs, presumably hampering the effectiveness of domestic monetary policy. In particular, the effect of domestic monetary policy shocks on medium- and long-term interest rates is quite weak and short-lived, while U.S. monetary innovation significantly and persistently influences domestic financial variables. Second, the paper provides some evidence that foreign exchange rates in this process respond to monetary shocks as Dornbusch (1976)’s overshooting hypothesis. Chapter 3 studies the wedge between the interest rate implied by Euler equation and money market rate in five small open economies – Australia, Canada, Finland, Korea, and the U.K. Standard Euler equation predicts strongly positive relationship between the two interest rates. However, data shows significantly large wedge between them, which causes negative correlation. We explore the systemic link between the wedge and two possible influencing factors – monetary policy and net foreign asset position. The empirical results from our analysis deliver the important message that the wedge is closely related to net foreign asset position in open economies, while its relationship to the stance of monetary policy has mixed results.
Author : Peter B. Kenen
Publisher : New York : Columbia University Press
ISBN 13 :
Total Pages : 418 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Open Economy written by Peter B. Kenen and published by New York : Columbia University Press. This book was released on 1968 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilation of essays on trade patterns, international financial policy and the international monetary system - comprises economic research papers on national level trade structures, industrialization, the balance of payments, technology and critical issues of international monetary reform, etc. References and statistical tables.
Author : G. Harcourt
Publisher : Springer
ISBN 13 : 134918392X
Total Pages : 170 pages
Book Rating : 4.3/5 (491 download)
Download or read book International Monetary Problems and Supply-Side Economics written by G. Harcourt and published by Springer. This book was released on 1986-09-29 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marius W. Holtrop
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (92 download)
Download or read book Monetary Policy in an Open Economy written by Marius W. Holtrop and published by . This book was released on 1963 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry G. Johnson
Publisher : Routledge
ISBN 13 : 1134623631
Total Pages : 284 pages
Book Rating : 4.1/5 (346 download)
Download or read book Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Author : Marius Wilhelm Holtrop
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (668 download)
Download or read book Monetary Policy in an Open Economy written by Marius Wilhelm Holtrop and published by . This book was released on 1980 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gennady Lyakir
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.:/5 (276 download)
Download or read book Essays on Monetary Policy in Small Open Economies written by Gennady Lyakir and published by . This book was released on 2008 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaodai Xin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (591 download)
Download or read book Three Essays on Monetary Policy and Financial Development written by Xiaodai Xin and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Both economic growth and stabilization require a well-functioning financial system, which includes the central bank and private financial institutions. This dissertation is comprised of three essays on monetary policy and financial development which are related to the roles of the central bank and private financial institutions. To better stabilize the economy, a central bank needs to formulate an optimal strategy for monetary policy and pursues an appropriate objective (targeting regime). In a forward-looking New Keynesian model with persistent output and inflation, the first essay (chapter 2) evaluates a broad hybrid targeting regime when the central bank operates under discretionary monetary policy. By employing the numerical analysis and comparing the performance of different targeting regimes, I find that the hybrid targeting regime yields a social loss closest to that under the optimal committed policy, generating a better outcome than other policy regimes. The second essay (chapter 3) provides new micro-level evidence for the positive relationship between financial development and economic growth based on a large sample of cross-country firm-level data. By examining an important micro channel through which financial development reduces the costs of external finance to firms, I find that firms that are more externally dependent grow faster in countries with more developed financial systems. The third essay (chapter 4) investigates the impact of external debt on long-term investment and its interaction with domestic financial intermediation in emerging markets. Extending the Ramsey-Cass-Koopmans model to a small open economy with the role of financial intermediation, I find that the overall effect of a high level of external debt on investment depends heavily on the degree of domestic financial intermediation. Using a large sample of panel data on 76 developing countries over the last three decades, the empirical results indicate that when a country's domestic banking sector develops to a certain degree, the high level of external debt facilitates investment.
Author : Tokhir Mirzoev
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (616 download)
Download or read book Essays in Monetary and International Economics written by Tokhir Mirzoev and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation is comprised of three essays in monetary and international macroeconomics. The first essay, titled "A Dynamic Model of Exogenous Exchange Rate Pass-Through", examines a two-country open economy model with sticky prices where exporters' choice of invoicing currency is endogenous. Besides generating incomplete pass-through, the model yields three main results. First, firms' invoicing strategy is generally time-varying. Second, average pass-through is asymmetric in times of persistent depreciation and appreciation. Finally, cross-country differences in money supply variability produce an origin-based asymmetry: different average pass-through rates into import and export prices. The second essay, titled "Limited Commitment, Inaction and Optimal Monetary Policy", examines the optimal frequency of monetary policy meetings when their schedule is pre-announced. The contribution of this paper is twofold. First, we show that in the standard New Keynesian framework infrequent but periodic revision of monetary policy may be desirable even when there are no explicit costs of policy adjustment. Second, we solve for the optimal frequency of policy adjustment and characterize its determinants. When applied to the U.S. economy, our analysis suggests that the Federal Open Market Committee should revise the federal funds target rate no more than twice a year. Finally, the third essay, titled "Does the Federal Reserve Do What It Says It Expects to Do?", studies the behavior of the Federal Open Market Committee in setting the federal funds target rate and making a bias announcement. The current bias concerning the next interest rate decision should be the optimal forecast based on the committee's interest rate policy rule. Therefore, the interest rate implied by the estimated policy should be consistent not only with the observed rate, but also with the observed bias announcement. We jointly estimate interest rate and bias announcement decision rules and find strong consistency between the two decisions in their response to inflation. However, the response to measures of economic activity is found inconsistent.
Author : Rahul Anand
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (654 download)
Download or read book Three Essays on Monetary Policy in Economies with Financial Frictions written by Rahul Anand and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this dissertation is to understand the role of financial frictions in the transmission of shocks and their effect on the monetary policy transmission mechanism. To accomplish the task, we develop Dynamic Stochastic General equilibrium models with financial frictions. In the first chapter, we develop a model to analytically determine the appropriate price index to target in the presence of financial frictions (where a fraction of households are constrained to consume their wage income each period). The analysis suggests that in the presence of financial frictions, a welfare-maximizing central bank should adopt flexible headline inflation targeting-i.e. a headline inflation target but with some weight on the output gap. These results are particularly relevant for emerging markets, where the share of food expenditures in total consumption expenditures is high and a large proportion of consumers are credit constrained. In the second chapter, we develop a small open economy model with macrofinancial linkages. The model includes a financial accelerator - entrepreneurs are assumed to partially finance investment using domestic and foreign currency debt - to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks to productivity, interest rates and net worth of firms. We use Bayesian estimation techniques to estimate the model using India data. The model is used to assess the importance of the financial accelerator in India and to assess the optimality of the current monetary policy rule. In the third chapter, we develop a small open economy New Keynesian model with financial frictions and an active banking sector for India. We find that the presence of a monopolistic banking sector with sticky interest rate setting attenuates the shocks. However, if the interest rates are flexible it results in the amplification of shocks. We also find that an unexpected reduction in bank capital can have a substantial impact on the real economy and particularly on investment. Use of nonmonetary policy tools result in greater volatility as compared to when central banks use traditional monetary tightening.
Author : José Angelo Divino
Publisher :
ISBN 13 :
Total Pages : 153 pages
Book Rating : 4.:/5 (254 download)
Download or read book Essays on Monetary Policy for a Small Open Economy written by José Angelo Divino and published by . This book was released on 2004 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fritz Machlup
Publisher :
ISBN 13 :
Total Pages : 488 pages
Book Rating : 4.3/5 (91 download)
Download or read book International Monetary Economics written by Fritz Machlup and published by . This book was released on 1966 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alfred Steinherr
Publisher : Palgrave Macmillan
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.:/5 (321 download)
Download or read book Evolution of the International and Regional Monetary Systems written by Alfred Steinherr and published by Palgrave Macmillan. This book was released on 1991-12-11 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1.International co-ordination of economic policies: difficulties and perspectives - 2.Approaches to external disequilibria - 3.International and regional monetary problems - 4.European monetary integration.
Author : Peter B. Kenen
Publisher : Princeton University Press
ISBN 13 : 0691034087
Total Pages : 566 pages
Book Rating : 4.6/5 (91 download)
Download or read book Understanding Interdependence written by Peter B. Kenen and published by Princeton University Press. This book was released on 1995-06-04 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surveying the current state of knowledge on the international monetary system, this volume contains essays on the behaviour of exchange rates, current account adjustment, international debt, European monetary union, capital mobility, the reform of former planned economies, and more.
Author : Kai L. Chan
Publisher :
ISBN 13 : 9780549553779
Total Pages : 380 pages
Book Rating : 4.5/5 (537 download)
Download or read book Three Essays on Monetary Policy in Small Open Economies written by Kai L. Chan and published by . This book was released on 2008 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the second chapter, a model with nominal wage rigidities is combined with the assumption that all goods are traded in the new open economy framework to derive an outcome where the home country has a strong bias towards its own good. Then it is shown that, under broad assumptions of the parameters of the model, overshooting is a consequence when interest elasticity of money demand is less than unity.
Author : Marius W. Holtrop
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (47 download)
Download or read book Monetary Policy in an Open Economy: Its Objectives, Intruments, Limitations, and Dilemmas written by Marius W. Holtrop and published by . This book was released on 1963 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
