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Author : Ibrahim Chowdhury
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (17 download)
Download or read book Inflation Dynamics and the Cost Channel of Monetary Transmission written by Ibrahim Chowdhury and published by . This book was released on 2004 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mahsa Agha Gholizadeh
Publisher :
ISBN 13 : 9781321991352
Total Pages : 201 pages
Book Rating : 4.9/5 (913 download)
Download or read book Short-term Interest Rates, Inflation Dynamics, and Price-cost Margins written by Mahsa Agha Gholizadeh and published by . This book was released on 2015 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates the possibility that monetary policy shocks have supply-side or "cost-channel" effects as well as demand-side effects. This dissertation specifically attempts to shed more light on the transmission mechanism of monetary policy to inflation dynamics and price-cost margins (PCMs). During a time of rising short-term interest rates, there is often discussion of rising inventory costs and deterioration of firms' balance sheets, along with the possibility of firms passing these higher costs along to consumers in the form of higher markups.
Author : Ben S. Bernanke
Publisher : MIT Press
ISBN 13 : 9780262523233
Total Pages : 398 pages
Book Rating : 4.5/5 (232 download)
Download or read book NBER Macroeconomics Annual 2001 written by Ben S. Bernanke and published by MIT Press. This book was released on 2002 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current issues in macroeconomics.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451856911
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Cost Channel of Monetary Policy written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2003-07-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase effective unit labor costs of production, and might imply an increase in inflation. The model explains the joint dynamics of output, inflation, real wages, and interest rates, and is estimated using a Bayesian framework and data for the United States and the euro area. The main result is that cost channel effects are absent in both cases. Moreover, it is not possible to obtain a "price puzzle" type of behavior from estimated impulse responses to monetary policy shocks.
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 : 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.
Author : Jorge Miranda-Pinto
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.4/5 (2 download)
Download or read book Monetary Policy Transmission Through Commodity Prices written by Jorge Miranda-Pinto and published by International Monetary Fund. This book was released on 2023-10-10 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy influences inflation dynamics by exerting impact on a diverse array of commodity prices. At high frequencies, we show that a 10 basis points increase in US monetary policy rate reduces commodity prices between 0.5% and 2.5%, after 18 to 24 business days. Beyond the dollar appreciation channel, the effects are larger for highly storable and industrial commodities, consistent with the cost of carry and the expected demand channel. We then study the quantitative importance of the commodity-price channel of monetary policy on domestic and international inflation at longer horizons (6-36 months). The results indicate that the response of commodity prices—oil, base metals, and food prices—to monetary policy accounts for 47% of the total effect of US monetary policy on US headline inflation, and 57% of the effect of US monetary policy on other countries’ headline inflation. The commodity price channel on core inflation is smaller and mainly driven by base metal prices. Finally, the commodity-price channel of ECB monetary policy is smaller, and it mainly operates through its effect on energy prices.
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 ( download)
Download or read book European Inflation Dynamics written by Jordi Galí and published by . This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.
Author : Vu Chau
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.4/5 (2 download)
Download or read book Global Value Chain and Inflation Dynamics written by Vu Chau and published by International Monetary Fund. This book was released on 2024-03-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the inflationary impacts of pandemic lockdown shocks and fiscal and monetary stimulus during 2020-2022 using a novel harmonized dataset of sectoral producer price inflation and input-output linkages for more than 1000 sectors in 53 countries. The inflationary impact of shocks is identified via a Bartik shift-share design, where shares reflect the heterogeneous sectoral exposure to shocks and are derived from a macroeconomic model of international production network. We find that pandemic lockdowns, and subsequent reopening policies, were the most dominant driver of global inflation in this period, especially through their impact on aggregate demand. We provide a decomposition of lockdown shock by sources, and find that between 20-30 percent of the demand effect of lockdown/reopening is due to spillover from abroad. Finally, while fiscal and monetary policies played an important role in preventing deflation in 2020, their effects diminished in the recovery years.
Author : Palek, Jakob
Publisher : kassel university press GmbH
ISBN 13 : 3737600481
Total Pages : 112 pages
Book Rating : 4.7/5 (376 download)
Download or read book Beyond Divine Coincidence written by Palek, Jakob and published by kassel university press GmbH. This book was released on 2016-01-01 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the so-called Great Moderation the variability of output, employment and inflation declined substantially in most of the major economies. Because of this positive co-movement the ultimate objective of monetary policy was clear. By stabilizing inflation output will also stay at its potential and the central bank does not face any trade-off between its targets – a situation known as the divine coincidence. With the onset of the financial crisis 2007 these relationships changed. This book contributes to the research on the optimal macroeconomic policy design in the presence of financial frictions. These are incorporated via the cost channel approach into a two-country currency union model. Ultimately, a supply-side effect arises which lowers the efficiency of monetary policy - divine coincidence is not possible any more. Three questions are in the focus of interest of this analysis: What is the optimal monetary policy in the presence of country-specific financial frictions? What role can fiscal policy play? Is macroprudential policy able to improve welfare if the central bank targets a financial stability measure?
Author : Federal Reserve Bank of Kansas City
Publisher :
ISBN 13 :
Total Pages : 520 pages
Book Rating : 4.:/5 (21 download)
Download or read book Inflation Dynamics and Monetary Policy written by Federal Reserve Bank of Kansas City and published by . This book was released on 2016 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : John M. Roberts
Publisher :
ISBN 13 :
Total Pages : 320 pages
Book Rating : 4.:/5 (115 download)
Download or read book Monetary Policy and Inflation Dynamics written by John M. Roberts and published by . This book was released on 2016 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : D. Bundesbank
Publisher : Springer
ISBN 13 : 0230595995
Total Pages : 329 pages
Book Rating : 4.2/5 (35 download)
Download or read book The Monetary Transmission Process written by D. Bundesbank and published by Springer. This book was released on 2001-01-29 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
Author : Elvis Musango Moleka
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (111 download)
Download or read book Inflation Dynamics and Its Effects on Monetary Policy Rules written by Elvis Musango Moleka and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Inseok Shin
Publisher :
ISBN 13 :
Total Pages : 226 pages
Book Rating : 4.F/5 ( download)
Download or read book What Determines Inflation Dynamics - written by Inseok Shin and published by . This book was released on 1997 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Geraldine Dany-Knedlik
Publisher : International Monetary Fund
ISBN 13 : 1484363043
Total Pages : 37 pages
Book Rating : 4.4/5 (843 download)
Download or read book Monetary Policy and Inflation Dynamics in ASEAN Economies written by Geraldine Dany-Knedlik and published by International Monetary Fund. This book was released on 2018-06-21 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying parameters. The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time.
