Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting
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Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting
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Author : Mr.Ioannis Halikias
language : en
Publisher: International Monetary Fund
Release Date : 1997-04-01
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting written by Mr.Ioannis Halikias and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-04-01 with Business & Economics categories.
This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France.
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting
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Author : Joaquim Levy
language : en
Publisher:
Release Date : 2006
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting written by Joaquim Levy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France.
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting
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Author : Joaquim Vieira Ferreira Levy
language : en
Publisher:
Release Date : 1997
Aspects Of The Monetary Transmission Mechanism Under Exchange Rate Targeting written by Joaquim Vieira Ferreira Levy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Monetary Transmission In Diverse Economies
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Author : Lavan Mahadeva
language : en
Publisher: Cambridge University Press
Release Date : 2002-10-17
Monetary Transmission In Diverse Economies written by Lavan Mahadeva and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10-17 with Business & Economics categories.
The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.
The Transmission Mechanism In Armenia
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
The Transmission Mechanism In Armenia written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to analyze whether the transmission mechanism in Armenia has been subject to a structural break by employing a Markov-Switching VAR framework. Results support the existence of such a structural break around the time inflation targeting was introduced and reduced levels of dollarization were observed. Results from introducing a threshold variable into this framework furthermore show that reduced levels of dollarization are an important determinant of the effectiveness of monetary policy.
The Monetary Transmission Process
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Author : D. Bundesbank
language : en
Publisher: Springer
Release Date : 2001-01-29
The Monetary Transmission Process written by D. Bundesbank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-29 with Business & Economics categories.
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.
Transmission Mechanisms Of Monetary Policy In Armenia
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Author : Mr.Holger Floerkemeier
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-11-01
Transmission Mechanisms Of Monetary Policy In Armenia written by Mr.Holger Floerkemeier and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-01 with Business & Economics categories.
This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels of monetary transmission are not fully functional. In particular, the interest rate channel remains weak, even though there is some evidence of transmission to prices of changes in the repo rate, the central bank's new operating target for inflation. As in other emerging and transition economies with a high degree of dollarization, the exchange rate channel has a strong impact on the inflation rate. Moreover, we find that inflation does respond to broad money shocks, once foreign currency deposits are included.
The Monetary Transmission Mechanism In Egypt
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Author : Rania A. Al-Mashat
language : en
Publisher: International Monetary Fund
Release Date : 2007-12
The Monetary Transmission Mechanism In Egypt written by Rania A. Al-Mashat and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12 with Business & Economics categories.
This paper examines the monetary transmission mechanism in Egypt against the background of the central bank's intention to shift to inflation targeting. It first describes the changing transmission channels over the last decade. Second, the channels are evaluated in a VAR model. The exchange rate channel plays a strong role in propagating monetary shocks to output and prices. Most other channels (bank lending, asset price) are rather weak. The interest rate channel is underdeveloped but appears to be strengthening since the introduction of the interest corridor in 2005, which bodes well for adopting inflation targeting over the medium term.
Var Meets Dsge
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Author : Bin Grace Li
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-11
Var Meets Dsge written by Bin Grace Li and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-11 with Business & Economics categories.
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.
How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence
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Author : Ms.Prachi Mishra
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01
How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence written by Ms.Prachi Mishra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-01 with Business & Economics categories.
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological deficiencies" interpretations of the absence of evidence for strong monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct, the stabilization challenge in developing countries is acute indeed, and identifying the means of enhancing the effectiveness of monetary policy in such countries is an important challenge.