Three Essays On Monetary Policy And Financial Markets
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Three Essays On Monetary Policy And Financial Markets
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Author : Jiri Woschitz
language : en
Publisher:
Release Date : 2017
Three Essays On Monetary Policy And Financial Markets written by Jiri Woschitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Three Essays On Monetary Policy And Financial Markets
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Author : Cinzia Alcidi
language : en
Publisher:
Release Date : 2009
Three Essays On Monetary Policy And Financial Markets written by Cinzia Alcidi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Three Essays On Financial Markets And Monetary Policy
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Author : Conglin Xu
language : en
Publisher:
Release Date : 2011
Three Essays On Financial Markets And Monetary Policy written by Conglin Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Intervention Interest Rates And Charts
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Author : Mr.Mark P. Taylor
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01
Intervention Interest Rates And Charts written by Mr.Mark P. Taylor 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 1991-11-01 with Business & Economics categories.
This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Three Essays On Monetary Policy Welfare And Financial Market Imperfections
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Author : Matthias Paustian
language : en
Publisher:
Release Date : 2005
Three Essays On Monetary Policy Welfare And Financial Market Imperfections written by Matthias Paustian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Three Essays In Monetary Theory
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Author : Ludwig Van den Hauwe
language : en
Publisher: BoD – Books on Demand
Release Date : 2009
Three Essays In Monetary Theory written by Ludwig Van den Hauwe and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Monetary policy categories.
Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
Three Essays On Monetary Policy The Financial Market And Economic Growth In The U S And China
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Author : Juan Yang
language : en
Publisher:
Release Date : 2006
Three Essays On Monetary Policy The Financial Market And Economic Growth In The U S And China written by Juan Yang 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.
Three Essays On Monetary Policy And Financial Development
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Author : Xiaodai Xin
language : en
Publisher:
Release Date : 2004
Three Essays On Monetary Policy And Financial Development written by Xiaodai Xin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Debts, External categories.
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.
Three Essays On Financial Markets And Monetary Policy
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Author : Abeba Siraj Mussa
language : en
Publisher:
Release Date : 2011
Three Essays On Financial Markets And Monetary Policy written by Abeba Siraj Mussa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
The global financial crisis triggered by fallout form the sub-prime mortgage market in the U.S. has led economists to focus attention on the role of monetary policy in the crisis. The question of how monetary policy affects the financial sector is the key to the current debate over the role financial stability should play in the monetary policy decisions. As a contribution to this debate, my dissertation examines the link between monetary policy and three main financial sectors-the banking sector, the stock market, anf the housing market. The first essay examines whether the Federal Open Market Committee (FOMC) responded to changes in equity prices during the period 1966-2009. I distinguish the indirect response, where the FOMC reacts to equity prices only when equity prices affect its target variables, from the direct response, where the FOMC reacts to equity prices directly regardless of their effects on the target variables. In addition, the paper models the Federal Reserve's reaction function as state dependent, hypothesizing that the FOMC may respond to changes in asset prices asymmetrically during different states of the economy. The results show that the FOMC did respond directly to equity price changes when asset prices were falling. During non-bust periods, the FOMC did not respond directly to equity prices. It used information on equity prices to forecast target variables. The second essay investigates the effect of expansionary and contractionary monetary policy on the risk taking behavior of low-capital and high-capital banks. Using quarterly data on federally insured banks spanning the period from 1991 to 2010, the paper shows that expansionary policy caused high capital banks to take more risk. Capital constrained banks were not significantly affected by expansionary monetary policy. Contractionary monetary policy, however, is not effective in affecting the risk-taking behavior of both capital-constrained and unconstrained banks. The paper, therefore, confirms the hypothesis that expansionary policy is more effective in encouraging capital unconstrained banks to invest more in risky assets. The third essay examines the role of monetary policy on housing bubbles in the last three decades. A spatial dynamic model is used to explicity account for spatial cross-section dependence in the data. Using quarterly panel data on 48 contiguous U.S. states and the District of Columbia, the paper discovers that the housing bubbles across the U.S. are mainly driven by the local or state specific factors during the period 1976-2000. However, the prolonged low interest rate since the 2001 recession contributed to the run-up in house prices acrsss states.
Three Essays On Modeling Information Around Monetary Policy
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Author : Joseph Saia
language : en
Publisher:
Release Date : 2022
Three Essays On Modeling Information Around Monetary Policy written by Joseph Saia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This dissertation revolves around robustly measuring and using the information sets of the centralbank and financial markets in order to measure exogenous monetary policy. Modern central banks aggressively use all the available information at their disposal to effectively set monetary policy. This problem of "foresight" renders traditional time series methods ineffective; the information edge of central banks is too large. In the first chapter, I discuss refinements to existing narrative methods, which attempt to the central bank's own forecasts to capture the information set of the central bank, thus removing their information edge over the econometrician. In the second chapter, I explore how the information sets of financial agents differ central banks and show that there is little direct information transfer between central banks and financial markets around monetary policy actions. Finally, the third chapter details how to use the information sets of financial sector actors to estimate exogenous monetary policy actions that is robust to financial sector revisions about the economy which can be due to the monetary policy actions.