monetary policy capital flows and extraterritorial obligations

... capital by reducing restrictions on inward and outward capital flows Increased capital flows due to financial integration can generate substantial effects on business cycles Large capital inflows ... of CAP shocks on CUR and RGDP are invariant to the ordering between CUR and RGDP On the other hand, capital flows might affect CUR and RGDP within a quarter, and the CUR and RGDP shocks may reflect ... providing detailed stylized facts on capital flows and business cycles in the Asia Pacific region and by empirically analyzing the relationship between capital flows and business cycles For empirical...

Ngày tải lên: 24/10/2012, 09:27

... by monetary policy against threat of inflation • Monetary policy has long lags • Cannot wait to respond until inflation has begun • Needs to be forward-looking and pre-emptive Advantages and ... the preferences, skills and trustworthiness of the central bank staff Summary of Advantages and Disadvantages of Different Monetary Policy Strategies Tactics: Choosing the Policy Instrument • Tools ... inflation Rise of monetarism CB adopted key monetary aggregates as intermediate targets of monetary policy Interest Rates - Canada and U.S., 1941-2009 Monetary Targeting, 1975-1981 • Rising inflation...

Ngày tải lên: 05/01/2014, 16:58

... defined as inflows minus outflows; portfolio investment (both inflows and net flows) ; and “other” flows Other flows consist mainly of commercial bank loans but also include any other private flows which ... on capital inflows, including portfolio investment, private capital flows, and direct foreign The capital flow data are taken from the IFS publication Balance of Payments Statistics Our main capital ... transactions or capital flows on firm-level financing constraints Since See for example, Whited (1992), Hubbard and Kashyap (1992), Hubbard, Kashyap and Whited (1995), and Calomiris and Hubbard (1995)...

Ngày tải lên: 21/04/2016, 07:41

... U.S Monetary Policy Changed? Evidence from Drifting Coefficients and Real-Time Data.” Journal of Money, Credit, and Banking, 38(5): 1149–73 Boivin, Jean, and Marc P Giannoni 2006 “Has Monetary Policy ... “Historical Monetary Policy Analysis and the Taylor Rule.” Journal of Monetary Economics, 50(5): 983–1022 Orphanides, Athanasios 2004 Monetary Policy Rules, Macroeconomic Stability, and Inflation: ... Monetary Policy Rules.” In Monetary Policy Rules, ed John B Taylor, 319–41 Chicago: University of Chicago Press Walsh, Carl E 2003 “Speed Limit Policies: The Output Gap and Optimal Monetary Policy. ”...

Ngày tải lên: 28/03/2017, 23:04

... Sevestre and Andreas Worms (2003), “Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area,” in: Ignazio Angeloni, Anil K Kashyap and Benoit Mojon (eds), Monetary Policy ... the wealth effect of monetary policy should be important and one would expect a larger impact of monetary policy shocks on GDP (see Maclennan et al 1998) On the other hand, landlords or institutional ... and Monetary Stability: Exploring the Nexus,” BIS Working Paper No 114 Calza, Alessandro, Tommaso Monacelli and Livio Stracca (2007), “Mortgage Markets, Collateral Constraints, and Monetary Policy: ...

Ngày tải lên: 24/10/2012, 09:40

... patterns between shifts in policy and changes in lending and output Unfortunately, the observation that changes in monetary policy are followed by changes in both loan quantities and economic activity ... ability of monetary policy to offset particular sorts of adverse shocks 5) Finally, the lending view implies that monetary policy can have distributional consequences that would not arise were policy ... (L), and bonds (B), and fmances itself with deposits (D) and CDs (C) The bank seeks to maximize: (1) Max rLL + r8B - rC, where rL, r, and rc represent the interest rates on loans, bonds, and CDs...

Ngày tải lên: 06/09/2013, 05:46

... Macropudential policy: regulatory policy to affect what is happening in credit markets in the aggregate • Monetary policy: Central banks and other regulators should not have a laissez-faire attitude and ... Inflation Rates and Inflation Targets for New Zealand, Canada, and the United Kingdom, 1980–2011 16-8 © 2013 Pearson Education, Inc All rights reserved The Federal Reserve’s Monetary Policy Strategy ... Fed would not use any monetary aggregates as a guide for conducting monetary policy 16-9 © 2013 Pearson Education, Inc All rights reserved The Federal Reserve’s Monetary Policy Strategy (cont’d)...

Ngày tải lên: 15/11/2013, 20:27

... not necessarily with the specific sources of support I initially hypothesized).  See Berger, Eijffinger and De Haan  (2001), Hayo (1998), Kuttner and  Posen (2009), and Miller (1998), and the references therein.   Drazen and Masson (1994) give a particularly insightful formal model of this phenomenon.  ... Independence in Theory and Practice MIT Press Debelle, Guy, and Stanley Fischer (1994) How Independent Should a Central Bank Be? In Goals, Guidelines and Constraints Facing Monetary Policymakers, edited ... of Deflationary Monetary Policy, ” in Ryoichi Mikitani and Adam Posen, eds., Japan’s Financial Crisis and Its Parallels with US Experience, Washington: PIIE Posen, Adam (1999) “No Monetary Masquerades...

Ngày tải lên: 15/02/2014, 13:20

... “EMU and the Transmission of Monetary Policy: Evidence from Business Lending Rates.” ZEI University of Bonn Kleimeier, S., and H Sander 2006 “Expected versus Unexpected Monetary Policy Impulses and ... Sack, B., and V Wieland 2000 “Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence.” Journal of Economics and Business 52 (1–2): 205–28 Sander, H., and S Kleimeier ... Eichenbaum, and Evans (2005), and Ravenna and Walsh (2006), See, for example, Barth and Ramey (2001), Angeloni, Kashyap, and Mojon (2003), Christiano, Eichenbaum, and Evans (2005), Chowdhury, Hoffmann, and...

Ngày tải lên: 17/02/2014, 03:20

... Taylor rule Following Cúrdia and Woodford (2010) and Hirakata, Sudo, and Ueda (2011b), we de…ne a rule as a monetary policy rule that lowers the intercept of the standard Taylor rule by responding ... entrepreneurs, the capital goods producers, and the goods producers The entrepreneurs raise external funds from the FIs, purchase capital goods from the capital goods producers using the funds, and provide ... durables sector and produce the capital goods The goods producers produce goods from labor input, capital goods, and intermediate goods Government sector consists of the government and the central...

Ngày tải lên: 17/02/2014, 03:20

Ngày tải lên: 18/02/2014, 11:20

... combination of wage policy and monetary policy coordination In the case of the United States, it is hard to see any evidence of ex ante policy coordination at all In the Netherlands and in Ireland, a consensual ... coordination between wage policy and monetary policy usually did not exist The conditions prevailing in the monetary union also suggest that an ex ante coordination of monetary policy and wage setting ... explicit agreements on monetary and fiscal policy Certainly, at the beginning of the nineties, when the recession was bottoming out and the recovery was slow, both monetary and fiscal policy were expansive...

Ngày tải lên: 20/02/2014, 20:20

... rection of policy The third section presents new empirical estimates of the relationship between policy actions and long-term rates MONETARY POLICY AND LONG-TERM RATES: THEORY VS REALITY The standard ... anticipation of monetary policy actions Estimates of the relationship between long-term rates and policy actions New estimates of the relationship between monetary policy actions and long-term ... current and expected future short-term rates to fall and leads to lower short-term and long-term rates Evidence on the relationship between policy actions and interest rates In the standard view...

Ngày tải lên: 06/03/2014, 02:21

... supply Reserve demand Interest on reserves Reserves This opens an important new possibility for monetary policy: separate interest rate and bank reserves channels of monetary policy transmission ... otherwise Interest on Reserves and Monetary Policy This unorthodox way of viewing monetary policy operating procedures is entirely consistent with conventional monetary theory The change of perspective, ... the channel system for implementing monetary policy See Sargent and Wallace (1985) and Smith (1991) See, for example, Kerr and King (1996), McCallum (2001), and Woodford (1999) 11 Economists have...

Ngày tải lên: 06/03/2014, 02:21

... Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market Abstract This paper estimates the impact of monetary policy actions on bill, note, and bond yields, ... participants and policymakers alike Bondholders, naturally, are concerned with the effects of Fed policy on bond prices And because the first link in the transmission of Federal Reserve policy is ... respond only to the surprise element of monetary policy actions, and not to anticipated movements in the funds rate In assessing the market response to monetary policy, therefore, it makes sense to...

Ngày tải lên: 06/03/2014, 02:21

Ngày tải lên: 07/03/2014, 02:20

... Inflation would be higher and probably more volatile under such a policy, undermining confidence and the ability of firms and households to make longerterm plans, while squandering the Fed’s hard-won ... the result of lower house prices and record-low mortgage rates should boost the demand for housing However, the overhang of foreclosed-upon and vacant housing and the difficulties of many households ... banks and small businesses There is some hopeful news on this front: For the most part, bank lending terms and conditions appear to be stabilizing and are even beginning to ease in some cases, and...

Ngày tải lên: 08/03/2014, 08:20

... Tools of Monetary Policy • Open market operations  Affect the quantity of reserves and the monetary base • Changes in borrowed reserves  Affect the monetary base • Changes in ... of the stance of monetary policy Copyright © 2007 Pearson Addison-Wesley All rights reserved 15-2 Demand in the Market for Reserves • What happens to the quantity of reserves demanded, holding ... decreases, the opportunity cost of holding excess reserves falls and the quantity of reserves demanded rises • Downward sloping demand curve Copyright © 2007 Pearson Addison-Wesley All rights reserved...

Ngày tải lên: 10/03/2014, 19:20

... period and the Fed did not bother to target them either directly or indirectly During the 40s monetary policy was constrained by the wartime and postwar interest-rate peg When monetary policy ... two ways He makes the interestrate target an exogenous random walk, and he adds permanent shocks and deterministic seasonals to money demand and the ex ante real interest rate 15 So modified, Barro ... link between Mt and FM,+, and setting the latter at a constant such that FPt+, =,4 Pt Breaking the link between Mt and FM,+, means complete offset and trend-stationary money and prices In the...

Ngày tải lên: 15/03/2014, 01:20

... Cottarelli and Kourelis, 1994, and Borio and Fritz 1995) Recent cross-country studies by Kleimeier and Sander (2000 and 2002), Donnay and Degryse (2001), Toolsema et al (2001), and Heinemann and Schüller ... Austria, Spain, Finland, Ireland, Italy and Portugal, and down in Belgium, Germany and the Netherlands For the latter, it goes up in Spain, Ireland, Italy, down in Belgium and Germany However, ... the 1990s (this is not the case in Ireland and the Netherlands for the former, and Finland for the latter) The picture is less clear in the case of mortgages and long-term loans to enterprises.19...

Ngày tải lên: 15/03/2014, 02:20